Document:

EX-4.2

 EXHIBIT 4.2 
  

 
 INDENTURE 

 
 between 

 
 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST
201[    ]-[    ], 
 as Issuer, 

 
 and 

 

[                    ], 

as Indenture Trustee 
  

Dated as of [            ], 201[    ] 

 CROSS REFERENCE TABLE* 
  

			
	TIA Section	  	Indenture Section
		
	310 (a)(1)	  	6.11
		
	(a)(2)	  	6.11
		
	(a)(3)	  	6.10; 6.11
		
	(a)(4)	  	N.A.**
		
	(a)(5)	  	6.11
		
	(b)	  	6.08; 6.11
		
	311 (a)	  	6.16
		
	(b)	  	6.16
		
	312 (a)	  	7.01; 7.02
		
	(b)	  	7.02
		
	(c)	  	7.02
		
	313 (a)	  	7.05
		
	(b)(1)	  	7.05
		
	(b)(2)	  	7.05
		
	(c)	  	7.05; 11.05
		
	(d)	  	7.05
		
	314 (a)	  	3.09; 7.06
		
	(b)	  	3.06; 11.14
		
	(c)(1)	  	11.01
		
	(c)(2)	  	11.01
		
	(c)(3)	  	11.01
		
	(d)	  	11.01
		
	(e)	  	11.01
		
	(f)	  	11.01
		
	315 (a)	  	6.01

  
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	(b)	  	6.05; 11.01
		
	(c)	  	6.01
		
	(d)	  	6.01
		
	(e)	  	5.13
		
	316(a)	  	1.01
		
	(a)(1)(A)	  	5.11
		
	(a)(1)(B)	  	5.12
		
	(a)(2)	  	N.A.
		
	(b)	  	5.07
		
	(c)	  	N.A.
		
	317 (a)(1)	  	5.03
		
	(a)(2)	  	5.03
		
	(b)	  	3.03
		
	318 (a)	  	11.25

  

	*	This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

  

	**	N.A. means Not Applicable. 

  
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 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
			
	 Section 1.01
	 	Definitions	  	 	2	  
	 Section 1.02
	 	Incorporation by Reference of Trust Indenture Act	  	 	2	  
		
	 ARTICLE II THE NOTES
	  	 	2	  
			
	 Section 2.01
	 	Form; Denomination	  	 	2	  
	 Section 2.02
	 	Execution, Authentication and Delivery	  	 	3	  
	 Section 2.03
	 	Temporary Notes	  	 	3	  
	 Section 2.04
	 	Registration; Registration of Transfer and Exchange	  	 	4	  
	 Section 2.05
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	5	  
	 Section 2.06
	 	Persons Deemed Owners	  	 	6	  
	 Section 2.07
	 	Payment of Principal and Interest	  	 	6	  
	 Section 2.08
	 	Cancellation	  	 	7	  
	 Section 2.09
	 	Tax Treatment; Withholding	  	 	7	  
	 Section 2.10
	 	[Reserved]	  	 	9	  
	 Section 2.11
	 	Book-Entry Notes	  	 	9	  
	 Section 2.12
	 	Notices to Depository	  	 	9	  
	 Section 2.13
	 	Definitive Notes	  	 	10	  
	 Section 2.14
	 	Depositor as Noteholder	  	 	10	  
	 Section 2.15
	 	[Reserved]	  	 	10	  
	 Section 2.16
	 	Additional Transfer Restrictions	  	 	10	  
	 Section 2.17
	 	ERISA	  	 	10	  
		
	 ARTICLE III COVENANTS
	  	 	11	  
			
	 Section 3.01
	 	Payment of Principal and Interest	  	 	11	  
	 Section 3.02
	 	Maintenance of Office or Agency	  	 	11	  
	 Section 3.03
	 	Money for Payments to Be Held in Trust	  	 	11	  
	 Section 3.04
	 	Existence	  	 	13	  
	 Section 3.05
	 	Protection of Collateral; Manner of Perfection	  	 	13	  
	 Section 3.06
	 	Opinions as to Collateral	  	 	15	  
	 Section 3.07
	 	Performance of Obligations; Servicing of Receivables	  	 	15	  
	 Section 3.08
	 	Negative Covenants	  	 	16	  
	 Section 3.09
	 	Annual Statement as to Compliance	  	 	17	  
	 Section 3.10
	 	Issuer May Not Merge or Consolidate	  	 	17	  
	 Section 3.11
	 	No Other Business	  	 	17	  
	 Section 3.12
	 	No Borrowing	  	 	18	  
	 Section 3.13
	 	Servicer’s Obligations	  	 	18	  
	 Section 3.14
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	18	  
	 Section 3.15
	 	Capital Expenditures	  	 	18	  
	 Section 3.16
	 	Removal of Administrator	  	 	18	  

  
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	 Section 3.17
	 	Restricted Payments	  	 	18	  
	 Section 3.18
	 	Notice of Events of Default	  	 	18	  
	 Section 3.19
	 	Further Instruments and Acts	  	 	18	  
	 Section 3.20
	 	Compliance with Laws	  	 	18	  
	 Section 3.21
	 	Amendments to Sale and Servicing Agreement	  	 	19	  
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	19	  
			
	 Section 4.01
	 	Satisfaction and Discharge of Indenture	  	 	19	  
	 Section 4.02
	 	Application of Trust Money	  	 	20	  
	 Section 4.03
	 	Repayment of Moneys Held by Paying Agent	  	 	20	  
	 Section 4.04
	 	Release of Collateral	  	 	20	  
	 Section 4.05
	 	Satisfaction, Discharge and Defeasance of the Notes	  	 	20	  
		
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES
	  	 	21	  
			
	 Section 5.01
	 	Events of Default	  	 	21	  
	 Section 5.02
	 	Acceleration of Maturity; Rescission and Annulment	  	 	22	  
	 Section 5.03
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of the Controlling Class	  	 	23	  
	 Section 5.04
	 	Remedies; Priorities	  	 	25	  
	 Section 5.05
	 	Optional Preservation of the Collateral	  	 	27	  
	 Section 5.06
	 	Limitation of Suits	  	 	28	  
	 Section 5.07
	 	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	28	  
	 Section 5.08
	 	Restoration of Rights and Remedies	  	 	29	  
	 Section 5.09
	 	Rights and Remedies Cumulative	  	 	29	  
	 Section 5.10
	 	Delay or Omission Not a Waiver	  	 	29	  
	 Section 5.11
	 	Control by Controlling Class	  	 	29	  
	 Section 5.12
	 	Waiver of Past Defaults	  	 	30	  
	 Section 5.13
	 	Undertaking for Costs	  	 	30	  
	 Section 5.14
	 	Waiver of Stay or Extension Laws	  	 	30	  
	 Section 5.15
	 	Action on Notes	  	 	30	  
	 Section 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	31	  
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	32	  
			
	 Section 6.01
	 	Duties of Indenture Trustee	  	 	32	  
	 Section 6.02
	 	Rights of Indenture Trustee	  	 	33	  
	 Section 6.03
	 	Individual Rights of Indenture Trustee	  	 	35	  
	 Section 6.04
	 	Indenture Trustee’s Disclaimer	  	 	35	  
	 Section 6.05
	 	Notice of Defaults; Repurchase Requests	  	 	36	  
	 Section 6.06
	 	Reports by Indenture Trustee to Holders	  	 	36	  
	 Section 6.07
	 	Compensation and Indemnity	  	 	36	  
	 Section 6.08
	 	Replacement of Indenture Trustee	  	 	37	  
	 Section 6.09
	 	Successor Indenture Trustee by Merger	  	 	38	  

  
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	 Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	39	  
	 Section 6.11
	 	Corporate Indenture Trustee Requirements; Eligibility	  	 	40	  
	 Section 6.12
	 	Waiver of Setoffs	  	 	41	  
	 Section 6.13
	 	Indenture Trustee as Securities Intermediary	  	 	41	  
	 Section 6.14
	 	Representations and Warranties of the Indenture Trustee	  	 	41	  
	 Section 6.15
	 	Exchange Act Rule 17g-5 Procedures	  	 	42	  
	 Section 6.16
	 	Preferential Collection Claims Against Issuer	  	 	42	  
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	42	  
			
	 Section 7.01
	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	42	  
	 Section 7.02
	 	Preservation of Information; Communications to Noteholders	  	 	42	  
	 Section 7.03
	 	Noteholder Lists	  	 	43	  
	 Section 7.04
	 	Access to Certain Documentation and Information	  	 	43	  
	 Section 7.05
	 	Reports by Indenture Trustee	  	 	44	  
	 Section 7.06
	 	Reports by Issuer	  	 	44	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	44	  
			
	 Section 8.01
	 	Collection of Money	  	 	44	  
	 Section 8.02
	 	Trust Accounts: Payment of Principal and Interest	  	 	45	  
	 Section 8.03
	 	General Provisions Regarding Trust Accounts	  	 	45	  
	 Section 8.04
	 	Release of Collateral	  	 	46	  
	 Section 8.05
	 	Opinion of Counsel and Officer’s Certificate	  	 	46	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	47	  
			
	 Section 9.01
	 	Supplemental Indentures With Consent of the Noteholders	  	 	47	  
	 Section 9.02
	 	Supplemental Indentures Without Consent of Noteholders	  	 	48	  
	 Section 9.03
	 	Execution of Supplemental Indentures	  	 	50	  
	 Section 9.04
	 	Effect of Supplemental Indentures	  	 	50	  
	 Section 9.05
	 	Reference in Notes to Supplemental Indentures	  	 	50	  
	 Section 9.06
	 	Conformity with Trust Indenture Act	  	 	50	  
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	51	  
			
	 Section 10.01
	 	Redemption In Whole	  	 	51	  
	 Section 10.02
	 	Form of Redemption Notice	  	 	51	  
	 Section 10.03
	 	Notes Payable on Redemption Date	  	 	52	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	52	  
			
	 Section 11.01
	 	Compliance Certificates and Opinions, Etc.	  	 	52	  
	 Section 11.02
	 	Form of Documents Delivered to Indenture Trustee	  	 	54	  
	 Section 11.03
	 	Acts of Noteholders	  	 	54	  

  
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	 Section 11.04
	 	Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies	  	 	55	  
	 Section 11.05
	 	Notices to Noteholders; Waiver	  	 	56	  
	 Section 11.06
	 	Alternate Payment and Notice Provisions	  	 	56	  
	 Section 11.07
	 	Effect of Headings and Table of Contents	  	 	57	  
	 Section 11.08
	 	Successors and Assigns	  	 	57	  
	 Section 11.09
	 	Severability	  	 	57	  
	 Section 11.10
	 	Benefits of Indenture	  	 	57	  
	 Section 11.11
	 	Legal Holidays	  	 	57	  
	 Section 11.12
	 	GOVERNING LAW	  	 	57	  
	 Section 11.13
	 	Counterparts	  	 	57	  
	 Section 11.14
	 	Recording of Indenture	  	 	57	  
	 Section 11.15
	 	Trust Obligation	  	 	58	  
	 Section 11.16
	 	No Petition	  	 	58	  
	 Section 11.17
	 	Inspection	  	 	58	  
	 Section 11.18
	 	Limitation of Liability	  	 	58	  
	 Section 11.19
	 	WAIVER OF JURY TRIAL	  	 	59	  
	 Section 11.20
	 	Force Majeure	  	 	59	  
	 Section 11.21
	 	PATRIOT Act	  	 	59	  
	 Section 11.22
	 	Submission to Jurisdiction	  	 	60	  
	 Section 11.23
	 	No Partnership or Joint Venture	  	 	60	  
	 Section 11.24
	 	No Waiver; Cumulative Remedies	  	 	60	  
	 Section 11.25
	 	Conflicts with Trust Indenture Act	  	 	60	  
	 Section 11.26
	 	No Recourse	  	 	60	  
		
	 ARTICLE XII
	  	 	61	  
			
	 Section 12.01
	 	Purpose.	  	 	61	  
	 Section 12.02
	 	Requirements of FDIC Rule.	  	 	61	  
	 Section 12.03
	 	Performance	  	 	63	  
	 Section 12.04
	 	Effect of Section 941 Rules	  	 	63	  
	 Section 12.05
	 	Actions upon Repudiation	  	 	64	  
	 Section 12.06
	 	Notice	  	 	65	  
	 Section 12.07
	 	Reservation of Rights	  	 	66	  
			
	 EXHIBIT A-1
	 	Form of Class A-1 Note	  	 	A-1-1	  
	 EXHIBIT A-2
	 	Form of Class [A-2/A-3/A-4/B/C] Note	  	 	A-1-2	  
	 EXHIBIT C-1
	 	Form of Non-U.S. Beneficial Ownership Certification by Euroclear or Clearstream Bank, société anonyme	  	 	C-1-1	  
	 EXHIBIT C-2
	 	Form of Non-U.S. Beneficial Ownership Certification by Member Organization	  	 	C-2-1	  
	 EXHIBIT D
	 	Form of Repurchase Request Notice	  	 	D-1	  

  
 iv 

 THIS INDENTURE, dated as of
[            ], 201[    ], is between CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[    ]-[    ], a
Delaware statutory trust (the “Issuer”), and [                      ], a
[                      ], as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Issuer’s [        ]% Class A-1 Asset Backed Notes (the “Class A-1 Notes”), [        ]% Class A-2 Asset Backed Notes (the
“Class A-2 Notes”), [        ]% Class A-3 Asset Backed Notes (the “Class A-3 Notes”), [        ]% Class A-4
Asset Backed Notes (the “Class A-4 Notes”), [        ]% Class B Asset Backed Notes (the “Class B Notes”) and
[        ]% Class C Asset Backed Notes (the “Class C Notes”) (the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes
and Class C Notes, each a “Note” and collectively, the “Notes”): 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the Holders of
the Notes, all (without duplication) of the Issuer’s right, title and interest in and to all accounts, payment intangibles and other general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit,
goods, letters of credit, advices of credit and Investment Property and all other tangible and intangible property (together with all related supporting obligations and proceeds), whether now owned or hereafter acquired and whether now existing or
hereafter coming into existence, including: (i) the Depositor Conveyed Assets, (ii) all funds on deposit from time to time in the Trust Accounts, the Certificate Distribution Account (as defined in the Trust Agreement) and any other
accounts established pursuant to this Indenture, the Trust Agreement, or the Sale and Servicing Agreement, and all cash, investment property and other property from time to time credited thereto and all proceeds thereof (including all Net Investment
Earnings thereon); (iii) all Securities Accounts and all security entitlements with respect to Financial Assets credited to any Securities Account; (iv) all rights under the Sale and Servicing Agreement; (v) all enforcement and other
rights under the UCC and other Applicable Law in respect of any or all of the foregoing; (vi) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing; and (vii) the proceeds
of or with respect to any and all of the foregoing (collectively, the “Collateral”). It is understood and agreed that the foregoing Grant is intended to cover property owned by the Issuer at the Closing Date. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in
respect of, the Notes, equally and ratably without prejudice, priority or distinction, except as otherwise provided in this Indenture and the other Basic Documents. to secure compliance with the provisions of this Indenture and the Sale and
Servicing Agreement for the benefits of the Noteholders, all as provided in this Indenture. 
 The Indenture Trustee, on
behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the
end that the interests of the Holders of the Notes may be adequately and effectively protected. The Issuer hereby authorizes the filing of a financing statement against the Issuer describing the Collateral as constituting all assets of the Issuer as
debtor, whether now owned or existing or hereafter acquired or arising and wheresoever located. 

 This Indenture shall be deemed to be and hereby is a security agreement within
the meaning of the UCC as in effect in the State of New York. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions.    Capitalized terms not defined in this
Agreement have the meanings assigned thereto in Appendix A to that certain Sale and Servicing Agreement, dated as of [            ], 201[    ], by and
among the Issuer, the Indenture Trustee, California Republic Funding, LLC, [Backup Servicer] and California Republic Bank. 

Section 1.02    Incorporation by Reference of Trust Indenture
Act.    Whenever this Indenture refers to a provision of the TIA, that 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:

 “indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities. 

All other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined
by Commission rule have the meaning assigned to them by such definitions. 
 ARTICLE II 

THE NOTES 

Section 2.01    Form; Denomination.    The Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and Class C Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in
Exhibit A-1 or Exhibit A-2, as applicable, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of such Note. 

  
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 Each Note shall be dated the date of its authentication. The terms of the Notes
set forth in Exhibit A-1 and Exhibit A-2 are part of the terms of this Indenture. 
 The Notes shall be
issuable as registered Notes in minimum denominations of $[          ] and in integral multiples of
$[                  ] in excess thereof (except that on the Closing Date one Note of each Class of Notes may be issued in a denomination other than an
integral multiple of $[          ]). 

Section 2.02    Execution, Authentication and Delivery.    The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall
bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver Notes for original issue in an
aggregate principal amount of $[                  ] with respect to the Class A-1 Notes,
$[                  ] with respect to the Class A-2 Notes,
$[                  ] with respect to the Class A-3 Notes,
$[                  ] with respect to the Class A-4 Notes,
$[                  ] with respect to the Class B Notes and
$[                  ] with respect to the Class C Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes, as the case may be, outstanding at any time may not exceed the respective amounts set forth above with respect to such Classes of Notes, except as otherwise provided in
Section 2.05. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose, unless there appears on such Note a certificate of authentication executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 2.03    Temporary Notes. 

(a)      Pending the preparation of Definitive Notes, if any, to be issued in exchange for
Book-Entry Notes the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, such temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations as are not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

(b)      If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the Agency Office, without charge to the surrendering Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall 

  
 3 

 
authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of the same Class or Classes and authorized denominations. Until so delivered in exchange, the temporary
Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

Section 2.04    Registration; Registration of Transfer and Exchange. 

(a)      The Issuer shall cause to be kept a register, comprising separate registers for each
Class of Notes, in which, subject to such reasonable regulations as the Issuer may prescribe, the Issuer shall provide for the registration of the Notes and the registration of transfers and exchanges of the Notes (the “Register”).
The Indenture Trustee shall initially be the Registrar for the purpose of registering the Notes and transfers of the Notes as herein provided. Upon any resignation of any Registrar, the Issuer shall promptly appoint a successor Registrar or, if it
elects not to make such an appointment, assume the duties of the Registrar. Notwithstanding anything to the contrary contained herein, the Registrar shall know only the Person in whose name a Note is registered in the Register, and the obligations
of the Indenture Trustee (in its capacity as paying agent or otherwise) and the Registrar shall run only to such Persons. 

(b)      If a Person other than the Indenture Trustee is appointed by the Issuer as Registrar,
the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Registrar and of the location, and any change in the location, of the Register. The Indenture Trustee shall have the right to inspect the Register at all
reasonable times and to obtain copies thereof. The Indenture Trustee shall have the right to fully rely upon a certificate executed on behalf of the Registrar by an authorized officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes until such time as an updated certificate is provided by the Registrar to the Indenture Trustee at which time it will be entitled to fully rely on such replacement certificate. 

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

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

  
 4 

 (f)      Every Note presented or surrendered for
registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee and the Registrar, duly executed by the Holder thereof or such Holder’s attorney
duly authorized in writing, with such signature guaranteed by a commercial bank or trust company. 

(g)      No service charge shall be made to a Holder for any registration of transfer or
exchange of Notes, but the Issuer or Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.03(b) or Section 9.05 not involving any transfer. 

(h)      The preceding provisions of this Section 2.04 notwithstanding, the Issuer shall
not be required to transfer or make exchanges, and the Registrar need not register transfers or exchanges, (i) of Notes that are due for repayment within fifteen (15) days of submission to the Corporate Trust Office or the Agency Office or
(ii) of Notes selected for redemption. 
 (i)      Neither the Indenture Trustee nor the
Registrar shall have any responsibility to monitor or restrict the transfer of beneficial ownership in any Note an interest in which is transferable through the facilities of the Depository. In addition, neither the Indenture Trustee nor the
Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under Applicable Law with respect to any transfer of any interest in any Note other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. 
 Section 2.05    Mutilated, Destroyed, Lost or
Stolen Notes.    If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or wrongful taking of any Note, and
(ii) there is delivered to the Issuer, Registrar and Indenture Trustee such security or indemnity as may be reasonably required by it to hold the Issuer, Registrar and the Indenture Trustee, respectively, harmless, then, in the absence of
notice to the Issuer, the Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or wrongfully taken Note, a replacement Note of like tenor and principal amount; provided, however, that if any such destroyed, lost or wrongfully
taken Note, but not a mutilated Note, shall have become or within fifteen (15) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or wrongfully taken Note, a Protected Purchaser of the original Note in lieu of which
such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

  
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 Upon the issuance of any replacement Note under this Section 2.05, the
Issuer may require the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture
Trustee or the Registrar) connected therewith. 
 Every replacement Note issued pursuant to this Section 2.05 in
replacement of any mutilated, destroyed, lost or wrongfully taken Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or wrongfully taken Note shall be at any time
enforceable by anyone, and shall be entitled to all of the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section 2.05 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

Section 2.06    Persons Deemed Owners.    Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the Registrar and any agent of the Issuer, the Indenture Trustee or the Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as
the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee, the Registrar
or any agent of the Issuer, the Registrar or the Indenture Trustee shall be affected by notice to the contrary. 

Section 2.07    Payment of Principal and Interest.    The Notes shall
accrue interest during each Interest Period at the applicable Interest Rate, calculated in accordance with the terms of the Notes, and shall be payable from amounts deposited in the Collection Account in accordance with Section 5.04(a) of the
Sale and Servicing Agreement or Section 5.04(b) hereof. Interest accrued on the Notes during an Interest Period shall be due and payable on the related Payment Date. 

(a)      The principal of the Notes will be due and payable in accordance with
Section 5.04(b) of the Sale and Servicing Agreement or Section 5.04(b) hereof. The principal of the Notes shall also be due and payable as follows: (i) on the Redemption Date, in an amount equal to the outstanding Note Balance,
(ii) on the date of acceleration of the maturity of the Notes pursuant to Section 5.02 in the amount of the outstanding Note Balance and (iii) to the extent any Class of Notes remain and have not been paid prior to such date, on the
related Final Scheduled Payment Date for such Class of Notes in an amount equal to the outstanding Note Balance of such Class of Notes. 

