Document:

EX-10.17

 Exhibit 10.17 

THE NOTES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED FROM TIME TO
TIME, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER, AS IN EFFECT FROM TIME TO TIME (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OF THE UNITED STATES, OR THE SECURITIES LAW OF ANY OTHER JURISDICTION, AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY STATE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES AND OTHER JURISDICTIONS AND THE RESPECTIVE RULES AND REGULATIONS THEREUNDER. 
 DEFINITIVE CERTIFICATE

 FOR THE CONVERTIBLE NOTES 
  

					
	AMOUNT: US$5,000,000	  		  	CERTIFICATE NUMBER: 002

 AURORA MOBILE LIMITED 

(incorporated in the Cayman Islands with limited liability) 

(the “Issuer”) 

US$35,000,000 ZERO COUPON NON-GUARANTEED AND UNSECURED CONVERTIBLE 

NOTES DUE 2021 CONVERTIBLE INTO COMMON SHARES OF THE ISSUER 

This is to certify that MANDRA IBASE LIMITED is the registered holder of US$5,000,000 in principal amount of the US$35,000,000 zero coupon non-guaranteed and unsecured convertible notes due 2021 (the “Notes”) issued pursuant to the Subscription Agreement. The Note or Notes in respect of which this Certificate is issued are issued in
registered form, without coupons attached and form part of a series designated as specified in the title of the Issuer. Words and expressions defined in the Conditions shall, unless the context otherwise requires, have the same meaning in this
Certificate. 
 For value received, the Issuer promises to pay the person who appears at the relevant time on the Register as the holder of the Notes in
respect of which this Certificate is issued such amount or amounts as shall become due in respect of such Notes and otherwise to comply with the terms and conditions (the “Conditions”) attached hereto. The Notes in respect of which
this Certificate is issued are subject to, and have the benefit of, the Conditions, all of which shall be binding on the Issuer and the Noteholders and all persons claiming through them respectively. 

The Notes constitute direct, senior, unsubordinated, unconditional, non-guaranteed and unsecured obligations of the
Issuer. The Notes in respect of which this Certificate is issued are convertible into fully-paid common shares with a current par value of US$0.0001 each of the Issuer subject to and in accordance with the Conditions. 

 The Issuer covenants with the Noteholders to duly perform and observe the obligations on its part contained in
the Notes with the intent that the Notes shall enure for the benefit of the Noteholders, each of whom may sue on its own behalf for the performance or observance of the provisions of the Notes. 

The statements set forth in the legend above are an integral part of the Note or Notes in respect of which this Certificate is issued and by acceptance
thereof each holder agrees to be subject to and bound by the terms and provisions set forth in such legend. 
 This Certificate is evidence of entitlement
only. Title to the Notes passes only on due registration on the Register and only the duly registered Noteholder is entitled to payments on the Notes in respect of which this Certificate is issued. 

This Certificate shall not be valid for any purpose until executed by the Issuer and authenticated by the Registrar. 

This Certificate is governed by, and shall be construed in accordance with, the laws of the Hong Kong Special Administrative Region. 

[The remainder of this page has been intentionally left blank] 

  
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 IN WITNESS WHEREOF this Certificate has been executed as a deed poll by the Issuer and is intended to be
and is hereby delivered by it as a deed on April 17, 2018. 
  

					
	EXECUTED AS A DEED by	  	)	  	
			
	AURORA MOBILE LIMITED	  	)	  	
			
	in the presence of:	  	)	  	 /s/ LUO Weidong

			
		  		  	Director

  

	
	 /s/ CHEN Guangyan

	Witness signature
	
	Name: CHEN Guangyan

 Address: Floor 3, Block 7, Zhiheng Industrial Park, Hubinzhong Road, Nanshan District, Shenzhen
(深圳市南山区南头关口二路智恒战略性新兴产业园7栋501) 

 

	
	CERTIFICATE OF AUTHENTICATION
	
	 This Certificate is authenticated by or on behalf of

	 Harneys Fiduciary (Cayman) Limited as Registrar

	 (without warranty, recourse or liability)

	
	 By:

	
	 Authorized Signatory

	 For the purposes of authentication only

 [Signature page to Convertible Note Certificate] 

 TERMS AND CONDITIONS 

The issue of aggregate principal amount of US$35,000,000 zero coupon non-guaranteed and unsecured convertible notes
due 2021 (the “Notes”) of the Issuer on April 17, 2018 (the “Issue Date”) and the right of conversion into Shares was authorized by resolutions of the board of directors of the Issuer on April 12, 2018.

  

	1.	STATUS 

 The Notes constitute direct, senior, unsubordinated, unconditional, non-guaranteed and unsecured obligations of the Issuer and shall at all times rank pari passu and without any preference or priority among themselves, and equally with all other existing and future unsecured
and unsubordinated obligations of the Issuer but, in the event of a winding up, save for such obligations that may be preferred by provisions of law that are mandatory and of general application. 

 

	2.	FORM, DENOMINATION AND TITLE 

  

	2.1.	Form 

 The Notes are issued in registered form, without coupons attached, in the
denomination of US$1,000,000 and higher integral multiples of US$1 (an “Authorized Denomination”). A note certificate (each a “Certificate”) will be issued to each Noteholder in respect of its entire holding of
Notes. Each Certificate will be numbered serially with a certificate number which will be recorded on the relevant Certificate and in the register of Noteholders (the “Register”) which the Issuer will procure to be kept by the
Registrar. 
  

	2.2.	Title 

 Title to the Notes will pass only by transfer and registration in the Register as
described in Condition 3 (Transfer of Notes; Issue of Certificates). The holder of any Note will (except as otherwise required by law or as ordered by a court of competent jurisdiction) be treated as its absolute owner for all purposes
(whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person will be liable for so treating the holder. In
these terms and conditions (these “Conditions”), “Noteholder” and (in relation to a Note) “holder” means the person in whose name a Note is registered. 

 

	3.	TRANSFERS OF NOTES; ISSUE OF CERTIFICATES  

  

	3.1.	Register 

  

	 	(a)	The Issuer will cause the Register to be kept by Harneys Fiduciary (Cayman) Limited (the “Registrar”) at its specified office outside of Hong Kong and Singapore (currently at, P.O. Box 10240, 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, KY1-1002, Cayman Islands and, upon any change to such specified office, subject to
paragraph (b) below, the Issuer shall promptly give notice in writing to the Noteholders in accordance with Condition 15 (Notices) and the term “specified office” in respect of the Registrar shall be construed
accordingly) on which shall be entered in respect of each holder (a) its name and address; (b) the details of its Registered Account; (c) the electronic mail address, telephone and facsimile numbers of the relevant contact persons for
such holder; (d) the names of its authorized signatories, and (e) the particulars of the Notes held by it and the details of all transfers of the Notes. A Noteholder may change such details by notice to the Issuer. 

  
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	 	(b)	The Issuer reserves the right at any time to vary or terminate the appointment of any Registrar and appoint a replacement Registrar provided that it will maintain a Registrar with a specified office outside Hong Kong
and Singapore. Notice of any changes in the Registrar or its specified offices will promptly be given by the Issuer to the Noteholders. 

  

	 	(c)	Each Noteholder shall be entitled to receive only one Certificate in respect of its entire holding of Notes. 

  

	 	(d)	Any Noteholder may request for a copy of the names and addresses of the Noteholders and the aggregate principal amount of Notes outstanding for each Noteholder as set forth in the Register and within two Business Days
of receipt by the Issuer of such request, a copy of the Register shall be made available for collection at the specified office of the Issuer (currently at Harneys Fiduciary (Cayman) Limited, P.O. Box 10240, 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, KY1-1002, Cayman Islands and, upon any change to such specified office, the Issuer
shall promptly give notice in writing to the Noteholders in accordance with Condition 15 (Notices) and the term “specified office” in respect of the Issuer shall be construed accordingly) or, if so requested by the
Noteholder, be sent by courier at the risk of the Noteholder entitled (but free of charge to the holder and at the Issuer’s expense). 

  

	3.2.	Transfer 

  

	 	(a)	Subject to this Condition 3.2, a Noteholder may transfer any and all Notes to any person at any time and from time to time. 

  

	 	(b)	The Notes may not, without the written consent of the Issuer, be transferred by any Noteholder to any person, except for transfers to an Affiliate of such Noteholder in compliance with Condition 3.6
(Regulations), provided however, that any Notes which have not been redeemed and repaid in full (including outstanding principal, interest, if any, and any other amounts payable under the Finance Documents) on or prior to the date falling 30
days following (i) the date of issue of a Put Notice by a Noteholder, (ii) the date of issue of a Default Redemption Notice by the Majority Noteholders or a Noteholder, as applicable, to the Issuer in accordance with Condition 11
(Events of Default) or (iii) the Maturity Date, shall be freely transferrable by the relevant Noteholder(s). 

  

	 	(c)	Subject to the preceding paragraph and Conditions 3.5 (Closed Periods) and 3.6 (Regulations), any transfer or exchange of a Note may be effected in an Authorized Denomination by delivery of
the Certificate issued in respect of that Note and the form of transfer as set out in Exhibit A (Form of Transfer) duly completed and signed by the transferor or its attorney duly authorized in writing, to the specified office of the Issuer.
Subject to these Conditions, the Registrar shall promptly, and in any event within five Business Days of receipt of the foregoing documents, register such transfer outside of Hong Kong and Singapore upon compliance with the foregoing provision. No
transfer of a Note will be valid unless and until entered on the Register. 

  
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	3.3.	Delivery of New Certificates 

  

	 	(a)	Each new Certificate to be issued upon a transfer or exchange of Notes will, within five Business Days of receipt by the Issuer of the original Certificate and the form of transfer duly completed and signed, be issued
by the Registrar (outside of Hong Kong and Singapore) and made available for collection at the specified office of the Issuer or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder entitled to the Notes
(but free of charge to the holder and at the Issuer’s expense) to the address specified in the form of transfer. 

  

	 	(b)	Where only some of the Notes in respect of which a Certificate is issued is to be transferred, exchanged, converted, redeemed or repurchased, a new Certificate in respect of the Notes not so transferred, exchanged,
converted, redeemed or repurchased will, within five Business Days of delivery of the original Certificate to the Issuer, be issued by the Registrar (outside of Hong Kong and Singapore) and made available for collection at the specified office of
the Issuer or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder of the Notes not so transferred, exchanged, converted, redeemed or repurchased (but free of charge to the holder and at the Issuer’s
expense) to the address of such holder appearing on the Register. 

  

	3.4.	Formalities Free of Charge 

 Registration of a transfer of Notes and issuance of new
Certificates will be effected without charge by the Issuer, but subject to payment (or the giving of such indemnity as the Issuer or Registrar may reasonably require) in respect of any Tax, duties or other governmental charges which may be imposed
in relation to such transfer, and the Issuer and Registrar being reasonably satisfied that the regulations concerning transfers of Notes have been complied with. 
  

	3.5.	Closed Periods 

 No Noteholder may require the transfer of a Note to be registered
(a) during the period of seven days ending on (and including) the dates for payment of any outstanding principal pursuant to the Conditions; or (b) after a Conversion Notice has been delivered with respect to a Note, each such period is a
“Closed Period”. 
  

	3.6.	Regulations 

 All transfers of Notes and entries on the Register will be made subject to
the detailed regulations concerning transfer of Notes scheduled to this Certificate as Exhibit B (Regulations Concerning the Transfer and Registration of Notes). A copy of the current regulations will be mailed (free of charge and at the
expense of the Issuer) by the Issuer to any Noteholder upon request. 
  

	4.	SECURITY AND GUARANTEE 

 The obligations of the Issuer under the Transaction Documents,
including, without limitation, the obligations of the Issuer under the Notes, are not guaranteed and are unsecured. 
  

	5.	INTEREST 

  

	5.1.	Zero coupon 

 Subject to Condition 5.2 (Interest), the Notes are non-interest bearing Notes. 

  
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	5.2.	Interest 

 The Notes shall not bear or accrue any interest, except if (a) the Issuer
fails to pay any amount payable by it under a Finance Document on its due date or (b) any other Event of Default (excluding the occurrence of an Event of Default pursuant to paragraph (a)(xx) of Condition 11 (Events of Default)) occurs
and the Majority Noteholders have exercised their rights under paragraph (a) of Condition 11 (Events of Default), excluding in each case (i) any non-payment arising from the No QIPO Event or
the Put Date in respect of which returns shall be calculated in accordance with Condition 8.2 (Redemption for No QIPO at the Option of Noteholders) and (ii) any non-payment arising from a No Share
Delivery Event in respect of which returns shall be calculated in accordance with Condition 8.3 (Redemption Amount for No Share Delivery Event), then interest shall be payable by the Issuer on the aggregate outstanding principal amount of the
Notes and interest shall accrue and be calculated on the aggregate outstanding principal amount of the Notes from (and including) the Issue Date to (and including) the date of actual receipt (both before and after court judgment) at a simple
interest rate of 15 per cent. per annum, and any payment to the Noteholders of all or any part of the outstanding principal amount of the Notes shall be made together with accrued but unpaid interest on the amount prepaid (and such accrued but
unpaid interest shall be paid by the Issuer to the Noteholders at such time). For avoidance of doubt, if the Majority Noteholders have exercised their rights under paragraph (a) of Condition 11 (Events of Default) as a result of the
occurrence of an Event of Default pursuant to paragraph (a)(xx) of Condition 11 (Events of Default)), then the Issuer shall redeem each Note at its then outstanding principal amount without paying any interest. 

 

	5.3.	Calculation of interest 

 Any interest, commission or fee accruing under a Finance
Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days. 
  

	6.	CONVERSION 

  

	6.1.	Conversion Right  

  

	 	(a)	Conversion Period 

  

	 	(i)	Subject as provided in the Conditions, each Note shall entitle the holder to convert the principal amount of such Note in whole or in part and from time to time into Shares credited as fully-paid, non-assessable and free from encumbrances at any time during the Conversion Period (the “Conversion Right”). 

  

	 	(ii)	Subject to and upon compliance with the Conditions, the Conversion Right in respect of a Note may be exercised, at the option of the holder thereof, at any time and from time to time after the Issue Date up to the close
of business (at the place where the Certificate evidencing such Note is deposited for conversion) on the date falling seven days prior to the Maturity Date (but in no event thereafter) (the “Conversion Period”). 

 

	 	(iii)	A Conversion Right may not be exercised in respect of a Note (A) where the holder shall have exercised its right to require the Issuer to redeem or repurchase such Note pursuant to Condition 8.2 (Redemption for
No QIPO at the Option of Noteholders) or (B) following the giving of notice by the Majority Noteholders pursuant to Condition 11 (Events of Default). 

  
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	 	(iv)	The number of Shares to be issued on exercise of a Conversion Right will be determined by dividing the US dollar principal amount of the Notes specified to be converted by the Conversion Price in effect on the relevant
Conversion Date. A Conversion Right may be exercised in respect of one or more Notes. If more than one Note held by the same holder is converted at any one time by the same holder, the number of Shares to be issued upon such conversion will be
calculated on the basis of the aggregate US dollar principal amount of the Notes specified to be converted. 

  

	 	(b)	Fractions of Shares 

 Fractions of Shares will not be issued on exercise of a Conversion Right.
However, if the Conversion Right in respect of more than one Note is exercised at any one time such that Shares to be issued on conversion are to be registered in the same name, the number of such Shares to be issued in respect thereof shall be
calculated on the basis of the aggregate principal amount of such Notes specified to be so converted and rounded down to the nearest whole number of Shares. Notwithstanding the foregoing, the Issuer will upon conversion of any Note pay in cash in US
dollars a sum equal to such portion of the principal amount of the Note or Notes evidenced by the Certificate deposited in connection with the exercise of Conversion Rights, aggregated as provided in paragraph (a) of Condition 6.1
(Conversion Right), as corresponds to any fraction of a Share not issued if such sum exceeds US$1.00. Any such sum shall be paid not later than five Business Days after the relevant Conversion Date by transfer to a US dollar account
maintained by the payee in accordance with instructions given by the relevant Noteholder in the Conversion Notice. 
  

	 	(c)	Conversion Price 

  

	 	(i)	The price at which Shares will be issued upon conversion, as adjusted from time to time (the “Conversion Price”) will initially be US$11.7612 per Share, but will be subject to adjustment in the manner
provided in Condition 6.3 (Adjustments to Conversion Price). 

  

	 	(ii)	Upon any adjustment in the Conversion Price pursuant to Condition 6.3 (Adjustments to Conversion Price), the Issuer shall within a reasonable period (not to exceed 10 Business Days) following such adjustment
deliver to each holder of the Notes a certificate, duly signed by the chief financial officer of the Issuer, setting forth in reasonable detail the event requiring the adjustment and the method by which such adjustment was calculated and specifying
the Conversion Price in effect immediately following such adjustment. 

  

	 	(d)	Meaning of “Shares” 

 As used in these Conditions, the expression
“Shares” means common shares of a par value of US$0.0001 each of the Issuer or shares of any class or classes resulting from any subdivision, consolidation or re-classification of those
shares, or such other shares of the Issuer into which those shares are converted in connection with an IPO or a QIPO, which as between themselves have no preference in respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation or dissolution of the Issuer. 

  
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	 	(e)	Voting 

 Noteholders shall have no voting rights as a shareholder of the Issuer until the Notes
are converted into the Shares of the Issuer in accordance with these Conditions. 
  

	6.2.	Conversion Procedure  

  

	 	(a)	Conversion Notice 

  

	 	(i)	To exercise the Conversion Right attaching to any Note, the holder thereof must complete, execute and deliver at his own expense during normal business hours at the specified office of the Issuer a duly completed and
signed notice of conversion (a “Conversion Notice”) in the form scheduled to this Certificate as Exhibit C (Form of Conversion Notice), together with the relevant Certificate. Conversion Rights shall be exercised
subject in each case to any applicable fiscal or other laws or regulations applicable in the jurisdiction in which the specified office of the Issuer is located. 

  

	 	(ii)	If such delivery is made after the end of normal business hours or on a day which is not a business day in the place of the specified office of the Issuer, such delivery shall be deemed for all purposes of these
Conditions to have been made on the next immediately following business day. 

  

	 	(iii)	Conversion Rights may be exercised in respect of the principal amount represented by a Note in whole or in part but may only be exercised in one or more Authorized Denomination(s). 

 

	 	(iv)	The conversion date in respect of a Note as specified in the Conversion Notice (the “Conversion Date”) must fall at a time when the Conversion Right attaching to that Note is expressed in these
Conditions to be exercisable and will be deemed to be the Business Day immediately following the date of the surrender of the Certificate in respect of such Note and delivery of such Conversion Notice to the Issuer and, if applicable, any
payment to be made or indemnity given under these Conditions in connection with the exercise of such Conversion Right. 

  

	 	(v)	A Conversion Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents in writing to such withdrawal, in which case, the Conversion Right attaching to such Note shall revive and the
Note will remain outstanding. 

  

	 	(b)	Taxes etc. 

 A Noteholder exercising Conversion Rights must pay directly to the relevant
authorities any Taxes arising on such exercise (other than any Taxes payable in the Cayman Islands, if any, and in the place of the Relevant Stock Exchange at the relevant time by the Issuer in respect of the deposit of Certificates for the
conversion of Notes, the allotment and issue and delivery of Shares following such deposit and the listing and admission to trading of such Shares on the Relevant Stock Exchange on conversion, which, in each case, shall be payable by the Issuer) and
such Noteholder must pay all, if any, Taxes arising by reference to any disposal or deemed disposal of a Note in connection with such conversion. The Issuer will pay all other expenses arising on the issue of Shares on conversion of Notes (including
all expenses in respect of the listing and admission to trading of such Shares on the Relevant Stock Exchange) and all charges of the share transfer agent for the Shares. The Noteholder (and, if applicable, the person other than the Noteholder to
whom the Shares are to be issued) must provide the Issuer with confirmation of payment to the relevant tax authorities in settlement of Taxes payable by it pursuant to this paragraph (b). 