(b)      Any installment of interest or principal payable with respect to a Note that is
punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note is registered on the Record Date, by wire transfer of immediately available funds to the account of any such
Noteholder at a bank or other entity 

  
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having appropriate facilities therefor, if such Noteholder shall have provided the Indenture Trustee with wiring instructions no less than two (2) Business Days prior to the related
Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), or otherwise by check mailed to the address of such Noteholder as it appears in the Register; provided, however, that with
respect to Book-Entry Notes registered on the applicable Record Date in the name of the nominee of the Depository (initially, such nominee to be Cede & Co.) for which Definitive Notes have not been issued pursuant to Section 2.13,
payment shall be made by wire transfer in immediately available funds to Cede & Co., for further credit to the account designated by such Holder. The final distribution on each Note will be made in like manner, but only upon presentation
and surrender of such Note at the Corporate Trust Office or such other location specified in the notice to Noteholders of such final distribution. With respect to Book-Entry Notes for which Definitive Notes have not been issued, such notice shall be
sent on the Business Day prior to such Payment Date by facsimile, and with respect to Definitive Notes, such notice shall be sent not later than three (3) Business Days after such Record Date in accordance with Section 11.05, and, in each
case, shall specify that such final installment shall be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. The Indenture Trustee
shall not be liable for any failure to provide notice to the Noteholders as required pursuant to this Section 2.07(b) to the extent it has not received notice of such expected Final Scheduled Payment Date from the Issuer not later than two
(2) Business Days after the Record Date. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. The funds represented by any such checks returned undelivered shall be held in accordance
with Section 3.03. The final interest payment on each Class of Notes is due on the date on which the Note Balance of that Class of Notes is reduced to zero (including any Redemption Date and the applicable Final Scheduled Payment Date). 

Section 2.08    Cancellation.    All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 2.08, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in
accordance with its standard retention or disposal policy as in effect at the time. 

Section 2.09    Tax Treatment; Withholding. 

(a)      The Issuer has entered into this Indenture, and the Notes will be issued, with the
intention that, for federal, State and local income, single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Collateral, and, unless otherwise required by Applicable Law, the Noteholders and the Owners agree
that, by acquiring any Note or interest therein, that it will not take a position contrary to such treatment. The Issuer, by entering into this Indenture agree solely for federal, State and local income, single business and franchise tax purposes,
(i) to treat the Notes as indebtedness secured by the Collateral and (ii) not to treat the Issuer as an association (or publicly-traded partnership) taxable as a corporation, in each case, 

  
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unless such treatment has been determined to be contrary to Applicable Law by a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree
or other order is final and binding after all appeals allowed by Applicable Law. 

(b)      In the event that any withholding tax is imposed on payments to a Noteholder, such tax
shall reduce the amount otherwise distributable to such Noteholder in accordance with this Section. The Indenture Trustee or Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient
funds for the payment of any tax that is legally owed with respect to such payment (but such authorization shall not prevent the Indenture Trustee or the Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of
such tax, if permitted by Applicable Law, pending the outcome of such proceedings; provided, however, the Indenture Trustee or the Paying Agent shall not be required to contest any tax). The amount of any withholding tax imposed with respect to a
Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by Indenture Trustee or Paying Agent and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with
respect to a payment (such as a payment to a non-U.S. Noteholder), the Indenture Trustee or the Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph with no liability
therefor. 
 (c)      Prior to the receipt of any interest payment, any Noteholder or its
transferee that is a United States person (as defined in Section 7701(a)(30) of the Code) shall (i) provide the Indenture Trustee and the Paying Agent with Internal Revenue Service Form W-9 (or successor form) or (ii) establish
to the satisfaction of the Indenture Trustee and the Paying Agent that it is exempt from backup withholding. Each Noteholder or its transferee agrees by acceptance of a Note that, upon request of the Issuer, the Indenture Trustee or the Paying
Agent, such Noteholder or its transferee will provide the Issuer, the Indenture Trustee or the Paying Agent with a supplemental Internal Revenue Service Form W-9 (or successor form) to the extent legally able to do so and that each Noteholder
or its transferee shall notify the Indenture Trustee or Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The Indenture Trustee and the Paying Agent shall be fully protected in relying upon, and each
Noteholder or its transferee by its acceptance of a Note hereunder agrees to indemnify and hold the Indenture Trustee and the Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Indenture
Trustee’s and the Paying Agent’s reliance upon, any documents, forms or information provided by any Noteholder or its transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section 2.09. 

(d)      Prior to the receipt of any interest payment, any Noteholder, and upon transfer, any
transferee that is not a United States person (as defined in Section 7701(a)(30) of the Code) shall provide the Indenture Trustee and the Paying Agent with an applicable Internal Revenue Service Form W-8 (or successor forms). Each
Noteholder or transferee agrees by acceptance of a Note that, upon request of the Issuer, the Indenture Trustee or the Paying Agent, such Noteholder or transferee will provide the Issuer, the Indenture Trustee or the Paying Agent with a supplemental
applicable Internal Revenue Service Form W-8 (or successor forms) to the extent legally able to do so and that each Noteholder or its transferee shall notify the Indenture Trustee or Paying Agent should subsequent circumstances render such
forms incorrect or invalid. The Indenture Trustee and the Paying Agent shall be fully protected in relying upon, and each Noteholder or its transferee by its acceptance of a Note hereunder agrees to indemnify and hold

  
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the Indenture Trustee and the Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Indenture Trustee’s and the Paying Agent’s
reliance upon, any documents, forms or information provided by any Noteholder or its transferee to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this Section 2.09. 

Section 2.10    [Reserved] 

Section 2.11    Book-Entry Notes.    Each Note, upon original issuance,
shall be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, which shall be deposited on behalf of the purchasers of the Notes represented by such Book-Entry Note with the Depository or the Indenture Trustee, as
custodian for the Depository, and registered on the Register in the name of the Depository or a nominee thereof (initially, such nominee to be Cede & Co.). No Owner shall receive a Definitive Note representing such Owner’s interest in
such Notes, except as provided in Section 2.13. Unless and until Definitive Notes have been issued to such Owners pursuant to Section 2.13: 

(i)        the provisions of this Section 2.11 shall be in full
force and effect; 
 (ii)        the Registrar, the Paying Agent and
the Indenture Trustee shall be entitled to deal with the Depository for all purposes of this Indenture (including the payment of principal of and interest on such Notes and the giving of instructions or directions hereunder) as the sole Holder of
such Notes and shall have no obligation to such Owners; 

(iii)        to the extent that the provisions of this
Section 2.11 conflict with any other provisions of this Indenture, the provisions of this Section 2.11 shall control; 

(iv)        the rights of the Owners shall be exercised only through
the Depository and shall be limited to those established by Applicable Law and agreements between such Owners and the Depository and/or the Depository Participants, and unless and until Definitive Notes are issued pursuant to Section 2.13, the
initial Depository shall make book-entry transfers between the Depository Participants and receive and transmit payments of principal of and interest on such Notes to such Depository Participants, pursuant to the Depository Agreement; and 

(v)        whenever this Indenture requires or permits actions to be
taken based upon instructions or directions of Holders of Notes evidencing a specified percentage of the Note Balance of the Outstanding Notes, the Depository shall be deemed to represent such percentage only to the extent that it has
(x) received written instructions to such effect from Owners and/or Depository Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and (y) delivered such instructions to the
Indenture Trustee. 
 Section 2.12    Notices to Depository.    Whenever
a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes representing such Notes shall have been issued to the related Owners pursuant to Section 2.13, the Indenture Trustee shall
give all such notices and communications specified herein to be given to the related Noteholders to the Depository and shall have no obligation to such Owners. 

  
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 Section 2.13    Definitive
Notes.    If for any Notes issued as Book-Entry Notes, the Administrator advises the Indenture Trustee in writing that the Depository is no longer willing or able to properly discharge its responsibilities with respect
to such Notes and the Issuer is unable to locate a qualified successor, then the Depository shall notify all Owners and the Indenture Trustee in writing of the occurrence of any such event and of the availability of Definitive Notes to such Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes or Notes representing such Book-Entry Notes by the Depository, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the related Definitive Notes in accordance with the instructions of the Depository. None of the Issuer, the Administrator, the Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of such Definitive Notes, the Indenture Trustee shall recognize the Holders of such Definitive Notes as Noteholders. The Indenture Trustee shall
not be liable if the Administrator or the Indenture Trustee is unable to locate a qualified successor Depository. 
 If
Definitive Notes are issued and the Indenture Trustee is not the Registrar, the Issuer shall furnish or cause to be furnished to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five
(5) days thereafter and (ii) within thirty (30) days after receipt by the Issuer of a request therefor. 

Section 2.14    Depositor as Noteholder.    The Depositor in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Depositor. 

Section 2.15    [Reserved]. 

Section 2.16    Additional Transfer Restrictions.    The transfer and
exchange of Book-Entry Notes or beneficial interests therein shall be affected through the Depository, in accordance with this Indenture and the procedures of the Depository therefor, which shall include restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Beneficial interests in a Book-Entry Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Book-Entry Note in accordance with the
transfer restrictions set forth in the Section 2.04 and on the legends on the forms of the Notes. 

Section 2.17    ERISA.    The Notes may, in general, be purchased by, or
on behalf of, or with “plan assets” of a Benefit Plan. A fiduciary of a Benefit Plan purchasing any such Class of Notes or a beneficial interest in such Notes, with the assets of a Benefit Plan is deemed to represent that the purchase of
one or more such Notes or a beneficial interest therein is consistent with its fiduciary duties under ERISA and does not result in a nonexempt prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the Code. If the
Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their respective Affiliates (i) has investment or administrative discretion with respect to the assets of a Benefit Plan, (ii) has authority or responsibility to
give, or regularly gives, investment advice with respect to such Benefit Plan assets, for a fee and pursuant to an agreement or understanding that such advice will (a) serve as a primary basis for investment decisions with respect to such
Benefit Plan assets and (b) be based 

  
 10 

 
on the particular investment needs for such Benefit Plan or (iii) is an employer maintaining or contributing to such Benefit Plan, then a purchase of any such Class of Notes by such a
Benefit Plan may represent a conflict of interest or act of self-dealing by the fiduciary. 
 ARTICLE III 

COVENANTS 

Section 3.01    Payment of Principal and Interest.    The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes, and all other amounts owing hereunder or in respect of the Notes, in accordance with the terms of the Notes, this Indenture and the Sale and Servicing Agreement. Without
limiting the foregoing, subject to Section 8.02(c), on each Payment Date the Issuer shall cause all amounts deposited pursuant to the Sale and Servicing Agreement for the benefit of the Notes to be paid to the Noteholders. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

Section 3.02    Maintenance of Office or Agency.    So long as any of the
Notes remain outstanding, the Issuer will maintain in Jacksonville, Florida, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and
this Indenture may be served. Such office will initially be located at the Corporate Trust Office. Definitive Notes may be surrendered for registration of transfer or exchange at the Corporate Trust Office. The Issuer will give prompt written notice
to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

Section 3.03    Money for Payments to Be Held in Trust.  All payments of amounts due
and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from any Trust Account
for payments of Notes shall be paid over to the Issuer except as provided in this Section 3.03. 
 On or before the
Business Day preceding each Payment Date or the Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection Account and the Principal Distribution Account an aggregate sum sufficient to pay the amounts then becoming due
under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee, in writing, of its action or failure so to act. 

The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an
instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section 3.03, that such Paying Agent will: 

(i)        hold all sums held by it for the payment of amounts due
with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

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

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

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

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

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

Subject to Applicable Laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in
trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and be paid upon Issuer Request to the Issuer; and the
Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and written direction of the Issuer cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not
be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and written direction of
the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and
payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder). 

  
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Section 3.04    Existence.    The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the State of Delaware and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes and the Collateral, and will not dissolve or liquidate in whole or in part. 

Section 3.05    Protection of Collateral; Manner of Perfection. 

(a)        The Issuer intends the security interest Granted pursuant to this Indenture
in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of
the Noteholders, a first Lien on and a first priority, perfected security interest in the Collateral. 

(b)        The Issuer will from time to time execute, deliver and file all such
supplements and amendments hereto and (subject to clause (c) below) all such UCC financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

 (i)        maintain or preserve the lien and security interest
(and the first priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

(ii)       perfect, publish notice of or protect the validity of any Grant
made or to be made by this Indenture; 
 (iii)      enforce the Indenture
Trustee’s rights in any of the Collateral; 
 (iv)      preserve and
defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in such Collateral against the claims of all Persons and parties; or 

(v)       pay or cause to be paid any taxes or assessments levied or
assessed upon the Collateral when due. 
 (c)        The Issuer hereby designates
the Indenture Trustee, as its agent and attorney-in-fact, to execute any UCC financing statement, continuation statement or other instrument required to be executed
pursuant to this Section 3.05; provided, however, that the Issuer will have the responsibility for taking such actions, and anything herein to the contrary notwithstanding (including the authorization to file granted in this sentence), the
Indenture Trustee shall have no duty, responsibility or obligation to file any financing statements or record any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any
security interest and shall have no liability for failing to do so. 

(d)        The Issuer hereby represents and warrants that, as to the Collateral
pledged to the Indenture Trustee for the benefit of the Noteholders, on the Closing Date: 

(i)        the Indenture creates a valid and continuing security
interest (as defined in the applicable UCC) in the Collateral that is in existence in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and purchasers from the
Issuer; 

  
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 (ii)       the Issuer has
taken all steps necessary to perfect its security interest against the Obligor in the Financed Vehicle; 

(iii)      the Receivables constitute “tangible chattel paper” or
“electronic chattel paper” under the applicable UCC; as of the Cutoff Date, no more than 10% of the Pool Balance is represented by Receivables constituting “electronic chattel paper,” and at least 90% of the Pool Balance is
represented by Receivables constituting “tangible chattel paper”; 

(iv)      the Issuer owns and has good and marketable title to such Collateral
free and clear of any liens, claims or encumbrances of any Person, other than the interest Granted under this Indenture; 

(v)       the Issuer has received a written acknowledgment from the
Servicer that the Servicer is holding the loan agreements and installment sale contracts that constitute or evidence the Receivables solely on behalf and for the benefit of the Issuer; 

(vi)      other than the security interest granted to the Indenture Trustee
pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables; the Issuer has not authorized the filing of and is not aware of any financing statements against
the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated; the Issuer is not aware of any
judgment or tax lien filings against the Issuer; 
 (vii)     none of the
installment sale contracts that constitute or evidence the Receivables has any marks or notations indicating that it has been pledged, assigned, or otherwise conveyed by the Issuer to any Person other than the Indenture Trustee; 

(viii)    the Trust Accounts are not in the name of any person other than the Indenture
Trustee and the Issuer has not consented to the bank maintaining the Trust Accounts to comply with the instructions of any Person other than the Indenture Trustee; 

(ix)      the Issuer has caused or will have caused, within ten (10) days
after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdiction under Applicable Law in order to perfect the security interest Granted hereunder in the Receivables; 

(x)       other than its Granting hereunder, the Issuer has not Granted
such Collateral, the Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of such Collateral other than the financing statement in favor of the Indenture Trustee, and the
Issuer is not aware of any judgment or tax lien filing against it; and 

(xi)      the information relating to such Collateral set forth in the Schedule
of Receivables (attached as Schedule A to the Sale and Servicing Agreement) is correct. 

  
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 The representations and warranties set forth in this Section may not be waived. The
representations and warranties set forth in this Section will survive the termination of this Section until the Indenture has been discharged. 

(e)        All financing statements filed or to be filed against the Issuer in favor
of the Indenture Trustee in connection with this Indenture describing the Collateral shall contain a statement to the following effect: “A purchase of, or a security interest in, any of the collateral covered by this financing statement will
violate the rights of the secured party.” 
 Section 3.06    Opinions as to Collateral.

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

(b)        On or before
[June 30th] of each year, beginning in 201[  ], the Issuer shall furnish to the Indenture Trustee and the Rating Agencies an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing
of any UCC financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture, the Sale and Servicing Agreement and the Receivables Purchase Agreement and reciting the details
of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and the execution and filing of any UCC financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security
interest of this Indenture, the Sale and Servicing Agreement and the Receivables Purchase Agreement and the priority thereof until June 30th of the following calendar year. 

Section 3.07    Performance of Obligations; Servicing of Receivables. 

(a)        The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture or the Sale and Servicing Agreement. 

  
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 (b)        The Issuer may contract with
other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the
Issuer, provided that any delegation shall not release the Issuer from its obligations hereunder and under the Notes. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its duties
under this Indenture. 
 (c)        The Issuer will punctually perform and observe
all of its obligations and agreements contained in this Indenture, the Basic Documents, and in the instruments and agreements included in the Collateral, and shall enforce its rights thereunder and the obligations of the other Persons parties
thereto, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. 
 (d)        If the Issuer shall have knowledge of
the occurrence of a Servicer Termination Event or of any other breach by a Person under any Basic Document, the Issuer shall promptly notify the Indenture Trustee, the Noteholders and the Rating Agencies thereof, and shall specify in such notice the
action, if any, that the Issuer is taking with respect to such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to
the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

(e)        Upon any termination of the Servicer’s rights and powers pursuant to
the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee and the Noteholders. As soon as a Successor Servicer appointed, the Issuer shall notify the Indenture Trustee and the Noteholders in writing of such
appointment, specifying in such notice the name and address of such Successor Servicer. The Issuer shall not waive timely performance or observance by the Depositor, the Servicer or the Seller of their respective duties or obligations under the
Basic Documents if such waiver would reasonably be expected to materially adversely affect the interests of the Noteholders. 

Section 3.08    Negative Covenants.    So long as any Notes are
outstanding, the Issuer shall not: 
 (a)        except as expressly permitted by
the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Collateral; 

(b)        engage in any activities other than financing, acquiring, owning, pledging
and managing the Receivables and the other Collateral as contemplated by this Indenture and the other Basic Documents; 

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

  
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 (d)        (i) permit the validity or
effectiveness of this Indenture to be impaired or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, or permit the Lien of this Indenture to
be amended, hypothecated, subordinated, terminated or discharged, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and
arising solely as a result of an action or omission of the related Obligor), (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security
interest in the Collateral, (iv) dissolve or liquidate in whole or in part or (v) merge or consolidate with, or transfer substantially all of its assets to, any other Person; 

(e)        take any action that, for federal, State or local income, single business
and franchise tax purposes, (i) would cause the Notes to fail to be treated as debt or (ii) would cause the Issuer to be treated as an association (or publicly-traded partnership) taxable as a corporation; or 

(f)        incur, assume or guarantee or otherwise become liable for any indebtedness
other than the indebtedness evidenced by the Notes or indebtedness otherwise permitted by the Basic Documents. 

Section 3.09    Annual Statement as to Compliance.     The Issuer
will deliver to the Depositor, the Indenture Trustee and the Rating Agencies, on or before March 31 of each year an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: (i) a
review of the activities of the Issuer during the preceding calendar year (or, in the case of the first such report due on or before March 31, 201[  ], during the period from the Closing Date to December 31,
201[  ]) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and (ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has
complied with all conditions and covenants under this Indenture throughout such year (or shorter period specified above in the case of the first such report) in all material respects or, if there has been a default in its compliance with any such
condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

Section 3.10    Issuer May Not Merge or Consolidate.   The Issuer shall not
consolidate or merge with or into any other Person. The Issuer shall not convey or transfer any of its properties or assets, including the Collateral, to any person. 

Section 3.11    No Other Business.   The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and engaging in any activities incidental thereto. The Issuer shall not fund the purchase of
any receivables other than the Receivables. 

  
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 Section 3.12    No
Borrowing.    The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness, or incur any other obligations or liabilities, except for the Notes. 

Section 3.13    Servicer’s Obligations.  The Issuer shall cause the Servicer to
comply with its obligations under the Sale and Servicing Agreement. 

Section 3.14    Guarantees, Loans, Advances and Other
Liabilities.      Except as contemplated by the Trust Agreement, the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly
or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any Person. 

Section 3.15    Capital Expenditures.    The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets (whether consisting of realty or personal property). 

Section 3.16    Removal of Administrator.    So long as any Notes are
outstanding, the Issuer shall not remove the Administrator without cause without prior satisfaction of the Rating Agency Condition. 

Section 3.17    Restricted Payments.    The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or
otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amount for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing
Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Trust Accounts except in accordance with this Indenture and the other Basic Documents. 

Section 3.18    Notice of Events of Default.  The Issuer shall give the Indenture
Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder, each default on the part of the Seller, the Servicer or the Depositor of their respective obligations under the Sale and Servicing Agreement and each default
on the part of the Seller or the Purchaser of its obligations under the Receivables Purchase Agreement. 

Section 3.19    Further Instruments and Acts.  Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

Section 3.20    Compliance with Laws.  The Issuer shall comply with the requirements
of all Applicable Laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this
Indenture or any other Basic Document to which the Issuer is a party. 

  
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 Section 3.21    Amendments to Sale and Servicing
Agreement.  The Issuer shall not agree to any amendment to Section 10.01 of the Sale and Servicing Agreement or Section 8.02 of the Trust Agreement to eliminate the requirements thereunder that the Indenture Trustee or the
Noteholders consent to amendments thereto as provided therein, unless the Indenture Trustee or the Noteholders, as appropriate, consent to such amendment eliminating such requirement. 

ARTICLE IV 
 SATISFACTION AND
DISCHARGE 
 Section 4.01    Satisfaction and Discharge of Indenture.   This
Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange of outstanding Notes, (ii) substitution of mutilated, destroyed, lost or stolen Notes,
(iii) rights of Noteholders to receive payments of principal thereof and interest thereon and all other amounts with respect thereto, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.11, 3.12, 3.16, 3.14, 3.15 and 3.17, (v) the rights
and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.07) as well as the obligations of the Indenture Trustee under Section 4.03 and (vi) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when: 

(1)       either: (A) all Notes theretofore authenticated and
delivered (other than Notes (1) that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (2) for whose payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture
Trustee for cancellation have become due and payable and the Issuer has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee, cash or direct obligations of or obligations guaranteed by the United States (which
will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to
the related Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be; 

(2)       the Issuer has paid or caused to be paid all other sums payable
by the Issuer hereunder and under the other Basic Documents; and 

(3)       the Issuer has delivered to the Depositor and the Indenture
Trustee an Officer’s Certificate and an Opinion of Counsel, and (if required by the TIA or Section 11.01) 

  
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an Independent Certificate, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent provided for in this
Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

Section 4.02    Application of Trust Money.    All moneys deposited with
the Indenture Trustee pursuant to this Article IV shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may
determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be
segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by Applicable Law. 