  
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	 	(c)	Registration 

  

	 	(i)	Upon exercise by a Noteholder of its Conversion Right and compliance with paragraphs (a) and (b) of Condition 6.2 (Conversion Procedure), the Issuer will, as soon as practicable and in any event not later
than five Business Days after the Conversion Date, register the person or persons designated for the purpose in the Conversion Notice as holder(s) of the relevant number of Shares in the Issuer’s register of members and will, if the relevant
Noteholder has also requested in the Conversion Notice and to the extent that the Shares are cleared and settled through a clearing system, take all necessary action to procure that the Shares are delivered in dematerialized format through the
relevant clearing system or make such certificate or certificates available for collection at the office of the Issuer’s share registrar notified to Noteholders in accordance with Condition 15 (Notices) or, if so requested in the
relevant Conversion Notice, will cause the Issuer’s share registrar to mail (at the risk, and, if sent at the request of the relevant Noteholder otherwise than by ordinary mail, at the expense, of the relevant Noteholder and any person to whom
such certificate or certificates are sent) such certificate or certificates to the person and at the place specified in the Conversion Notice, together (in any case) with any other securities, property or cash required to be delivered upon
conversion and such assignments and other documents (if any) as may be required by law to effect the transfer thereof. A single share certificate will be issued in respect of all Shares issued on conversion of Notes subject to the same Conversion
Notice and which are to be registered in the same name. 

  

	 	(ii)	If the Conversion Date in relation to the conversion of any Note shall be after the record date for any issue, distribution, grant, offer or other event as gives rise to the adjustment of the Conversion Price pursuant
to Condition 6.3 (Adjustments to Conversion Price) but before the relevant adjustment becomes effective under the relevant Condition (a “Retroactive Adjustment”), then upon the relevant adjustment becoming effective, the
Issuer shall issue to the converting Noteholder or a Qualifying Affiliate (or in accordance with the instructions contained in the Conversion Notice (subject to applicable exchange control or other laws or other regulations)) such additional number
of Shares (“Additional Shares”) as is, together with Shares to be issued on conversion of the Note(s), equal to the number of Shares which would have been required to be issued on conversion of such Note if the relevant adjustment
to the Conversion Price had been made and become effective on or immediately after the relevant record date and in such event and in respect of such Additional Shares references in this paragraph (c) of Condition 6.2 (Conversion
Procedure) to the Conversion Date shall be deemed to refer to the date upon which the Retroactive Adjustment becomes effective (notwithstanding that the date upon which it becomes effective falls after the end of the Conversion Period).

  
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	 	(iii)	The person or persons specified for that purpose in the Conversion Notice will become the holder of record of the number of Shares issuable upon conversion with effect from the date he is or they are registered as such
in the Issuer’s register of members (the “Registration Date”). The Shares issued upon exercise of Conversion Rights will be fully-paid, non-assessable and free from encumbrances and in
all respects rank pari passu with the fully-paid Shares in issue on the relevant Registration Date and except that such Shares will not rank for (or, as the case may be, the relevant holder shall not be entitled to receive) any rights,
distributions or payments the record or other due date for the establishment of entitlement for which falls prior to the relevant Registration Date. 

  

	 	(iv)	If the record date for the payment of any dividend or other distribution in respect of the Shares is on or after the Conversion Date in respect of any Note, but before the Registration Date (disregarding any Retroactive
Adjustment of the Conversion Price referred to in paragraph (iii) above prior to the time such Retroactive Adjustment shall have become effective), the Issuer will calculate and pay to the converting Noteholder or his designee an amount in US
dollars (or, if such amount is not in US dollars, translated into US dollars at the Spot Rate of Exchange) equal to the fair market value of such dividend or other distribution to which he would have been entitled had he on that record date been
such a shareholder of record, as determined by the board of directors of the Issuer acting reasonably and in good faith, and will make the payment at the same time as it makes payment of the dividend or other distribution, or as soon as practicable
thereafter, but, in any event, not later than five Business Days thereafter. Any such amount shall be paid by transfer to a US dollar account maintained by the payee, in accordance with the instructions given by the relevant Noteholder in the
relevant Conversion Notice. 

  

	6.3.	Adjustments to Conversion Price 

 The Conversion Price, and the number and type of
securities to be received upon conversion of the Note or Notes is subject to adjustment from time to time as follows: 
  

	 	(a)	Dividend, Subdivision, Combination or Share Split of Shares or Equity Interests 

 In the event
that the Issuer shall at any time or from time to time, prior to conversion of all outstanding Notes: 
  

	 	(i)	pay a dividend, or make a distribution on the outstanding Shares or any Equity Interests, payable in Shares or Equity Interests; 

  

	 	(ii)	subdivide or split the outstanding Equity Interests into a larger number of Equity Interests; 

  

	 	(iii)	combine or consolidate the outstanding Equity Interests into a smaller number of Equity Interests; or 

  
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	 	(iv)	any reclassification of the Shares (other than as a result of a share dividend, subdivision or consolidation) occurs, then: 

  

	 	(A)	in the case of an event under paragraphs (i) or (ii) above, the Conversion Price then in effect shall, concurrently with the payment of such dividend or distribution or with the effectiveness of such subdivision or
split, be proportionately decreased; 

  

	 	(B)	in the case of an event under paragraph (iii) above, the Conversion Price then in effect shall, concurrently with the effectiveness of such combination or consolidation, be proportionately increased; and

  

	 	(C)	in the case of an event under paragraph (iv) above, provision shall be made so that upon conversion of the Notes, the holder thereof shall receive the kind and amount of shares and other securities and property
which such holder would have received in connection with such event had the Notes been converted into the Shares immediately prior to such event. 

  

	 	(b)	Issuance of Shares or Equity Interests below Conversion Price 

  

	 	(i)	If the Issuer shall, at any time prior to the completion of an IPO or conversion of all outstanding Notes, whichever is earlier, issue any Shares or Equity Interests (other than any Shares or Equity Interests issued as
part of the IPO itself) at an Issue Price that is less than the Conversion Price in effect immediately prior to such issuance, then the Conversion Price then in effect shall be adjusted as follows: 

ACP = CP * (OS + (NP/CP)) ÷ (OS + NS) 

Where: 
  

					
			
	 “ACP”
	  	=	  	the adjusted Conversion Price;
			
	 “CP”
	  	=	  	the Conversion Price in effect immediately prior to the issuance of the new Shares or Equity Interests;
			
	 “OS”
	  	=	  	the total number of Shares outstanding immediately prior to the issuance of the new Shares or Equity Interests, calculated on a fully diluted basis;
			
	 “NP”
	  	=	  	the total consideration received for the issuance of the new Shares or Equity Interests;
			
	 “NS”
	  	=	  	the total number of new Shares or Equity Interests issued, calculated on a fully diluted basis; and
			
	 “Issue Price”
	  	=	  	For the purposes of this section, the “Issue Price” of an Equity Interest shall be equal to the quotient of (x) divided by (y), where:

  
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		 	(x) = the aggregate amount of cash and non-cash consideration (the value of which shall be determined pursuant to paragraph (b)(iv) below) paid for such Equity Interest plus, if applicable,
any additional consideration payable (without regard to any anti-dilution adjustments) upon the conversion, exchange or exercise of such Equity Interest; and
		
		 	(y) = the number of Shares as represents such Equity Interest or into or for which such Equity Interest will convert, exchange or exercise,

 provided that if there was an adjustment to the Conversion Price pursuant to paragraph (d) of this
Condition 6.3 prior to an adjustment pursuant to this paragraph (b) of this Condition 6.3, when calculating the adjusted Conversion Price pursuant to this paragraph (b) of this Condition 6.3, “CP” shall be deemed to be the CP
After ESOP. 
  

	 	(ii)	If the terms of any Equity Interest of the Issuer other than the Notes are amended, modified or adjusted in any manner that results in a reduction of the Issue Price of such Equity Interest, the Conversion Price shall
be adjusted or further adjusted (as the case may be) in accordance with paragraph (b)(i) of Condition 6.3 (Adjustments to Conversion Price), as if the Issue Price of such Equity Interest after such reduction had been the original Issue Price
of such Equity Interest. 

  

	 	(iii)	In case of any merger, amalgamation, arrangement or consolidation of the Issuer or any capital reorganization, reclassification or other change of outstanding Shares (each, a “Transaction”), the rights
of the holders of the Notes shall continue to be recognized and not be prejudiced by such Transaction and appropriate provision shall be made therefor in the agreement, if any, relating to such Transaction, and adjustments shall be made in a manner
that is as nearly equivalent as may be practicable to the adjustments provided for in Condition 6.3 (Adjustments to Conversion Price). The provisions of this paragraph (iii) shall apply to successive transactions. 

 

	 	(iv)	If at any time any Shares or Equity Interests shall be issued (each, a “Future Subscription”) for cash, the consideration received therefor shall be the aggregate amount of cash received by the Issuer
therefor, without any deduction for any expenses incurred or any underwriting commissions or concessions or discounts paid or allowed by the Issuer in connection therewith. In case of a Future Subscription for consideration other than cash, the
amount of the consideration other than cash received by the Issuer shall be deemed to be the fair market value of such consideration as determined by the board of directors of the Issuer acting reasonably and in good faith. 

 

	 	(c)	Other Events 

 In case the Issuer at any time or from time to time, prior to the conversion of
all outstanding Notes, shall take any action affecting its Shares similar to or having an effect similar to any of the actions described in any of paragraph (c)(ii) of Condition 6.2 (Conversion Procedure) or paragraphs (a) and (b) of
Condition 6.3 (Adjustments to Conversion Price), then the Conversion Price shall be adjusted in such manner as would be equitable in the circumstances. 

  
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	 	(d)	Adjustment of Conversion Price upon adoption of ESOP 

 Upon the Issuer adopting any ESOP after
the issuance of the Notes, the Conversion Price in effect immediately prior to such adoption shall be automatically adjusted downwards to a new conversion price (“CP After ESOP”) which results in (i) the percentage of Shares
held by each Noteholder on a fully diluted and fully converted basis immediately prior to such adoption of any ESOP being equal to (ii) the percentage of Shares held by each Noteholder on a fully diluted and fully converted basis
immediately after such adoption of any ESOP. 
  

	7.	PAYMENTS 

  

	7.1.	Principal and any other amounts 

  

	 	(a)	Payment of principal, interest and any other amount due in respect of the Notes will be made by transfer to the Registered Account of the Noteholder. Such payment will be made after the relevant Certificate has been
surrendered by the relevant Noteholder at the specified office of the Issuer. 

  

	 	(b)	If an amount which is due on the Notes is not paid in full, the Registrar will annotate the Register with a record of the amount (if any) in fact paid. 

 

	7.2.	Fiscal Laws 

 All payments are subject in all cases to any applicable fiscal or other
laws and regulations in the place of payment, but without prejudice to the provisions of Condition 9 (Taxation, Set-Off and Counterclaim). No commissions or expenses shall be charged to the Noteholders
in respect of such payments. 
  

	7.3.	Payment Initiation 

 Any payment under the Finance Documents which is due to be made on a
day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	7.4.	Partial Payments 

  

	 	(a)	If, at any time, the Issuer has insufficient money, funds or resources to discharge all amounts then due and payable to all Noteholders under the Notes, then the Issuer shall pay to each Noteholder at that time an
amount equal to the product of (i) the funds available to be applied in payment to the Noteholders and (ii) the aggregate principal amount due and payable to that Noteholder at that time relative to the aggregate principal amount due and
payable to all Noteholders at that time. 

  
 - 11 - 

	 	(b)	If any Noteholder receives a payment for application against amounts due in respect of any Finance Document that is insufficient to discharge all the amounts then due and payable by the Issuer under those Finance
Documents, that Noteholder shall apply that payment towards the obligations of the Issuer under the Finance Documents in the following order: 

  

	 	(i)	firstly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any principal due but unpaid under those Finance Documents; and 

  

	 	(iii)	thirdly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(c)	The Majority Noteholders may vary the order set out in paragraphs (b)(i) to (b)(iii) above. 

  

	 	(d)	Paragraphs (a) and (b) above will override any appropriation made by any Group Company. 

  

	8.	REDEMPTION, PURCHASE AND CANCELLATION 

  

	8.1.	Maturity 

 Unless previously redeemed, converted or purchased and cancelled as provided
herein, the Issuer shall redeem each Note at its outstanding principal amount on the Maturity Date. The Issuer may not redeem the Notes at its option prior to that date. 
  

	8.2.	Redemption for No QIPO at the Option of Noteholders  

  

	 	(a)	Following the occurrence of the No QIPO Event, the holder of each Note will have the right at such holder’s option, to require the Issuer to redeem all or some only of such holder’s Notes then outstanding on
the Put Date at their principal amount together with an amount that would represent for the relevant Noteholder, as at the date of receipt of all sums due in respect of the Notes by or on behalf of such Noteholder, a total internal rate of return of
eight per cent. per annum calculated from (and including) the Issue Date to (and including) the date of receipt of all sums due in respect of the Notes by or on behalf of such Noteholder. 

 

	 	(b)	To exercise such right, the holder of the relevant Note must deliver the Certificate representing such Note to the specified office of the Issuer together with a duly completed and signed notice of exercise in the form
scheduled to this Certificate as Exhibit D (Form of Put Notice) (the “Put Notice”). 

  

	 	(c)	A Put Notice, once delivered pursuant to this Condition 8.2, shall be irrevocable and the Issuer shall redeem all Notes the subject of such Put Notice as aforesaid on the Put Date. 

 

	8.3.	Redemption Amount for No Share Delivery Event 

 Following the occurrence of any No Share
Delivery Event, the holder of each Note will have the right at such holder’s option, to require the Issuer to redeem the Notes held by it at an amount equal to the higher of (a) the No Share Delivery FMV and (b) an amount equal to the
aggregate of (i) the outstanding principal amount of the Notes held by it and (ii) an amount which would give that Noteholder a total internal rate of return of 15 per cent. per annum calculated from (and including) the Issue Date to
(and including) the date of receipt of all sums due in respect of the Notes by or on behalf of the Noteholders. 

  
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	8.4.	Cancellation 

 All Notes which are redeemed, converted or purchased by the Issuer or any
of its Group Companies or Affiliates will forthwith be cancelled. Certificates in respect of all Notes cancelled shall be forwarded to or to the order of the Registrar for destruction and such Notes may not be reissued or resold. 

 

	9.	TAXATION, SET-OFF AND COUNTERCLAIM 

  

	 	(a)	All payments made by or on behalf of the Issuer under or in respect of the Notes shall be made free from any restriction or condition and be made without deduction or withholding for or on account of any present or
future Taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any tax or other authority, unless deduction or withholding of such taxes, duties, assessments or
governmental charges is compelled by law. In such event, the Issuer will pay such additional amounts (the “Additional Tax Amounts”) as will result in the receipt by the Noteholders of such amounts as would have been received by them
had no such deduction or withholding been required. References in these Conditions to principal, outstanding principal and interest (if any) shall be deemed also to refer to any additional amounts which may be payable under this Condition.

  

	 	(b)	All payments to be made by the Issuer under the Notes shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

 

	10.	UNDERTAKINGS 

  

	 	(a)	The undertakings in Exhibit E (Undertakings) (other than those specified in paragraph (b) below) shall remain in full force and effect at all times from (and including) the Issue Date for so long as any
amount is outstanding under the Finance Documents. 

  

	 	(b)	Without prejudice to the other Conditions which shall remain in full force and effect at all times while any amount is outstanding under the Finance Documents and any other term or condition under the other Transaction
Documents, if (i) at the option of the Issuer, it elects to deliver the Deed of Account Charge to the Noteholders and the Deed of Account Charge has been duly executed between the parties thereto, and (ii) the Issuer has delivered evidence
to the Noteholders that a bank account located outside of the PRC has an amount of Cash equal to the Cash Security Amount deposited in such account over which the Account Security has been created, then, in relation to Exhibit E
(Undertakings), only paragraphs 1 (Authorizations), 2 (Compliance with Laws), 3 (Taxation), 5 (Pari passu ranking), 6 (Compliance with Transaction Documents), 12 (Amendments), 13 (Corporate Records
and Filings), 14 (Information Rights), 15 (Reservation of Shares and the Notes), 16 (Closing of Register of Members) and 17 (New Business Model) of Exhibit E (Undertakings) shall apply for so long as any amount
is outstanding under the Finance Documents. For the avoidance of doubt, if, after the operation of this paragraph (b), (A) the Deed of Account Charge ceases to be legal, valid, binding and enforceable in accordance with its terms or (B) the
Issuer fails to maintain at all times a bank account located outside of the PRC with an amount of Cash equal to the Cash Security Amount deposited in such account over which the Account Security has been created, then paragraph (a) above will
apply until the circumstances identified in sub-paragraphs (A) or (B) above have been remedied. 

  
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	11.	EVENTS OF DEFAULT  

  

	 	(a)	If any of the following events (each an “Event of Default”) occurs, the Majority Noteholders, in their sole and absolute discretion, may or, with respect to an Event of Default relating to sub-paragraph (a)(ii) below, any Noteholder, in its sole and absolute discretion, may, give notice (any such notice being a “Default Redemption Notice”) to the Issuer that all or any part of the
Notes then outstanding (including all or any part of the principal and any other amounts due and payable under the Finance Documents) are, and they shall immediately become, due and repayable: 

 

	 	(i)	Non-Payment: a default is made in the payment on the due date of any amount payable pursuant to the Notes or any other Transaction Document to any Noteholder at the place
at and in the currency in which it is expressed to be payable; 

  

	 	(ii)	Failure to deliver Shares: the occurrence of a No Share Delivery Event; 

  

	 	(iii)	Breach of Other Obligations: the Issuer or any other Group Company or any Third Party Obligor does not perform or comply with (x) any of its obligations in these Conditions (other than paragraph (a)(i) (Non-payment) above) or any other Transaction Document (other than the Issuer Articles and the Control Documents) or (y) any of its obligations under the Key Protective Terms in any material respect,
provided that no Event of Default will occur under this paragraph (a)(iii) if the failure to perform or comply is capable of remedy and is remedied within 15 days after the earlier of (A) the date on which the Majority Noteholders give notice
to the Issuer or relevant Group Company and (B) if the Issuer or any Group Company (or any of their respective directors, officers or employees) intentionally conceals, or otherwise withholds notice of, the occurrence of any Default from any
Noteholder, the date on which the Issuer or any other Group Company becomes aware of such failure to perform or comply; 

  

	 	(iv)	Misrepresentation: any representation, warranty, certification or statement made or deemed to be made (and for the purposes of this paragraph, it shall only be deemed to be made if it is so specified under any
Transaction Document) by or on behalf of the Issuer or any other Group Company or any Third Party Obligor in these Conditions, any other Transaction Document or any other document delivered by or on behalf of any such person under or in connection
with any Transaction Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made (any such representation, warranty, certification or statement being incorrect or misleading in any material
respect when made or deemed to be made being a “Misrepresentation”), provided that no Event of Default will occur under this paragraph (a)(iv) if such Misrepresentation is capable of remedy and is remedied within 15 days after the
earlier of (A) the date on which the Majority Noteholders give notice to the Issuer or relevant Group Company and (B) if the Issuer or any Group Company (or any of their respective directors, officers or employees) intentionally conceals,
or otherwise withholds notice of, any Misrepresentation from any Noteholder, the date on which the Issuer or any other Group Company becomes aware of such Misrepresentation; 

  
 - 14 - 

	 	(v)	Cross-Default: (A) any Borrowings of the Issuer or any other Group Company is not paid when due nor within any originally applicable grace period, (B) any Borrowings of the Issuer or any other Group Company
is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); (C) any commitment for any Borrowings of the Issuer or any other Group Company is cancelled or suspended
by a creditor of the Issuer or any other Group Company as a result of an event of default (however described); (D) any creditor of the Issuer or any other Group Company becomes entitled to declare any Borrowings of the Issuer or any other Group
Company due and payable prior to its specified maturity as a result of an event of default (however described); (E) the occurrence of any Liquidation Event; or (F) any delivery of any Redemption Notice under the Issuer Articles or any
redemption of any Existing Preference Share (except for a redemption made in relation to paragraphs (a) or (e) of the definition of Permitted Distribution), provided that no Event of Default will occur under
sub-paragraphs (A) to (D) of this paragraph (a)(v) if the aggregate amount of Borrowings or commitment for Borrowings falling within sub-paragraphs (A) to (D)
above is less than US$1,000,000 (or its equivalent in any other currency or currencies); 

  

	 	(vi)	Winding-up: an order is made or an effective resolution passed for the winding-up or judicial management or dissolution or
administration of the Issuer or any other Group Company; 

  

	 	(vii)	Insolvency: (A) The Issuer or any other Group Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated
financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. (B) The value of the assets of the Issuer or any other Group Company is less than its liabilities (taking into
account contingent and prospective liabilities). (C) A moratorium is declared in respect of any indebtedness of the Issuer or any other Group Company; 

  

	 	(viii)	Insolvency proceedings: any corporate action, legal proceedings or other procedure or step is taken in relation to: (A) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise, in each case being a step in an insolvency proceeding however described) or bankruptcy
order of the Issuer or any other Group Company; (B) a composition, compromise, assignment or arrangement with any creditor of the Issuer or any other Group Company; (C) the appointment of a liquidator, receiver, administrative receiver,
administrator, judicial manager, compulsory manager, bankruptcy trustee or other similar officer in respect of the Issuer or any other Group Company or any of their respective assets; or (D) enforcement of any Security over any assets of the
Issuer or any other Group Company, or any analogous procedure or step is taken in any jurisdiction; 

  

	 	(ix)	Enforcement Proceedings: any distress, sequestration, expropriation, attachment, execution, seizure before judgment is levied, enforced or sued out on or against or any analogous process in any jurisdiction
affects any part of the property, assets or revenues of the Issuer or any other Group Company; 

  
 - 15 - 

	 	(x)	Control Documents: (A) Any material breach of any Control Document, or any material adverse change in the regulatory environment, under which circumstance any Control Document is or becomes invalid, illegal
or unenforceable and, within 90 days after the Majority Noteholders have served a notice informing the Issuer of such change, no appropriate substitute mechanism reasonably acceptable to the Majority Noteholders has been agreed to achieve the
purpose of the consolidation of the financial statements of Opco into those of the Issuer under the generally accepted accounting principles of the United States of America, or (B) any Control Document is amended, varied, novated, supplemented,
superseded, waived or terminated in a manner which will have or could reasonably be expected to have a Material Adverse Effect or result in the financial statements of the Opco not being capable of being consolidated into those of the Issuer under
the Accounting Principles; 

  

	 	(xi)	Unlawfulness and invalidity: (A) it is or becomes unlawful for the Issuer or any other Group Company or any Third Party Obligor to perform any of its obligations under any Transaction Document (including any
payment or conversion obligations) or the Protective Terms or any subordination created under any subordination agreement is or becomes unlawful. (B) Any obligation or obligations of the Issuer or any other Group Company or any Third Party
Obligor under any Transaction Document (including any payment or conversion obligations) or the Protective Terms is not or ceases to be legal, valid, binding or enforceable. (C) Any Transaction Document or the Protective Terms ceases to be in
full force and effect or any subordination created under any subordination agreement ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than the Noteholders and the holders of the Existing Preference
Shares) to be ineffective; 

  

	 	(xii)	Cessation of business: the Issuer or any other Group Company suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business; 

 

	 	(xiii)	Audit qualification: the auditors of the Group qualify (A) the audited annual consolidated financial statements of the Issuer or any other Group Company or (B) the audited annual stand-alone financial
statements of the Issuer or any other Group Company; 

  

	 	(xiv)	Change of Control: the occurrence of a Change of Control; 

  

	 	(xv)	Nationalization or Compulsory Acquisition: the authority or ability of the Issuer or any other Group Company to conduct its business is limited or wholly or substantially curtailed by any seizure, compulsory
acquisition, expropriation, nationalization, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Issuer or any other Group Company or any of their respective
assets; 

  

	 	(xvi)	Repudiation: the Issuer or any other Group Company or any Third Party Obligor rescinds or repudiates (or purports to rescind or repudiate) a Transaction Document or an Existing Preference Share Document or
evidences an intention to rescind or repudiate a Transaction Document or an Existing Preference Share Document; 

  
 - 16 - 

	 	(xvii)	Litigation: any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to any Transaction Document or the
transactions contemplated in any Transaction Document or against the Issuer or any other Group Company or any Third Party Obligor or any of their respective assets (or against the directors of the Issuer or any other Group Company or any Third Party
Obligor) which has or could reasonably be expected to have a Material Adverse Effect; 

  

	 	(xviii)	Final judgment: a final judgment or judgments for the payment of money rendered against the Issuer and/or the other Group Companies which individually or collectively has or could reasonably be expected to have a
Material Adverse Effect; 

  

	 	(xix)	Loss of Licenses: any license required by the Issuer or any other Group Company to carry on its core business is amended, modified, reviewed, revised or terminated (and not renewed within 30 Business Days of the
date of such termination) in a manner or to an extent which has or could reasonably be expected to have a Material Adverse Effect; or 

  

	 	(xx)	Material adverse change: any other event or circumstance occurs which has or could reasonably be expected to have a Material Adverse Effect. 

 

	 	(b)	If a Default occurs, the Issuer shall immediately notify the Noteholders in accordance with Condition 15 (Notices). 

  

	12.	ENFORCEMENT 

 At any time after the Notes have become due and repayable, Majority
Noteholders may, at their sole and absolute discretion and without further notice, take such actions or proceedings as it may think fit to enforce repayment of the Notes and to enforce the provisions of these Conditions and the Transactions
Documents. The Majority Noteholders shall not be required to have regard to the interests of the Noteholders as a class and shall not have regard to the consequences of such exercise for individual Noteholders. 

 

	13.	NOTEHOLDERS’ RESOLUTIONS, AMENDMENTS AND WAIVERS 

  

	13.1.	Noteholder Actions 

  

	 	(a)	The Issuer may at any time and shall at the request in writing of persons holding not less than 50 per cent. of the outstanding principal amount of the Notes outstanding at any time convene a meeting of the
Noteholders by giving not less than 14 days’ notice (exclusive of the day on which the notice is given and the day on which the meeting is held) thereof to Noteholders which notice shall specify the date, time and place of the meeting and shall
specify the nature of the resolutions to be proposed. Such meeting shall have power by a resolution passed by the Majority Noteholders to, among other things, sanction any amendment or waiver or compromise or agreement or any arrangement in respect
of the rights of the Noteholders against the Issuer, the exchange of the Notes for or the conversion of the Notes into obligations or securities of any other company, to do anything required to be done by resolution and to assent to any amendment or
abrogation of the provisions of these Conditions (including all matters in relation to or in connection with the Transaction Documents). 

  
 - 17 - 

	 	(b)	A resolution signed by the Majority Noteholders shall be as valid and effectual as if it had been passed at a meeting of the Noteholders duly convened and held. 

 

	 	(c)	All resolutions passed at any meeting or resolutions by way of written resolutions or any actions taken by the Majority Noteholders shall be binding on all Noteholders, whether or not they are present or represented at
the meeting. 

  

	 	(d)	The provisions governing the conduct of meetings are as set out in Exhibit F (Provisions governing Noteholder Meetings) hereto. 

 

	13.2.	Amendment 

 Any amendment, supplement, variation or modification to the Conditions or any
waiver or authorization of any breach by the Issuer or any Group Company of these Conditions may only be effected after being sanctioned by a resolution of the Majority Noteholders (by way of meeting or in writing) and agreed to by the Issuer in
writing. 
  

	14.	REPLACEMENT OF CERTIFICATES 

 If any Certificate is mutilated, defaced, destroyed, stolen
or lost, it may be replaced at the specified office of the Registrar and made available for collection at the specified office of the Issuer upon payment by the claimant of such costs as may be incurred in connection therewith and on such terms as
to evidence and indemnity as the Issuer and the Registrar may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued. 
  

	15.	NOTICES 

  

	 	(a)	Each notice, demand or other communication given or made under these Conditions shall be in writing in English and delivered or sent to the relevant Party at its address or to its
e-mail address set out below (or such other address or e-mail address as the addressee has by five Business Days’ prior written notice specified to the other Party)
or, in the case of the Noteholders, in accordance with the details set out in the Register: 

 Address:
     
 Email:      

Attention:      
  

	 	(b)	Any notice, demand or other communication given or made by letter between countries shall be delivered by international commercial overnight delivery service or courier (such as Federal Express or DHL).

  
 - 18 - 

	 	(c)	Any notice, demand or other communication so addressed to the relevant Party shall be deemed to have been delivered (i) if delivered in person or by messenger, when proof of delivery is obtained by the delivering
Party; (ii) if sent by post within the same country, on the third Business Day following posting, and if sent by post to another country, on the seventh Business Day following posting; and (iii) if given or made by fax, upon dispatch and
the receipt of a transmission report confirming dispatch. 

  

	16.	CURRENCY  

 US dollars is the sole currency of account and payment for all sums payable
by the Issuer under or in connection with the Notes, including damages, and the Issuer shall not be discharged from its obligations under the Notes unless and until the Noteholders have received in full the amounts outstanding under the Notes in US
dollars. 
  

	17.	SHARING AMONG THE FINANCE PARTIES 

  

	17.1.	Payments to Finance Parties 

 If a Noteholder (a “Recovering
Noteholder”) receives or recovers any amount from the Issuer other than in accordance with Condition 7.4 (Partial Payments) (a “Recovered Amount”) and applies that amount to a payment due under the Finance Documents
then: 
  

	 	(a)	the Recovering Noteholder shall, within three Business Days, notify details of the receipt or recovery, to the other Noteholders; 

  

	 	(b)	the other Noteholders shall determine whether the receipt or recovery is in excess of the amount the Recovering Noteholder would have been paid had the receipt or recovery been received or made by the Issuer in
accordance with Condition 7.4 (Partial Payments), without taking account of any Tax which would be imposed on the Recovering Noteholder in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Noteholder shall, within three Business Days of demand by the other Noteholders, pay to the other Noteholders an amount (the “Sharing Payment”) equal to such receipt or recovery less any
amount which the other Noteholders determine may be retained by the Recovering Noteholder as its share of any payment to be made, in accordance with Condition 7.4 (Partial Payments). 

 

	17.2.	Redistribution of payments 

 The other Noteholders (each a “Sharing
Noteholder”) shall treat the Sharing Payment as if it had been paid by the Issuer in accordance with Condition 7.4 (Partial Payments) towards the obligations of the Issuer to the Sharing Noteholders. 

 

	17.3.	Recovering Noteholder’s rights 

 On a distribution by a Recovering Noteholder from
the Issuer, as between the Issuer and the Recovering Noteholder, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by the Issuer. 

  
 - 19 - 

	17.4.	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Noteholder becomes repayable and is repaid by that Recovering Noteholder, then: 
  

	 	(a)	each Sharing Noteholder shall, upon request of the Recovering Noteholder, pay to the account of that Recovering Noteholder an amount equal to the appropriate part of its share of the Sharing Payment (together with an
amount as is necessary to reimburse that Recovering Noteholder for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 

 

	 	(b)	as between the Issuer and each relevant Sharing Noteholder, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by the Issuer. 

 

	17.5.	Exceptions 

  

	 	(a)	This Condition 17 shall not apply to the extent that the Recovering Noteholder would not, after making any payment pursuant to this Condition, have a valid and enforceable claim against the Issuer. 

 

	 	(b)	A Recovering Noteholder is not obliged to share with any other Noteholder any amount which the Recovering Noteholder has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified the other Noteholders of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Noteholders had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration
proceedings. 

  

	18.	DEFINITIONS AND INTERPRETATION 

  

	 	(a)	The definitions set out in Exhibit G (Definitions) shall apply to this Certificate and these Conditions. 

  

	 	(b)	A reference in these Conditions to: 

  

	 	(i)	the Issuer, UA Mobile, KK Mobile, the WFOE, Opco, any Group Company, any Noteholder, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

  

	 	(ii)	a document in “agreed form” is a document which is previously agreed in writing by or on behalf of the Issuer and the Majority Noteholders; 

 

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality); 

  

	 	(v)	a “Finance Document”, a “Transaction Document” or any other agreement or instrument is a reference to that Finance Document, Transaction Document or other agreement or instrument as
amended, novated, supplemented, extended, replaced or restated (however fundamentally), in accordance with the terms of these Conditions; 

  
 - 20 - 

	 	(vi)	“guarantee” means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness
of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

  

	 	(vii)	“control” in relation to a company, corporation or entity means (A) the ability, power or authority, whether exercised or not, to direct the affairs, business, management and policies of such
company, corporation or entity, whether through the ownership of voting securities, by contract or otherwise, (B) the beneficial ownership of more than 50 per cent. of, or the power to direct the vote of more than 50 per cent. of, the
votes entitled to be cast at a meeting of the members or shareholders of such company corporation or entity, and/or (C) the power to control the composition of the board of directors or equivalent body of such company, corporation or entity,
which percentage of such board of directors or equivalent body is able to control more than 50 per cent. of the voting powers capable of being exercised at such board of directors or equivalent body, and the terms “controlled” and
“controlling” have meanings correlative to the foregoing; 

  

	 	(viii)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(ix)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, being of a type with which any person
to whom it applies is accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organization; 

 

	 	(x)	“costs”, “charges” or “expenses” include any withholding, value added, turnover or similar tax charged in respect thereof; 

 

	 	(xi)	“outstanding” means, in relation to the Notes, all the Notes issued except (A) those which have been redeemed or converted in accordance with these Conditions, (B) those in respect of which
the date for redemption or conversion has occurred and the redemption moneys (including any premium and any interest payable under these Conditions after the relevant redemption date) are held by the Issuer and which remain available for payment or
Shares in respect of which the Notes have been converted into have not been delivered following surrender of Certificates in respect of the Notes, and (C) those which have been purchased and cancelled (or which are required to be cancelled) as
provided in the Conditions; 

  

	 	(xii)	“procure” or “ensure” in relation to those obligations of the Issuer with respect to the Group Companies shall include that of Opco notwithstanding that Opco is not a Subsidiary of the
Issuer, and the Issuer shall seek to control Opco through contract or otherwise, and any failure of Opco to comply with the obligations set out under the Notes shall constitute a Default under the Notes and these Conditions; 

  
 - 21 - 

	 	(xiii)	a Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has not been waived; 

 

	 	(xiv)	any statute or statutory provision or stock exchange listing rules include: (A) that statute or provision or listing rules as from time to time amended, re-enacted or
consolidated whether before or after the Issue Date; and (B) any subordinate legislation made from time to time under that statute or statutory provision; and 

 

	 	(xv)	a time of day is a reference to Hong Kong time. 

  

	 	(c)	No failure to exercise, nor any delay in exercising, on the part of any Noteholder, any right or remedy under the Transaction Documents shall operate as a waiver of any such right or remedy or constitute an election to
affirm any of the Transaction Documents. No election to affirm any of the Transaction Documents on the part of any Noteholder shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further
or other exercise or the exercise of any other right or remedy. The rights and remedies provided in the Transaction Documents are cumulative and not exclusive of any rights or remedies provided by law. 

 

	 	(d)	If, at any time, any provision of the Notes is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions
nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

  

	 	(e)	Headings in these Conditions are included for convenience of reference only and shall not constitute a part of the Notes for any other purpose. The Exhibits to this Certificate form part of this Certificate and shall be
construed accordingly. 

  

	 	(f)	Time shall be of the essence of these Notes both as regards any dates, times and periods mentioned and as regards any dates, times and periods which may be substituted for them in accordance with these Conditions or by
agreement in writing between the Parties. 

  

	 	(g)	An action, remedy or method of judicial proceedings for the enforcement of rights of creditors include references to the action, remedy or method of judicial proceedings in jurisdictions other than Hong Kong as shall
most nearly approximate thereto. 

  

	 	(h)	“US$”, “USD” or “US dollars” means United States dollars, the lawful currency of the time being of the United States of America. “RMB” means the lawful
currency of the time being of the PRC. 

  

	19.	GOVERNING LAW AND JURISDICTION 

  

	19.1.	Governing Law 

 The Notes and these Conditions are governed by and shall be construed in
accordance with the laws of Hong Kong. 

  
 - 22 - 

	19.2.	Arbitration 

  

	 	(a)	Any dispute or claim arising out of or in connection with or relating to the Notes or these Conditions or any other Transaction Document, or the breach, termination or invalidity hereof or thereof (including the
validity, scope and enforceability of this arbitration provision) (a “Dispute”), shall be finally resolved by the Issuer and the Noteholders (together, the “Parties” and each a “Party”) by
arbitration in Hong Kong, which arbitration shall have its seat in Hong Kong, under the auspices of the HKIAC and in accordance with the Hong Kong International Arbitration Center Administered Arbitration Rules (the “HKIAC Arbitration
Rules”) in force when the Notice of Arbitration (as contemplated under the HKIAC Arbitration Rules) is submitted and as may be amended by the rest of this Condition 19.2. For the purpose of such arbitration, there shall be three arbitrators
(the “Arbitration Board”). The Majority Noteholders shall select one arbitrator and the Issuer shall select one arbitrator. All selections shall be made within 30 days after the selecting Party gives or receives the demand for
arbitration. Such arbitrators shall be freely selected, and the Parties shall not be limited in their selection to any prescribed list. The Chairman of the HKIAC shall select the third arbitrator. If any arbitrator to be appointed by a Party has not
been appointed and consented to participate within 30 days after the selection of the first arbitrator, the relevant appointment shall be made by the Chairman of the HKIAC. 

 

	 	(b)	The arbitrators shall decide any such dispute or claim strictly in accordance with the governing law specified in Condition 19.1 (Governing Law). Judgment upon any arbitral award rendered hereunder may be entered
in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. 

 

	 	(c)	In order to preserve its rights and remedies, any Party shall be entitled to seek any order for the preservation of property, including any interim injunctive relief, in accordance with applicable law from any court of
competent jurisdiction or from the arbitration tribunal pending the final decision or award of the Arbitration Board. 

  

	 	(d)	Without prejudice to Condition 19.4 (Process), each Party irrevocably consents to the service of process, notices or other paper in connection with or in any way arising from the arbitration or the enforcement of
any arbitral award, by use of any of the methods and to the addresses set forth for the giving of notices in Condition 15 (Notices). Nothing contained herein shall affect the right of any Party to serve such processes, notices or other papers
in any other manner permitted by applicable law. 

  

	 	(e)	The Parties agree to facilitate the arbitration by (i) cooperating in good faith to expedite (to the maximum extent practicable) the conduct of the arbitration, (ii) making available documents, books, records
and personnel under their control in accordance with the HKIAC Arbitration Rules, (iii) conducting arbitration hearings to the greatest extent possible on successive Business Days and (iv) using their best efforts to observe the time
periods established by the HKIAC Arbitration Rules or by the Arbitration Board for the submission of evidence and briefs. 