Section 4.03    Repayment of Moneys Held by Paying Agent.    In connection
with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon written demand
of the Issuer or the Indenture Trustee, be paid to the Indenture Trustee to be held and applied according to Section 3.03; and thereupon, such Paying Agent shall be released from all further liability with respect to such moneys. 

Section 4.04    Release of Collateral.    Subject to Section 11.01
and except as may be provided by the terms of the Basic Documents (including Section 8.04 hereof, Sections 3.03, 4.03 and 4.06(a) of the Sale and Servicing Agreement and Section 3.02 of the Receivables Purchase Agreement), the Indenture
Trustee shall release property from the lien of this Indenture only when the Notes shall have been Paid In Full upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and, if required by
Section 11.01, Independent Certificates in accordance with Sections 314(c) and 314(d)(1) of the TIA or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.
If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Indenture Trustee’s obligations under TIA Sections 314(c) and 314(d)(1), the Indenture Trustee shall release property from the Lien of this Indenture
in accordance with the conditions and procedures set forth in such exemptive order. 

Section 4.05    Satisfaction, Discharge and Defeasance of the Notes. 

(a)        Upon satisfaction of the conditions set forth in Section 4.05(b), the
Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of
the Issuer, shall execute proper instruments acknowledging the same), except as to: 

(i)        the rights of the Noteholders to receive, from the trust
funds described in Section 4.05(b)(i), payment of the principal of and interest on the Notes Outstanding at maturity of such principal or interest; 

  
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 (ii)        the
obligations of the Issuer with respect to the Notes under Sections 2.04, 2.05, 3.02 and 3.03; 

(iii)       the obligations of the Issuer and Servicer to the Indenture
Trustee under Section 6.07; and 
 (iv)       the rights, powers,
trusts, protections, indemnities and immunities of the Indenture Trustee hereunder and the duties of the Indenture Trustee hereunder. 

(b)        The satisfaction, discharge and defeasance of the Notes pursuant to
Section 4.05(a) is subject to the satisfaction of all of the following conditions: 

(i)        the Issuer has deposited or caused to be deposited
irrevocably (except as provided in Section 4.03) with the Indenture Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Noteholders, which, through the payment of interest and
principal in respect thereof in accordance with their terms will provide, not later than one day prior to the due date of any payment referred to below, money in an amount sufficient, in the opinion of a nationally recognized firm of Independent
Accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay and discharge the entire indebtedness on the Notes Outstanding, for principal thereof and interest thereon to the date of such deposit (in the case
of Notes that have become due and payable) or to the maturity of such principal and interest, as the case may be; 

(ii)       such deposit will not result in a breach or violation of, or
constitute an event of default under, any Basic Document to which Issuer is party to or other agreement or instrument to which the Issuer is bound; 

(iii)      no Event of Default has occurred and is continuing on the date of
such deposit or on the 91st day after such date; and 
 (iv)      the Issuer
has delivered to the Depositor and the Indenture Trustee, and the Indenture Trustee shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this
Indenture relating to the defeasance contemplated by this Section have been complied with. 
 ARTICLE V 

EVENTS OF DEFAULT; REMEDIES 

Section 5.01    Events of Default.   “Event of Default,” wherever
used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any Governmental Authority): 
 (a)        default in
the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, and such default shall continue for a period of five (5) days; 

  
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 (b)        default in the payment of the
principal of any Note on the related Final Scheduled Payment Date or the Redemption Date; 

(c)        any failure by the Issuer to duly observe or perform any of its covenants
or agreements or a breach of any of its representations and warranties in this Indenture (other than as specified above in clauses (a) and (b)), which failure has a Material Adverse Effect on the Noteholders and which continues unremedied for a
period of thirty (30) days; or 
 (d)        the occurrence of an Insolvency
Event with respect to the Issuer. 
 The Issuer shall promptly (but in any event not later than five (5) Business Days) deliver to the
Indenture Trustee written notice in the form of an Officer’s Certificate of any event that with the giving of notice and the lapse of time would become an Event of Default under clause (c) above, its status and what action the Issuer is
taking or proposes to take with respect thereto. 
 Section 5.02     Acceleration of
Maturity; Rescission and Annulment. 
 (a)        If an Event of Default shall
have occurred and be continuing (other than an Event of Default specified in Section 5.01(d)), the Indenture Trustee in its discretion may, or if so requested in writing by the Noteholders representing a majority of the Note Balance of the
Outstanding Notes of the Controlling Class, shall, declare by written notice to the Issuer all of the Notes to be immediately due and payable, and upon any such declaration (but subject to clause (b) below) the entire outstanding Note Balance,
together with accrued interest thereon through the date of acceleration, shall become immediately due and payable as provided in the Notes. If following the occurrence of an Event of Default (other than an Event of Default specified in
Section 5.01(d)), the Indenture Trustee has not declared the Notes to be immediately due and payable, the Issuer shall continue to pay interest and principal on the Notes on each Payment Date in accordance with Section 5.04 of the Sale and
Servicing Agreement, until the Notes are accelerated or until a liquidation, if any, of the Trust Estate. If an Event of Default specified in Section 5.01(d) shall have occurred and be continuing, the Notes shall automatically become
immediately due and payable without any further action on the part of any Person. 

(b)        At any time after declaration of acceleration of maturity has been made
pursuant to clause (a) above and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as provided hereinafter in this Article V, the Noteholders representing a majority of the Note Balance of
the Outstanding Notes of the Controlling Class may, by written notice to the Issuer and the Indenture Trustee, rescind such declaration and annul such consequences if: 

(i)         the Issuer has paid or deposited with the Indenture
Trustee a sum sufficient to pay: 
 (A)      all payments of principal of and
interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 

(B)      all sums paid by the Indenture Trustee hereunder and the reasonable
compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel. 

(ii)       all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.12. 

  
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 No such rescission shall affect any subsequent default or impair any right
consequent thereto. 
 Section 5.03    Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee; Authority of the Controlling Class. 
 (a)        The Issuer
covenants that if (i) a default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five (5) days, or (ii) a default is made in the payment of the
principal of or any installment of the principal of any Note on the related Final Scheduled Payment Date, the Issuer will, upon demand of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class,
pay to the Indenture Trustee, for the benefit of the Noteholders, the entire amount then due and payable on such Notes in respect of principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest
shall be legally enforceable, on overdue installments of interest at the Interest Rates then applicable to the Notes and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses and disbursements of the Indenture Trustee and its agents and counsel. 

(b)        In case the Issuer shall fail forthwith to pay such amounts upon such
demand or if any such amounts became due and payable automatically pursuant to the terms of Section 5.02(a), the Indenture Trustee, in its own name and as trustee of an express trust, may (and at the written direction of the Noteholders
representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class shall) institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided by law out of the Collateral or the property of any other obligor on such Notes, wherever situated, the moneys adjudged or decreed to be payable.

 (c)        If an Event of Default occurs, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion, or shall at the written direction of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee at the written direction of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the
Controlling Class shall reasonably deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

  
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 (d)        In case there shall be
pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under Title 11 of the United States Code or any other applicable federal or State
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property
or CRB or its property or such other obligor or Person, or in case of any other comparable Proceedings relative to the Issuer or other obligor on the Notes or CRB, or to the creditors or property of the Issuer or such other obligor or CRB, the
Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section 5.03, shall be entitled and empowered (and at the written direction of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class shall), by intervention in such
Proceedings or otherwise: 
 (i)        to file and prove a claim or
claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for
reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of reasonable out-of-pocket expenses and liabilities incurred, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 

(ii)       unless prohibited by Applicable Law, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or a Person performing similar functions in any such Proceedings; 

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

(iv)      to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors or its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each
of such Noteholders to make payments to the Indenture Trustee for application in accordance with Section 5.04 of the Sale and Servicing Agreement and, in the event that the Indenture Trustee shall consent to the making of payments directly to
such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other
expenses and amounts due and owing to the Indenture Trustee under Section 6.07. 

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

(f)        All rights of action and of asserting claims under this Indenture, or under
any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any Proceedings relative thereto, and any such Proceedings instituted by the Indenture Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the Holders of the Notes. 
 (g)        In any
Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all of the
Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

Section 5.04    Remedies; Priorities. 

(a)        If an Event of Default shall have occurred and be continuing, the Indenture
Trustee may, and at the written direction of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class shall, do one or more of the following (subject to Sections 5.02 and 5.05): 

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

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

(iv)      sell the Collateral or any portion thereof or rights or interest
therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, notwithstanding anything else herein to the contrary, that the Indenture Trustee may not sell or otherwise liquidate the
Collateral following an Event of Default, other than an Event of Default described in Section 5.01(a) or (b), unless, (x) the Noteholders representing 100% of the Note Balance of the Outstanding Notes voting as a single class consents
thereto, (y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid on such Notes in respect of principal and interest, or (z) the Indenture Trustee
determines 

  
 25 

 
that the Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due
and payable, and the Indenture Trustee obtains the consent of the Noteholders representing 662/3% of the Note Balance of the Outstanding
Notes voting as a single class; provided, further, that the Depositor or its Affiliates may not participate in such sales as long as any of them is a Noteholder. 

In determining such sufficiency or insufficiency with respect to clause (y) and (z) above, the Indenture Trustee
may, at the Issuer’s expense whether or not the Collateral is sold (unless it is paid in the priority set forth in Section 5.04(b) in connection with a sale of Collateral) but need not, obtain and conclusively rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to the sufficiency of the Collateral for such purpose. 

(b)        If the Indenture Trustee collects any money or property pursuant to this
Article V and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation
costs associated with the sale of the Collateral) in the following order of priority: 

(i)         first, to the Indenture Trustee, the Owner Trustee
and the Administrator, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the Basic Documents; 

(ii)        second, to the Servicer, the Servicing Fee and all unpaid
Servicing Fees [and to the Backup Servicer, the Backup Servicing Fee and all unpaid Backup Servicing Fees] with respect to prior Collection Periods; 

(iii)       third, pro rata, to the Holders of the Class A-1 Notes,
the Holders of the Class A-2 Notes, the Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, the Accrued Class A-1 Note Interest,
the Accrued Class A-2 Note Interest, the Accrued Class A-3 Note Interest and the Accrued Class A-4 Note Interest, respectively; 

(iv)       fourth, if (x) the Receivables have been sold after an
Event of Default has occurred or (y) an Event of Default described in Section 5.01(a), (b) or (d) has occurred, in the following order of priority: 

(A)       to the Holders of the Class A-1 Notes in respect of
principal thereon until the Class A-1 Notes have been Paid In Full; 

(B)       pro rata, to the Holders of the Class A-2 Notes, the
Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, in respect of principal thereon, until the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid In Full; 

(C)       to the Holders of the Class B Notes, the Accrued Class B
Note Interest; 

  
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 (D)       to the Holders of
the Class B Notes in respect of principal thereon until the Class B Notes have been Paid In Full; 

(E)       to the Holders of the Class C Notes, the Accrued Class C
Note Interest; 
 (F)       to the Holders of the Class C Notes in
respect of principal thereon until the Class C Notes have been Paid In Full; 

(v)        fifth, if an Event of Default other than that described in
clause (iv) directly above has occurred and the Receivables have not been sold after such Event of Default has occurred, in the following order of priority: 

(A)       to the Holders of the Class B Notes, the Accrued Class B
Note Interest; 
 (B)       to the Holders of the Class C Notes,
the Accrued Class C Note Interest; 
 (C)       to the Holders of the
Class A-1 Notes in respect of principal thereon until the Class A-1 Notes have been Paid In Full; 

(D)       pro rata, to the Holders of the Class A-2 Notes, the
Holders of the Class A-3 Notes and the Holders of the Class A-4 Notes, in respect of principal thereon, until the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes have been Paid In Full; 

(E)       to the Holders of the Class B Notes in respect of principal
thereon until the Class B Notes have been Paid In Full; 

(F)       to the Holders of the Class C Notes in respect of principal
thereon until the Class C Notes have been Paid In Full; 

(vi)       sixth, any remaining funds shall be distributed to the
Certificateholders. 
 (c)        The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section 5.04. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the
payment date and the amount to be paid. 
 Section 5.05     Optional Preservation of the
Collateral.  If the Notes have been declared to be due and payable under Section 5.02 following an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may (and if
instructed in writing by the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class shall), elect to maintain possession of the Collateral. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the 

  
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Collateral. In determining whether or not to maintain possession of the Collateral, the Indenture Trustee may (and if instructed in writing by the Noteholders representing a majority of the Note
Balance of the Outstanding Notes of the Controlling Class shall), obtain (and may conclusively rely upon) an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as
to the sufficiency of the Collateral for such purpose. Such opinion shall be at the expense of the Issuer regardless of whether or not the Collateral is sold unless it is paid in the priority set forth in Section 5.04(b)(i) in connection with a
sale of Collateral. 
 Section 5.06    Limitation of Suits. 

(a)        No Noteholder 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: 

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

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

(iv)      the Indenture Trustee for thirty (30) days after its receipt of
such notice, request and offer of indemnity has failed to institute such Proceedings; and 

(v)       no direction inconsistent with such written request has been
given to the Indenture Trustee during such thirty (30) day period by Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class. 

(b)        It is understood and intended that no one or more Noteholders shall have
any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders
or to enforce any right under this Indenture, except as set forth herein. 

(c)        In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders pursuant to this Section 5.06, each representing less than a majority of the Note Balance of the Outstanding Notes of the Controlling Class of Notes, the Indenture
Trustee shall only act at the written direction of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class. 

Section 5.07     Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, each Noteholder shall have the right, 

  
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which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

Section 5.08    Restoration of Rights and Remedies.    If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

Section 5.09    Rights and Remedies Cumulative.    No right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by Applicable Law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy. 
 Section 5.10    Delay or Omission Not a
Waiver.   No delay or omission of the Indenture Trustee, or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or acquiescence therein. Every right and remedy given by this Article V or by Applicable Law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient,
by the Indenture Trustee or the Noteholders, as the case may be. 
 Section 5.11    Control by
Controlling Class.    The Holders of a majority of the Note Balance of the Outstanding Notes of the Controlling Class shall have the right to direct the time, method and place of conducting any Proceeding for any remedy
available to the Indenture Trustee with respect to the Notes or this Agreement or exercising any trust or power conferred on the Indenture Trustee hereunder or under the Notes or any other Basic Document; provided, however, that (i) such
direction shall not be in conflict with any rule of law or with this Indenture, (ii) the Indenture Trustee may take any other action reasonably deemed proper by the Indenture Trustee that is not inconsistent with such direction,
(iii) subject to the terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Collateral shall be by Holders of Notes evidencing not less than 100% of the Note Balance of the Outstanding Notes and (iv) if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Collateral pursuant to such Section, then any direction to the Indenture Trustee by the Holders of Notes evidencing less than 100% of
the Note Balance of the Outstanding Notes to sell or liquidate the Collateral shall be of no force and effect. Notwithstanding the rights of Noteholders set forth in this Section 5.11, subject to Section 6.01, the Indenture Trustee need
not take any action that it reasonably determines might involve it in liability (unless it is offered a reasonable indemnity satisfactory to it) or might materially adversely affect the rights of any Noteholders not consenting to such action. 

  
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 Section 5.12    Waiver of Past
Defaults.   Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class
may waive any past Default or Event of Default and its consequences except a Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof that cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 Upon any such
waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

Section 5.13    Undertaking for Costs.     All parties to this
Indenture agree, and each Noteholder by such Holder’s 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 Indenture Trustee for any action taken, suffered or omitted by it as Indenture 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 5.13
shall not apply to any suit instituted by (i) the Indenture Trustee, (ii) any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 50% of the Note Balance of the Outstanding Notes, or (iii) any
Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

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

Section 5.15    Action on Notes.    The Indenture Trustee’s right to
seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the 

  
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levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in
accordance with Section 5.04(b). 
 Section 5.16    Performance and Enforcement of Certain
Obligations. 
 (a)        Promptly following a request from the Indenture
Trustee (which request the Indenture Trustee shall make if instructed in writing to do so by the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class) to do so and at the Administrator’s
expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by CRB of each of its obligations to the Issuer under or in connection with the Basic Documents and to
exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Basic Documents to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of
default on the part of CRB or the Depositor thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by CRB or the Depositor of its obligations under the Basic Documents; provided, however,
nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of CRB of any of its liabilities, duties or obligations under any Basic Documents or to compel CRB to so perform and the Indenture Trustee shall have
no liability for failing to do so. 
 (b)        If an Event of Default has occurred
and is continuing, the Indenture Trustee may, and, subject to the requirements of the last sentence of Section 5.11, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of Holders of
Notes evidencing not less than 662/3% of the Note Balance of the Outstanding Notes of the Controlling Class shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Depositor, the Seller or the Servicer under or in connection with the Sale and Servicing Agreement or against the Seller under or in connection with the Receivables Purchase
Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor, the Seller or the Servicer, as the case may be, of its obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuer to take such action shall be suspended. 

(c)        If an Event of Default shall have occurred and be continuing, the Indenture
Trustee may, and, subject to the requirements of the last sentence of Section 5.11, at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of Notes evidencing not less
than 662/3% of the Note Balance of the Outstanding Notes of the Controlling Class shall, exercise all rights, remedies, powers, privileges
and claims of the Depositor against the Seller under or in connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller of its obligations to the
Depositor thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Receivables Purchase Agreement, and any right of the Depositor to take such action shall be suspended. 

  
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 ARTICLE VI 

THE INDENTURE TRUSTEE 

Section 6.01    Duties of Indenture Trustee.    If an Event of Default has
occurred and is continuing of which a Trust Officer of the Indenture Trustee has actual knowledge, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(a)        Except during the continuance of an Event of Default, the Indenture Trustee
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and in the absence of bad faith or
negligence on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon the face value of the certificates, reports, resolutions, documents, orders, opinions
or other instruments furnished to the Indenture Trustee provided under this Indenture and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall not be responsible for the accuracy or content of any
such resolution, certificate, statement, opinion, report, document, order or other instrument; however, the Indenture Trustee shall examine any Officer’s Certificate or Opinion of Counsel issued pursuant to the provisions of this Indenture to
determine whether or not they conform to the requirements of this Indenture; if any such instrument is found not to conform in any material respect to the requirements of this Indenture, the Indenture Trustee shall notify the Noteholders of such
instrument in the event that the Indenture Trustee, after so requesting, does not receive a satisfactorily corrected instrument. 

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

(i)        this paragraph does not limit the effect of
Section 6.01(a); 
 (ii)       the Indenture Trustee shall not be
liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 

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

(c)        The Indenture Trustee shall not be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including principal of or interest on the Notes, or interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 

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

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

(f)         Every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.01 and the provisions of the TIA. 

(g)        Except as provided in Section 8.03(b) of the Sale and Servicing
Agreement, the Indenture Trustee shall not be required to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer or any other party under the Sale and Servicing Agreement. 

(h)        The Indenture Trustee shall have no duty (A) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or any UCC financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any
rerecording, refiling or redepositing of any thereof, (B) to see to any insurance, or (C) 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 Trust Account Property. The Indenture Trustee shall take all actions as directed in writing by the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class
that are consistent with this Indenture. 
 For purposes of this Section 6.01, the Indenture Trustee, or a Trust
Officer thereof, shall only be charged with actual knowledge of any Default or an Event of Default if a Trust Officer actually knows of such Default or Event of Default or the Indenture Trustee receives written notice of such Default or Event of
Default from the Issuer, the Servicer or any Noteholder in accordance with Section 11.04. Subject to the foregoing, the Indenture Trustee shall not be required to take notice and in the absence of such actual notice and knowledge, the Indenture
Trustee may conclusively assume that there is no such Default or Event of Default. 

Section 6.02    Rights of Indenture Trustee.   The Indenture Trustee may
conclusively rely on the face value of any document reasonably believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in any such document. 

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

  
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 (b)        The Indenture Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee and the Indenture Trustee shall not be responsible for any willful misconduct or gross
negligence on the part of any such agent, attorney or custodian reasonably selected by the Indenture Trustee with due care provided that any such appointment shall not release the Indenture Trustee from its obligations and responsibilities
hereunder. 
 (c)        The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith that it believes to be authorized or within its rights or powers; provided that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

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

(e)        In no event shall the Indenture Trustee be responsible or liable for
special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including loss of profit) irrespective of whether any such damages were foreseeable or contemplated even if the Indenture Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action. 

(f)        The Indenture Trustee may rely and shall be protected in acting or
refraining from acting upon any resolution, Officer’s Certificate, opinion of counsel, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, direction, 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. 

(g)        In making or disposing of any investment permitted by this Indenture, the
Indenture Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent
of the Indenture Trustee or for any third person or dealing as principal for its own account. 

(h)        Delivery of reports, information and documents to the Indenture Trustee
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s or any other entity’s compliance with any covenants under this Indenture, the Notes or
any other related documents. The Indenture Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s or any other entity’s compliance with the covenants described herein or with respect to any
reports or other documents filed under this Indenture, the Notes or any other related document. 

(i)        No provision of this Indenture or any other Basic Document shall be deemed
to impose any duty or obligation on the Indenture Trustee to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under the Basic Documents, or to exercise any right or power
thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate Applicable Law binding upon it. 