  
 - 23 - 

	 	(f)	The costs and expenses of the arbitration, including the fees of the Arbitration Board, shall be allocated between each Party as the Arbitration Board deems equitable. 

 

	 	(g)	Any award made by the Arbitration Board shall be final and binding on each of the Parties that were parties to the dispute. The Parties expressly agree to waive the applicability of any laws and regulations that would
otherwise give the right to appeal the decisions of the Arbitration Board so that there shall be no appeal to any court of law for the award of the Arbitration Board, and a Party shall not challenge or resist the enforcement action taken by any
other Party in whose favor an award of the Arbitration Board was given. 

  

	19.3.	Consolidation of Disputes  

 Where Disputes arise under the Notes or these Conditions or
any other Transaction Document which, in the reasonable opinion of the first arbitration panel to be appointed in any of the Disputes, are so closely connected that it is expedient for them to be resolved in the same proceedings, that arbitration
panel shall have the power to order that the proceedings to resolve that Dispute shall be consolidated with those to resolve any of the other Disputes (whether or not proceedings to resolve those other Disputes have been instituted), provided that
no date for exchange of witness statements has been fixed. If the arbitration panel so orders, the parties to each Dispute which is a subject of such order shall be treated as having consented to that Dispute being finally decided: 

 

	 	(a)	by the arbitration panel that ordered the consolidation unless HKIAC decides that the arbitrator would not be suitable or impartial; and 

 

	 	(b)	in accordance with the procedure, at the seat specified in the arbitration clause in the relevant Transaction Document under which the arbitration panel that ordered the consolidation was appointed, save as otherwise
agreed by all parties to the consolidated proceedings or, in the absence of such agreement, ordered by the arbitration panel in the consolidated proceedings. 

  

	19.4.	Process 

 The Issuer agrees that the process by which any legal proceedings in Hong Kong
are begun may be served on it by being delivered to KK Mobile. If the Issuer ceases to have an agent to accept service of process in Hong Kong, it shall forthwith appoint a further agent in Hong Kong to accept service of process on its behalf in
Hong Kong and notify the Noteholders of such appointment, and, failing such appointment within 15 days, the Majority Noteholders shall be entitled to appoint such a person by notice to the Issuer and the other Noteholders (at the Issuer’s
expense). Nothing in this Condition 19.4 shall affect the right to serve process in any other manner permitted by law. 

  
 - 24 - 

 EXHIBIT A 

FORM OF TRANSFER 
 FOR VALUE
RECEIVED the undersigned hereby transfers to 
  

	
	  

	  

 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE AND THE OTHER DETAILS REQUIRED UNDER CONDITION 3.1
(REGISTER)) 
 US$[●] principal amount of the Notes in respect of which this Certificate (Certificate No.: [●]) is
issued, and all rights in respect thereof. 
 All payments in respect of the Notes hereby transferred are to be made (unless otherwise instructed by the
transferee) to the following account: 
  

			
	Name of bank	 	:
		
	US$ account number	 	:
		
	For the account of	 	:

 [The transferor hereby requests that a Certificate evidencing the Notes not so transferred be issued in its name and be made
available for collection at the specified office of the Issuer / dispatched (at its risk) to the person whose name and address is given below and in the manner specified below in accordance with Condition 3.3 (Delivery of New Certificates).

  

			
	Name:	 	
		
	Address	 	:]
		
	Dated	 	:

  

			
	Certifying Signature	 	
		
	Name	 	:
		
	Title	 	:

  
 - 25 - 

 Notes: 
  

	(a)	A representative of the holder of the Notes should state the capacity in which he signs, e.g. executor. 

  

	(b)	The signature of the persons effecting a transfer shall conform to any list of duly authorized specimen signatures supplied by the registered holder or be certified by a notary public or in such other manner as the
Issuer may require. 

  

	(c)	This form of transfer should be dated as of the date it is deposited with the Issuer. 

  

	(d)	Transfers of the Notes are subject to the restrictions set out in Condition 3 (Transfers of Notes; Issue of Certificates) and Exhibit B (Regulations Concerning the Transfer and Registration of Notes).

  
 - 26 - 

 EXHIBIT B 

REGULATIONS CONCERNING THE TRANSFER AND REGISTRATION OF NOTES 
  

	1.	Each Note shall be in the denomination of US$1,000,000 or higher integral multiples of US$1. Certificates, each evidencing entitlement to one or more Notes, shall be issued in accordance with the Conditions.

  

	2.	The Notes may be transferred subject to Condition 3.2 (Transfer), provided that the transferee shall have agreed in writing to be bound by the terms of the Investors’ Rights Agreement by executing the Deed
of Adherence in the form of Schedule 2 attached thereto. The Notes are transferable by execution of the form of transfer on each Certificate endorsed under the hand of the transferor or, where the transferor is a corporation, under its common seal
or under the hand of a director or a duly authorized officer in writing. In this Exhibit “transferor” shall where the context permits or requires include joint transferors and be construed accordingly. 

 

	3.	The Certificate issued in respect of the Note to be transferred must be delivered for registration to the specified office of the Issuer accompanied by such other evidence (including certificates and/or legal opinions)
as the Issuer or the Registrar may reasonably require to prove the title of the transferor or his right to transfer the Note and his identity and, if the form of transfer is executed by some other person on his behalf or in the case of the execution
of a form of transfer on behalf of a corporation by its officers, the authority of that person or those persons to do so. The signature of the person effecting a transfer of a Note shall conform to any list of duly authorized specimen signatures
supplied by the registered holder or be certified by a recognized bank, notary public or in such other manner as the Issuer or the Registrar may reasonably require. 

 

	4.	The executors or administrators of a deceased holder of Notes (not being one of several joint holders) and, in the case of the death of one or more of the joint holders, the survivor or survivors of such joint holders,
shall be the only persons recognized by the Issuer and the Registrar as having any title to such Notes. 

  

	5.	Any person becoming entitled to Notes in consequence of the death or bankruptcy of the holder of such Notes may, upon producing such evidence that he holds the position in respect of which he proposes to act under this
paragraph or of his title as the Issuer or the Registrar shall reasonably require (including certificates and/or legal opinions), be registered himself as the holder of such Notes or, subject to the preceding paragraphs as to transfer, may transfer
such Notes. The Issuer or the Registrar may retain any amount payable upon the Notes to which any person is so entitled until such person shall be so registered or shall duly transfer the Notes. 

 

	6.	Unless otherwise requested by him and agreed by the Issuer, a holder of Notes shall be entitled to receive only one Certificate in respect of his holding. 

 

	7.	The joint holders of a Note shall be entitled to one Certificate only in respect of their joint holding which shall, except where they otherwise direct, be delivered to the joint holder whose name appears first in the
Register in respect of the joint holding. 

  

	8.	The Issuer and the Registrar shall make no charge to the holders for the registration of any holding of Notes or any transfer of Notes or for the issue of any Certificates or for the delivery of Certificates at the
specified office of the Issuer or by uninsured post to the address specified by the holder. If any holder entitled to receive a Certificate wishes to have it delivered to him otherwise than at the specified office of the Issuer, such delivery shall
be made upon his written request to the Issuer, at his risk and (except where sent by uninsured post to the address specified by the holder) at his expense. 

  
 - 27 - 

	9.	The Registrar shall within three Business Days of a request to effect a transfer of a Note deliver at the specified office of the Issuer to the transferee or dispatch by mail (at the risk of the transferee) to such
address as the transferee may request, a new Certificate in respect of the Note or Notes transferred. In the case of a transfer, exchange, conversion, redemption or purchase of fewer than all the Notes in respect of which a Certificate is issued, a
new Certificate in respect of the Notes not transferred, exchanged, converted, redeemed or purchased will be made available for collection at the specified office of the Issuer or, if so requested, be mailed by uninsured mail at the risk of the
holder of the Notes not so transferred, exchanged, converted, redeemed or purchased (but free of charge to the holder and at the Issuer’s expense) to the address of such holder appearing on the Register. 

 

	10.	Notwithstanding any other provisions of this Certificate, the Issuer shall register the transfer of any Note only upon presentation of an executed and duly completed form of transfer substantially in the form set forth
in Exhibit A (Form of Transfer) together with any other documents thereby required pursuant to Condition 3 (Transfer of Notes; Issue of Certificates). 

  
 - 28 - 

 EXHIBIT C 

FORM OF CONVERSION NOTICE 

AURORA MOBILE LIMITED 

US$35,000,000 ZERO COUPON NON-GUARANTEED AND UNSECURED 

CONVERTIBLE NOTES DUE 2021 
 [Date] 

 

	To:	Aurora Mobile Limited (the “Issuer”) 

  

	Re:	Conversion Notice in relation to the US$35,000,000 Zero Coupon Non-Guaranteed and Unsecured Convertible Notes due 2021 (the “Notes”), constituted by the Certificate
issued in respect of the Notes 

 Dear Sirs, 

We, being the holder of Notes in the aggregate principal amount of US$[•] of the Notes, hereby deliver this Conversion Notice pursuant to Condition 6.2
(Conversion Procedure) of the Notes and notify the Issuer of the exercise of the conversion rights set forth in paragraph (a) of Condition 6.1 (Conversion Right) of the Notes to convert [all of the outstanding principal amount of
the Notes] [such principal amount of the Notes set out below] at the prevailing Conversion Price set out below. Capitalized terms used herein shall, unless otherwise defined, have the same meanings as given to them in the Certificate and the
Conditions. 
  

	1.	Total principal amount and certificate numbers of Notes to be converted: 

 Total principal
amount: 
 Total number of Notes: 

Certificate numbers of Notes: 

N.B. The certificate numbers of Notes attached need not be in consecutive serial numbers. 

 

	2.	Conversion Price on Conversion Date: 

  

	3.	Total number of Shares to be issued: 

  

	4.	Name(s), address(es) and signature(s) of person(s) in whose name(s) the Shares required to be delivered on conversion are to be registered: 

 

	
	Name:                                     
                               
	Address:                                     
                           
	
	
	Telephone Number:                                  
            
	Fax
Number:                                        
                 

  
 - 29 - 

	5.	I/We hereby request that the Shares be in dematerialized/physical certificate form* and that any certificates together with any other securities, property or cash required to be delivered upon conversion be dispatched
(at my/our risk) to the person whose name and address is given below and in the manner specified below: 

  

					
	a. Name of Addressee:	  	
	Name:	  	  
	  	
	Address:	  	  
	  	
	  
	  	
	  
	  	
	Manner of dispatch (if other than by ordinary mail):	  	  
	  	

 b. Relevant Clearing System Account Number (if Shares
in dematerialized form) 
  

					
	Account Details:	  	
                     

	  	
	  
	  	

 c. Bank Details (if payment of cash by wire transfer):

					
	Bank:	  	              
	  	
	Address:	  	  
	  	
	Bank Code (SWIFT/ABAN/etc.):	  	  
	  	
	Account no:	  	
                     

	  	
	Accountholder:	  	  
	  	

  

	6.	I/We hereby request that a Certificate evidencing the Notes not so converted be issued in our name and be made available for collection at the specified office of the Issuer/ dispatched (at my/our risk) to the person
whose name and address is given below and in the manner specified below in accordance with paragraph (b) of Condition 3.3 (Delivery of New Certificates) and paragraph (c) of Condition 6.2 (Conversion Procedure).

  

					
	Name of Addressee:	  	  
	  	
	Address:	  	  
	  	
	  
	  	
	  
	  	
	Manner of dispatch (if other than by ordinary mail):	  	  
	  	

  
 - 30 - 

	7.	The Certificates representing the Notes converted hereby accompany this Conversion Notice. 

  

	*	(Delete as appropriate) 

  

							
	Name:	 	  
	  	Date:	  	  

	Address:	 	  
	  		  	
	Signature:	 	  
	  		  	

  
  

Notes: 
  

	(i)	This Conversion Notice will be void unless the introductory details, Sections 1, 2, 3, 4, 5 and (if applicable) 6 are completed. 

  

	(ii)	Dispatch of share certificates or other securities or property will be made at the risk of the converting Noteholder. 

  

	(iii)	If an adjustment contemplated by the terms and conditions of the Notes is required in respect of a conversion of Notes where additional Shares are to be issued, certificates for the additional Shares deliverable
pursuant to such adjustment (together with any other securities, property or cash) will be delivered or dispatched in the same manner as for the Shares, other securities, property and cash delivered pursuant to this Conversion Notice.

  
 - 31 - 

 EXHIBIT D 

FORM OF PUT NOTICE 
 PUT
NOTICE 
 AURORA MOBILE LIMITED 

US$35,000,000 ZERO COUPON NON-GUARANTEED AND UNSECURED 

CONVERTIBLE NOTES DUE 2021 
 [Date] 

 

	To:	Aurora Mobile Limited (the “Issuer”) 

  

	Re:	Put Notice in relation to the US$35,000,000 Zero Coupon Non-Guaranteed and Unsecured Convertible Notes due 2021 (the “Notes”)  

By depositing this duly completed Put Notice at the specified office of Aurora Mobile Limited (the “Issuer”) for the Notes, the undersigned
holder of such of the Notes as are represented by the Certificate that is surrendered with this Put Notice and referred to below, irrevocably exercises its option to have such Notes, or the principal amount of Notes specified below redeemed on
[Specify Put Date] under Condition 8.2 (Redemption for No QIPO at the Option of Noteholders) of the Notes. 
 This Put Notice relates to Notes
in the aggregate principal amount of US$[•], bearing the following certificate numbers:
[                                ]. [In addition, [insert any other amounts
payable].] 
 Payment Instructions 
 Please make
payment in respect of the above Notes as follows: 
 *(a)    by transfer to the registered account of the holder appearing in the
Register. 
 *(b)    by transfer to the following US dollar account: 

 

			
		  	Bank:
                                         
                                         
 
		  	Address:
                                         
                                     
		  	Bank Code (SWIFT/ABAN/etc.):
                                       

		  	Account no:
                                         
                                
		  	Accountholder:
                                         
                           

 *Delete as appropriate 
  

							
	Name:	 	  
	  	Date:	  	  

	Address:	 	  
	  		  	
	Signature:	 	  
	  		  	

  
 - 32 - 

 EXHIBIT E 

UNDERTAKINGS 
  

	1.	Authorizations 

 The Issuer shall (and the Issuer shall ensure that each Group Company
will) promptly obtain, comply with and do all that is necessary to maintain in full force and effect any Authorization required under any law or regulation of a Relevant Jurisdiction to (a) enable it to perform its obligations under the
Transaction Documents to which it is a party; (b) ensure the legality, validity, enforceability or admissibility in evidence of any Transaction Document to which it is a party; and (c) carry on its business. 

 

	2.	Compliance with Laws 

  

	 	(a)	The Issuer shall (and the Issuer shall ensure that each Group Company and each of its Affiliates will) comply in all respects with all applicable laws and regulations to which it may be subject, including applicable
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions Laws). 

  

	 	(b)	The Issuer shall not (and the Issuer shall ensure that each Group Company and their respective Affiliates will not) permit any of its Subsidiaries or Affiliates or any of its or their respective directors,
administrators, officers, managers, board of directors (supervisory and management) members, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value to,
directly or indirectly, any non-U.S. official or any other person, in each case, in violation of any Anti-Corruption Laws. In addition, the Issuer shall (and the Issuer shall ensure that each Group Company and
each of their Affiliates will) (i) cease all of its or their respective activities, as well as remediate any actions taken by the Issuer, its Subsidiaries or Affiliates, or any of its or their respective directors, administrators, officers,
managers, board of directors (supervisory and management) members, employees, independent contractors, representatives or agents in violation of any Anti-Corruption Laws, and (ii) maintain systems of internal controls (including, but not
limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions Laws. 

 

	 	(c)	The Issuer shall not (and the Issuer shall ensure that each Group Company and their respective Affiliates will not), directly or indirectly use the proceeds of the Notes, or lend, contribute or otherwise make available
such proceeds to any person targeted by or subject to any Sanctions Laws. 

  

	 	(d)	The Issuer shall not (and the Issuer shall ensure that each Group Company and their respective Affiliates will not) engage, directly or indirectly, in any other activities that would result in a violation of Sanctions
Laws by any person, including any person participating in the transactions contemplated by these Conditions or in any of the other Transaction Documents. 

  

	 	(e)	The Issuer shall (and the Issuer shall ensure that each Group Company will) conduct its operations at all times in compliance with Anti-Money Laundering Laws. 

  
 - 33 - 

	 	(f)	The Issuer shall (and the Issuer shall ensure that each Group Company will) implement and maintain an adequate anti-corruption compliance policy and training program which is to the satisfaction of the Majority
Noteholders. 

  

	3.	Taxation 

 The Issuer shall (and the Issuer shall ensure that each Group Company will)
comply with all applicable tax laws, including paying and discharging all Taxes imposed upon it or its assets within the time period allowed without incurring material penalties. 

 

	4.	Merger 

 The Issuer shall not (and the Issuer shall ensure that each Group Company will
not) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction which has or could reasonably be expected to have a Material Adverse Effect on any Noteholder. 

 

	5.	Pari passu ranking 

 The Issuer shall (and the Issuer shall ensure that each Group
Company will) ensure that at all times any unsecured and unsubordinated claims of the Noteholders against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except
those creditors whose claims are mandatorily preferred by laws of general application to companies. 
  

	6.	Compliance with Transaction Documents 

 The Issuer shall (and the Issuer shall ensure
that each Group Company will) comply with and perform its obligations (or the obligations of the Issuer) under the Notes and the other Transaction Documents. 
  

	7.	Negative pledge 

  

	 	(a)	The Issuer shall not (and the Issuer shall ensure that each Group Company will not) create or permit to subsist any Security over any of its assets. 

 

	 	(b)	The Issuer shall not (and the Issuer shall ensure that each Group Company will not): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by any Group Company; 

 

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 
  

	 	(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security, which is Permitted Security. 

  
 - 34 - 

	8.	Loans or credit 

 The Issuer shall not (and the Issuer shall ensure that each Group
Company will not) be a creditor in respect of any Financial Indebtedness, except for a Permitted Loan. 
  

	9.	No Guarantees or indemnities 

 The Issuer shall not (and the Issuer shall ensure that
each Group Company will not) incur or allow to remain outstanding any guarantee in respect of any obligation of any person, except for a Permitted Guarantee. 
  

	10.	Dividends and share redemption 

 The Issuer shall not (and the Issuer shall ensure that
each Group Company will not): 
  

	 	(a)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital) and/or any other Equity Interests; 

  

	 	(b)	pay, repay or prepay any principal, interest or other amount on or in respect of, or redeem, purchase or defease any Financial Indebtedness owing to any direct or indirect shareholder of the Issuer or any Affiliate of
any such person; 

  

	 	(c)	repay or distribute any dividend or share premium reserve; 

  

	 	(d)	pay any management, advisory or other fee to or to the order of any of the shareholders of the Issuer or any Affiliate of any such person; or 

 

	 	(e)	redeem, purchase, repurchase, defease, retire, reduce or repay any of its share capital (including any preference shares or other Equity Interests) or resolve to do so, 

except for a Permitted Distribution. 
  

	11.	Financial Indebtedness 

 The Issuer shall not (and the Issuer shall ensure that each
Group Company will not) incur or allow to remain outstanding any Financial Indebtedness, except for Permitted Financial Indebtedness. 
  

	12.	Amendments 

  

	 	(a)	The Issuer shall not (and the Issuer shall ensure that each Group Company will not) amend, vary, supplement, supersede, waive or terminate any term of a Transaction Document (other than the Issuer Articles and the
Control Documents) or any other document delivered to the Noteholders pursuant to the Subscription Agreement except with the prior written consent of the Majority Noteholders. 