  
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 In the event that the Indenture Trustee is also acting as Paying Agent,
Registrar, Securities Intermediary agent, collateral agent or custodian, the rights, privileges, immunities, benefits and protections afforded to the Indenture Trustee, including its right to be indemnified pursuant to this Article VI, shall be
afforded to such Paying Agent, Registrar, Securities Intermediary, agent, collateral agent or custodian employed to act hereunder; provided, however, that: 

(i)        the Indenture Trustee shall be under no obligation to
exercise any of the trusts or powers vested in it by this Indenture, institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, pursuant to the provisions of this
Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to it in its reasonable discretion against the costs, expenses and liabilities which may be incurred therein or thereby;

 (ii)       the right of the Indenture Trustee to perform any
discretionary act enumerated in this Indenture shall not be construed as a duty, and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; 

(iii)      the Indenture Trustee shall not be required to give any bond or
surety in respect of the powers granted hereunder; and 
 (iv)      the
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document reasonably and in
good faith believed by the Indenture Trustee to be accurate, but the Indenture Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the books and records of the Issuer, personally, or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by
reason of such inquiry or investigation. 
 Section 6.03    Individual Rights of Indenture
Trustee.      Subject to its obligations hereunder and under any other Basic Document, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Subject to its obligations hereunder and under any other Basic Document, the Paying Agent, Registrar, co-registrar or co-paying agent may do the
same with like rights. 
 Section 6.04    Indenture Trustee’s
Disclaimer.   Except as otherwise provided in Section 6.14 and the Indenture Trustee’s certificate of authentication on the Notes, the Indenture Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Collateral or the Notes, it shall not be accountable for the Issuer’s use of the 

  
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proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in the Indenture, any other Basic Document or in any document issued in connection with the sale of the
Notes or in the Notes. 
 Section 6.05    Notice of Defaults; Repurchase Requests. 

(a)        If a Default occurs and is continuing and if it is actually known to a
Trust Officer of the Indenture Trustee, the Indenture Trustee shall deliver to each Noteholder notice of the Default within five (5) Business Days after it occurs. 

(b)        Not later than the fifth day of each calendar month (or, if such day is not
a Business Day, the immediately following Business Day), beginning [                ], 201[    ], the Indenture Trustee shall provide
to the Administrator a notice in substantially the form of Exhibit D with respect to any requests received by a Trust Officer of the Indenture Trustee from a Noteholder during the immediately preceding calendar month (or, in the case of the
initial notice, since the Closing Date) that any Receivable be repurchased by the Seller pursuant to Sections 3.03 and 4.07 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement. The Indenture Trustee and the
Issuer acknowledge and agree that the purpose of this subsection is to facilitate compliance by CRB and the Depositor with Rule 15Ga-1 under the Exchange Act. Provided that the Indenture Trustee has timely performed its obligations hereunder, in no
event will the Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act. The Indenture Trustee agrees to comply with reasonable requests made by CRB and the
Depositor in good faith for delivery of information within its possession which is freely deliverable under these provisions on the basis of evolving interpretations of such Rule. The Indenture Trustee shall cooperate fully with all reasonable
requests of CRB and the Depositor to deliver any and all records and any other information, in each case in its possession, necessary to permit CRB and the Depositor to comply with the provisions of such Rule. 

Section 6.06    Reports by Indenture Trustee to Holders.   The Indenture
Trustee at the expense of the Issuer shall deliver or otherwise make available to each Noteholder at such Noteholder’s prior written request such information as may be reasonably required to enable such holder to prepare its federal and State
income tax returns as and to the extent provided in Section 7.04(b) or such other information reasonably requested by any Noteholder, in each case solely to the extent not previously delivered or made available to such Noteholder and reasonably
available to the Indenture Trustee. The Indenture Trustee shall provide or otherwise make available to each Noteholder upon written request, copies of the Basic Documents, the report regarding the Servicer’s compliance and the accountants’
attestation delivered pursuant to Section 4.10 of the Sale and Servicing Agreement. The above information shall be provided to the Indenture Trustee by the Issuer or the Administrator on its behalf. 

Section 6.07    Compensation and Indemnity. 

(a)        The Issuer shall cause the Servicer to pay to the Indenture Trustee from
time to time such compensation for its services as shall be agreed in writing. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to
reimburse the Indenture Trustee for all reasonable and 

  
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actual out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable and actual out-of-pocket compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall cause the
Servicer to indemnify the Indenture Trustee (including its officers, directors, employees and agents) for, and hold it harmless against, any and all loss, liability, damage, claim or expense (including any reasonable attorneys’ fees and
expenses) directly or indirectly related to, arising out of or otherwise incurred by it in connection with the administration of the trusts created by this Indenture and the performance of its duties as Indenture Trustee under the Basic Documents.
The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. To the extent these fees and indemnification amounts are not paid by the Servicer, they will be paid out of Available Funds as
described in the Sale and Servicing Agreement. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder if no prejudice to the Issuer or the Servicer shall
have resulted from such failure. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such
counsel. Notwithstanding the foregoing, neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through or arising from (i) the Indenture
Trustee’s own willful misconduct, negligence or bad faith (including such conduct of its officers, directors, employees or agents), (ii) the breach of any of the Indenture Trustee’s representations or warranties hereunder,
(iii) the negligence or willful misconduct of the Indenture Trustee in connection with its performance of the duties of successor Servicer under the Sale and Servicing Agreement, or (iv) any taxes fees or other charges on, based on or
measure by, any fees, commissions or compensation received by the Indenture Trustee. 

(b)        When the Indenture Trustee incurs expenses after the occurrence of an Event
of Default specified in Section 5.01(d) with respect to the Issuer, such expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy,
insolvency or similar law. 
 (c)        The provisions of this Section 6.07
shall survive the termination of this Indenture or the resignation or removal of the Indenture Trustee. 

Section 6.08    Replacement of Indenture Trustee. 

(a)        The Indenture Trustee may resign at any time by so notifying the Issuer,
the Depositor and each Rating Agency. The Holders of a majority of the Note Balance of the Outstanding Notes of the Controlling Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee, the Issuer, the Depositor and
each Rating Agency, and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

(i)         the Indenture Trustee fails to comply with
Section 6.11; 
 (ii)        the Indenture Trustee is adjudged
a bankrupt or insolvent; 

  
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 (iii)       a receiver or
other public officer takes charge of the Indenture Trustee or its property; 

(iv)       the Indenture Trustee otherwise becomes incapable of acting; or

 (v)        the Indenture Trustee breaches any representation,
warranty or covenant made by it under any Basic Document. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee): (x) the Indenture Trustee shall provide all information reasonably requested by the Depositor in order
to comply with its reporting obligation under Item 6.02 of Form 8-K under the Exchange Act, with respect to the resignation of the Indenture Trustee, and (y) the Issuer shall promptly appoint a successor Indenture Trustee, subject to
Section 6.11. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this
Section 6.08. 
 (b)        A successor Indenture Trustee shall deliver a
written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all of the
rights, powers and duties of the Indenture Trustee under this Indenture. The retiring Indenture Trustee shall be paid all amounts owed to it upon its resignation or removal. The successor Indenture Trustee shall mail a notice of its succession to
Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. The retiring Indenture Trustee shall not be liable for the acts or omissions of any successor
Indenture Trustee. 
 (c)        If a successor Indenture Trustee does not take
office within thirty (30) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling
Class may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 

(d)        If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

(e)        Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section 6.08, the Issuer’s and the Servicer’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee. 

Section 6.09    Successor Indenture Trustee by Merger.       If
the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without
any further act shall be the successor Indenture Trustee; provided that such corporation or banking association shall be qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies and the
Noteholders notice of any such transaction. 

  
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 In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of
any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee shall authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force and effect as provided in the Notes or in the Indenture. 

Section 6.10    Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 

(a)        Notwithstanding any other provisions of this Indenture, at any time, for
the purpose of meeting any legal requirement of any jurisdiction in which any part of the Collateral may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons
reasonably selected in good faith to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such
title to the Collateral, or any part thereof, and, subject to the other provisions of this Section 6.10, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable provided that any such
appointment shall not release the Trustee from its obligations and responsibilities hereunder. Such co-trustee or separate trustee hereunder shall meet the terms of eligibility as a successor trustee under Section 6.11 and notice to Noteholders
of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(b)        Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions: 

(i)        all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized
to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Collateral or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)        no trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and 

(iii)       the Indenture Trustee may at any time accept the resignation of
or remove any separate trustee or co-trustee. 

  
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 (c)        Any notice, request or other
writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer
to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly
with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee, and the Person filing such instrument shall provide a copy thereof to the Administrator. 

(d)        Any separate trustee or co-trustee may at any time constitute the Indenture
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by Applicable Law, without the appointment of a new or
successor trustee. 
 Section 6.11    Corporate Indenture Trustee Requirements;
Eligibility.  The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition and it shall have a long term, senior unsecured debt rating of investment grade or better by [Standard & Poor’s] and [DBRS]. The Indenture Trustee shall comply with TIA § 310(b). 

In the case of the appointment hereunder of a successor Indenture Trustee with respect to the Notes pursuant to this
Section 6.11, (i) the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Indenture Trustee shall accept such appointment and which
(x) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all of the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to
which the appointment of such successor Indenture Trustee relates, (y) shall 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
Indenture Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and that each such Indenture Trustee shall be a trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such Indenture Trustee; and upon the removal of the retiring Indenture Trustee shall become effective to the extent provided herein, and (z) shall provide
that the successor Indenture Trustee agrees to enter into a new control agreement and such other agreements as are pertinent hereto and (ii) the retiring Indenture Trustee shall assign the security interest in the Collateral to the successor
Indenture Trustee and executes all instruments and makes all filings that are necessary in order for the successor Indenture Trustee to have a perfected security interest in the Collateral. 

  
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 Section 6.12    Waiver of
Setoffs.    The Indenture Trustee hereby expressly waives any and all rights of setoff that it may otherwise at any time have under Applicable Law with respect to any Trust Account and agrees that amounts in the Trust
Accounts shall at all times be held and applied solely in accordance with the provisions hereof and of the other Basic Documents. 

Section 6.13    Indenture Trustee as Securities Intermediary.     The
Indenture Trustee represents that it is a Securities Intermediary and a “bank” within the meaning of Section 9-102(a)(8) of the UCC. 

The Indenture Trustee, in its capacity as Securities Intermediary, shall: 

(i)        treat all Collateral credited to the Trust Accounts as
“financial assets” within the meaning of Section 8-102(a)(9) of the UCC to the fullest extent permitted by the UCC; 

(ii)       indicate by book entry that a financial asset has been credited
to the relevant Trust Account, and when receiving a financial asset from the Issuer or acquiring a financial asset for the Issuer, shall accept it for credit to the relevant Account; and 

(iii)      comply with any “entitlement orders” (within the meaning of
Section 8-102(a)(8) of the UCC) originated by the Indenture Trustee with respect to the Trust Accounts without further consent by the Issuer. 

Section 6.14    Representations and Warranties of the Indenture Trustee.  The
Indenture Trustee hereby represents that: 
 (a)        the Indenture Trustee is
duly organized and validly existing as a banking corporation duly organized in good standing under the laws of the State of New York with power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted; 
 (b)        the Indenture Trustee has
the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance of this Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action; 

(c)        the consummation of the transactions contemplated by this Indenture and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the articles of organization or bylaws of the Indenture Trustee
or any agreement or other instrument to which the Indenture Trustee is a party or by which it is bound; and 

(d)        there are no pending or, to the best of its knowledge, threatened actions
or proceedings against the Indenture Trustee before any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual capacity or as Indenture Trustee, as
the case may be, to perform its obligations under this Indenture or the Basic Documents. 

  
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 Section 6.15    Exchange Act Rule 17g-5
Procedures. 
 (a)        Prior to an Event of Default, the Indenture Trustee
shall not communicate with (including verbal communication) or provide information to any Rating Agency regarding anything related to this Indenture without prior consultation with the Depositor to ensure compliance with Rule 17g-5. With
respect to any document, notice or other information required pursuant to this Indenture to be sent by the Indenture Trustee to any Rating Agency, the Indenture Trustee agrees to provide any such document, notice or other information to the
Depositor for posting on its Rule 17g-5 Website. The Depositor shall promptly confirm to the Indenture Trustee any such document, notice or other information has been posted to the Rule 17g-5 Website as a condition to the Indenture Trustee
providing such document, notice or other information to any Rating Agency or Holder. Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall have no obligation to deliver such document, notice or other information to
the Rating Agencies until the Indenture Trustee has received written confirmation from the Depositor of the posting of such document, notice or other information by the Depositor to the Rule 17g-5 Website, and the Indenture Trustee shall not be
liable for any failure to deliver such document, notice or other information to the Rating Agencies prior to any applicable deadline in this Indenture where such failure is caused by any failure or inability of the Depositor timely to provide such
written confirmation. 
 Section 6.16    Preferential Collection Claims Against
Issuer.  The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated. 
 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

Section 7.01    Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The
Issuer will furnish or cause to be furnished to the Indenture Trustee (i) not more than three (3) days after the earlier of (a) each Record Date and (b) three (3) months after the last Record Date, a list, in such form as
the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (ii) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Registrar or the Notes are issued
as Book-Entry Notes, no such list shall be required to be furnished. Until such time as the Indenture Trustee is provided with a replacement list it shall be entitled to fully rely and shall have no liability for relying on the most recently
provided list and after the Indenture Trustee is provided with such a replacement list it shall be entitled to fully rely and shall have no liability in relying on such replacement list. 

Section 7.02    Preservation of Information; Communications to
Noteholders.      The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture
Trustee as provided in Section 7.01 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Registrar; provided, however, that so long as the Indenture Trustee is the Registrar or the Notes are issued as
Book-Entry Notes, no such list shall be 

  
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required to be preserved or maintained. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. Noteholders may
communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 312(c). 
 Section 7.03    Noteholder Lists.  The Registrar shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders, which list, upon request, will be made available to the Indenture Trustee insofar as the Indenture
Trustee is no longer the Registrar. Upon written request of any Noteholder made for purposes of communicating with other Noteholders with respect to their rights under this Indenture, the Registrar shall promptly furnish such Noteholder with a list
of the other Noteholders of record identified in the Registrar at the time of the request. Every Noteholder, by receiving such access, agrees with the Registrar that the Registrar will not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived. 

Section 7.04    Access to Certain Documentation and Information. 

(a)        The Indenture Trustee shall make available to the Noteholders, upon prior
written request, a copy of any of the Basic Documents. The Indenture Trustee shall deliver or otherwise make available to each Noteholder a copy of each Servicer’s Monthly Certificate delivered pursuant to Section 4.09 of the Sale and
Servicing Agreement, a copy of Servicer’s Annual Certification delivered pursuant to Section 4.10 of the Sale and Servicing Agreement, and a copy of each annual accountant’s report delivered pursuant to Section 4.11 of the Sale
and Servicing Agreement. 
 (b)        Within sixty (60) days after the end of
each calendar year, the Indenture Trustee shall make available to each Person who at any time during the calendar year was a Holder of a Note a statement containing information regarding payments of principal, interest and other amounts on such
Person’s Notes, aggregated for such calendar year or the applicable portion thereof during which such person was a Noteholder. Such obligation shall be deemed to have been satisfied to the extent that substantially comparable information is
provided by the Issuer or the Indenture Trustee pursuant to any requirements of the Code as are from time to time in force. The above referenced information will be provided to the Indenture Trustee by the Issuer or the Administrator on its behalf.

  
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 Section 7.05    Reports by Indenture
Trustee.  If required by TIA Section 313(a), within 60 days after each December 31, beginning with December 31, 201[    ], the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee shall also comply with TIA Section 313(b). The Indenture Trustee shall provide to the Administrator and the Servicer, to
be filed by the Administrator or the Servicer with the Commission and each stock exchange, if any, on which the Notes are listed, a copy of each report mailed to Noteholders pursuant to this Indenture. The Issuer shall notify the Indenture Trustee
if and when the Notes are listed on any stock exchange. 
 Section 7.06    Reports by
Issuer. 
 (a)        The Issuer shall: 

(i)         file with the Indenture Trustee, within 15 days after
the Issuer is required to file the same with the Commission, copies of the annual reports and the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

(ii)        file with the Indenture Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and 
 (iii)      supply to
the Indenture Trustee (and the Indenture Trustee shall make available to all Noteholders described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses
(i) and (ii) of this Section 7.06(a) and by the rules and regulations prescribed from time to time by the Commission. 

(b)        Unless the Issuer otherwise determines, the fiscal year of the Issuer shall
end on December 31 of each year. 
 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

Section 8.01    Collection of Money.  Except as otherwise expressly provided herein,
the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture
Trustee pursuant to this Indenture and the Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in
this Indenture, if any default occurs in the making of any payment or performance 

  
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under any agreement or instrument that is part of the Collateral, the Indenture Trustee may (and at the written direction of the Noteholders representing a majority of the Note Balance of the
Outstanding Notes of the Controlling Class shall) take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any
right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

Section 8.02    Trust Accounts: Payment of Principal and Interest. 

(a)        On or prior to the Closing Date, the Issuer shall cause the Indenture
Trustee to establish and maintain the Trust Accounts for the benefit of the Noteholders as provided in Section 5.01 of the Sale and Servicing Agreement. 

(b)        On the day required by Section 5.02 of the Sale and Servicing
Agreement, all Collections will be deposited in the Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement. On each Payment Date, all amounts required to be distributed from the Collection Account and Principal
Distribution Account pursuant to Section 5.04 of the Sale and Servicing Agreement will be transferred from such accounts and distributed in accordance with Section 5.04 of the Sale and Servicing Agreement; provided, however, that following
the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, all amounts on deposit in the Collection Account, the Principal Distribution Account and Reserve Account shall be applied pursuant
to Section 5.04. 
 (c)        Interest on and principal of each Note shall be
payable in accordance with the instruction of the Servicer given to the Indenture Trustee from and to the extent of funds available in accordance with Section 5.04 of the Sale and Servicing Agreement. The final payment of principal of and
interest on each Note (or payment of the Redemption Price thereof in the case of a Note called for redemption pursuant to Article X hereof) shall be payable only upon presentation and surrender thereof at the Corporate Trust Office or at the
office of any Paying Agent. 
 (d)        No interest will accrue with respect to
any Note from and after the related Final Scheduled Payment Date with respect thereto to the extent that all amounts owing with respect to such Notes were Paid In Full on such Payment Date. 

(e)        So long as the Indenture Trustee shall be the Paying Agent, the Indenture
Trustee shall make payments of principal on the Notes from amounts deposited into the Principal Distribution Account and shall make payment of interest on the Notes from amounts deposited into the Collection Account; provided, however, that if the
Owner Trustee has removed the Indenture Trustee as the Paying Agent, the Indenture Trustee shall distribute such amounts to the Paying Agent as instructed by the Owner Trustee. If an Event of Default has occurred and the Notes have been accelerated
under Section 5.02, then amounts then held in the Collection Account shall be treated by the Indenture Trustee as money or property collected pursuant to Article V and shall be applied as provided in Section 5.04(b). 

Section 8.03    General Provisions Regarding Trust Accounts.  The Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts 

  
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resulting from any loss on any Permitted Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued
by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

Section 8.04    Release of Collateral. 

(a)        Subject to the payment of its fees and expenses pursuant to
Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments provided to it to release property from the Lien of this Indenture, or convey the Indenture Trustee’s interest in the
same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b)        The Indenture Trustee shall, at such time as there are no Notes Outstanding
and all sums due the Indenture Trustee pursuant to Section 6.07 have been paid in full, release any remaining portion of the Collateral from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds
then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(a) only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate and
an Opinion of Counsel, and (if required by the TIA or Section 11.01) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1), and otherwise in accordance with the applicable requirements of Section 11.01. 

(c)        The Issuer agrees, upon request by the Servicer and representation by the
Servicer that it has complied with the procedure in Section 9.01 of the Sale and Servicing Agreement, to render the Issuer Request to the Indenture Trustee in accordance with Sections 4.04 and 11.01, and take such other actions as are required
in such Sections. 
 Section 8.05    Opinion of Counsel and Officer’s
Certificate.  The Indenture Trustee shall receive at least seven (7) days’ prior written notice when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, except in connection with an action contemplated by Section 8.04(b), as a condition to such action, an Opinion of Counsel and an Officer’s Certificate, stating the legal effect of any
such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or
the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

  
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 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

Section 9.01    Supplemental Indentures With Consent of the Noteholders. 

(a)        Except as permitted by Section 9.02, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, may, subject to satisfaction of the Rating Agency Condition and with the consent of the Noteholders representing a majority of the Note Balance of the Outstanding Notes of the Controlling Class, by Act of
such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided that the Issuer shall have received a Tax Opinion (and shall have delivered copies thereof to the Indenture Trustee); provided, further, that no such
supplemental indenture shall, without the consent of the Holder of each outstanding Note affected thereby: 

(i)         change any Final Scheduled Payment Dates, the date of
payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Collateral to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due
dates thereof (or, in the case of redemption, on or after the Redemption Date); 

(ii)        reduce the percentage of the Note Balance or the Note
Balance of the Outstanding Notes of the Controlling Class, the consent of the Holders of Notes of which is required for any such supplemental indenture, or the consent of the Holders of Notes of which is required for any waiver of compliance with
certain provisions of, or certain defaults and their consequences provided for in, this Indenture; 

(iii)      change the definition of “Controlling Class,” “Note
Balance”, “Outstanding” or any other provision hereof specifying the number or percentage of Holders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder; 

(iv)       modify or alter the provisions of this Indenture regarding the
voting of Notes held by the Issuer, any other obligor on the Notes, the Depositor or any Affiliate of any of them, or definition of “Notes”; 

(v)        reduce the percentage of the Notes required to be
represented to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Collateral pursuant to Section 5.04; 

  
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 (vi)       modify any
provision of this Section 9.01 except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the Holder of
each Note affected thereby; 
 (vii)      modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the
rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or 

(viii)    permit the creation of any lien ranking prior to or on a parity with the lien of
this Indenture with respect to any part of the Collateral or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Noteholder of the security provided by
the lien of this Indenture. 
 (b)        The Indenture Trustee may in its
discretion or at the advice of counsel determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated
and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

(c)        Promptly after the execution by the Issuer and the Indenture Trustee of any
supplemental indenture pursuant to this Section 9.01, the Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 9.02    Supplemental Indentures Without Consent of Noteholders. 