  
 - 35 - 

	 	(b)	The Issuer shall not amend, vary, supplement, supersede or terminate, or seek waiver in connection with, any Protective Term or agree to do any of the foregoing (“Amendment to Protective Terms”),
provided that an Amendment to the Protective Terms shall only be permitted if (a) the prior written consent of the Requisite Percentage Holders in respect of such amendment has been obtained, (b) such amendment is not or could not
reasonably be expected to be materially prejudicial to the interests of any Noteholder and (c) none of (i) the Existing Preferred Shareholders, (ii) the directors, officers and employees of such Existing Preferred Shareholders and
(iii) the Affiliates of such persons specified in sub-paragraphs (c)(i) and (c)(ii), have received or derived (or will in the future receive or derive) any direct or indirect consideration in cash or any
other type of benefit (economic or otherwise) in connection with any consent given by such Existing Preferred Shareholder to any request made by Pledgor 1 and/or any Group Company for an Amendment to the Protective Terms. 

 

	13.	Corporate Records and Filings 

  

	 	(a)	The Issuer shall (and the Issuer shall ensure that each Group Company will) maintain their books and records in accordance with sound business practices and implement and maintain an adequate system of procedures and
controls with respect to finance, management, and accounting that meets national standards of good practice and is reasonably satisfactory to the Majority Noteholders, to provide reasonable assurance that (i) transactions by it are executed in
accordance with management’s general or specific authorization, (ii) transactions by it are recorded as necessary to permit preparation of financial statements in conformity with the Accounting Principles, consistently applied, and to
maintain asset accountability, (iii) access to assets of it is permitted only in accordance with management’s general or specific authorization, (iv) segregating duties for cash deposits, cash reconciliation, cash payment and proper
approval is established, and (v) no personal assets or bank accounts of the employees, directors, officers are mingled with the corporate assets or corporate bank account, and no Group Company uses any personal bank accounts of any employees,
directors, officers thereof during the operation of the business. 

  

	 	(b)	The Issuer shall (and the Issuer shall ensure that each Group Company and their Affiliates will) maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing
systems) to ensure compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions Laws. 

  

	14.	Information Rights 

  

	 	(a)	The Issuer shall (and the Issuer shall ensure that each Group Company will) prepare and submit to the Noteholders the following information as soon as possible and in any event no later than the dates or times set out
below: 

  

	 	(i)	a certificate signed by two directors of the Issuer confirming that no Default has occurred since the date of the last such certificate (or, if none, the Issue Date) within 14 days after any such request made by the
Majority Noteholders; 

  

	 	(ii)	the details of any Change of Control, Liquidation Event, Redemption Notice, or redemption of any Existing Preference Share, immediately upon becoming aware of any of them; 

 

	 	(iii)	any notice, statement or circular issued to the members or creditors (or any class of them) of the Issuer or any other Group Company generally in their capacity as such, at the same time as they are dispatched;

  
 - 36 - 

	 	(iv)	the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending (including any investigation or proposed investigation by any pensions or social insurance regulator (or
other equivalent Governmental Authority administering or regulating pensions or social insurance)) against any Group Company which has or could reasonably be expected to have a Material Adverse Effect, promptly upon becoming aware of them; and

  

	 	(v)	the details of any breach or proposed amendment, waiver or termination of any of the Control Documents or any restructuring of any Group Company or any of its businesses (including (a) any proposed substitute
mechanism to achieve the purpose of the consolidation of the financial statements of the Opco into those of the Issuer under the generally accepted accounting principles of the United States of America in the event that the Control Documents have
become or will become invalid, illegal or unenforceable and (b) the acquisition or establishment by any Group Company or any of its shareholders and their respective Affiliates of an entity (or any interest therein) that owns, directly or
indirectly, the business conducted by the Opco), promptly upon becoming aware of any of the foregoing. 

  

	 	(b)	If, while any Conversion Right is or is capable of being or becoming exercisable, there shall be any adjustment to the Conversion Price, the Issuer shall promptly after the adjustment takes effect, give notice to the
Noteholders stating that the Conversion Price has been adjusted and setting out the event giving rise to the adjustment, the Conversion Price in effect before the adjustment, the adjusted Conversion Price and the effective date of the adjustment.

  

	15.	Reservation of Shares and the Notes 

  

	 	(a)	The Issuer will use its best endeavors to (a) at the time of an IPO, to obtain and maintain a listing and admission to trading for all the Shares issued on the exercise of the Conversion Rights (whether prior to or
on or after such IPO) on the Relevant Stock Exchange. 

  

	 	(b)	The Issuer shall at all times reserve and keep available for issuance upon the conversion of the Notes, free from any other pre-emptive or other similar rights or Security, such
number of its authorized but unissued Shares as will from time to time be sufficient to permit the conversion of all outstanding Notes, and shall take all action to increase the authorized number of Shares if at any time there shall be insufficient
authorized but unissued Shares to permit such reservation or to permit the conversion of all outstanding Notes. 

  

	 	(c)	The Issuer shall ensure that all Shares delivered on conversion of the Notes will be duly and validly issued as fully-paid, non-assessable and free from encumbrances.

  

	 	(d)	The Issuer will not make any offer, issue, grant, or distribute or take any action the effect of which would be to reduce the Conversion Price below the par value of the Shares of the Issuer. 

 

	 	(e)	The Issuer will pay any and all Taxes, including interest and penalties, payable in the Cayman Islands in respect of the creation, issue and offering of the Notes and the execution or delivery of this Certificate.

  
 - 37 - 

	16.	Closing of Register of Members 

 Unless so required by Applicable Laws or the articles of
association of the Issuer or in order to establish a dividend or other rights attaching to the Shares, the Issuer shall not (a) close its register of members or take any other action which prevents the transfer of its Shares generally and
ensure that the Notes may be converted legally and the Shares issued on conversion may (subject to any limitation imposed by law) be transferred (as between transferor and transferee although not as against the Issuer) at all times while the
register is closed or such other action is effective, and (b) take any action which prevents the conversion of the Notes or the issue of Shares in respect of them otherwise than in accordance with the Conditions. 

 

	17.	New Business Model 

  

	 	(a)	Unless and until an IPO has occurred, the Issuer shall not (and the Issuer shall ensure that each Group Company will not): 

  

	 	(i)	carry out any business relating to or in connection with the New Business Model; and 

  

	 	(ii)	(A) incur or allow to remain outstanding any Financial Indebtedness, (B) be a creditor in respect of any Financial Indebtedness, (C) incur or allow to remain outstanding any guarantee in respect of any
obligation of any person and/or (D) create or permit to subsist any Security or Quasi-Security over any of its assets, in each case, for the purpose of carrying out any business relating to or in connection with the New Business Model.

  

	 	(b)	After the occurrence of an IPO, the Issuer shall not (and the Issuer shall ensure that each Group Company will not) (i) incur or allow to remain outstanding any Financial Indebtedness, (ii) be a creditor in
respect of any Financial Indebtedness, (iii) incur or allow to remain outstanding any guarantee in respect of any obligation of any person and/or (iv) create or permit to subsist any Security or Quasi-Security over any of its assets, in
each case, for the purpose of carrying out any business relating to or in connection with the New Business Model, except that the Issuer and any other Group Company shall be permitted to carry out any and all such actions after the occurrence of an
IPO, in each case, for the purpose of carrying out any business relating to or in connection with the New Business Model if any of the following circumstances apply at all times: 

 

	 	(A)	(1) the Deed of Account Charge has been duly executed between the parties thereto, (2) the Issuer has delivered evidence to the Noteholders that a bank account located outside of the PRC has an amount of Cash equal
to the Cash Security Amount deposited in such account over which the Account Security has been created and (3) no Default has occurred and is continuing; or 

  

	 	(B)	(1) the Issuer has delivered evidence to the Noteholders that the Issuer has, and the Issuer shall maintain at all times, a bank account located outside of the PRC that has an amount of Cash no less than the aggregate
principal amount then outstanding under the Notes, and (2) no Default has occurred and is continuing. 

  
 - 38 - 

	18.	Principal business 

 The Issuer shall (and the Issuer shall ensure that each Group
Company will) maintain the principal business of the Group to be (a) internet and big data related business and (b) to the extent expressly permitted under these Conditions, relating to or in connection with the New Business Model. 

  
 - 39 - 

 EXHIBIT F 

PROVISIONS GOVERNING NOTEHOLDER MEETINGS 
  

	1.	Poll 

 On a poll, each Noteholder, proxy or representative will have a vote in respect of
each US$1 in principal amount of Notes held or for which it is a proxy or representative. All votes will be conducted by poll. 
  

	2.	Conduct and Quorum 

 Any meeting of the Noteholders shall (subject to the provisions of
this Exhibit F and Condition 13 (Noteholders’ Resolutions, Amendments and Waivers)) be convened, conducted and held in all respects as near as possible in the same way as shall be provided by the memorandum and articles of
association for the time being of the Issuer with regard to general meetings of the Issuer, provided that no member of the Issuer not being a director or officer of the Issuer shall be entitled to notice thereof or to attend thereat unless he is
also a Noteholder and that the quorum at any such meeting shall be persons holding or representing by proxy or representative more than 50 per cent. of the principal amount of the Notes for the time being outstanding. In the event of any
conflict between the memorandum and articles of association of the Issuer for the time being and Condition 13 (Noteholders’ Resolutions, Amendments and Waivers) and this Exhibit F, the Conditions and this Exhibit F shall prevail.

  

	3.	Proxies 

  

	 	(a)	Any Noteholder shall be permitted to appoint a proxy to represent him at any Noteholders’ meeting held in accordance with the Conditions. A proxy need not be a Noteholder and need not be a member of the Issuer. Any
Noteholder wishing to appoint a proxy must deliver to the specified office of the Issuer a notice in writing signed by the Noteholder or, in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly
authorized officer of the corporation stating that the Noteholder desires to appoint a proxy to represent the Noteholder at the meeting. The notice shall state the name of the proxy and the notice will only be valid if delivered to the specified
office of the Issuer at least 48 hours prior to the time appointed for the commencement of the meeting. A validly appointed proxy shall have the right to vote on a resolution or act on his or its behalf in connection with any meeting or proposed
meeting. A holder of a Note which is a corporation may, by delivering to the specified office of the Issuer not later than 48 hours before the time fixed for any meeting a resolution of its directors or other governing body in English, authorize any
person to act as its representative (a “representative”) in connection with any meeting or proposed meeting of Noteholders. 

  

	 	(b)	A proxy or representative so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with any meeting or proposed meeting of Noteholders specified in such appointment, to
be the holder of the Notes to which such appointment relates and the holder of the Notes shall be deemed for such purposes not to be the holder. 

  
 - 40 - 

	4.	Adjournments 

  

	 	(a)	If within a quarter of an hour after the time appointed for any meeting of Noteholders a quorum as set out in paragraph 2 above is not present, the meeting shall stand adjourned to such day (not being less than 14 or
more than 28 days after the date of the meeting from which such adjournment takes place) and time and place as the chairman of the meeting may determine and at the adjourned meeting the Noteholders present (whatever the amount held or represented by
them) shall form a quorum. Notice of an adjourned meeting shall be given in like manner as for the original meeting and such notice shall state that the Noteholders present at such meeting whatever their number or the Notes held or represented by
them will constitute a quorum for all purposes. 

  

	 	(b)	The chairman of the meeting may with the consent of (and shall if directed by) a meeting adjourn the meeting from time to time and from place to place but no business shall be transacted at an adjourned meeting which
may not lawfully have been transacted at the meeting from which the adjournment took place. 

  

	 	(c)	The chairman shall be selected by the Issuer, failing which the Majority Noteholders (on behalf of all Noteholders) shall be entitled to elect a chairman (who need not be a Noteholder). 

 

	 	(d)	Noteholders, proxies and representatives shall be entitled to attend and vote at any meeting of Noteholders 

  

	 	(e)	The following persons shall be entitled to attend any meeting of the Noteholders 

  

	 	(i)	representatives of the Issuer; and 

  

	 	(ii)	the Issuer’s legal and financial advisers. 

  

	5.	Written Resolutions 

 A resolution in writing signed by or on behalf of the Majority
Noteholders who for the time being are entitled to receive notice of a meeting in accordance with these provisions shall for all purposes be as valid as a resolution passed at a meeting of Noteholders convened and held in accordance with these
provisions. Such resolution in writing may be in one document or several documents in like form each signed by or on behalf of one or more of the Noteholders. 

  
 - 41 - 

 EXHIBIT G 

DEFINITIONS 
 For the purposes of these
Conditions: 
 “30-Day VWAP” means, as of any date, the volume-weighted average price of the common
shares of the Issuer from 9:30 a.m. (New York time) on the trading day that is 30 trading days preceding such date to 4:00 p.m. (New York time) on the last trading day immediately preceding such date, as calculated pursuant to the heading
“Bloomberg VWAP” on Bloomberg Page HCHC <Equity> VWAP (or any replacement Bloomberg page which displays that rate) or, if such page or service ceases to be available, any other page or service displaying the relevant information as
specified by such Noteholder and notified to the Issuer; 
 “Account Security” means the Security to be granted by the Issuer or any other
Group Company incorporated outside of the PRC to the Noteholders (or any other person acting as their agent and/or trustee) with respect to a bank account located outside of the PRC which shall have an amount of Cash deposited in such account equal
to the Cash Security Amount; 
 “Accounting Principles” means the generally accepted accounting principles of the jurisdiction of
incorporation or establishment of any relevant Group Company or IFRS (or any other standard agreed by the Majority Noteholders and the Issuer); 

“Additional Shares” has the meaning given to such term in paragraph (b)(ii) of Condition 6.2 (Conversion Procedure); 

“Additional Tax Amounts” has the meaning given to such term in Condition 9 (Taxation, Set-Off and
Counterclaim); 
 “Affiliate” means: 
  

	(a)	with respect to any person other than a natural person, any other person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such person,
including without limitation any investment funds managed by such person, provided that the Affiliates of a Noteholder shall not include the Issuer and its Affiliates. For the avoidance of doubt, in the case of the Investor, the term
“Affiliate” also includes any fund or limited partnership whose general partner, manager or advisor is The Goldman Sachs Group, Inc. or any of its Subsidiaries; and 

 

	(b)	with respect to any natural person: 

  

	 	(i)	any other person that directly or indirectly through one or more intermediaries is controlled by such natural person; 

  

	 	(ii)	any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, step-sibling, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, cousin-in-law, uncle, aunt, nephew, niece of that natural person or their spouse, including adoptive relationships; or 

  
 - 42 - 

	 	(iii)	the trustees, acting in their capacity as such trustees, of any trust of which that natural person or any natural person within paragraph (b)(ii) of this definition is a beneficiary or, in the case of a discretionary
trust, is a discretionary object; 

 “Amendment to Protective Terms” has the meaning given to such term in sub-paragraph (b) of paragraph 12 (Amendments) of Exhibit E (Undertakings); 
 “Anti-Corruption
Laws” means any applicable anti-bribery or anti-corruption law of any jurisdiction in which the Issuer or any other Group Company conducts business, including but not limited to the United States Foreign Corrupt Practices Act of 1977, as
amended, the UK Bribery Act, 2010, as amended, the Criminal Law of China, the PRC Anti-Unfair Competition Law, and the Provisional Regulations on Anti-Commercial Bribery; 

“Anti-Money Laundering Laws” means all applicable anti-money laundering laws of all jurisdictions in which the Issuer or any other Group
Company conducts its business, the rules and regulations thereunder, including all anti-money laundering laws of the PRC, the United States and the United Kingdom; 

“Applicable Law” or “Applicable Laws” means, with respect to any person, any Laws that are applicable to and binding on such
person or the person in control of such person; 
 “Arbitration Board” has the meaning given to such term in Condition 19.2
(Arbitration); 
 “Authorization” means an authorization, permit, consent, approval, resolution, license, exemption, filing,
notarization, variance, lodgment or registration; 
 “Authorized Denomination” has the meaning given to such term in Condition 2.1
(Form); 
 “Borrowings” means any Financial Indebtedness incurred by the Issuer or any other Group Company but excluding any
Financial Indebtedness constituting Trade Instruments and ordinary course of trade working capital payments to be made by the Issuer or any other Group Company; 

“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are open for general business in (a) the city in
which the specified office of the Registrar is located, (b) the city in which the specified office of the Issuer is located, (c) Hong Kong, (d) Singapore, (e) Beijing and (f) (in relation to any date for payment or purchase of a
currency) the principal financial centre of the country of that currency; 
 “Cash” means, at any time (without double counting), cash at
bank or in hand or any credit balance on an account to which a Group Company is beneficially entitled and for so long as (a) repayment of that cash is not contingent on the prior discharge of any other indebtedness of any Group Company or of
any other person whatsoever; (b) there is no Security over that cash other than any Security granted in favor of the Noteholders, and (c) the cash is capable of being applied in repayment or prepayment of the Notes without any condition;

 “Cash Security Amount” means: 
  

	(a)	if the Deed of Account Charge is entered into by the parties thereto after the occurrence of an IPO, an amount equal to the aggregate principal amount then outstanding under the Notes; and 

 

	(b)	in any other case, an amount equal to the aggregate of (i) the aggregate principal amount then outstanding under the Notes and (ii) an amount that would represent a total internal rate of return of eight per
cent. per annum calculated from (and including) the Issue Date to (and including) the QIPO Date; 

  
 - 43 - 

 “Certificate” has the meaning given to such term in Condition 2.1 (Form); 

“Change of Control” means Pledgor 1, Pledgor 2, Pledgor 3 and Mr Chen collectively ceasing to control each Group Company; 

“Closed Period” has the meaning given to such term in Condition 3.5 (Closed Periods); 

“Closing Price” for the Shares on any Trading Day shall be the last reported sale price of the Shares as published on the Relevant Stock
Exchange for such Trading Day; 
 “Conditions” has the meaning given to such term in Condition 2.2 (Title); 

“Control Document” means (a) the Service Agreement, (b) any Equity Pledge Agreement, (c) any Option Agreement, (d) any
Power of Attorney or (e) any other document designated as a “Control Document” by the Majority Noteholders and the Issuer; 

“Conversion Date” has the meaning given to such term in (a)(iv) of Condition 6.2 (Conversion Procedure); 

“Conversion Notice” has the meaning given to such term in paragraph (a)(i) of Condition 6.2 (Conversion Procedure); 

“Conversion Period” has the meaning given to such term in paragraph (a)(ii) of Condition 6.1 (Conversion Right); 

“Conversion Price” has the meaning given to such term in paragraph (c) of Condition 6.1 (Conversion Right); 

“Conversion Right” has the meaning given to such term in paragraph (a)(i) of Condition 6.1 (Conversion Right); 

“CP After ESOP” has the meaning given to such term in paragraph (d) of Condition 6.3 (Adjustments to Conversion Price); 

“Deed of Account Charge” means the deed of account charge constituting the Account Security entered into by the Issuer or any other Group
Company incorporated outside of the PRC in favor of the Noteholders (or any other person acting as their agent and/or trustee), and which shall be in form and substance satisfactory to the Majority Noteholders (acting reasonably); 

“Default” means an Event of Default or an event or circumstance specified in Condition 11 (Events of Default) which would (with the
expiry of a grace period, the giving of notice, the making of any determination under the Transaction Documents, issue of a certificate or any combination of the foregoing) be an Event of Default; 

“Default Redemption Notice” has the meaning given to such term in paragraph (a) of Condition 11 (Events of Default); 

“Dispute” has the meaning given to such term in Condition 19.2 (Arbitration). 

  
 - 44 - 

 “Equity Interest” means, in relation to any person: 

 

	(a)	any shares of any class or capital stock of or equity interest (including any membership interest, partnership interest, registered capital, joint venture or other ownership interest) in such person or any depositary
receipt in respect of any such shares, capital stock or equity interest; 

  

	(b)	any securities that are directly or indirectly convertible into, or exercisable or exchangeable for (whether at the option of the holder thereof or otherwise and whether such conversion is conditional or otherwise) into
any such shares, capital stock or equity interest (including any membership interest, partnership interest, registered capital, joint venture or other ownership interest) (whether or not such derivative securities are issued by such person) or any
depositary receipt in respect of any such securities; or 

  

	(c)	any option, warrant or other right to acquire any such shares, capital stock, equity interest securities (including any membership interest, partnership interest, registered capital, joint venture or other ownership
interest) (whether or not such derivative securities are issued by such person) or depositary receipts referred to in paragraphs (a) and/or (b) above; 

“Equity Pledge Agreement” means the Equity Pledge Agreement 1, the Equity Pledge Agreement 2 or the Equity Pledge Agreement 3; 

“Equity Pledge Agreement 1” means the equity interest pledge agreement dated August 5, 2014 entered into between Pledgor 1, Opco and the
WFOE; 
 “Equity Pledge Agreement 2” means the equity interest pledge agreement dated August 5, 2014 entered into between Pledgor 2,
Opco and the WFOE; 
 “Equity Pledge Agreement 3” means the equity interest pledge agreement dated August 5, 2014 entered into between
Pledgor 3, Opco and the WFOE; 
 “ESOP” means any share option plan or other equity based incentive plan; 

“Event of Default” has the meaning given to such term in paragraph (a) of Condition 11 (Events of Default); 

“Existing Preference Share” means any Series A Share, any Series B Share, any Series C Share or any Series D Share; 

“Existing Preference Share Document” means (a) the Existing Shareholders Agreement, (b) the Issuer Articles, (c) the Series A
Share Purchase Agreement, (d) the Series B Share Purchase Agreement, (e) the Series C Purchase Agreement, (f) the Series D Purchase Agreement or (g) any document or instrument entered into pursuant to or in connection with the
subscription of the Existing Preference Shares; 
 “Existing Preferred Shareholder” means any holder of any Existing Preference Share; 

“Existing Shareholders Agreement” means the fourth amended and restated shareholders’ agreement dated May 10, 2017 entered into
between Aurora Mobile Limited, the Investors, the Founder Parties, the Major Subsidiaries, the Angel Investor and HAKIM (each as defined therein), as may be amended and/or restated from time to time; 

  
 - 45 - 

 “Finance Document” means (a) any Note, (b) the Conditions, (c) the Deed of
Account Charge or (d) any other document designated as a “Finance Document” by the Majority Noteholders and the Issuer; 
 “Finance
Leases” means any lease or hire purchase contract, a liability under which would, in accordance with the Accounting Principles, be treated as a balance sheet liability or finance or capital lease; 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	(a)	moneys borrowed and debit balances at banks or other financial institutions; 

  

	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialized equivalent); 

  

	(c)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	(d)	the amount of any liability in respect of Finance Leases; 

  

	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

 

	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or
close-out of that Treasury Transaction, that amount) shall be taken into account); 

  

	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	(h)	any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) or are otherwise classified as borrowings under the Accounting Principles (including for the avoidance of doubt, any
issuance of preference shares); 

  

	(i)	any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset
or service in question; 

  

	(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under the Accounting Principles; and 

  

	(k)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (j) above; 

“Future Subscription” has the meaning given to such term in paragraph (b)(iv) of Condition 6.3 (Adjustments to Conversion Price); 

“Governmental Authority” means any government or any governmental agency, semi-governmental or judicial entity or authority (including,
without limitation, any stock exchange or any self-regulatory organisation established under statute) of any jurisdiction, or any political subdivision thereof, whether provincial, state or local, and any department, ministry, agency,
instrumentality, authority, body, court, central bank or other entity lawfully exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government; 

  
 - 46 - 

 “Group” means the Issuer, UA Mobile, KK Mobile, the WFOE, Opco and their respective Subsidiaries
from time to time (each a “Group Company”); 
 “Hong Kong” means the Hong Kong Special Administrative Region of the
People’s Republic of China; 
 “HKIAC” means the Hong Kong International Arbitration Centre; 

“HKIAC Arbitration Rules” has the meaning given to such term in Condition 19.2 (Arbitration); 

“IFRS” means the international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant
financial statements; 
 “Investor” means (a) Mercer Investments (Singapore) Pte. Ltd., a company incorporated and existing under the
laws of Singapore with its registered office at 1 Raffles Link, #07-01, One Raffles Link, Singapore 039393 or (b) MANDRA IBASE LIMITED, a limited liability company incorporated and existing under the laws
of British Virgin Islands with its registered office at 3rd Floor, J & C Building, P.O. Box 933, Road Town, Tortola, BVI, VG1110; 

“Investors’ Rights Agreement” means the investors’ rights agreement dated April 17, 2018 entered into between the Issuer and
the Investors, as may be amended or restated from time to time; 
 “IPO” means an underwritten registered public offering by the Issuer of
common shares in the Issuer on any stock exchange; 
 “Issue Date” has the meaning given to such term in the preamble to the Conditions;

 “Issue Price” has the meaning given to such term in paragraph (b)(i) of Condition 6.3 (Adjustments to Conversion Price); 

“Issuer” means Aurora Mobile Limited, a company duly incorporated and validly existing under the laws of the Cayman Islands with company
number 286958, whose registered office is at Harneys Fiduciary (Cayman) Limited, P. O. Box 10240, 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1002, Cayman Islands; 

“Issuer Articles” means the fifth amended and restated memorandum and articles of association of the Issuer adopted by a special resolution
on May 10, 2017, as amended from time to time to the extent permitted by the Conditions; 
 “Key Protective Term” means any of the
following provisions (a) sections 2.6 (insofar as this relates to paragraph 16 of Exhibit C of the Existing Shareholders Agreement), 6.2, 6.3 and 8.6 of, and paragraphs 16 and 19 (insofar as this relates to paragraph 16 of Exhibit C of the
Existing Shareholders Agreement) of Exhibit C to, the Existing Shareholders Agreement, (b) the preamble to paragraph 5.3 (Protective Provisions) and sub-paragraphs (p) and (s) (insofar as this
relates to sub-paragraph (p) of paragraph 5.3 (Protective Provisions) of Schedule A to the Issuer Articles) of paragraph 5.3 (Protective Provisions) of Schedule A to the Issuer Articles, and
(c) the corresponding definitions of any of the foregoing; 

  
 - 47 - 

 “KK Mobile” means KK Mobile Investment Limited, a company duly organized and validly existing
under the laws of Hong Kong with company number 1759301, whose registered office is at Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong; 

“Law” or “Laws” means any constitutional provision, statute or other law, rule, regulation, directive, treaty, decree,
order, official policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority; 

“Liquidation Event” has the meaning given to such term in the Issuer Articles; 

“Majority Noteholders” means, at any time, any one or more holders holding Notes or being proxies or representatives in respect of Notes and
representing, in the aggregate, more than 50 per cent. of the aggregate principal amount of all Notes then outstanding; 
 “Material Adverse
Effect” means any condition, circumstance, change or effect that has or could reasonably be expected to have a material adverse effect or change on (a) the business, operations, assets, property, condition (financial or otherwise) or
prospects of any Group Company; (b) the ability of any Group Company or Third Party Obligor to perform its obligations under the Transaction Documents; or (c) the legality, validity or enforceability of, or the effectiveness of, any
Transaction Document or the rights or remedies of any Noteholder or an Investor under any of the Transaction Documents; 
 “Maturity Date”
means the date falling three years after the Issue Date; 
 “Misrepresentation” has the meaning given to such term in paragraph
(iv) of Condition 11 (Events of Default); 
 “Mr Chen” means Chen Fei (陈菲), a Hong Kong resident who holds
Hong Kong identification number #######(#) with the mailing address at Room 501, Block 7, Zhiheng Strategic Hi-tech Industrial Park, Guankou 2nd Road Nanshan District,
Shenzhen(深圳市南山区南头关口二路智恒战略性新兴产业园7栋501); 

“New Business Model” means the implementation of a lending and/or guarantee business by Opco (as lender or guarantor as the case may be);

 “No QIPO Event” means the occurrence of the earlier of any of the following events: (a) a
Non-QIPO and (b) the QIPO has not been completed by (and including) the QIPO Date; 
 “No Share
Delivery Event” means the failure by the Issuer to deliver and register title to any Shares as and when such Shares are required to be delivered and registered following conversion of any Note; 

“No Share Delivery FMV” means: 
  

	(a)	prior to an IPO, the value of such Shares which were required to be delivered and registered following conversion of any Note as set out in a fair value opinion issued by a global investment bank jointly appointed by
the Issuer and such Noteholder or, failing such joint appointment within five Business Days upon request by such Noteholder, a “Big 4” accounting firm appointed by such Noteholder; and 

 

	(b)	in any other case, an amount equal to the product of (i) the number of Shares which were required to be delivered and registered following conversion of any Note and (ii) the
30-Day VWAP of the shares of the Issuer which have been listed on the Relevant Stock Exchange; 

  
 - 48 - 

 “Non-QIPO” means the occurrence of an IPO that does not
constitute a QIPO; 
 “Noteholder” or “holder” has the meaning given to such term in Condition 2.2 (Title); 

“Notes” has the meaning given to such term in the preamble to the Conditions; 

“Opco” means Shenzhen Hexun Huagu Information Technology Co. Ltd.
(深圳市和讯华谷信息技术有限公司), a company duly organized and validly existing under the laws of the PRC whose registered office is at Room 501, Block 7,
Zhiheng, Strategic Hi-tech Industrial Park, Guankou 2nd Road, Nanshan District, Shenzhen; 

“Option Agreement” means the Option Agreement 1, the Option Agreement 2 or the Option Agreement 3; 

“Option Agreement 1” means the exclusive option agreement dated August 5, 2014 entered into between Pledgor 1, Opco and the WFOE; 

“Option Agreement 2” means the exclusive option agreement dated August 5, 2014 entered into between Pledgor 2, Opco and the WFOE; 

“Option Agreement 3” means the exclusive option agreement dated August 5, 2014 entered into between Pledgor 3, Opco and the WFOE; 

“Party” has the meaning given to such term in Condition 19.2 (Arbitration); 

“Permitted Distribution” means: 
  

	(a)	the redemption, repurchase, defease, retire, reduction or repayment of any share capital of the Issuer to the extent that it is permitted under clause 2.4 of the Subscription Agreement; 

 

	(b)	the repurchase of any share capital of the Issuer after an IPO, provided that (i) no Default has occurred and is continuing, and (ii) the Issuer certifies to the Noteholders in writing prior to any such action
(together with evidence reasonably satisfactory to the Majority Noteholders) that the Group would have Cash equal to at least US$100,000,000 (or its equivalent in any other currency) immediately after any such repurchase; 

 

	(c)	the payment of a dividend by the Issuer to any of its shareholders provided that the Noteholders are paid in cash, based on their respective pro rata ownership interest in the Issuer (on an as converted basis and as if
such Noteholder were a shareholder of record on the record date) immediately prior to such dividend payment, at the same time as the Issuer makes payment of such dividend, and further provided that any such amount shall be paid by transfer to a US
dollar account maintained and nominated by the relevant Noteholder; 

  

	(d)	the payment of a dividend to the Issuer or any of its wholly-owned Subsidiaries; and 

  

	(e)	any distribution to which the Majority Noteholders have given their prior written consent, 

 provided that any
such action (i) is not otherwise prohibited or limited by the Existing Preference Share Documents or the Issuer Articles and (ii) if such action is so prohibited or limited under the Existing Preference Share Documents or the Issuer
Articles, is otherwise permitted and approved by the relevant persons in the Existing Preference Share Documents or the Issuer Articles, as applicable; 

  
 - 49 - 

 “Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	(a)	arising under any of the Transaction Documents; 

  

	(b)	arising under a Permitted Loan or a Permitted Guarantee; 

  

	(c)	incurred by the Issuer or any other Group Company from any person by way of a Finance Lease in one or a series of transactions for the purpose of purchasing machine equipment which is to be used solely for the business
of the Group, the aggregate finance lease liability (determined in accordance with the Accounting Principles) of all such Finance Leases shall not exceed US$10,000,000 (or its equivalent in any other currency) at any time, provided that with respect
to any such Financial Indebtedness (i) no Security or Quasi-Security shall be given or granted by any Group Company other than to the lessor of such Finance Lease, (ii) no indemnity exceeding an amount equal to the sum of (A) the
aggregate finance lease liability (determined in accordance with the Accounting Principles) permitted under this paragraph and (B) the interest incurred in relation to such indebtedness permitted under this paragraph, guarantee or other
assurance against loss shall be granted by any Group Company for such Financial Indebtedness other than to the lessor of such Finance Lease, and (iii) no Default has occurred and is continuing; 

 

	(d)	incurred by the Issuer or any other Group Company from any person in one or a series of transactions, the aggregate outstanding principal amount of all such Financial Indebtedness shall not exceed RMB50,000,000 (or its
equivalent in any other currency) at any time, provided that with respect to any such Financial Indebtedness (i) no Security or Quasi-Security shall be given or granted by any Group Company, (ii) no indemnity exceeding an amount equal to
the sum of (A) the aggregate principal liability permitted under this paragraph and (B) the interest incurred in relation to such indebtedness permitted under this paragraph, guarantee or other assurance against loss shall be granted by
any Group Company for such Financial Indebtedness, and (iii) no Default has occurred and is continuing; 

  

	(e)	to the extent that the Issuer or any other Group Company is permitted to implement the New Business Model pursuant to sub-paragraph (b) of paragraph 17 (New Business
Model) of Exhibit E (Undertakings), arising in connection with the New Business Model; and 

  

	(f)	to which the Majority Noteholders have given their prior written consent, 

 provided that any such action
(i) is not otherwise prohibited or limited by the Existing Preference Share Documents or the Issuer Articles and (ii) if such action is so prohibited or limited under the Existing Preference Share Documents or the Issuer Articles, is
otherwise permitted and approved by the relevant persons in the Existing Preference Share Documents or the Issuer Articles, as applicable; 

“Permitted Guarantee” means: 
  

	(a)	any guarantee arising under the Transaction Documents; 

  

	(b)	any guarantee expressly permitted under paragraph (c) of the definition of “Permitted Financial Indebtedness”; 

  

	(c)	to the extent that the Issuer or any other Group Company is permitted to implement the New Business Model pursuant to sub-paragraph (b) of paragraph 17 (New Business
Model) of Exhibit E (Undertakings), any guarantee arising in connection with the New Business Model; and 

  
 - 50 - 

	(d)	any guarantee to which the Majority Noteholders have given their prior written consent, 

 provided that any
such action (i) is not otherwise prohibited or limited by the Existing Preference Share Documents or the Issuer Articles and (ii) if such action is so prohibited or limited under the Existing Preference Share Documents or the Issuer
Articles, is otherwise permitted and approved by the relevant persons in the Existing Preference Share Documents or the Issuer Articles, as applicable; 

“Permitted Loan” means: 
  

	(a)	any loan made by the Issuer or any other Group Company to another Group Company, provided that any loan from a Group Company to the Issuer has to be subordinated to the Noteholders; 

 

	(b)	any loan made to implement a Permitted Distribution; 

  

	(c)	any loan made to an employee of the Issuer or any other Group Company, provided that the aggregate principal amount of all such loans shall not exceed US$1,000,000 (or its equivalent in any other currency);

  

	(d)	to the extent that the Issuer or any other Group Company is permitted to implement the New Business Model pursuant to sub-paragraph (b) of paragraph 17 (New Business
Model) of Exhibit E (Undertakings), any loan arising in connection with the New Business Model; and 

  

	(e)	a loan to which the Majority Noteholders have given their prior written consent, 

 provided that any such
action (i) is not otherwise prohibited or limited by the Existing Preference Share Documents or the Issuer Articles and (ii) if such action is so prohibited or limited under the Existing Preference Share Documents or the Issuer Articles,
is otherwise permitted and approved by the relevant persons in the Existing Preference Share Documents or the Issuer Articles, as applicable; 

“Permitted Security” means: 
  

	(a)	any lien arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by any Group Company; 

 

	(b)	any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances of
another Group Company but only so long as (i) no credit balances of a Group Company incorporated outside the PRC shall be netted or set off against debit balances of another Group Company incorporated in the PRC, (ii) such arrangement does
not give rise to other Security over the assets of a Group Company incorporated outside the PRC being given or granted in support of liabilities of another Group Company incorporated in the PRC and (iii) no netting or set-off arrangement shall be entered between Opco and the other Group Companies; 

  

	(c)	any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale arrangement or arrangements having similar effect in respect of goods supplied to a Group Company in the ordinary
course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or omission by any Group Company; 

  

	(d)	any Security or Quasi-Security constituted pursuant to or arising under or in connection with any Transaction Document; 

  
 - 51 - 

	(e)	any Security or Quasi-Security expressly permitted under paragraph (c) of the definition of “Permitted Financial Indebtedness”; 

 

	(f)	to the extent that the Issuer or any other Group Company is permitted to implement the New Business Model pursuant to sub-paragraph (b) of paragraph 17 (New Business
Model) of Exhibit E (Undertakings), any Security or Quasi-Security arising in connection with the New Business Model; and 

  

	(g)	any Security to which the Majority Noteholders have given their prior written consent, 

 provided that any such
action (i) is not otherwise prohibited or limited by the Existing Preference Share Documents or the Issuer Articles and (ii) if such action is so prohibited or limited under the Existing Preference Share Documents or the Issuer Articles,
is otherwise permitted and approved by the relevant persons in the Existing Preference Share Documents or the Issuer Articles, as applicable; 

“Pledgor” means Pledgor 1, Pledgor 2 or Pledgor 3; 

“Pledgor 1” means Luo Weidong (罗伟东), a PRC national who resides at No. 10, Fu Qian Heng Jie, Ye Tang She Qu Ju Wei
Hui, Ye Tang Town, Xing Ning, Guangdong, China and holds PRC resident identification number ##################; 
 “Pledgor 2” means Wang
Xiaodao (王小导), a PRC national who resides at Room 30C, Ming Yue Garden, Yi Tian Road, Fu Tian District, Shenzhen, Guangdong, China and holds PRC resident identification number ##################; 

“Pledgor 3” means Fang Jiawen (方家文), a PRC national who resides at No. 1, Ke Fa Road, Ke Ji Yuan, Nanshan District,
Shenzhen, Guangdong, China and holds PRC resident identification number ##################; 
 “Power of Attorney” means the Power of
Attorney 1, the Power of Attorney 2 or the Power of Attorney 3; 
 “Power of Attorney 1” means the power of attorney dated August 5,
2014 entered into by Pledgor 1 in favor of the WFOE, and acknowledged by the WFOE and Opco; 
 “Power of Attorney 2” means the power of
attorney dated August 5, 2014 entered into by Pledgor 2 in favor of the WFOE, and acknowledged by the WFOE and Opco; 
 “Power of Attorney
3” means the power of attorney dated August 5, 2014 entered into by Pledgor 3 in favor of the WFOE, and acknowledged by the WFOE and Opco; 

“Protective Term” means any of the following provisions (a) sections 2.1, 2.6, 5, 6.1, 6.2, 6.3 and 8.6 of, and Exhibits C and E to, the
Existing Shareholders Agreement, (b) articles 18, 69, 90 and 118 of, and Schedule A to, the Issuer Articles, and (c) the corresponding definitions of any of the foregoing; 

“Put Date” means the date specified in the Put Notice as the date fixed for redemption of the relevant Notes upon the occurrence of the No
QIPO Event, but which shall fall no earlier than the date falling seven days after the date of the Put Notice; 
 “Put Notice” has the
meaning given to such term in paragraph (b) of Condition 8.2 (Redemption for No QIPO at the Option of Noteholders); 