(a)        Without the consent of the Noteholders or any other Person, but with prior
written notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, (which shall conform to the provisions of
the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)         to correct or amplify the description of any property
at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject additional property to the lien of
this Indenture; 

  
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 (ii)        to evidence
the succession, in compliance with the applicable provisions hereof, of another Person to the Issuer, and the assumption by any such successor of the covenants of the Issuer contained herein and in the Notes; 

(iii)       to add to the covenants of the Issuer, for the benefit of the
Noteholders, or to surrender any right or power herein conferred upon the Issuer; 

(iv)       to convey, transfer, assign, mortgage or pledge any property to
or with the Indenture Trustee; 
 (v)        to cure any ambiguity,
to correct or to supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or in any (A) offering document used in connection with the initial
offer and sale of the Notes or to add any provisions to or change in any manner or eliminate any of the provisions of this Indenture which will not be inconsistent with other provisions of this Indenture or (B) other Basic Document with respect
to matters or questions arising under this Indenture or in any supplemental indenture; 

(vi)       to make any other provisions with respect to matters or
questions arising under this Indenture or in any supplemental indenture; provided, that such action shall not materially adversely affect the interests of the Noteholders; 

(vii)      to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Article VI; or 
 (viii)     to amend Article XII as set forth
in Sections 12.01 and 12.04; 
 (ix)       to add, modify or eliminate
such provisions as may be necessary or advisable in order to enable (A) the transfer to the Issuer of all or any portion of the Receivables to be derecognized under U.S. generally accepted accounting principles by the Seller to the Issuer,
(B) the Issuer to avoid becoming a member of the Seller’s consolidated group under U.S. generally accepted accounting principles or (C) the Seller or any of its Affiliates to otherwise comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle (whether now or in the future in effect); or 

(x)        to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the
TIA or the rules and regulations of the Commission; 
 provided, however, that no such supplemental indenture (i) may materially
adversely affect the interests of any Noteholder and (ii) will be permitted unless (A) the Rating Agency Condition shall have been satisfied with respect to such action, or (B) a Tax Opinion is delivered to the Indenture Trustee. The
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

  
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 (b)        A supplemental indenture shall
be deemed not to materially adversely affect the interests of any Noteholder if (i) the Rating Agency Condition has been satisfied with respect to such supplemental indenture, and (ii) the Person requesting such supplemental indenture
obtains and delivers to the Indenture Trustee an Opinion of Counsel (which counsel may not be in-house counsel to the Servicer or the Depositor) to the effect that the supplemental indenture would not materially adversely affect the interests of any
Noteholder. 
 Section 9.03    Execution of Supplemental
Indentures.    In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee
shall be entitled to receive, and subject to Sections 6.01 and 6.02, 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 and that
the conditions precedent thereto have been complied with. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that materially affects the Indenture Trustee’s own rights, duties, liabilities,
indemnities or immunities under this Indenture or otherwise. The Issuer shall provide a fully executed copy of any supplemental indentures to this Indenture to each Rating Agency. 

Section 9.04    Effect of Supplemental Indentures.      Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall of thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all of the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.05    Reference in Notes to Supplemental Indentures.  Notes authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes. 

Section 9.06    Conformity with Trust Indenture Act.  Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA. 

  
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 ARTICLE X 

REDEMPTION OF NOTES 

Section 10.01  Redemption In Whole. 

(a)        The Notes are subject to redemption in whole, but not in part, at the
direction of the Servicer pursuant to Section 9.01 of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Collateral (other than the Reserve Account) pursuant to said
Section 9.01, for a purchase price equal to the Redemption Price; provided that (i) as of the last day of the related Collection Period the Pool Balance as of such date is 10% or less of the Cutoff Date Pool Balance, and
(ii) the sum of the Optional Purchase Price and the Available Funds as of such Redemption Date would be sufficient to pay (x) the amounts set forth under Sections 5.04(a)(i) through 5.04(a)(vii) and Section 5.04(a)(x) of the Sale
and Servicing Agreement and (y) the Note Balance of the Notes (after giving effect to payments described in the preceding clause (x)). 

(b)        Each of the Notes is subject to redemption in whole, but not in part, on
any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under Sections 5.04(a)(i) through 5.04(a)(vii) and Section 5.04(a)(x) would be sufficient to pay in full the Note
Balance of all of the outstanding Notes as determined by the Servicer. On such Redemption Date, (i) the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection
Account and (ii) the outstanding Notes shall be redeemed in whole, but not in part. 

(c)        The Servicer or the Issuer shall furnish the Rating Agencies and the
Indenture Trustee notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.01, the Servicer shall furnish notice of such redemption to the Indenture Trustee not later than twenty (20) days prior to the
Redemption Date and shall deposit on the Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account and the Principal Distribution Account, as applicable, the Redemption Price of the Notes to be redeemed,
whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes. 

Section 10.02  Form of Redemption Notice. 

(a)        Notice of redemption under Section 10.01 shall be forwarded on by the
Indenture Trustee at the written direction and at the expense of the Servicer by first-class mail, postage prepaid, or by facsimile, and mailed or transmitted not later than ten (10) days prior to the applicable Redemption Date to each
registered Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Register. All notices of redemption under Section 10.01 and
this Section 10.02 shall state: 
 (i)         the
Redemption Date; 

  
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 (ii)        the
Redemption Price; 
 (iii)       that the Record Date otherwise
applicable to that Redemption Date is not applicable and that payments will be made only upon presentation and surrender of those Notes; 

(iv)       the place where such Notes are to be surrendered for payment of
the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02); and 

(v)        that interest on the Notes shall cease to accrue on the
Redemption Date. 
 (b)        Failure to give notice of redemption, or any defect
therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

Section 10.03  Notes Payable on Redemption Date.  The Notes shall, following notice of
redemption pursuant to Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.01  Compliance Certificates and Opinions, Etc. 

(a)        Upon Issuer Request, the Issuer shall furnish to the Indenture Trustee
(i) an Officer’s Certificate stating that the Issuer has complied with all conditions precedent, if any, provided for in this Indenture relating to the proposed action, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with, and (iii) if required by Section 11.01(b)(i) or the TIA, an Independent Certificate, except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (i)         a statement that each signatory of such
certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

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

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

 (iv)       a statement as to whether, in the opinion of each such
signatory, such condition or covenant has been complied with. 
 (b)        Prior to
the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any
obligation imposed in Section 11.01 or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (as of a date no
more than thirty (30) days prior to such deposit) to the Issuer of the Collateral or other property or securities to be so deposited. 

(i)         Whenever the Issuer is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (b) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the
same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, is 10% or more
of the Note Balance of all Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less
than 1% of the Note Balance of all Notes. 
 (ii)        Whenever
any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the
fair value (as of a date no more than thirty (30) days prior to such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 
 (iii)       Other
than with respect to the release of the lien of this Indenture on any Collateral with respect to which payment of the Repurchase Price has been made to the Issuer, the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (ii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of
the property or securities and of all other property, other than property as contemplated by clause (iv) below, or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the
certificates required by clause (ii) above and this clause (iii), equals 10% or more of the Note Balance of all Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value
thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Note Balance of all Notes. 

  
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 (iv)       Notwithstanding
Section 4.04 or any other provision of this Section 11.01, the Issuer may, without compliance with the requirements of the other provisions of this Section 11.01 (A) collect, liquidate, sell or otherwise dispose of Receivables
and Financed Vehicles as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents. 

Section 11.02  Form of Documents Delivered to Indenture Trustee.  In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters,
upon an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect to the matters upon which such opinion is based are erroneous. Any
such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate, or representations by, an officer or officers of the Servicer, the Depositor, the Issuer or the
Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article VI. 
 Section 11.03  Acts of Noteholders. 

(a)        Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Noteholders may be embodied in and 

  
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evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section 11.03. 

(b)        The fact and date of the execution by any person of any such instrument or
writing may be proved in any manner that the Indenture Trustee deems sufficient. 

(c)        The ownership of Notes shall be proved by the Register. 

(d)        Any request, demand, authorization, direction, notice, consent, waiver or
other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

Section 11.04  Notices, etc., to Indenture Trustee, Issuer, Depositor and Rating Agencies. 

(a)        Any request, demand, authorization, direction, notice, consent, waiver or
Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and, if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other document is to be made upon, given or
furnished to or filed with: 
 (i)         the Indenture
Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office; or 

(ii)        the Issuer by the Indenture Trustee or by any Noteholder,
shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: California Republic Auto Receivables Trust 201[    ]-[    ], in
care of [                                ], as Owner Trustee, Rodney Square North,
[                                ], Attention: Corporate Trust Administration, or
at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

(b)        Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing and, upon notice that it has been posted to the Depositor’s Rule 17g-5 Website, personally delivered, mailed by certified mail, return receipt requested or delivered by e-mail, to
[DBRS], at the following address: DBRS, Inc., 140 Broadway, New York, New York 10005 (e-mail: abs_surveillance@dbrs.com)]; or to [Standard & Poor’s] at the following address: [Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department (e-mail: Servicer_reports@sandp.com)], or as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties. 

  
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 (c)        All demands, notices,
communications and instructions upon or to the Depositor under this Agreement shall be in writing, personally delivered, faxed and followed by first class mail, or mailed by certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt by, in the case of the Depositor, California Republic Funding, LLC, 18400 Von Karman, Suite 1100, Irvine, California 92612, Attention: General Counsel, Facsimile No. (949) 270-9799; with a copy to California Republic
Bank, 18400 Von Karman, Suite 1100, Irvine, California 92612, Attention: General Counsel, Facsimile No. (949) 270-9799. 

Section 11.05  Notices to Noteholders; Waiver.    Where this Indenture provides for
any notice, report or other communication to any Noteholders, such notice, report or other communication shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each
Noteholder affected by such event, at such Holder’s address as it appears on the Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice, report or other communication and shall
be deemed given only upon receipt. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result
of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be reasonably satisfactory to the Indenture Trustee and actually received by such recipient shall be deemed to be a sufficient giving of such notice. 

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights
or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 Upon
notice from the Issuer that they have been posted on the Depositor’s Rule 17g-5 Website, the Noteholders shall be provided with copies of all notices, reports or other communication required to be made upon, given, furnished to or filed
with the Indenture Trustee or the Issuer, which copies shall be provided to the Noteholders by the initial recipient thereof. 

Section 11.06  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this
Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee 

  
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or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each
such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 

Section 11.07  Effect of Headings and Table of Contents.  The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 11.08  Successors and Assigns.  All covenants and agreements in this Indenture and the
Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

Section 11.09  Severability.  In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Indenture and the Notes shall not in any way be affected or impaired thereby. 

Section 11.10  Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their permitted successors hereunder, and the Noteholders and Owners and their respective successors and assigns, and any other party secured hereunder, and any other Person with
an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 11.11  Legal Holidays.  In any case where the date on which any payment is due shall
not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on
which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

Section 11.12  GOVERNING LAW.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (EXCEPT FOR SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 11.13  Counterparts.  This Indenture
may be executed in any number of counterparts (including by facsimile or other electronic transmission), each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
 Section 11.14  Recording of Indenture.  If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of
the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

  
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 Section 11.15  Trust Obligation.  No recourse may
be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer, solely in such capacity, including the Depositor, or (iii) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, solely in such capacity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity). For
all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust
Agreement. 
 Section 11.16  No Petition.  Each of the Indenture Trustee, by entering into
this Indenture, and each Noteholder and Owner, by accepting a Note or an interest therein, hereby covenants and agrees that it will not at any time institute against the Issuer or the Depositor, or join in any institution against the Issuer or the
Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this
Indenture or any of the other Basic Documents and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer or the Depositor. 

Section 11.17  Inspection.  The Issuer agrees that, on reasonable prior notice, it will permit
any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all of the books of account, records, reports and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested; provided, however, that the Indenture Trustee may only cause the books of the Issuer to be audited on an annual basis, unless there occurs an Event of Default hereunder. The Indenture Trustee shall, and shall cause
its representatives to, hold in confidence all such information except to the extent such information is publicly available or such disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine with the advice of counsel and after consultation with the Issuer that such disclosure is consistent with its obligations hereunder. 

Section 11.18  Limitation of Liability. 

(a)        It is expressly understood and agreed by the parties hereto that
(i) this Indenture is executed and delivered by
[                                ], not individually or personally but solely as
Owner Trustee of California Republic Auto Receivables Trust 201[    ]-[    ], in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations,
undertakings and agreements herein made on the part of the Issuer is made and intended not as personal 

  
 58 

 
representations, undertakings and agreements by
[                                ] but is made and intended for the purpose for
binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on
[                                ], individually or personally, to perform any
covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (iv) under no circumstances shall
[                                ] be personally liable for the payment of any
indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents. 

(b)        Notwithstanding anything contained herein to the contrary, this Indenture
has been accepted by [                        ], not in its individual capacity but solely as Indenture Trustee, and in no
event shall [                        ] have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer in accordance with the priorities set forth herein.

 Section 11.19  WAIVER OF JURY TRIAL.    EACH OF THE ISSUER AND THE INDENTURE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 11.20  Force Majeure.  In no event shall the Indenture Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, severe weather, lockouts, riots, any
provision of any present or future law or regulation or any act of a government authority, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services or Federal Reserve Bank wire service; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 11.21  PATRIOT
Act.   The parties hereto acknowledge that, in accordance with Section 326 of the USA PATRIOT Act,
[                    ] and CRB, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Indenture agree that they will provide
[                    ] and CRB, as the case may be, with such information as either may request in order for
[                    ] and CRB to satisfy the requirements of the USA PATRIOT Act. 

  
 59 

 Section 11.22  Submission to Jurisdiction.  Each
of the parties hereto hereby irrevocably and unconditionally: 
 (a)        submits
for itself and its property in any legal action relating to this Indenture or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general
jurisdiction of the courts of the State of New York located in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b)        consents that any such action may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c)        waives, to the fullest extent permitted by Applicable Law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Indenture or the transactions contemplated hereby. 

Section 11.23  No Partnership or Joint Venture.  Nothing herein contained shall constitute a
partnership between or joint venture by the parties hereto or constitute either party the agent of the other. Neither party shall hold itself out contrary to the terms of this Section and neither party shall become liable by any representation, act
or omission of the other contrary to the provisions hereof. This Indenture is not for the benefit of any third party and shall not be deemed to give any right or remedy to any such party whether referred to herein or not. 

Section 11.24  No Waiver; Cumulative Remedies.  No failure to exercise and no delay in
exercising, on the part of any Person, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by Applicable Law.

 Section 11.25  Conflicts with Trust Indenture Act.  If any provision hereof limits,
qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. The provisions of TIA §§ 310 through 317
that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

Section 11.26  No Recourse.  The Notes represent obligations of the Issuer only and do not
represent an interest in or obligations of the Servicer, the Depositor or any of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other Basic
Documents. Each Noteholder or Note Owner, by acceptance of a Note or a beneficial interest therein, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) either Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of either Trustee in its individual capacity or any holder of a beneficial interest in the Issuer, either Trustee or of any successor or assign of either Trustee in its

  
 60 

 
individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by Applicable Law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

ARTICLE XII 
 COMPLIANCE WITH THE
FDIC RULE 
 Section 12.01  Purpose. 

(a)        Each of the Noteholders, the issuing entity (as hereinafter defined), CRB
and the Indenture Trustee acknowledges and agrees that the purpose of this Article XII is to facilitate compliance by CRB with the provisions of the FDIC Rule. Each of the Noteholders, the issuing entity, CRB and the Indenture Trustee acknowledges
that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
otherwise, and agrees that the provisions set forth in this Article XII shall have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule. 

(b)        If any provision of the FDIC Rule is amended, or any interpretive guidance
regarding the FDIC Rule is provided by the FDIC or its staff, as a result of which the issuing entity determines that an amendment to this Article XII is necessary or desirable, then the issuing entity and the Indenture Trustee shall be authorized
and entitled to amend this Article XII in accordance with such FDIC Rule amendment or guidance, provided that the issuing entity delivers to the Indenture Trustee an Officer’s Certificate to the effect that (i) such amendment will not have
a material adverse effect on the Noteholders or (ii) such amendment is required to remain in compliance with the FDIC Rule. Nothing in this Section 12.01(b) shall limit the rights of the Indenture Trustee pursuant to Section 9.03.

 (c)        As used in this Article XII, but subject to the rules of
interpretation specified in Section 12.01(a) and Section 12.01(b), references to (i) the “sponsor” shall mean CRB, (ii) the “issuing entity” shall mean, collectively, the Depositor and the Issuer (except in
Section 12.02(e), where such term shall have the meaning set forth in the FDIC Rule), (iii) the “servicer” shall mean the Servicer or Administrator, as applicable, (iv) “obligations” or “securitization
obligations” shall mean the Notes and, to the extent permitted by the FDIC Rule, the Certificates, (v) “investors” shall mean the Noteholders and, to the extent permitted by the FDIC Rule, Certificateholders, and
(vi) “financial assets” and “securitized financial assets” shall mean the Receivables (except in Section 12.02(e), where such term shall have the meaning in the FDIC Rule). 

(d)        The issuing entity believes that the transactions and actions contemplated
by the Basic Documents comply with the requirements of Section 12.02. 
 Section 12.02  Requirements
of FDIC Rule. 

  
 61 

 As required by the FDIC Rule: 

(a)        Payment of principal and interest on the securitization obligations must be
primarily based on the performance of financial assets that are transferred to the issuing entity and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit
events that are independent of such financial assets. 
 (b)        The sponsor,
issuing entity, and/or servicer, as appropriate, shall make available to investors, information describing the financial assets, obligations, capital structure, compensation of relevant parties, and relevant historical performance data set forth
below: 
 (i)        On or prior to issuance of obligations and at
the time of delivery of any periodic distribution report and, in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all
potential investors at the financial asset or pool level, as appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations and
financial assets. Such information and its disclosure, at a minimum, shall comply with the requirements of Regulation AB or any successor disclosure requirements for public issuances, even if the obligations are issued in a private placement or are
not otherwise required to be registered; provided, however, that information that is unknown or not available to the sponsor or the issuing entity after reasonable investigation may be omitted if the issuing entity includes a statement in the
offering documents disclosing that the specific information is otherwise unavailable; 

(ii)        On or prior to issuance of obligations, the structure of
the securitization and the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with
respect to the financial assets, the remedies for and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements
permitted by the FDIC Rule, any waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation, and write-offs of financial assets; 

(iii)        While obligations are outstanding, the issuing entity
shall provide to investors information with respect to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial
assets, substitutions and removal of financial assets, servicer advances, as well as losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in
relation to the securitization as a whole; and 
 (iv)        The
nature and amount of compensation paid to the originator, sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of

  
 62 

 
them for such securitization shall be disclosed; the issuing entity shall provide to investors while any obligations are outstanding any changes to such information and the amount and nature of
payments of any deferred compensation or similar arrangements to any of the parties. 

(c)        Prior to the Section 941 Effective Date, the sponsor shall retain an
economic interest in a material portion, defined as not less than five (5) percent, of the credit risk of the financial assets. This retained interest may be either in the form of an interest of not less than five (5) percent in each of
the credit tranches sold or transferred to the investors or in a representative sample of the securitized financial assets equal to not less than five (5) percent of the principal amount of the financial assets at transfer. This retained
interest may not be sold or pledged or hedged, except for the hedging of interest rate or currency risk, during the term of the securitization. 

(d)        The obligations shall not be predominantly sold to an Affiliate (other than
a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor. 

(e)        The sponsor shall separately identify in its financial asset data bases the
financial assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, a current list of all of its outstanding securitizations and issuing entities, and the most
recent Form 10-K, if applicable, or other periodic financial report for each securitization and issuing entity. The sponsor shall make these records readily available for review by the FDIC promptly upon written request. 

(f)        To the extent serving as servicer, custodian or paying agent for the
securitization, the sponsor shall not comingle amounts received with respect to the financial assets with its own assets except for the time, not to exceed two (2) Business Days, necessary to clear any payments received. 

(g)        The sponsor shall maintain continuously, from the time of execution, a copy
of all executed Basic Documents and other securitization agreements in its official records. 

Section 12.03  Performance.  The issuing entity agrees to (i) perform the covenants set
forth in Section 12.02, except to the extent any such obligation is imposed exclusively on the servicer or the sponsor and (ii) facilitate compliance with this Article XII by CRB and the Depositor. 

Section 12.04  Effect of Section 941 Rules.  The sponsor will be required to adjust the
economic interest it retains to the extent necessary to comply with Section 941 Rules upon the Section 941 Effective Date and thereafter. However, Section 12.02(c) shall not be construed to require the sponsor to retain any greater
economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other Applicable Law. Accordingly, upon the Section 941 Effective Date and thereafter, the sponsor shall be entitled to adjust the
amount of credit risk that it retains, or the terms under which such credit risk is retained, to the greatest extent elected by the sponsor, so long as the sponsor’s retention shall be in compliance with Applicable Law. Within a reasonable time
after the sponsor has so adjusted the amount or terms of the credit risk it retains, the sponsor shall give notice thereof to the Noteholders and the Certificateholders, and each of the Indenture Trustee, the Depositor and CRB is authorized and
entitled to amend Section 12.02(c), in accordance with and to the extent the issuing entity determines necessary or appropriate, to reflect the requirements of the Section 941 Rules. 

  
 63 

 Section 12.05  Actions Upon Repudiation.  Without
such actions constituting an acknowledgement or agreement by any investor or any other party to the Basic Documents that the provisions of paragraph (d)(4) of the FDIC Rule are applicable: 

(a)        In the event that CRB becomes the subject of an insolvency proceeding and
the FDIC as receiver or conservator for CRB provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the FDIC in such capacity will pay damages as provided in such
paragraph (d)(4)(ii). Upon making such determination, the Servicer shall promptly, and in any event no more than one (1) Business Day thereafter, so notify the Indenture Trustee and the Owner Trustee. 

(b)        Following delivery of the notice specified in Section 12.05(a): 

(i)        at the direction of the Holders of at least 25% of the Note
Balance of the Outstanding Notes of the Controlling Class, the Indenture Trustee shall request and the Servicer shall compute the damages due to the Holders of each Class of Notes pursuant to paragraph (d)(4)(ii) of the FDIC Rule and shall notify
the Indenture Trustee, the Owner Trustee and the FDIC of such amounts; and 

(ii)        at the direction of the Certificateholders pursuant to the
Trust Agreement, the Owner Trustee shall provide the Servicer with written instructions setting forth the amount of damages claimed by the Certificateholders pursuant to paragraph (d)(4)(ii) of the FDIC Rule, and the Servicer shall notify the
Indenture Trustee, the Owner Trustee and the FDIC of such claim for damages. 