  
 - 52 - 

 “PRC” means the People’s Republic of China (but excluding Hong Kong, Macau and Taiwan);

 “QIPO” means an IPO on a Relevant Stock Exchange with a minimum pre-offering valuation of the
Issuer of at least US$1,000,000,000; 
 “QIPO Date” means the date falling on (and including) two years after the Issue Date; 

“Qualifying Affiliate” means an Affiliate of the converting Noteholder, provided that (a) such Affiliate shall have agreed in writing to
be bound by the terms of the Investors’ Rights Agreement by executing the Deed of Adherence in the form of Schedule 2 attached thereto, and (b) such issue of Shares is in compliance with all applicable laws, provided further if such
Affiliate ceases to be an Affiliate of such Noteholder, the Shares shall be immediately transferred back to such Noteholder or another person who qualifies as an Affiliate of such Noteholder; 

“Quasi-Security” means an arrangement or transaction described in sub-paragraph (b) of paragraph
7 (Negative pledge) of Exhibit E (Undertakings); 
 “Recovered Amount” has the meaning given to that term in Condition 17.1
(Payments to Finance Parties); 
 “Recovering Noteholder” has the meaning given to that term in Condition 17.1 (Payments to
Finance Parties); 
 “Redemption Notice” has the meaning given to such term in the Issuer Articles; 

“Redistributed Amount” has the meaning given to that term in Condition 17.4 (Reversal of redistribution); 

“Register” has the meaning given to such term in Condition 2.1 (Form); 

“Registered Account” means, with respect to a Noteholder, the bank account of that Noteholder, details of which appear on the Register at the
close of business on the second Business Day before the due date for payment, as may be updated and changed from time to time; 

“Registrar” has the meaning given to such term in Condition 3.1 (Register); 

“Registration Date” has the meaning given to such term in paragraph (b)(iii) of Condition 6.2 (Conversion Procedure); 

“Relevant Jurisdiction” means, in relation to any person: 
  

	(a)	its jurisdiction of incorporation; 

  

	(b)	any jurisdiction where any asset subject to or intended to be subject to any Security to be created by it is situated; 

  

	(c)	any jurisdiction where it conducts its business; and 

  

	(d)	the jurisdiction whose laws govern the perfection of any of the security documents entered into by it; 

  
 - 53 - 

 “Relevant Stock Exchange” means, at any time, in respect of the share capital of the Issuer,
NASDAQ, New York Stock Exchange or any other internationally recognized stock exchange as agreed in writing by the Majority Noteholders; 

“Retroactive Adjustment” has the meaning given to such term in paragraph (b)(ii) of Condition 6.2 (Conversion Procedure); 

“Sanctions Laws” means all economic or financial sanctions Laws, measures or embargoes administered or enforced by the United States
(including all sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, and its “Specially Designated Nationals and Blocked Persons” lists), China, Hong Kong, the European Union (including
under Council Regulation (EC) No. 194/2008), the United Nations, the United Kingdom or any other relevant sanctions Governmental Authority; 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or
arrangement having a similar effect; 
 “Series A Share” means any series A preferred share of par value US$0.0001 each of the Issuer, with
the rights and privileges as set forth in the Issuer Articles; 
 “Series A Share Purchase Agreement” has the meaning given to such term in
the Issuer Articles; 
 “Series B Share” means any series B preferred share of par value US$0.0001 each of the Issuer, with the rights and
privileges as set forth in the Issuer Articles; 
 “Series B Share Purchase Agreement” has the meaning given to such term in the Issuer
Articles; 
 “Series C Share” means any series C preferred share of par value US$0.0001 each of the Issuer, with the rights and privileges
as set forth in the Issuer Articles; 
 “Series C Share Purchase Agreement” has the meaning given to such term in the Issuer Articles; 

“Series D Share” means any series D preferred share of par value US$0.0001 each of the Issuer, with the rights and privileges as set forth in
the Issuer Articles; 
 “Series D Share Purchase Agreement” has the meaning given to such term in the Issuer Articles; 

“Service Agreement” means the exclusive business cooperation agreement dated August 5, 2014 entered into between Opco and the WFOE; 

“Shares” has the meaning given to such term in paragraph (d) of Condition 6.1 (Conversion Right); 

“Shareholder” means a person whose name is entered as a holder of one or more Shares in the register of members of the Issuer; 

“Sharing Noteholder” has the meaning given to that term in Condition 17.2 (Redistribution of payments); 

“Sharing Payment” has the meaning given to that term in Condition 17.1 (Payments to Finance Parties); 

“Spot Rate of Exchange” means the spot rate of exchange as quoted by any leading bank, as reasonably obtained by the Issuer (and failing
which the Majority Noteholders), for the purchase of the relevant currency with US dollars in the Hong Kong foreign exchange market at or around 11:00 a.m. (Hong Kong time) on the Business Day immediately prior to the relevant time for
determination; 

  
 - 54 - 

 “Subscription Agreement” means the subscription agreement dated April 11, 2018 entered into
between the Issuer and the Noteholders, as may be amended and/or restated from time to time; 
 “Subsidiary” means in relation to any
company, corporation or entity, a company, corporation or entity: 
  

	(a)	which is controlled, directly or indirectly, by the first mentioned company, corporation or entity; 

  

	(b)	more than half the issued equity share capital of which is beneficially owned, directly or indirectly, by the first mentioned company, corporation or entity; or 

 

	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, corporation or entity; 

“Tax” means any and all applicable tax or taxes (including, but not limited to, any value added tax, sales tax, land use tax, deed tax, real
estate tax, capital tax, individual income tax, enterprise income tax, or business tax, stamp or other duty (including any registration and transfer duties), levy, impost, charge, fee, deduction, penalty or withholding imposed, levied, collected or
assessed) and includes any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same; 
 “Third Party
Obligor” means any person that is a party to a Transaction Document (other than the Issuer, any other Group Company and the Noteholders), including for the avoidance of doubt the Pledgors; 

“Trade Instruments” means any performance bonds, advance payment bonds or documentary letters of credit issued in respect of the obligations
of the Issuer or any other Group Company arising in the ordinary course of trading of the Issuer or any other Group Company; 

“Transaction” has the meaning given to such term in paragraph (b)(iii) of Condition 6.3 (Adjustments to Conversion Price); 

“Transaction Document” means (a) the Subscription Agreement, (b) any document or instrument entered into pursuant to or in
connection with the Subscription Agreement, (c) any Finance Document, (d) the Investors’ Rights Agreement, (e) the Issuer Articles, (f) any Control Document or (g) any other document designated as a “Transaction
Document” by the Majority Noteholders and the Issuer; 
 “Treasury Transaction” means any derivative transaction entered into in
connection with protection against or benefit from fluctuation in any rate or price; 
 “UA Mobile” means UA Mobile Limited, a company duly
incorporated and validly existing under the laws of the British Virgin Islands with company number 1714899, whose registered office is at Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands; and 

“WFOE” means JPush Information Consultation (Shenzhen) Co. Ltd. (吉浦斯信息咨询
(深圳)有限公司), a company duly organized and validly existing under the laws of the PRC whose registered office is at Room 503, Block 7, Zhiheng, Strategic Hi-tech
Industrial Park, Guankou 2nd Road, Nanshan District, Shenzhen. 

  
 - 55 -EX-4.1

 EXHIBIT 4.1 

Execution Version 

INDENTURE 
 Dated as of
June 28, 2018 
  
  

Regional Management Issuance Trust 2018-1, 

Series 2018-1 Asset-Backed Notes 

 
  

among 
 REGIONAL MANAGEMENT
ISSUANCE TRUST 2018-1, 
 as Issuer 

REGIONAL MANAGEMENT CORP., 

as Servicer 
 WELLS FARGO BANK,
N.A., 
 as Indenture Trustee 

and 
 WELLS FARGO BANK, N.A.,

 as Account Bank 
  

 
  

  
 i 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	3	 
			
	 Section 1.01
	  	Definitions	  	 	3	 
		
	 ARTICLE II. THE NOTES
	  	 	3	 
			
	 Section 2.01
	  	Form Generally	  	 	3	 
			
	 Section 2.02
	  	Denominations	  	 	4	 
			
	 Section 2.03
	  	Execution, Authentication and Delivery	  	 	4	 
			
	 Section 2.04
	  	Book-Entry Notes	  	 	4	 
			
	 Section 2.05
	  	Registration of and Limitations on Transfer and Exchange of Notes; Appointment of Note Registrar	  	 	6	 
			
	 Section 2.06
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	10	 
			
	 Section 2.07
	  	Persons Deemed Owners	  	 	11	 
			
	 Section 2.08
	  	Cancellation	  	 	11	 
			
	 Section 2.09
	  	Notices to Clearing Agency	  	 	12	 
			
	 Section 2.10
	  	Definitive Notes	  	 	12	 
			
	 Section 2.11
	  	CUSIP Numbers	  	 	13	 
		
	 ARTICLE III. REPRESENTATIONS AND COVENANTS OF ISSUER
	  	 	13	 
			
	 Section 3.01
	  	Payment of Principal and Interest	  	 	13	 
			
	 Section 3.02
	  	Maintenance of Office or Agency	  	 	13	 
			
	 Section 3.03
	  	Money for Note Payments to Be Held in Trust	  	 	13	 
			
	 Section 3.04
	  	Existence	  	 	14	 
			
	 Section 3.05
	  	Protection of Trust	  	 	14	 
			
	 Section 3.06
	  	Opinions as to Trust Estate	  	 	15	 
			
	 Section 3.07
	  	Performance of Obligations; Servicing of Loans	  	 	15	 
			
	 Section 3.08
	  	Negative Covenants	  	 	16	 
			
	 Section 3.09
	  	Statements as to Compliance	  	 	17	 
			
	 Section 3.10
	  	Issuer’s Name, Location, etc.	  	 	17	 
			
	 Section 3.11
	  	Amendments	  	 	17	 
			
	 Section 3.12
	  	No Borrowing	  	 	18	 
			
	 Section 3.13
	  	Guarantees, Loans, Advances and Other Liabilities	  	 	18	 
			
	 Section 3.14
	  	Tax Treatment	  	 	19	 
			
	 Section 3.15
	  	Notice of Events of Default	  	 	20	 
			
	 Section 3.16
	  	No Other Business	  	 	21	 

  
 A-ii 

							
	 Section 3.17
	  	Further Instruments and Acts	  	 	21	 
			
	 Section 3.18
	  	Maintenance of Separate Existence	  	 	21	 
			
	 Section 3.19
	  	Perfection Representations, Warranties and Covenants	  	 	21	 
			
	 Section 3.20
	  	Other Representations of the Issuer	  	 	21	 
			
	 Section 3.21
	  	Intercreditor Agreement	  	 	21	 
			
	 Section 3.22
	  	Compliance with Laws	  	 	22	 
			
	 Section 3.23
	  	Eligible Assets	  	 	22	 
		
	 ARTICLE IV. SATISFACTION AND DISCHARGE
	  	 	22	 
			
	 Section 4.01
	  	Satisfaction and Discharge of this Indenture	  	 	22	 
			
	 Section 4.02
	  	Application of Trust Money	  	 	23	 
		
	 ARTICLE V. DEFAULTS AND REMEDIES
	  	 	23	 
			
	 Section 5.01
	  	Early Amortization Events	  	 	23	 
			
	 Section 5.02
	  	Events of Default	  	 	24	 
			
	 Section 5.03
	  	Acceleration of Maturity; Rescission and Annulment	  	 	25	 
			
	 Section 5.04
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	26	 
			
	 Section 5.05
	  	Remedies; Priorities	  	 	28	 
			
	 Section 5.06
	  	Optional Preservation of the Trust Estate	  	 	29	 
			
	 Section 5.07
	  	Limitation on Suits	  	 	29	 
			
	 Section 5.08
	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	 	30	 
			
	 Section 5.09
	  	Restoration of Rights and Remedies	  	 	31	 
			
	 Section 5.10
	  	Rights and Remedies Cumulative	  	 	31	 
			
	 Section 5.11
	  	Delay or Omission Not Waiver	  	 	31	 
			
	 Section 5.12
	  	Control by Noteholders	  	 	31	 
			
	 Section 5.13
	  	Waiver of Past Defaults	  	 	31	 
			
	 Section 5.14
	  	Undertaking for Costs	  	 	32	 
			
	 Section 5.15
	  	Waiver of Stay or Extension Laws	  	 	32	 
			
	 Section 5.16
	  	Action on Notes	  	 	32	 
			
	 Section 5.17
	  	Sale of Loans	  	 	33	 
			
	 Section 5.18
	  	Performance and Enforcement of Certain Obligations	  	 	34	 
		
	 ARTICLE VI. THE INDENTURE TRUSTEE
	  	 	34	 
			
	 Section 6.01
	  	Duties of the Indenture Trustee	  	 	34	 
			
	 Section 6.02
	  	Notice of Early Amortization Event or Event of Default; Notice of Breach of Representations or Warranties	  	 	36	 

  
 iii 

							
	 Section 6.03
	  	Certain Matters Affecting the Indenture Trustee	  	 	37	 
			
	 Section 6.04
	  	Not Responsible for Recitals or Issuance of Notes	  	 	40	 
			
	 Section 6.05
	  	Indenture Trustee May Hold Notes	  	 	40	 
			
	 Section 6.06
	  	Money Held in Trust	  	 	40	 
			
	 Section 6.07
	  	Compensation, Reimbursement and Indemnification	  	 	40	 
			
	 Section 6.08
	  	Replacement of Indenture Trustee	  	 	42	 
			
	 Section 6.09
	  	Successor Indenture Trustee by Merger	  	 	43	 
			
	 Section 6.10
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	44	 
			
	 Section 6.11
	  	Eligibility; Disqualification	  	 	45	 
			
	 Section 6.12
	  	Representations and Warranties of the Indenture Trustee	  	 	45	 
			
	 Section 6.13
	  	Execution of Transaction Documents	  	 	45	 
			
	 Section 6.14
	  	Rule 15Ga-1 Compliance	  	 	46	 
		
	 ARTICLE VII. NOTEHOLDERS’ LIST AND REPORTS
	  	 	46	 
			
	 Section 7.01
	  	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	46	 
			
	 Section 7.02
	  	Preservation of Information; Communications to Noteholders	  	 	47	 
		
	 ARTICLE VIII. ALLOCATION AND APPLICATION OF COLLECTIONS
	  	 	47	 
			
	 Section 8.01
	  	Collection of Money	  	 	47	 
			
	 Section 8.02
	  	Establishment of the Note Accounts	  	 	47	 
			
	 Section 8.03
	  	Collections and Allocations	  	 	50	 
			
	 Section 8.04
	  	Rights of Noteholders	  	 	50	 
			
	 Section 8.05
	  	Release of Trust Estate	  	 	50	 
			
	 Section 8.06
	  	Application of Available Funds	  	 	52	 
			
	 Section 8.07
	  	Loan Actions	  	 	55	 
			
	 Section 8.08
	  	Optional Redemption of the Notes	  	 	56	 
			
	 Section 8.09
	  	Distributions and Payments to Noteholders	  	 	57	 
			
	 Section 8.10
	  	Reports and Statements to Noteholders	  	 	58	 
		
	 ARTICLE IX. SUPPLEMENTAL INDENTURES
	  	 	59	 
			
	 Section 9.01
	  	Supplemental Indentures Without Consent of Noteholders	  	 	59	 
			
	 Section 9.02
	  	Supplemental Indentures With Consent of Noteholders	  	 	60	 
			
	 Section 9.03
	  	Execution of Supplemental Indentures	  	 	62	 
			
	 Section 9.04
	  	Effect of Supplemental Indenture	  	 	62	 
			
	 Section 9.05
	  	Reference in Notes to Supplemental Indentures	  	 	62	 
			
	 Section 9.06
	  	Modification of Obligations of Owner Trustee	  	 	62	 

  
 iv 

							
	 ARTICLE X. TERMINATION
	  	 	63	 
			
	 Section 10.01
	  	Termination of Indenture	  	 	63	 
			
	 Section 10.02
	  	Final Distribution	  	 	63	 
		
	 ARTICLE XI. MISCELLANEOUS
	  	 	64	 
			
	 Section 11.01
	  	Compliance Certificates	  	 	64	 
			
	 Section 11.02
	  	Form of Documents Delivered to Indenture Trustee	  	 	64	 
			
	 Section 11.03
	  	Acts of Noteholders	  	 	65	 
			
	 Section 11.04
	  	Notices, etc.	  	 	65	 
			
	 Section 11.05
	  	Notices to Noteholders; Waiver	  	 	66	 
			
	 Section 11.06
	  	Effect of Headings and Table of Contents	  	 	66	 
			
	 Section 11.07
	  	Successors and Assigns	  	 	67	 
			
	 Section 11.08
	  	Severability	  	 	67	 
			
	 Section 11.09
	  	Binding Effect; Third Party Beneficiaries	  	 	67	 
			
	 Section 11.10
	  	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	67	 
			
	 Section 11.11
	  	Counterparts	  	 	68	 
			
	 Section 11.12
	  	Recording of Indenture	  	 	68	 
			
	 Section 11.13
	  	Inspection	  	 	68	 
			
	 Section 11.14
	  	Trust Obligation	  	 	68	 
			
	 Section 11.15
	  	Limitation of Liability of Owner Trustee	  	 	69	 
			
	 Section 11.16
	  	No Bankruptcy Petition; Disclaimer and Subordination	  	 	69	 
			
	 Section 11.17
	  	Tax Matters; Administration of Transfer Restrictions	  	 	70	 
			
	 Section 11.18
	  	Limited Recourse	  	 	70	 
			
	 Section 11.19
	  	Nature of Noteholders’ Claims	  	 	71	 
			
	 Section 11.20
	  	Force Majeure	  	 	71	 
			
	 Section 11.21
	  	PATRIOT Act	  	 	71	 

  

			
	 EXHIBITS & SCHEDULES

		
	 Exhibit A
	  	 Forms of Class [A][B][C] Notes

	 Exhibit B
	  	 Form of Monthly Servicer Report

	 Exhibit C
	  	 Rule 15Ga-1 Information

	 Schedule I
	  	 Perfection Representations, Warranties and Covenants

  

  
 v 

 This INDENTURE, dated as of June 28, 2018 (herein, as amended, modified or supplemented from
time to time as permitted hereby, called this “Indenture”), among REGIONAL MANAGEMENT ISSUANCE TRUST 2018-1, a statutory trust created under the laws of the State of Delaware (the
“Issuer”), REGIONAL MANAGEMENT CORP., a Delaware corporation, and its permitted successors and assigns, as servicer, (in such capacity, the “Servicer”), WELLS FARGO BANK, N.A., a national banking association
(“Wells Fargo”), as indenture trustee (in such capacity, the “Indenture Trustee”) and as account bank (in such capacity, the “Account Bank”). 

PRELIMINARY STATEMENT 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for asset-backed notes (the “Notes”)
as provided in this Indenture. 
 The Issuer, through this Indenture, wishes to provide security for such obligations to the extent and as
provided herein. All covenants and agreements made by the Issuer herein are for the benefit and security of the Indenture Trustee and the Noteholders. 

The Issuer is entering into this Indenture, and the Indenture Trustee is accepting the trusts created hereby, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged. All things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered by the Indenture Trustee hereunder and duly issued by the
Issuer, the valid and binding obligations of the Issuer, and to make this Indenture a valid and binding agreement of the Issuer, in accordance with their and its terms. 