(c)        If any principal or accrued interest on the Notes remains unpaid upon
receipt of the notice specified in Section 12.05(a), the Indenture Trustee shall thereupon determine the Applicable Payment Date for making a distribution to Noteholders of such damages, which date shall be the earlier of (i) the next
Payment Date on which such damages could be distributed and (ii) the earliest practicable date by which the Indenture Trustee could declare a special payment date, in each case subject to all applicable provisions of this Indenture, Applicable
Law and the procedures of the Depository. The Indenture Trustee is authorized and instructed to retain possession and control of the Trust Accounts and all amounts on deposit therein. 

(d)        When the Applicable Payment Date is determined, the Servicer shall promptly
compute the amount of interest to be paid on each Class of Notes on the Applicable Payment Date, which interest (unless such Applicable Payment Date is a Payment Date) shall be the amount accruing up to the Applicable Payment Date and which shall be
computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (not to exceed 30) of days elapsed from such preceding Payment Date divided by (y) 30. The Servicer shall
notify the Indenture Trustee of the applicable amounts of principal and interest to be paid on each Class of Notes and the Aggregate Note Amount not later than the Business Day following the day on which the Applicable Payment Date is determined.

  
 64 

 (e)        If the Applicable Payment Date
is a special payment date, the Indenture Trustee shall (i) declare such special payment date (the record date for which shall be the close of business on the day immediately preceding such special payment date), (ii) declare a special
distribution to Noteholders consisting of unpaid interest on each Note and the outstanding principal balance of each Note and (iii) deliver notice to the Noteholders and the Servicer (which shall deliver such notice to the Owner Trustee) of
such special payment date and special distribution. 
 (f)        Following payment
by the FDIC of any damages described in Section 12.05(a), 

(i)        such damages shall be deposited, first, into the
Principal Distribution Account (in an amount equal to the lesser of the (x) the Aggregate Note Amount and (y) the amount of such damages) and, second, into the Certificate Distribution Account under the Trust Agreement (in the
amount of such damages, if any, remaining after making the deposit described in clause first); 

(ii)        the Servicer shall promptly, and no later than one
Business Day after such damages have been paid by the FDIC, (x) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account (and, if necessary, the Collection Account) and transferred to the Principal
Distribution Account so that the amount on deposit in the Principal Distribution Account shall equal the Aggregate Note Amount, if any and (y) promptly inform the Indenture Trustee and Owner Trustee of such computations; and 

(iii)        on the Applicable Payment Date, the Indenture Trustee, at
the written direction of the Servicer, shall, based on the computations in Section 12.05(e), first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and
cause such amount to be deposited into the Principal Distribution Account and second, cause all amounts deposited in the Principal Distribution Account pursuant to this Section 12.05 to be applied in accordance with Section 2.07, to the
extent of the amounts available for application pursuant thereto (but distributing to each class the amount of interest computed by the Servicer pursuant to Section 12.05(c), rather than the amount specified in Section 2.07). 

(g)        As promptly as practicable after giving effect to the distributions in
Section 12.05(f), any funds remaining in the Principal Distribution Account, the Certificate Distribution Account, the Collection Account and the Reserve Account shall be distributed on the earlier of (x) the date, if any, specified in the
Trust Agreement and (y) the following Payment Date (or on such applicable distribution date, if it is a Payment Date), such distributions to be made in accordance with the applicable provisions of the Basic Documents, with the Servicer to
adjust the amounts of such distributions to take into account the amounts distributed on the applicable distribution date. 

  
 65 

 Section 12.06  Notice. 

(a)        In the event that CRB becomes the subject of an insolvency proceeding and
the FDIC as receiver or conservator provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Depositor, CRB, the Owner
Trustee and the Indenture Trustee. 
 (b)        If the FDIC (i) is appointed
as a conservator or receiver of CRB and (ii) is in default in the payment of principal or interest when due following the expiration of any cure period hereunder or under the other Basic Documents, the Indenture Trustee at the written direction
of the Holders of at least 25% of the Note Balance of the Outstanding Notes of the Controlling Class, the Servicer or a Noteholder shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and
under the other Basic Documents. 
 (c)        If (i) the FDIC is appointed as
a conservator or receiver of CRB, (ii) the Notes have been Paid In Full and (iii) the FDIC is in default in the payment of any amounts due to Certificateholders following the expiration of any cure period hereunder or under the other Basic
Documents, the Owner Trustee at the direction of a Certificateholders shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Basic Documents. 

Section 12.07  Reservation of Rights.  Notwithstanding anything herein to the contrary,
neither the inclusion of this Article XII in this Indenture nor the compliance by any Person with, or the acknowledgment by any Person of, this Article’s provisions (a) constitutes an agreement or acknowledgment by any Person that, in the
case of an insolvency proceeding with respect to CRB, a receiver or conservator will have any rights with respect to the trust estate under this Indenture or (b) shall be deemed to limit in any way whatsoever the right of any Person to contest
any decision, assertion or other action taken or made by such a receiver or conservator in respect of the obligations or the Basic Documents, including any such action seeking to apply the FDIC Rule, or the provisions of paragraph (d)(4) of the FDIC
Rule rather than paragraph (d)(3) thereof, to the transactions contemplated by the Basic Documents. 

  
 66 

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

			
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ]
		
	 By:
	 	
[                             
   ], not in its individual capacity but solely as Owner Trustee

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 [Signature page to the
Indenture] 

 
			
	[                      ], not in its individual capacity but solely as
Indenture Trustee
		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 [Signature page to the
Indenture] 

 EXHIBIT A-1 

FORM OF CLASS A-1 NOTE 

CLASS A-1 ASSET BACKED NOTE 

THE ACQUISITION OF THE NOTES BY, OR ON BEHALF OF, OR WITH THE ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE
CODE”), OR ANY ENTITY PART OR ALL OF THE ASSETS OF WHICH CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101 OR OTHERWISE IS PROHIBITED UNLESS SUCH PURCHASE, HOLDING AND
SUBSEQUENT DISPOSITION OF THE NOTES WOULD NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR UNDER SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. 
 A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE NOTES WITH THE
ASSETS OF A BENEFIT PLAN IS DEEMED TO REPRESENT THAT THE PURCHASE OF ONE OR MORE NOTES IS CONSISTENT WITH ITS FIDUCIARY DUTIES UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION AS DEFINED IN SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY

  
 A-1-1 

 
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE. 

THE FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS
(GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL
REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE) MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL
BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE. 

  
 A-1-2 

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST
201[   ]-[   ] 

[            ]% CLASS A-1 ASSET BACKED NOTE 

$                       
    1 
 NOTE No. R-1 

[CUSIP NO.
[                     ]] 
  

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ], a Delaware statutory
trust (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     MILLION DOLLARS
($                ), on the earlier of the Payment Date occurring on           ,
201[   ] (the “Class A-1 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture (referred to on the reverse side hereof) except as provided below or in
the Indenture (referred to on the reverse side hereof. The Issuer will pay interest on this Note at the Class A-1 Interest Rate, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the close of business on the preceding Payment Date, subject to certain limitations contained in Article V of the Sale and Servicing Agreement (referred to on the reverse side hereof). Interest on this Note
will accrue from and including the prior Payment Date (or, with respect to the first Payment Date, from and including the Closing Date) to, but excluding, the current Payment Date. Interest will be computed on the basis of the actual number of days
elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified in the Indenture and the Sale and Servicing Agreement. 

Capitalized terms used but not defined herein are defined in Indenture or the Sale and Servicing Agreement. 

The Notes are secured by certain assets of the Issuer consisting primarily of a portfolio of motor vehicle installment sale
contracts and loans. This Note does not represent an interest in, or obligation of, California Republic Funding, LLC (the “Depositor”), California Republic Bank, or any affiliate thereof. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual
signature, this Note shall not be entitled to any benefit under the Indenture, or the Sale and Servicing Agreement or be valid for any purpose. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

 
  

1 Denominations of $[            ] and
integral multiples of $[        ] in excess thereof. 

  
 A-1-3 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer. 
  
  

											
	
Date:                        
	 		 		 	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ]
					
		 		 	 By:
	 		 	
[                             
   ], not in its individual capacity but solely as Owner Trustee

						
		 		 		 		 	 By:
	 	  

		 		 		 		 		 	            Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

											
	
Date:                        
	 		 	 [                     ], not in its
individual capacity but solely as Indenture Trustee

					
		 		 	 By:
	 		 	  
  

		 		 		 		 		 	     Authorized Signatory

  
 A-1-4 

 REVERSE OF NOTE 

This certifies that Cede & Co. (the “Noteholder”), is the registered owner of the Note which is
secured by certain assets of the CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ] (the “Issuer”) created by the Amended and Restated Trust Agreement, dated as of
[           ], 201[   ], between Depositor and
[                                   ], as Owner Trustee (the
“Owner Trustee”). The Notes are issued pursuant to an Indenture, dated as of [           ], 201[   ] (as amended, the “Indenture”),
between the Issuer and [                     ], as Indenture Trustee (the “Indenture Trustee”) and are subject to the
terms of the Indenture and the Sale and Servicing Agreement, dated as of [           ], 201[   ] (as amended, the “Sale and Servicing Agreement”),
among California Republic Bank, the Depositor, the Indenture Trustee and the Issuer. 
 The property of the Issuer will
include the Issuer’s right, title and interest in, to and under the Collateral (as defined in the Indenture). 
 This
Note is issued under and is subject to the terms, provisions and conditions of the Sale and Servicing Agreement, and the Indenture, as each may be amended and supplemented from time to time, the Noteholder by virtue of the acceptance hereof assents
and is bound. Although a summary of certain provisions of the Sale and Servicing Agreement and the Indenture are set forth below, this Note does not purport to summarize the Sale and Servicing Agreement or the Indenture and reference is made to the
Sale and Servicing Agreement and the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. A copy of the Sale and
Servicing Agreement and the Indenture (without schedules and exhibits) may be requested from the Indenture Trustee by writing to the Indenture Trustee at
[                     ]. In the event of any conflict between this Note, on the one hand, and the Indenture or the Sale and Servicing
Agreement on the other hand, the Indenture or the Sale and Servicing Agreement shall control. 
 The Issuer has entered into
the Sale and Servicing Agreement and the Notes have been (or will be) issued with the intention that the Notes will qualify under Applicable Law as indebtedness of the Issuer secured by the Collateral. The Issuer, each Beneficiary and each
Noteholder and Owner by the acceptance of its Note or Book-Entry Note, as applicable, agrees to treat the Notes as indebtedness secured by the Collateral for federal income, State and local income, and franchise taxes and any other taxes imposed on
or measured by income. 
 On each Payment Date, the Indenture Trustee shall distribute to each Person who was a Noteholder
at the close of business on the last day of the prior Collection Period (each a “Record Date”) such Noteholder’s share of such amounts on deposit in the Collection Account as are payable in respect of Notes pursuant to the Sale
and Servicing Agreement. Distributions with respect to this Note will be made by the Indenture Trustee by check mailed to the address of the Noteholder of record appearing on the Register without the presentation or surrender of this Note or the
making of any notation thereon (except for the final distribution in respect of this Note) except that with respect to Notes registered in the name of a Depository, including Cede & Co., the nominee for DTC, distributions will be made to
the Depository in immediately available funds. Final payment of this Note will be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the
Noteholder in accordance with the Indenture. 

  
 A-1-5 

 On the Payment Date occurring after the last day of a Collection Period on which
the aggregate outstanding principal balance of the Notes is reduced to an amount equal to or less than 10% of the Cutoff Date Pool Balance the Servicer shall have the option to redeem the Notes in whole, but not in part, at a purchase price equal to
the Redemption Price for such Payment Date. Each of the Notes is also subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments
under Sections 5.04(a)(i) through 5.04(a)(vii) and Section 5.04(a)(x) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the outstanding Notes as determined by the Servicer.

 This Note does not represent an obligation of, or an interest in Depositor, California Republic Bank, or any affiliate of
any of them and is not insured or guaranteed by any governmental agency or instrumentality. This Note is limited in right of payment to certain Collections with respect to the Collateral, all as more specifically set forth herein and in the Sale and
Servicing Agreement and the Indenture. 
 Upon the satisfaction of the Rating Agency Condition, the Sale and Servicing
Agreement may be amended from time to time by the Depositor, the Seller, the Servicer, the Indenture Trustee, the Issuer and the Noteholders holding a majority of the Note Balance of the Outstanding Notes of the Controlling Class for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of the Sale and Servicing Agreement or of modifying in any manner the rights of the Noteholders. 

The Indenture may be amended and supplemental indentures may be adopted in accordance with the terms and conditions set forth
in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registrable in the Register of the Registrar upon surrender of this Note for registration of transfer at the office or agency maintained by the Registrar in Jacksonville, Florida, accompanied by a written instrument of transfer in form
satisfactory to the Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized, and thereupon one or more new Notes of authorized denominations evidencing the same aggregate fractional undivided interest will be
issued to the designated transferee or transferees. 
 The Notes are issuable only as registered Notes without coupons in
denominations specified in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set
forth, Notes are exchangeable for new Notes of a like Class and aggregate principal amount as requested by the Noteholder surrendering such Notes. No service charge may be imposed for any such exchange, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The
Servicer, the Indenture Trustee, the Issuer and the Registrar and any agent of any of them, may treat the person in whose name this Note is registered as the owner hereof for all 

  
 A-1-6 

 
purposes, and neither the Servicer nor the Indenture Trustee, the Issuer and Registrar, nor any agent any of them, shall be affected by notice to the contrary except in certain circumstances
described in the Indenture. 
 The Indenture Trustee is not responsible for and makes no representation as to the validity
or adequacy of the Indenture or this Note, is not accountable for the Issuer’s use of proceeds of the Notes and is not responsible for any statement in this Note other than the Indenture Trustee’s certificate of authentication. 

  
 A-1-7 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 

			
	  
	  	

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

 
  
  

(name and address of assignee) 

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

									
	 Dated:
	  	  
	  		  	  
	  	
		  		  		  	Signature Guaranteed:	  	
					
		  		  		  	  
	  	

  

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

  
 A-1-8 

 EXHIBIT A-2 

FORM OF CLASS [A-2/A-3/A-4/B/C] NOTE 

THE ACQUISITION OF THE NOTES BY, OR ON BEHALF OF, OR WITH THE ASSETS OF ANY “EMPLOYEE BENEFIT PLAN” SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR ANY “PLAN” SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL REVENUE
CODE”), OR ANY ENTITY PART OR ALL OF THE ASSETS OF WHICH CONSTITUTE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN BY REASON OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101 OR OTHERWISE IS PROHIBITED UNLESS SUCH PURCHASE, HOLDING AND
SUBSEQUENT DISPOSITION OF THE NOTES WOULD NOT RESULT IN ANY NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR UNDER SECTION 4975 OF THE INTERNAL REVENUE CODE. EACH BENEFICIAL OWNER OF THIS NOTE WILL BE DEEMED TO HAVE MADE THE
REPRESENTATIONS AND AGREEMENTS SET FORTH IN THE INDENTURE. 
 A FIDUCIARY OF A BENEFIT PLAN PURCHASING THE NOTES WITH THE
ASSETS OF A BENEFIT PLAN IS DEEMED TO REPRESENT THAT THE PURCHASE OF ONE OR MORE NOTES IS CONSISTENT WITH ITS FIDUCIARY DUTIES UNDER ERISA AND DOES NOT RESULT IN A NONEXEMPT PROHIBITED TRANSACTION AS DEFINED IN SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE. 
 ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN, UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.). 

TRANSFERS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANY PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY INQUIRY OF THE INDENTURE TRUSTEE. 

  
 A-2-1 

 THE FAILURE TO PROVIDE THE ISSUING ENTITY AND THE INDENTURE TRUSTEE WITH THE
APPLICABLE U.S. FEDERAL INCOME TAX CERTIFICATIONS (GENERALLY, AN INTERNAL REVENUE SERVICE FORM W-9 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE
INTERNAL REVENUE CODE, OR AN APPROPRIATE INTERNAL REVENUE SERVICE FORM W-8 (OR SUCCESSOR APPLICABLE FORM) IN THE CASE OF A PERSON THAT IS NOT A “UNITED STATES PERSON” WITHIN THE MEANING OF SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE)
MAY RESULT IN THE IMPOSITION OF U.S. FEDERAL BACK-UP WITHHOLDING UPON PAYMENTS TO THE HOLDER IN RESPECT OF THIS NOTE. 

  
 A-2-2 

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST
201[   ]-[   ] 
 [         ]% CLASS
[A-2/A-3/A-4/B/C] ASSET BACKED NOTE 

$                       
            2 
 NOTE
No. R-1 
 [CUSIP NO.
[                     ]] 
  

CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ], a Delaware statutory
trust (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     MILLION DOLLARS
($                ), on the earlier of the Payment Date occurring on
                   20      (the “Class [A-2/A-3/A-4/B/C] Final Scheduled Payment Date”) and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture (referred to on the reverse side hereof) except as provided below or in the Indenture (referred to on the reverse side hereof. The Issuer will pay interest on this Note at the
[Class A-2/Class A-3/Class A-4/Class B/Class C] Interest Rate, on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the close of business on the preceding
Payment Date, subject to certain limitations contained in Article V of the Sale and Servicing Agreement (referred to on the reverse side hereof). Interest on this Note will accrue for each Payment Date from the and including the 15th day of each calendar month preceding the Payment Date (or from and including the Closing Date in the case of the first Payment Date) to but excluding the 15th day of the following month. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
specified in the Indenture and the Sale and Servicing Agreement. 
 Capitalized terms used but not defined herein are
defined in Indenture or the Sale and Servicing Agreement. 
 The Notes are secured by certain assets of the Issuer
consisting primarily of a portfolio of motor vehicle installment sale contracts and loans. This Note does not represent an interest in, or obligation of, California Republic Funding, LLC (the “Depositor”), California Republic Bank,
or any affiliate thereof. This Note and all other Class [A-2/A-3/A-4/B/C] Notes are junior and subordinated to the Class A-1 Notes [Class A-2 Notes/Class A-3 Notes/Class A-4 Notes/Class B Notes], as fully described in the Indenture and the Sale
and Servicing Agreement. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the
Indenture Trustee, by manual signature, this Note shall not be entitled to any benefit under the Indenture, or the Sale and Servicing Agreement or be valid for any purpose. 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS,
RIGHTS AND 
  
  

2 Denominations of $1,000 and integral multiples of $1,000 in excess thereof. 

  
 A-2-3 

 
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). 

  
 A-2-4 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer. 
  

											
	
Date:                        
	 		 		 	 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ]

					
		 		 	 By:
	 		 	
[                             
   ], not in its individual capacity but solely as Owner Trustee

						
		 		 		 		 	 By: 
	 	  

		 		 		 		 		 	            Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	
Date:                        
	 	 [                      ], not
in its individual capacity but solely as Indenture Trustee

				
		 	   By:
	 		 	  

		 		 		 	            Authorized Signatory

  
 A-2-5 

 REVERSE OF NOTE 

This certifies that Cede & Co. (the “Noteholder”), is the registered owner of the Note which is
secured by certain assets of the CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 201[   ]-[   ] (the “Issuer”) created by the Amended and Restated Trust Agreement, dated as of
[            ], 201[   ], between Depositor and
[                              ], as Owner Trustee (the “Owner Trustee”).
The Notes are issued pursuant to an Indenture, dated as of [           ], 201[   ] (as amended, the “Indenture”), between the Issuer and
[                    ], as Indenture Trustee (the “Indenture Trustee”) and are subject to the terms of the Indenture and the
Sale and Servicing Agreement, dated as of [           ], 201[   ] (as amended, the “Sale and Servicing Agreement”), among California Republic Bank,
the Depositor, the Indenture Trustee and the Issuer. 
 The property of the Issuer will include the Issuer’s right,
title and interest in, to and under the Collateral (as defined in the Indenture). 
 This Note is issued under and is
subject to the terms, provisions and conditions of the Sale and Servicing Agreement, and the Indenture, as each may be amended and supplemented from time to time, the Noteholder by virtue of the acceptance hereof assents and is bound. Although a
summary of certain provisions of the Sale and Servicing Agreement and the Indenture are set forth below, this Note does not purport to summarize the Sale and Servicing Agreement or the Indenture and reference is made to the Sale and Servicing
Agreement and the Indenture for information with respect to the interests, rights, benefits, obligations, proceeds and duties evidenced hereby and the rights, duties and obligations of the Indenture Trustee. A copy of the Sale and Servicing
Agreement and the Indenture (without schedules and exhibits) may be requested from the Indenture Trustee by writing to the Indenture Trustee at
[                    ]. In the event of any conflict between this Note, on the one hand, and the Indenture or the Sale and Servicing Agreement
on the other hand, the Indenture or the Sale and Servicing Agreement shall control. 
 The Issuer has entered into the Sale
and Servicing Agreement and the Notes have been (or will be) issued with the intention that the Notes will qualify under Applicable Law as indebtedness of the Issuer secured by the Collateral. The Issuer, each Beneficiary and each Noteholder and
Owner by the acceptance of its Note or Book-Entry Note, as applicable, agrees to treat the Notes as indebtedness secured by the Collateral for federal income, State and local income, and franchise taxes and any other taxes imposed on or measured by
income. 
 On each Payment Date, the Indenture Trustee shall distribute to each Person who was a Noteholder at the close of
business on the last day of the prior Collection Period (each a “Record Date”) such Noteholder’s share of such amounts on deposit in the Collection Account as are payable in respect of Notes pursuant to the Sale and Servicing
Agreement. Distributions with respect to this Note will be made by the Indenture Trustee by check mailed to the address of the Noteholder of record appearing on the Register without the presentation or surrender of this Note or the making of any
notation thereon (except for the final distribution in respect of this Note) except that with respect to Notes registered in the name of a Depository, including Cede & Co., the nominee for DTC, distributions will be made to the Depository
in immediately available funds. Final payment of this Note will be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholder in
accordance with the Indenture. 

  
 A-2-6 

 On the Payment Date occurring after the last day of a Collection Period on which
the aggregate outstanding principal balance of the Notes is reduced to an amount equal to or less than 10% of the Cutoff Date Pool Balance the Servicer shall have the option to redeem the Notes in whole, but not in part, at a purchase price equal to
the Redemption Price for such Payment Date. Each of the Notes is also subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments
under Sections 5.04(a)(i) through 5.04(a)(vii) and Section 5.04(a)(x) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of all of the outstanding Notes as determined by the Servicer.

 This Note does not represent an obligation of, or an interest in Depositor, California Republic Bank, or any affiliate of
any of them and is not insured or guaranteed by any governmental agency or instrumentality. This Note is limited in right of payment to certain Collections with respect to the Collateral, all as more specifically set forth herein and in the Sale and
Servicing Agreement and the Indenture. 
 Upon the satisfaction of the Rating Agency Condition, the Sale and Servicing
Agreement may be amended from time to time by the Depositor, the Seller, the Servicer, the Indenture Trustee, the Issuer and the Noteholders holding a majority of the Note Balance of the Outstanding Notes of the Controlling Class for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of the Sale and Servicing Agreement or of modifying in any manner the rights of the Noteholders. 

The Indenture may be amended and supplemental indentures may be adopted in accordance with the terms and conditions set forth
in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Note is registrable in the Register of the Registrar upon surrender of this Note for registration of transfer at the office or agency maintained by the Registrar in Jacksonville, Florida, accompanied by a written instrument of transfer in form
satisfactory to the Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized, and thereupon one or more new Notes of authorized denominations evidencing the same aggregate fractional undivided interest will be
issued to the designated transferee or transferees. 
 The Notes are issuable only as registered Notes without coupons in
denominations specified in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set
forth, Notes are exchangeable for new Notes of a like Class and aggregate principal amount as requested by the Noteholder surrendering such Notes. No service charge may be imposed for any such exchange, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The
Servicer, the Indenture Trustee, the Issuer and the Registrar and any agent of any of them, may treat the person in whose name this Note is registered as the owner hereof for all 

  
 A-2-7 

 
purposes, and neither the Servicer nor the Indenture Trustee, the Issuer and Registrar, nor any agent any of them, shall be affected by notice to the contrary except in certain circumstances
described in the Indenture. 
 The Indenture Trustee is not responsible for and makes no representation as to the validity
or adequacy of the Indenture or this Note, is not accountable for the Issuer’s use of proceeds of the Notes and is not responsible for any statement in this Note other than the Indenture Trustee’s certificate of authentication. 

  
 A-2-8 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 

			
	  
	  	

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

 
  

			
	  
	  	

 (name and address of assignee) 

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

									
	 Dated:
	 	  
	 		  	  
	 	
		 		 		  	Signature Guaranteed:	 	
					
		 		 		  	  
	 	

  

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

  
 A-2-9 

 EXHIBIT C-1 

FORM OF NON-U.S. BENEFICIAL OWNERSHIP CERTIFICATION BY EUROCLEAR OR CLEARSTREAM BANK, SOCIÉTÉ ANONYME 

  
 C-1-1 

 EXHIBIT C-2 

FORM OF NON-U.S. BENEFICIAL OWNERSHIP CERTIFICATION BY MEMBER ORGANIZATION 

  
 C-2-1 

 EXHIBIT D 

FORM OF REPURCHASE REQUEST NOTICE 

Reporting Period: [calendar month] 

 ̈ Check here if nothing to report. 

 

									
	Transaction	 	Loan	  	Activity During
Period3
	 	  	
Date of Reputed

Demand4
	  	
Party Making Reputed

Demand
	  	
Date of Withdrawal of

Reputed Demand

	 	 	 	 	 
	 	 	 	  	 	  	 	  	 
	 	 	 	 	 
	 	 	 	  	 	  	 	  	 
	 	 	 	 	 
	 	 	 	  	 	  	 	  	 
	 	 	 	 	 
	 	 	 	  	 	  	 	  	 
	 	 	 	 	 
	 	 	 	  	 	  	 	  	 

  
  

3 Forward any applicable information or documentation relating to any reputed demands to the Servicer. See
Item 11 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of what constitutes activity. 
 4 See Item 23 in the ASF Rule 15Ga-1 Market Implementation Guide for a discussion of “demands.” 

  
 D-1EX-4.24

 Exhibit 4.24 

FORM OF WARRANT 

AMEDICA CORPORATION 

WARRANT TO PURCHASE COMMON STOCK 

Warrant No.:          

Date of Issuance: November [    ], 2014 (“Issuance Date”) 

Amedica Corporation, a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, [            ], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the
terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant, to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or
replacement hereof, the “Warrant”), at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), [5 YEARS FROM ISSUANCE DATE] (subject to adjustment as
provided herein) fully paid and non-assessable shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 16. This Warrant is one of the Warrants to Purchase Common Stock (the “Purchased Warrants”) issued pursuant to the Offering (as defined in that certain Underwriting Agreement, dated as of November
[    ], 2014, by and between the Company and Dawson James Securities, Inc., as representative of the several underwriters (the “Underwriting Agreement”)) consummated on the Issuance Date. 

This Warrant shall be issuable in book entry form (the “Book-Entry Warrant Certificate”) and shall initially be
represented by one or more Book-Entry Warrant Certificates deposited with American Stock Transfer and Trust Company (the “Warrant Agent”) and registered in the name of the Holder, or as otherwise directed by the Warrant Agent.
Ownership of beneficial interests in this Warrant shall be shown on, and the transfer of such ownership shall be effected through, records maintained by the Warrant Agent (the “Warrant Register”). The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual written notice to the contrary. 

1. EXERCISE OF WARRANT. 
 (a)
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date in whole
or in part, by delivery (whether via e-mail, facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”) to the Warrant Agent or such other office or agency of the
Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company or the Warrant Agent (or to the Company if the exercise is made pursuant to a Cashless Exercise (as defined
in Section 1(d)), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following an exercise of this Warrant as 

 
aforesaid, the Holder shall deliver payment to the Warrant Agent of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to
which this Warrant was so exercised (in respect of such specific exercise, the “Aggregate Exercise Price”) in cash or via wire transfer of immediately available funds (to the account set forth on Schedule A hereto) if
the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original of this Warrant in order to effect
an exercise hereunder. Execution and delivery of an Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant certificate and issuance of a new Warrant certificate
evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of this Warrant certificate
after delivery of the Warrant Shares in accordance with the terms hereof. The Holder and the Company or the Warrant Agent shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company or the
Warrant Agent shall deliver any objection to any Notice of Exercise form within 2 Business Days of receipt of the applicable Notice of Exercise. On or before the first (1st) Trading Day
following the date on which the Company has received an Exercise Notice for a Cashless Exercise, the Company shall transmit by e-mail or facsimile an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as
Exhibit B, to the Warrant Agent. On or before the third (3rd) Trading Day following (A) in the event of a Cashless Exercise, the date on which the Company has received such
Exercise Notice or (B) in the event of an exercise for cash, the later of (i) the date on which the Warrant Agent has received such Exercise Notice or (ii) the date on which the Warrant Agent receives the Aggregate Exercise Price
(such date is referred to herein as the “Delivery Date”), the Company shall, (X) provided that (I) the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities
Transfer Program and (II) either a registration statement for the issuance to the Holder of the applicable Warrant Shares to be issued pursuant to such Exercise Notice is effective and the prospectus contained therein is usable or such Warrant
Shares to be so issued are otherwise freely tradable, cause the Warrant Agent to credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance
account with DTC through its Deposit/Withdrawal at Custodian system, or (Y) if either of the immediately preceding clauses (I) or (II) are not satisfied, issue and deliver to the Holder or, at the Holder’s instruction pursuant to the
Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier to the address as specified in the applicable Exercise Notice, a certificate, registered in the Company’s share register in the name of the
Holder or its designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon (A) in the event of a Cashless Exercise, the date on which the
Company has received such Exercise Notice or (B) in the event of an exercise for cash, the later of (i) the date on which the Warrant Agent has received such Exercise Notice or (ii) the date on which the Warrant Agent receives the
Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are
credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares (as the case may be); provided, however, that if the date of such receipt is a date upon which the Common Stock transfer books 

  
 2 

 
of the Company are closed, such Holder shall be deemed to have become the record holder of such shares on, the next succeeding day on which the Common Stock transfer books of the Company are
open. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise, then, at the request of the Holder and upon surrender hereof by the Holder at the principal office of the Company, the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise
and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall
be rounded up to the nearest whole number. The Company shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. 

(b) Exercise Price. For purposes of this Warrant, “Exercise Price” means
$[        ]1, subject to adjustment as provided herein. 

(c) Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason, to issue to the
Holder on or before the applicable Delivery Date, a certificate for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s
balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant (as the case may be), then, in addition to all other remedies available to the Holder, the Company
shall pay in cash to the Holder on each day after such third (3rd) Trading Day that the issuance of such shares of Common Stock is not timely effected an amount equal to 2% of the product of
(A) the aggregate number of shares of Common Stock not issued to the Holder on a timely basis and to which the Holder is entitled and (B) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the last possible
date on which the Company could have issued such shares of Common Stock to the Holder without violating Section 1(a). In addition to the foregoing, if the Company shall fail to issue and deliver a certificate to the Holder and register such
shares of Common Stock on the Company’s share register or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise or exchange hereunder (as the
case may be) on or prior to the applicable Delivery Date, and if on or after such Delivery Date the Holder (or any other Person in respect, or on behalf, of the Holder) purchases (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, issuable upon such
exercise or exchange that the Holder so anticipated receiving from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price 
  

	1 	 130% of the conversion price of the Units sold in the Offering (rounded to the nearest cent)

  
 3 

 
(including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on
behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver such certificate or credit the Holder’s balance account with DTC for the number of shares of Common Stock to
which the Holder is entitled upon the Holder’s exercise or exchange hereunder (as the case may be) (and to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a
certificate or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise or exchange hereunder
(as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock
on any Trading Day during the period commencing on the date of the applicable Exercise Notice or Exchange Notice, as the case may be, and ending on the date of such issuance and payment under this clause (ii). 

(d) Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f) below), the Holder may,
in its sole discretion (and without limiting the Holder’s rights and remedies contained herein), exercise this Warrant in whole or in part and, from and after the 120 day anniversary of the Issuance Date, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise a cash payment from the Company equal to the product of (i) the total number of shares
with respect to which this Warrant is then being exercised multiplied by (ii) the Black Scholes Value (as defined below) (the “Exchange Amount”). In the Company’s sole discretion, if (x) no Equity Conditions has
occurred or (y) an Equity Conditions Failure has occurred other than as a result of any of the conditions specified in clauses (ii) or (v) of the definition thereof, the Company may elect to treat such notice as a cashless exercise of
the Warrant with respect to the number of shares specified in “A” below for the “Net Number” of shares of Common Stock determined according to the following formula with respect thereto (a “Cashless Exercise”),
as follows: 
 Net Number = (A x B) / C 

For purposes of the foregoing formula: 

A= the total number of shares with respect to which this Warrant is then being exercised. 

B= Black Scholes Value (as defined below). 
 C=
the Closing Bid Price of the Common Stock as of two (2) Trading Days prior to the time of such exercise (as defined below). 
 (e)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares to be issued pursuant to the terms hereof (including, without limitation, the Net Number), the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed, provided that following such issuance to Holder such dispute shall be resolved in accordance with Section 13. 

  
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 (f) Limitations on Exercises and Exchanges. Notwithstanding anything to the contrary
contained in this Warrant, this Warrant shall not be exercisable or exchangeable by the Holder hereof to the extent (but only to the extent) that the Holder or any of its Affiliates would beneficially own in excess of 9.9% (the “Maximum
Percentage”) of the Common Stock. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable or exchangeable (vis-à-vis other convertible, exercisable or exchangeable securities
owned by the Holder or any of its Affiliates) and of which such securities shall be exercisable or exchangeable (as among all such securities owned by the Holder) shall, subject to such Maximum Percentage limitation, be determined on the basis of
the first submission to the Company for conversion, exercise or exchange (as the case may be). No prior inability to exercise or exchange this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this
paragraph with respect to any subsequent determination of exercisability or exchangeability. For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with respect to
calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the rules and regulations promulgated thereunder. The
provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum
Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a
successor Holder of this Warrant. The holders of Common Stock shall be third party beneficiaries of this paragraph and the Company may not amend or waive this paragraph without the consent of holders of a majority of its Common Stock. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue of any prior
conversion or exercise or exchange of convertible or exercisable or exchangeable securities into Common Stock, including, without limitation, pursuant to this Warrant or securities issued pursuant to the Certificate of Designation. 

(g) Mandatory Exercise 

If at any time after the 120 day anniversary of the Issuance Date, for twenty (20) consecutive Trading Days the Closing Sale Price of the
Common Stock for each Trading Day during such period is at a price greater than or equal to 25% above the Exercise Price as in effect at the end of such Trading Day (such period being the “Trigger Period”), then (provided no Equity
Conditions Failure shall have occurred during such period or be continuing at any time during such period), the Company shall have the right to require the Holder to exercise for cash all, but not less than all, of this Warrant for all of the
then-remaining Warrant Shares as further set forth below. The Company may exercise its right to require exercise under this Section 1(g) (the “Mandatory Exercise Right”) on one occasion (or, if a Mandatory Exercise Notice
becomes null and void pursuant to this Section 1(g), such number of additional occasions as necessary to permit a Mandatory Exercise with respect to the entire amount of Warrant Shares 

  
 5 

 
issuable hereunder). The Company shall exercise its Mandatory Exercise Right (to the extent permitted hereby) by delivering, within ten (10) Trading Days following the end of the Trigger
Period, a written notice thereof by facsimile and overnight courier to the Holder (the “Mandatory Exercise Notice” and the date such notice by facsimile is deemed to be delivered in accordance with Section 8 below is referred
to as the “Mandatory Exercise Notice Date”). The Mandatory Exercise Notice shall be irrevocable. The Mandatory Exercise Notice shall (1) state the Trading Day selected for the Mandatory Exercise in accordance with this
Section 1(g), which Trading Day shall be at least five (5) Trading Days but not more than fifteen (15) Trading Days following the Mandatory Exercise Notice Date (the “Mandatory Exercise Date”), (2) state the
number of shares of Common Stock to be issued to the Holder on the Mandatory Exercise Date and (3) contain a certification from the Chief Executive Officer of the Company that there is then no Equity Conditions Failure existing as of the
Mandatory Exercise Notice Date. Any portion of this Warrant exercised by the Holder after the Mandatory Exercise Notice Date shall reduce the number of Warrant Shares for which this Warrant is required to be exercised on the Mandatory Exercise Date;
provided however, that so long as the Closing Sale Price of the Common Stock for each Trading Day between the Mandatory Exercise Notice Date and the Mandatory Exercise Date is at a price greater than or equal to 25% above the Exercise Price as in
effect at the end of such Trading Day, the holder cannot exercise this warrant pursuant to Section 1(d) above. If the Company has elected a Mandatory Exercise, the mechanics of exercise set forth in Section 1 shall apply, to the extent
applicable, as if the Warrant Agent had received from the Holder on the Mandatory Exercise Date an Exercise Notice with respect to all of the then-remaining Warrant Shares (or the Permitted Exercise Amount (as defined below) of Warrant Shares, as
applicable). Notwithstanding anything contained in this Section 1(g) to the contrary, if an Equity Conditions Failure occurs on any day between the occurrence of the Trigger Period and prior to the Mandatory Exercise Date, then the Mandatory
Exercise Notice delivered to the Holder shall be null and void ab initio and the Mandatory Exercise shall not occur and the Mandatory Exercise Right shall not be available to the Company unless and until the conditions precedent to such Mandatory
Exercise Right are again satisfied. If the Company elects to cause a mandatory exercise of this Warrant pursuant to this Section 1(g), then it must simultaneously take the same action with respect to all of the other warrants issued to
investors in the Offering, if any, held by any person other than Holder. By way of example, if the Exercise Price of the Warrant is $1.25 per share, and after the 120 day anniversary of the Issuance Date, the Closing Sale Price for twenty
(20) consecutive Trading Days is greater than or equal to $1.5625 per share, the Company may exercise the Mandatory Exercise Right. 

(h) Insufficient Authorized Shares 

The Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common Stock as shall be necessary to
satisfy the Company’s obligation to issue shares of Common Stock hereunder (without regard to any limitation otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise or exchange of
this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any time while any of the Purchased Warrants remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to
satisfy its obligation to reserve for issuance upon exercise or exchange of the Purchased Warrants at least a number of shares of Common Stock equal to the number of shares of Common Stock as shall from time to time be necessary to effect the
exercise or exchange of all of the Purchased Warrants then 

  
 6 

 
outstanding (the “Required Reserve Amount”) (an “Authorized Share Failure”), then the Company shall immediately take all action necessary to increase the
Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all the Purchased Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon
as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its shareholders for the
approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use its commercially reasonable efforts to solicit its
shareholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the shareholders that they approve such proposal. 

2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant
are subject to adjustment from time to time as set forth in this Section 2. 
 (a) Stock Dividends and Splits. Without limiting
any provision of Section 4, if the Company, at any time on or after the Issuance Date, (i) pays a stock dividend on one or more classes of its then outstanding shares of Common Stock or otherwise makes a distribution on any class of
capital stock that is payable in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding shares of Common Stock into a larger number of shares or
(iii) combines (by combination, reverse stock split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made
pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or
(iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated
hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event. 
 (b) [RESERVED] 

(c) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this
Section 2, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of
Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard to any limitations on exercise contained herein). In addition, and notwithstanding anything to the contrary contained
herein, (x) upon a Cashless Exercise as set forth in Section 1(d) hereof, the number of Warrant Shares for which this Warrant is exercisable immediately following such Cashless Exercise shall be equal to (i) the number of Warrant
Shares for which this Warrant was exercisable immediately prior to such Cashless 

  
 7 

 
Exercise less (ii) the number of Warrant Shares as to which such Cashless Exercise was exercised (such number of Warrant Shares in this clause (ii) in respect of such Cashless
Exercise being equal to “A” in such Cashless Exercise formula in respect of such Cashless Exercise) and (y) the number of Warrant Shares issuable hereunder shall automatically be increased, as necessary, to enable to the Company to
comply with its obligations to issue the Net Number of shares of Common Stock under Section 1(d) hereof upon any Cashless Exercise hereunder. 

(d) Calculations. All calculations under this Section 2 shall be made by rounding to the nearest 1/10000th of cent and the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include
shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock. 

(e) Other Events. In the event that the Company shall take any action to which the provisions hereof are not strictly applicable, or,
if applicable, would not operate to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the
granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price and the number
of Warrant Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section 2(e) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined
pursuant to this Section 2, provided further that if the Required Holders (as defined below) do not accept such adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board of directors
and the Required Holders shall agree, in good faith, upon an independent investment bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and whose fees and expenses shall be
borne by the Company. 
 3. RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company, at
any time prior to the three year anniversary of the Issuance Date, shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all or substantially all of the holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, indebtedness, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would
have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage)
immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder’s right to participate in any such Distributions would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such
extent (or the beneficial ownership of any such shares of Common Stock as a result of such Distribution to such extent) and such Distribution to such 

  
 8 

 
extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage), provided further,
such Distribution shall be held in abeyance for the benefit of the Holder until such time as the Holder exercises this Warrant (whether in whole or in part), and subject to the foregoing proviso, upon each exercise of this Warrant the Company shall
make such Distribution to the Holder with respect to each Warrant Share for which this Warrant is so exercised until such time as this Warrant has been exercised in full). 

4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if the Company, at any time prior to the three
year anniversary of the Issuance Date, grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to all or substantially all of the record holders of any class of shares
of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the
number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken
for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however,
to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Maximum Percentage), and provided further, that such Purchase Rights shall be held in abeyance for the benefit of the Holder until such time as the Holder exercises this Warrant (whether in whole or in part), and subject to
the foregoing proviso, upon each exercise of this Warrant the Company shall deliver such Purchase Rights to the Holder with respect to each Warrant Share for which this Warrant is so exercised until such time as this Warrant has been exercised in
full). 
 (b) Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the
Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Required
Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements confirming the obligations of the Successor Entity as set forth in this paragraph (b) and (c) and elsewhere in this Warrant and an
obligation to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable
for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into 

  
 9 

 
account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Notwithstanding the foregoing, at the election of the Holder upon
exercise of this Warrant following a Fundamental Transaction, the Successor Entity shall deliver to the Holder, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under
Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor Entity
(including its Parent Entity), or other securities, cash, assets or other property, which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior
to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). 
 (c) Black Scholes
Value—FT. Notwithstanding the foregoing and the provisions of Section 4(b) above, at the request of the Holder delivered at any time commencing on the date of the consummation of any such Fundamental Transaction through the date that
is thirty (30) days after the consummation of any such Fundamental Transaction, the Company or the Successor Entity, at the election of the Holder, shall purchase this Warrant from the Holder on the date of such request by paying to the Holder
cash in an amount equal to the Black Scholes Value—FT. 
 (d) Application. The provisions of this Section 4 shall apply
similarly and equally to successive Fundamental Transactions and shall be applied as if this Warrant (and any such subsequent warrants issued hereunder) were fully exercisable and without regard to any limitations on the exercise of this Warrant
(provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage, applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of this Warrant (or any
such other warrant)). 
 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Charter (as
defined in the Underwriting Agreement), Bylaws (as defined in the Underwriting Agreement) or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as
any of the Purchased Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of the Purchased Warrants, the maximum
number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Purchased Warrants then outstanding (without regard to any limitations on exercise). 

  
 10 

 6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder,
solely in its capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon
the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification
of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the
due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company,
whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices and other information given to the stockholders of the
Company generally, contemporaneously with the giving thereof to the stockholders; provided however, that the Company shall not be obligated to provide such information if it is filed with the SEC through EDGAR and available to the public through the
EDGAR system. 
 7. REISSUANCE OF WARRANTS. 

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant (or the Book Entry Warrant
Certificate) to the Company or the Warrant Agent (or other designated agent), whereupon the Company or the Warrant Agent (or other designated agent) will forthwith issue and deliver upon the order of the Holder a new Warrant (or Book Entry Warrant
Certificate) (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then
underlying this Warrant is being transferred, a new Warrant (or Book Entry Warrant Certificate) (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred. 

(b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant (or the Book Entry Warrant Certificate) (as to which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss, theft or destruction,
of any indemnification undertaking by the Holder to the Company in customary and reasonable form (including posting a bond) and, in the case of mutilation, upon surrender and cancellation of this Warrant (or the Book Entry Warrant Certificate), the
Company shall execute and deliver to the Holder a new Warrant (or Book Entry Warrant Certificate) (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant. 

(c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof (or of the Book Entry Warrant
Certificate) by the Holder at the principal office of the Company, for a new Warrant or Warrants (or Book Entry Warrant Certificates) (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of

  
 11 

 
Warrant Shares then underlying this Warrant, and each such new Warrant (or Book Entry Warrant Certificate) will represent the right to purchase such portion of such Warrant Shares as is
designated by the Holder at the time of such surrender; provided, however, no warrants for fractional shares of Common Stock shall be given. 

(d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant (or Book Entry Warrant Certificate) pursuant to
the terms of this Warrant, such new Warrant (or Book Entry Warrant Certificate) (i) shall be of like tenor with this Warrant (or Book Entry Warrant Certificate), (ii) shall represent, as indicated on the face of such new Warrant (or Book
Entry Warrant Certificate), the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant (or Book Entry Warrant Certificate) being issued pursuant to Section 7(a) or Section 7(c), the Warrant
Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants (or Book Entry Warrant Certificates) issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant (or Book Entry Warrant Certificate) which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant. 
 8. NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be in
writing and shall be deemed given (w) the date of transmission, if such notice or communication is delivered via facsimile or email at the number or email address set forth below prior to 5:00 p.m. (New York time) on a Business Day, (x) on
the date delivered, if delivered personally, (y) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, and
(z) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), in each case to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice). 
 (a) If to the Company, to: 

Amedica Corporation 
 1885 West
2100 South 
 Salt Lake City, UT 84119 

Attention: Chief Legal Officer 

Facsimile: (801) 839-3605 

email: KOntiveros@amedica.com 

(b) If to the Warrant Agent, to: 

American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 

Brooklyn, NY 11219 
 Attention:
Frank Ruggiero—Reorg. Dept. 
 email: FRuggiero@amstock.com 

  
 12 

 (c) If to the Holder, to the address of such holder as shown on the Warrant Register. Any notice
required to be delivered by the Company to the Holder may be given by the Warrant Agent on behalf of the Company. 
 The Company shall provide the Holder
with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to
the Holder (i) as soon as practicable upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen
(15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options,
Convertible Securities or rights to purchase stock, warrants, securities, indebtedness, or other property pro rata to holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction,
dissolution or liquidation, provided in each case that such information (to the extent it constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries shall be made known to the public prior to or in
conjunction with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided hereunder (whether under this
Section 8 or otherwise) constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, the Company shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. 

9. AMENDMENT AND WAIVER. Except as otherwise expressly set forth herein, the provisions of this Warrant may be amended only with the written consent of
the Company and the Required Holders. Any amendment effected in accordance with this Section 9 shall be binding upon the Holder and the Company, provided that no such amendment shall be effective to the extent that it (1) applies to less
than all Purchased Warrants then outstanding, (2) imposes any obligation or liability on the Holder without the Holder’s prior written consent (which may be granted or withheld in the Holder’s sole discretion) or (3) applies
retroactively. Except as otherwise expressly set forth herein, no waiver shall be effective unless it is in writing and signed by an authorized representative of the waiving party, provided that the Required Holders (in a writing signed by all of
the Required Holders) may waive any provision of this Warrant, and any waiver of any provision of this Warrant made in conformity with the provisions of this Section 9 shall be binding on the Holder, provided that no such waiver shall be
effective to the extent that it (1) applies to less than all Purchased Warrants then outstanding (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability on the Holder without the Holder’s prior
written consent (which may be granted or withheld in the Holder’s sole discretion). Notwithstanding the foregoing, nothing contained in this Section 9 shall permit any amendment or waiver of any provision of Section 1(f) or the waiver
of any Equity Conditions Failure if such failure in any manner resulted from clause (ii) of the definition thereof. 
 10. SEVERABILITY. If any
provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply
to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long

  
 13 

 
as this Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The
parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s). 
 11. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New
York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall (i) be deemed or operate to preclude the Holder from bringing suit or taking other legal
action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder or (ii) limit, or be deemed to limit, any provision of
Section 13. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION
CONTEMPLATED HEREBY. 
 12. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall
not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

13. DISPUTE RESOLUTION. 
 (a) Disputes
Over the Exercise Price, Exchange Amount, Exchange Price, Closing Sale Price, Bid Price, the Black Scholes Value—FT or Fair Market Value. 

(i) In the case of a dispute relating to the Exercise Price, the Exchange Amount, the Exchange Price, the Closing Sale Price,
the Closing Bid Price, the Bid Price, the Black Scholes Value—FT or fair market value (as the case may be) (including, without limitation, a dispute relating to the determination of any of the foregoing), the Company or the Required Holders (as
the case may be) shall submit the dispute via e-

  
 14 

 
mail or facsimile (I) within twenty (20) Business Days after delivery of the applicable notice giving rise to such dispute to the Company or the Required Holders (as the case may be) or
(II) if no notice gave rise to such dispute, at any time after the Required Holders learned of the circumstances giving rise to such dispute. If the Required Holders and the Company are unable to resolve such dispute relating to the Exercise Price,
the Exchange Amount, the Exchange Price, the Closing Sale Price, the Closing Bid Price, the Bid Price, the Black Scholes Value—FT or fair market value (as the case may be) by 5:00 p.m. (New York time) on the third (3rd) Business Day following such delivery by the Company or the Required Holders (as the case may be) of such dispute to the Company or the Required Holders (as the case may be), then the Required
Holders shall select an independent, reputable investment bank to resolve such dispute. 
 (ii) The Required Holders and the
Company shall each deliver to such investment bank (x) a copy of the initial dispute submission so delivered in accordance with the first sentence of this Section 13(a) and (y) written documentation supporting its position with
respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which the Required Holders selected such
investment bank (the “Dispute Submission Deadline”) (the documents referred to in the immediately preceding clauses (x) and (y) are collectively referred to herein as the “Required Dispute Documentation”)
(it being understood and agreed that if either the Required Holders or the Company fails to so deliver all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the Required Dispute
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Required Holders or otherwise requested by such
investment bank, neither the Company nor the Required Holders shall be entitled to deliver or submit any written documentation or other support to such investment bank in connection with such dispute (other than the Required Dispute Documentation).

 (iii) The Company and the Required Holders shall cause such investment bank to determine the resolution of such dispute
and notify the Company and the Required Holders of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline. The fees and expenses of such investment bank shall be borne by the Company (provided
that such fees and expenses shall be borne equally by the Company and the Required Holders only if such investment bank’s determination of the disputed Exercise Price, Exchange Amount, Exchange Price, Closing Sale Price, Closing Bid Price, Bid
Price, Black Scholes Value—FT or fair market value (as the case may be) was equal to or greater than 98% of the Company’s determination thereof that gave rise to the applicable dispute), and such investment bank’s resolution of such
dispute shall be final and binding upon all parties absent manifest error. 
 (b) Disputes Over Arithmetic Calculation of Warrant
Shares. 

  
 15 

 (i) In the case of a dispute as to the arithmetic calculation of the number of
Warrant Shares, the Company or the Required Holders (as the case may be) shall submit the disputed arithmetic calculation via facsimile (i) within twenty (20) Business Days after delivery of the applicable notice giving rise to such
dispute to the Company or the Required Holders (as the case may be) or (ii) if no notice gave rise to such dispute, at any time after the Required Holders learned of the circumstances giving rise to such dispute. If the Required Holders and the
Company are unable to resolve such disputed arithmetic calculation of the number of Warrant Shares by 5:00 p.m. (New York time) on the third (3rd) Business Day following such delivery by the
Company or the Required Holders (as the case may be) of such disputed arithmetic calculation of the number of Warrant Shares to the Company or the Required Holders (as the case may be), then the Required Holders shall select an independent,
reputable accountant or accounting firm to perform such disputed arithmetic calculation of the number of Warrant Shares. 

(ii) The Required Holders and the Company shall each deliver to such accountant or accounting firm (as the case may be)
(x) a copy of the initial dispute submission so delivered in accordance with the first sentence of this Section 13(b) and (y) written documentation supporting its position with respect to such disputed arithmetic calculation of the
number of Warrant Shares, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date on which the Required Holders selected such
accountant or accounting firm (as the case may be) (the “Submission Deadline”) (the documents referred to in the immediately preceding clauses (x) and (y) are collectively referred to herein as the “Required
Documentation”) (it being understood and agreed that if either the Required Holders or the Company fails to so deliver all of the Required Documentation by the Submission Deadline, then the party who fails to so submit all of the Required
Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to such accountant or accounting firm (as the case may be) with respect to such disputed arithmetic
calculation of the number of Warrant Shares and such accountant or accounting firm (as the case may be) shall perform such disputed arithmetic calculation of the number of Warrant Shares based solely on the Required Documentation that was delivered
to such accountant or accounting firm (as the case may be) prior to the Submission Deadline). Unless otherwise agreed to in writing by both the Company and the Required Holders or otherwise requested by such accountant or accounting firm (as the
case may be), neither the Company nor the Required Holders shall be entitled to deliver or submit any written documentation or other support to such accountant or accounting firm (as the case may be) in connection with such disputed arithmetic
calculation of the number of Warrant Shares (other than the Required Documentation). 
 (iii) The Company and the Required
Holders shall cause such accountant or accounting firm (as the case may be) to perform such disputed arithmetic calculation and notify the Company and the Required Holders of the results no later than ten (10) Business Days immediately
following the Submission Deadline. The fees and expenses of such accountant or accounting firm (as the case may be) shall be borne solely by the Company, and such accountant’s or accounting firm’s (as the case may be) arithmetic
calculation shall be final and binding upon all parties absent manifest error. 

  
 16 

 (c) Miscellaneous. The Company expressly acknowledges and agrees that (i) this
Section 13 constitutes an agreement to arbitrate between the Company and the Required Holders (and constitutes an arbitration agreement) under § 7501, et seq. of the New York Civil Practice Law and Rules (“CPLR”) and that
each party is authorized to apply for an order to compel arbitration pursuant to CPLR § 7503(a) in order to compel compliance with this Section 13, (ii) the terms of this Warrant shall serve as the basis for the selected
investment bank’s resolution of the applicable dispute, such investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that such investment bank determines are required to be made
by such investment bank in connection with its resolution of such dispute and in resolving such dispute such investment bank shall apply such findings, determinations and the like to the terms of this Warrant, (iii) the terms of this Warrant
shall serve as the basis for the selected accountant’s or accounting firm’s performance of the applicable arithmetic calculation of the number of Warrant Shares, (iv) for clarification purposes and without implication that the
contrary would otherwise be true, disputes relating to matters described in Section 13(a) shall be governed by Section 13(a) and not by Section 13(b), (v) the Required Holders (and only the Required Holders), in their sole
discretion, shall have the right to submit any dispute described in this Section 13 to any state or federal court sitting in The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 13 and
(vi) nothing in this Section 13 shall limit the Holder from obtaining any injunctive relief or other equitable remedies (including, without limitation, with respect to any matters described in Section 13(a) or Section 13(b)).

 14. REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and
in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue damages for any failure
by the Company to comply with the terms of this Warrant. The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts set forth or provided for herein with
respect to payments, exercises and the like (and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company (or the performance
thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause 

  
 17 

 
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the
holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. The Company shall
provide all information and documentation to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without limitation, compliance with
Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf. 

15. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company. 

16. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings: 

(a) “Bid Price” means, for any security as of the particular time of determination, the bid price for such security on the
Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of all of the market makers for such security
as reported in the “pink sheets” by OTC Markets Group Inc. as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of
such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value of such security,
then such dispute shall be resolved in accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

 (b) “Black Scholes Value” means the Black Scholes value of an option for one share of Common Stock at the date of the
applicable Cashless Exercise, as such Black Scholes value is determined, calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the
Closing Bid Price of the Common Stock as of Trading Day immediately preceding the Issuance Date (adjusted to the same extent that the Exercise Price hereunder has been adjusted pursuant to Section 2(a) hereof), (ii) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the Warrant as of the applicable Cashless Exercise, (iii) a strike price equal to the Exercise Price in effect at the time of the applicable Cashless
Exercise, (iv) an expected volatility equal to 135% and (v) a remaining term of such option equal to five (5) years (regardless of the actual remaining term of the Warrant). 

  
 18 

 (c) “Black Scholes Value—FT” means the value of the unexercised portion of
this Warrant remaining on the date of the Holder’s request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an
underlying price per share equal to the greater of (1) the highest Closing Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding the earliest to occur of (x) the public disclosure of the
applicable Fundamental Transaction, (y) the consummation of the applicable Fundamental Transaction and (z) the date on which the Holder first became aware of the applicable Fundamental Transaction and ending on the Trading Day of the
Holder’s request pursuant to Section 4(c) and (2) the sum of the price per share being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered in the applicable
Fundamental Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant to Section 4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for
a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant to Section 4(c) and (2) the remaining term of this Warrant as of the date of consummation of the applicable
Fundamental Transaction and (iv) an expected volatility equal to the greater of 135% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately
following the earliest to occur of (x) the public disclosure of the applicable Fundamental Transaction, (y) the consummation of the applicable Fundamental Transaction and (z) the date on which the Holder first became aware of the
applicable Fundamental Transaction. 
 (d) “Bloomberg” means Bloomberg, L.P. 

(e) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York
are authorized or required by law to remain closed. 
 (f) “Closing Bid Price” and “Closing Sale Price”
means, for any security as of any date, the last closing bid price and the last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended
hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or,
if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such
security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the average of the bid prices, or the ask prices, respectively, of all of the market makers for such security as reported in the “pink sheets” by OTC
Markets Group, Inc. If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price (as the case may be) of such security on
such date shall be the fair market value as mutually determined by the Company and the Required Holders. If the Company and the Required Holders are unable to agree upon the fair market value of such security, then such dispute shall be resolved in
accordance with the procedures in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 

  
 19 

 (g) “Common Stock” means (i) the Company’s shares of common stock,
$0.01 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock. 

(h) “Convertible Securities” means any stock, note, debenture or other security (other than Options) that is, or may become,
at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock. 

(i) “Eligible Market” means the NYSE MKT, the New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global
Market, the Principal Market, the OTCBB, the OTCQX or the OTCQB (or any successor to any of the foregoing). 
 (j) “Equity
Conditions” means: (i) the Company shall have complied in all material respects with all applicable securities laws and regulations and all rules and regulations of the Eligible Markets in respect of the offer, sale and issuance of the
Securities, (ii) the Common Stock (including all shares of Common Stock to be received by Holder) shall be listed or designated for quotation (as applicable) on an Eligible Market and no Trading Market Event (or event which with notice or
passage of time would be a Trading Market Event) has occurred, nor shall delisting or suspension by any Eligible Market be pending or threatened, unless upon the occurrence of such Trading Market Event, delisting or suspension, the Common Stock
would be eligible for listing or for quotation (as applicable) on another Eligible Market, (iii) the Company shall be in compliance in all material respects with all of its obligations under this Warrant, (iv) each of the Registration
Statement (as defined in the Underwriting Agreement) and the prospectus contained therein shall be effective and fully available for use with respect to the issuance of all of the Securities, including, without limitation, any Warrant Shares issued
pursuant to a cash exercise hereof, (v) all Warrant Shares (including any Warrant Shares to be received upon exercise or exchange of this Warrant and including any Warrant Shares to be issued in a cash exercise, but taking into account the
limitations of Section 1(f)) shall be then (or upon such issuance (as the case may be)) freely tradable by the Holder without restriction of any kind or nature (and the Company shall have no knowledge of any fact which would reasonably be
expected to negate the foregoing in the foreseeable future), (vi) no limitation shall be applicable with respect to the issuance of any Warrant Shares hereunder (other than under Section 1(f)), and (vii) the Company is fully reporting
under the 1934 Act and Rule 144 (as defined in the Underwriting Agreement). For purposes hereof, a “Trading Market Event” shall mean if the Company or the Common Stock or any shares of Common Stock issued or issuable hereunder shall
cease or fail to be listed for trading or quoted on any Eligible Market or shall fall below any dollar threshold for listing or qualification or the Company shall then not be in compliance with any applicable listing or qualification standard (or
will be with the passage of time). 
 (k) “Equity Conditions Failure” means that on any applicable date of determination,
any of the Equity Conditions have not been satisfied. 

  
 20 

 (l) “Expiration Date” means the date that is the fifth (5th) anniversary of the Issuance Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the
next date that is not a Holiday. 
 (m) “Fundamental Transaction” means that (i) the Company or any of its
Subsidiaries shall, directly or indirectly, in one or more related transactions, (1) consolidate or merge with or into (whether or not the Company or any of its Subsidiaries is the surviving corporation) any other Person unless the shareholders
of the Company immediately prior to such consolidation or merger continue to hold more than 50% of the outstanding shares of Voting Stock after such consolidation or merger, or (2) sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of its respective properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding
shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange
offer), or (4) consummate a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other Person whereby such other Person
acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination), or (ii) any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and
regulations promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Voting
Stock of the Company. 
 (n) “Options” means any rights, warrants or options to subscribe for or purchase shares of Common
Stock or Convertible Securities. 
 (o) “Parent Entity” of a Person means an entity that, directly or indirectly, controls
the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market
capitalization as of the date of consummation of the Fundamental Transaction. 
 (p) “Person” means an individual, a
limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or a government or any department or agency thereof. 

(q) “Principal Market” means the Nasdaq Capital Market. 

(r) “Required Holders” means, collectively, as of a particular time of determination, (as applicable) holders of Purchased
Warrants then exercisable for an aggregate number of shares of Common Stock equal to at least 66.7% of the number of shares of Common Stock issuable upon exercise of all Purchased Warrants outstanding as of such time of determination (disregarding
all limitations on exercise set forth in the Purchased Warrants). 

  
 21 

 (s) “Successor Entity” means the Person (or, if so elected by the Holder, the
Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered into. 

(t) “Trading Day” means, as applicable, (x) with respect to all price determinations relating to the Common Stock, any
day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then
traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final
hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise
designated as a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for
trading of securities. 
 (u) “Voting Stock” of a Person means capital stock of such Person of the class or classes
pursuant to which the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time capital
stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 [signature
page follows] 

  
 22 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be
duly executed as of the Issuance Date set out above. 
  

			
	AMEDICA CORPORATION
		
	 By:
	 	  

	 Name:

	 Title:

 [Signature Page to Warrant to Purchase Common Stock] 

 SCHEDULE A 

WIRE INSTRUCTIONS FOR CASH EXERCISE 
  

			
	 JP MORGAN CHASE BANK
 ABA # 021 000
021
 ACCT # 530-354616

	 ACCT NAME:
	  	 AMERICAN STOCK TRANSFER & TRUST CO

  AS AGENT FOR AMEDICA CORPORATION

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

AMEDICA CORPORATION 
 The
undersigned holder hereby exercises the right to purchase              of the shares of Common Stock (“Warrant Shares”) of Amedica Corporation, a company incorporated under
the laws of the Delaware (the “Company”), evidenced by Warrant to Purchase Common Stock No.              (the “Warrant”). Capitalized terms used herein and
not otherwise defined shall have the respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The Holder intends
that payment of the Exercise Price shall be made as: 
  

			
	  
	  	 a “Cash Exercise” with respect to
                 Warrant Shares; and/or

		
	  
	  	 a “Cashless Exercise” with respect to
                 Warrant Shares.

 In the event of a “Cash Exercise”, this Exercise Notice and the Aggregate Exercise Price shall be delivered to the
Warrant Agent. In the event of a “Cashless Exercise”, this Exercise Notice shall be delivered to the Company. 
 In the event that
the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares, the Holder represents and warrants that the Exchange Amount is $         and, if the Company is permitted to elect
to issue shares of Common Stock,                  shares of Common Stock are to be delivered to Holder as the Net Number pursuant to such Cashless Exercise, as further
specified in Annex A to this Exercise Notice. 
 2. Payment of Exercise Price. In the event that the Holder has elected a Cash
Exercise with respect to some or all of the Warrant Shares, the Holder shall pay the Aggregate Exercise Price in the sum of $         to the Warrant Agent in accordance with the terms of the Warrant. 

3. Delivery of Warrant Shares and Net Number of shares of Common Stock. The Company shall cause the Warrant Agent to deliver to Holder,
or its designee or agent as specified below,                  shares of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or
for its benefit, to the following address: 
  

			
	  
	 	
	  
	 	
	  
	 	
	  
	 	

					
	 Date:
	 	                         ,             	 	
		
	  
	 	
	   Name of Registered Holder
  
	 	
	 By:
	 	  
	 	
		 	Name:	 	
		 	Title:	 	
		
		 	Account
Number:                                        
                                         
                                         
                                         
                                         
       
		 	  (if electronic book entry transfer)	 	
		
		 	Transaction Code
Number:                                        
                                         
                                         
                                         
                              
		 	  (if electronic book entry transfer)	 	

 ANNEX A TO EXERCISE NOTICE 

CASHLESS EXERCISE EXCHANGE CALCULATION 

TO BE FILLED IN BY THE REGISTERED HOLDER TO EXCHANGE THIS 

WARRANT TO PURCHASE COMMON STOCK FOR COMMON STOCK IN A 

CASHLESS EXERCISE PURSUANT TO SECTION 1(d) OF THE WARRANT 

Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

Net Number = (A x B)/C =                  shares of Common
Stock 
 For purposes of the foregoing formula: 

A= the total number of shares with respect to which this Warrant is then being exercised =
                . 
 B= Black Scholes Value =
                . 
 C= the Closing Bid Price of the Common
Stock as of two (2) Trading Days prior to the time of such exercise =                 . 
  

			
	Date:	 	                         ,         
	  
  

	   Name of Registered Holder
  

	 By:
	 	  

		 	Name:
		 	Title:

 EXHIBIT B 

ACKNOWLEDGMENT 
 The
Company hereby acknowledges this Exercise Notice and hereby directs American Stock Transfer & Trust Company, LLC to issue the above indicated number of shares of Common Stock. 

 

			
	AMEDICA CORPORATION
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 34862241v.3

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