Simultaneously with the delivery of this Indenture, the Issuer is entering into the Sale and Servicing Agreement pursuant to which
(a) the Depositor will convey to the Issuer all of its right, title and interest in, to and under (i) the Loans conveyed to the Depositor in accordance with the Loan Purchase Agreement (excluding, for the avoidance of doubt, any 2018-1A SUBI Loans) and (ii) the 2018-1A SUBI Certificate (which represents a beneficial interest in the 2018-1A SUBI Loans and
other 2018-1A SUBI Assets) and (b) the Servicer will agree to service the Loans (including the 2018-1A SUBI Loans) and make collections thereon. 

GRANTING CLAUSES 
 To
secure the Issuer’s obligations under the Notes, the Issuer hereby Grants to the Indenture Trustee, for the benefit of the Indenture Trustee and the Noteholders, all of its right, title and interest, whether now owned or hereafter acquired, in,
to and under all assets of the Issuer, including but not limited to the following: 
 (i) the 2018-1A
SUBI Certificate and the Loans conveyed to the Issuer from the Depositor pursuant to the Sale and Servicing Agreement, whether now existing or hereafter acquired, and all rights to payment and amounts due or to become due with respect to all of the
foregoing and the other Sold Assets; 
 (ii) all money, instruments, investment property and other property (together with all earnings,
dividends, distributions, income, issues and profits relating thereto) distributed or distributable in respect of such Loans; 

  
 1 

 (iii) the Note Accounts and all Eligible Investments and all money, investment property,
instruments and other property from time to time on deposit in or credited to the Note Accounts, together with all earnings, dividends, distributions, income, issues and profits relating thereto; 

(iv) all rights, remedies, powers, privileges and claims of the Issuer under or with respect to the Sale and Servicing Agreement, the Loan
Purchase Agreement and each other Transaction Document (whether arising pursuant to the terms of the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document or otherwise available to the Issuer at law or in
equity) in respect of such Loans, including, without limitation, the rights of the Issuer to enforce the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document, and to give or withhold any and all consents,
requests, notices, directions, approvals, extensions or waivers under or with respect to the Sale and Servicing Agreement, the Loan Purchase Agreement or any other Transaction Document to the same extent as the Issuer could but for the assignment
and security interest granted hereunder; 
 (v) all Liquidation Proceeds thereof; 

(vi) all Loan Files, Servicer Files and the documents, agreements and instruments included in the Loan Files and Servicer Files, including
rights of recourse against the Loan Obligors, in each case to the extent related to such Loan and the related Contract; 
 (vii) all Records,
documents and writings evidencing or related to the Loans and the related Contracts; 
 (viii) all guaranties, indemnities, warranties,
insurance (and proceeds and premium refunds thereof), payments and other agreements or arrangements of whatever character from time to time supporting or securing payment of the Loans, whether pursuant to the related Contract or otherwise, to the
extent of the Seller’s interest therein, if any; 
 (ix) all security interests, Liens, guaranties and other encumbrances in favor of or
assigned or transferred to the Issuer relating to the Loans; 
 (x) all deposit accounts, monies, deposits, funds, accounts, instruments,
investment property, letter-of-credit rights, letters of credit and supporting obligations, consisting of, arising from, purporting to secure, or relating to, any of the
foregoing; and 
 (xi) all present and future claims, income, products, accessions, demands, causes and choses in action in respect of any or
all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds, products, rents, receipts or profits of the conversion, voluntary or
involuntary, into cash or other property, all cash and non-cash proceeds, and other property consisting of, arising from or relating to all or any part of any of the foregoing or any proceeds thereof. 

The property described in the preceding sentence, together with the Related Collateral pledged pursuant to the
2018-1A Security Agreement, shall constitute the “Trust Estate”; provided, however, that the Trust Estate shall not include, and the lien of this Indenture shall not extend to,
any Loans that are reassigned to the Depositor (or in the case of the 2018-1A SUBI Loans, reallocated from the 2018-1A SUBI) pursuant to a Loan Action or assets or
amounts released from the Lien of this Indenture in accordance with the express terms hereof. 

  
 2 

 For the avoidance of doubt, although the 2018-1A SUBI
Certificate pledged by the Issuer to the Indenture Trustee hereunder represents a beneficial interest in the 2018-1A SUBI Loans, no 2018-1A SUBI Loans are being pledged
hereunder, and the 2018-1A SUBI Loans continue to be the property of the North Carolina Trust. 

Such Grants are made in trust to secure the Notes equally and ratably without prejudice, priority or distinction, in each case except as set
forth herein. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders, acknowledges such Grant and accepts the trusts
hereunder in accordance with the provisions hereof and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. On the Closing Date, the Issuer shall deliver to the Indenture Trustee the 2018-1A SUBI Certificate together with an assignment in blank signed by the Issuer. 
 LIMITED RECOURSE

 The obligations of the Issuer to make payments of principal of and interest on the Notes are limited recourse obligations of the
Issuer that are secured solely by and are payable solely from the related Trust Estate and only to the extent proceeds and distributions on such Trust Estate are allocated for its benefit under the terms of this Indenture. The holders of the Notes
shall have no recourse to any other assets of the Issuer. In the event the Trust Estate has been exhausted and any of the Notes have not been paid in full, then any and all amounts that are still due on such Notes shall be extinguished and shall not
revive, and such Notes shall be canceled. 
 ARTICLE I. 

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used but not defined in this Indenture are defined in and shall have the respective
meanings assigned to them in Part A of Schedule II (together with Part B of such Schedule II, the “Definitions Schedule”) to the Sale and Servicing Agreement of even date herewith, by and among Regional Management Receivables
III, LLC (the “Depositor”), Regional Management Corp., as the servicer, the subservicers party thereto, Regional Management North Carolina Receivables Trust and the Issuer. The rules of construction set forth in Part B of the
Definitions Schedule shall be applicable to this Indenture. 
 ARTICLE II. 

THE NOTES 

Section 2.01 Form Generally. The Notes shall be designated as the “Regional Management Issuance Trust 2018-1, Personal Loan Asset Backed Notes, Series 2018-1.” The Notes shall be in substantially the form attached as Exhibit A hereto. Except as otherwise expressly
provided herein, the Notes will be issued in fully registered form only and shall be numbered serially for identification. The terms of the Notes set forth in Exhibit A to this Indenture are part of the terms of this Indenture. The Notes shall be
typewritten, word processed, printed, lithographed, engraved or produced by any combination of these methods, all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

  
 3 

 Section 2.02 Denominations. The Notes shall be issued in fully registered form in
minimum amounts of $100,000 and in integral multiples of $1,000 in excess thereof. 
 Section 2.03 Execution, Authentication and
Delivery. Each Note shall be executed by manual or facsimile signature on behalf of the Issuer by an Authorized Officer of the Issuer. 

Notes bearing the manual or facsimile signature of an individual who was, at the time when such signature was affixed, authorized to sign on
behalf of the Issuer shall not be rendered invalid, notwithstanding the fact that such individual ceased to be so authorized prior to the authentication and delivery of such Notes or does not hold such office at the date of issuance of such Notes.

 On the Closing Date, the Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A Notes for original issue in an
aggregate principal amount of $129,770,000, Class B Notes for original issue in an aggregate principal amount of $9,270,000 and Class C Notes for original issue in an aggregate principal amount of $10,960,000. At any time and from time to
time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Indenture Trustee for authentication and delivery, and the Indenture Trustee, upon Issuer Order, shall authenticate and deliver such
Notes as provided in this Indenture and not otherwise. 
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of authentication, substantially in the form provided for herein, executed by or on behalf of the Indenture Trustee by the manual signature of a duly authorized signatory,
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 2.04 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of one or more Notes representing
the Book-Entry Notes, to be delivered to the Indenture Trustee as custodian for the Clearing Agency on behalf of the Issuer. The Notes shall initially be registered on the Note Register in the name of the Clearing Agency of its nominee, and no
Beneficial Owner will receive a Definitive Note representing such Beneficial Owner’s interest in such Note, except as provided in Section 2.10. Unless and until Definitive Notes have been issued to the applicable Beneficial Owners pursuant
to Section 2.10: 
 (a) the provisions of this Section 2.04 shall be in full force and effect; 

(b) the Issuer, the Depositor, the Note Registrar and the Indenture Trustee shall be entitled to communicate directly with the Clearing Agency
and the Clearing Agency Participants for all purposes of this Indenture (including distributions) as the authorized representatives of the Beneficial Owners of the Notes; 

(c) to the extent that the provisions of this Section 2.04 conflict with any other provisions of this Indenture, the provisions of this
Section 2.04 shall control; 

  
 4 

 (d) the rights of Beneficial Owners shall be exercised only through the Clearing Agency and the
applicable Clearing Agency Participants and shall be limited to those established by law and agreements between such owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes of such Class are
issued pursuant to Section 2.10, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit distributions of principal and interest on the related Notes to such Clearing Agency
Participants and, without limiting the Issuer’s or the Indenture Trustee’s duties and obligations set forth elsewhere herein, neither the Issuer nor the Indenture Trustee shall have any responsibility therefor; and 

(e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a
specified percentage of the Aggregate Note Balance, the Class A Note Balance, the Class B Note Balance or the Class C Note Balance, as applicable, the Clearing Agency shall be deemed to represent such percentage with respect to the
Notes only to the extent that it has received written instructions to such effect from Beneficial Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in such Notes and
has delivered such written instructions to the Indenture Trustee. For the avoidance of doubt, irrespective of whether such Clearing Agency has received such written instructions, the determination as to whether such Clearing Agency has received such
written instructions and the determination as to whether any Note is “Outstanding” shall be made in accordance with the definition thereof. 

None of the Issuer, the Indenture Trustee or the Note Registrar shall have any liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests in the Book-Entry Notes or for maintaining, supervising or reviewing any records relating to beneficial ownership interests or transfers thereof. 

Except as provided in the next succeeding paragraph of this Section 2.04, the rights of Beneficial Owners with respect to the Book-Entry
Notes shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and Clearing Agency Participants. Except as provided in Section 2.10 hereof, Beneficial Owners shall not be entitled to
Definitive Notes in exchange for the Book-Entry Notes as to which they are the Beneficial Owners. Requests and directions from, and votes of, the Clearing Agency as Holder of the Notes shall not be deemed inconsistent if they are made with respect
to different Beneficial Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from, or voting by, Noteholders and give notice to the Clearing Agency of such record date. Other than pursuant
to Section 2.10, without the consent of the Issuer and the Indenture Trustee, no Book-Entry Note may be transferred by the Clearing Agency except to a successor Clearing Agency that agrees to hold such Note for the account of the Beneficial
Owners. 
 The Depository Trust Company shall be the initial Clearing Agency. In the event that The Depository Trust Company resigns or is
removed as Clearing Agency, the Indenture Trustee may designate a successor Clearing Agency. If no successor Clearing Agency has been designated within thirty (30) days of the effective date of the Clearing Agency’s resignation or removal,
each Beneficial Owner shall be entitled to Definitive Notes representing the Notes it beneficially owns in the manner prescribed in Section 2.10. 

  
 5 

 Section 2.05 Registration of and Limitations on Transfer and Exchange of Notes;
Appointment of Note Registrar. 
 (a) The Indenture Trustee shall act as, or shall appoint, a note registrar (in such capacity, the
“Note Registrar”) that shall provide for the registration of Notes, and transfers and exchanges of Notes as herein provided. The Note Registrar shall initially be the Indenture Trustee and any
co-note registrar chosen by the Indenture Trustee and acceptable to the Issuer, and the Note Registrar shall have such rights, privileges, protections, immunities and benefits as are set forth in
Section 6.03(j). The Note Registrar shall keep a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the registration of Notes and the registration of transfers of Notes shall be
provided. The Note Registrar shall act solely for the purpose of maintaining the Note Register as an agent of the Issuer. Any transfer of an interest in a Note shall be reflected in the Note Register and entries in the Note Register shall be
presumed correct. The Note Registrar shall provide to the Issuer, upon reasonable written request, and at the expense of the requesting party, an updated copy of the Note Register. The Issuer shall have the right to inspect the Note Register or to
obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register. Any reference in this Indenture to the Note Registrar shall include any co-note registrar unless the context requires otherwise. The Indenture Trustee may revoke such appointment and remove any Note Registrar if the Indenture Trustee determines in its sole discretion that such Note
Registrar failed to perform its obligations under this Indenture in any material respect. Any Note Registrar shall be permitted to resign as Note Registrar upon thirty (30) days written notice to the Issuer and the Indenture Trustee;
provided, however, that such resignation shall not be effective and such Note Registrar shall continue to perform its duties as Note Registrar until the Indenture Trustee has appointed a successor Note Registrar (which may be the
Indenture Trustee) reasonably acceptable to the Issuer. 
 (b) No transfer, sale, pledge or other disposition of any Note or interest therein
shall be made unless that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the
Securities Act and such state securities laws. None of the Issuer, the Indenture Trustee or the Note Registrar is obligated to register or qualify any Notes under the Securities Act or any other securities law or to take any action not otherwise
required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder desiring to effect a transfer of Notes or interests therein shall, and does hereby agree to, indemnify the
Issuer, the Indenture Trustee and the Note Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with such federal and state laws. Any attempted transfer, sale, pledge or other disposition of
any Note or interest therein in contravention of this Section 2.05 will be void ab initio and the purported transferor will continue to be treated as the owner of the Notes for all purposes. 

The Notes are being offered and sold by the Initial Purchasers only in the United States to persons that are QIBs in transactions meeting the
requirements of Rule 144A. The Notes shall initially be issued in the form of one or more permanent global notes with the applicable legends set forth in Exhibit A (each, a “Rule 144A Global Note”) in fully registered form without
interest coupons. The principal amount of a Global Note may from time to time be increased or decreased by adjustments made on the records of the custodian for The Depository Trust Company (“DTC”), DTC’s nominee or any other
authorized person, to reflect the transfers of interest described in this Section 2.05 or other transactions under this Indenture. 

  
 6 

 Any ownership interest represented by a beneficial interest in a Rule 144A Global Note may be
transferred to another entity who wishes to hold Notes in the form of an interest in a Rule 144A Global Note; provided, that, the applicable transferor and transferee are deemed to have represented and warranted that such transfer is being
made to a transferee that the transferor reasonably believes is a QIB in a transaction meeting the requirements of Rule 144A.  
 In
the event that a Rule 144A Global Note is exchanged for one or more Definitive Notes (a “Rule 144A Definitive Note”) pursuant to Section 2.10 of this Indenture, the related Beneficial Owner shall be required to deliver a
representation letter with respect to the matters described in this Section 2.05. The Indenture Trustee shall destroy the applicable Global Note upon its exchange in full for Definitive Notes. 

Each purchaser of a Note that represents a beneficial interest in a Global Note will be deemed to have represented and agreed, and each
purchaser of a Definitive Note will be required to certify to the Indenture Trustee and Note Registrar in writing, that:  

(i) the purchaser has been advised that the Initial Purchasers are relying on exemptions from the provisions of Section 5
of the Securities Act provided by Rule 144A in connection with the initial resale of the Notes; 
 (ii) the purchaser is a
QIB and is acquiring such Notes for its own account or as a fiduciary or agent for others (which others are also QIBs) for investment purposes and not for distribution in violation of the Securities Act, and it is able to bear the economic risk of
an investment in the Notes and has such knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of purchasing the Notes; 

(iii) the purchaser understands that the Notes are being offered only in a transaction that does not require registration of
the Notes under the Securities Act and, if such purchaser decides to resell, pledge or otherwise transfer such Notes, then it agrees that it will resell, pledge or transfer such Notes only so long as such Notes are eligible for resale pursuant to
Rule 144A, to a person who the seller reasonably believes is a QIB acquiring the Notes for its own account or as a fiduciary or agent for others (which others must also be QIBs) to whom notice is given that the resale or other transfer is being made
in reliance on Rule 144A; 
 (iv) unless the applicable legend set forth in Exhibit A has been removed, the purchaser
shall notify each transferee of the Notes that (A) the Notes have not been registered under the Securities Act, (B) the holder of Notes is subject to the restrictions on the resale or other transfer thereof described in clause
(ii) above, and (C) such transferee shall be deemed to have represented (1) as to its status as a QIB purchasing the Notes in reliance on Rule 144A, (2) that such transferee is acquiring the Notes for its own account or as a
fiduciary or agent for others (which others also must be QIBs), and (3) that such transferee shall be deemed to have agreed to notify its subsequent transferees as to the foregoing; 

  
 7 

 (v) the purchaser understands that each Rule 144A Global Note and any Rule 144A
Definitive Note will bear the legends set forth in Exhibit A hereto; 
 (vi) either (A) it is not and is not
acting on behalf or using the assets of (1) an “employee benefit plan,” as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (2) a “plan,” as defined in Section 4975(e)(1) of the Internal
Revenue Code, that is subject to Section 4975 of the Internal Revenue Code, (3) an entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in the entity
(within the meaning of Department of Labor Regulation 29 C.F.R. 2510.3-101, as modified by section 3(42) of ERISA), or (4) any governmental, church, non-U.S. or
other plan that is subject to any non-U.S., federal, state or local law that is substantially similar to Section 406 of ERISA or Section 4975 of the Internal Revenue Code (“Similar
Law”) or an entity whose underlying assets include assets of any such plan; or (B) the acquisition, continued holding and disposition of the Notes (or any interest therein) will not give rise to a fiduciary breach or non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code or result in a non-exempt violation of Similar Law; 

(vii) each purchaser who is a Benefit Plan Investor, including the fiduciary making the decision to invest in the Notes on such
purchaser’s behalf (the “Plan Fiduciary”), at any time when DOL Regulation 29 C.F.R. 2510.3-21, as modified in 2016 (the “Fiduciary Rule”), is applicable will be
(A) required or deemed to represent that if any of the Issuer, the Depositor, the Initial Purchasers or any of their respective affiliated entities (the “Transaction Parties”) has provided advice with respect to the acquisition
of the Notes by the Benefit Plan Investor, it has provided such advice only to the Plan Fiduciary which is independent of the Transaction Parties giving such advice, if any, and the Plan Fiduciary is either: (i) a bank, insurance company,
registered investment adviser, broker-dealer or other person with financial expertise, in each case as described in 29 C.F.R. 2510.3-21(c)(1)(i); (ii) is an independent plan fiduciary within the meaning of the
Fiduciary Rule with respect to the Transaction Parties; (iii) is capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies; (iv) is responsible for exercising
independent judgment in evaluating the transaction; and (v) is not paying any fee or other compensation to the Transaction Parties for investment advice (as opposed to other services) in connection with the transaction, and (B) required or
deemed to acknowledge and agree that (i) it has been informed that none of the Transaction Parties or any of their affiliates is undertaking to provide impartial investment advice and they are not giving any advice in a fiduciary capacity in
connection with such Benefit Plan Investor’s purchase of Notes, and (ii) has received and understands the existence and nature of the financial interests of the Transaction Parties disclosed in the PPM; and 

  
 8 

 (viii) The purchaser has (A) reviewed the PPM, including the information
incorporated herein by reference and been afforded the opportunity to request and review all additional information it considered necessary to verify the accuracy of, or to supplement, the information contained or incorporated by reference herein,
(B) independently and without reliance upon the Indenture Trustee or any Affiliate of the Indenture Trustee, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of such Note.
Each purchaser of Notes also represents that it will, independently and without reliance upon the Indenture Trustee or any Affiliate of the Indenture Trustee, and based on such documents and information as it shall deemed appropriate at the time,
continue to make its own decision in taking or not taking action under the Indenture and in connection with the Notes except for notices, reports and other documents expressly required to be furnished to the holders of Notes by the Indenture, the
Indenture Trustee shall not have any duty or responsibility to provide any Noteholder with any other information concerning the transactions contemplated hereby, the Trust Estate, the Issuer, the Servicer, or any other parties to the Indenture or to
any related documents which may come into the possession of the Indenture Trustee or any of its officers, directors, employees, agents, representatives or
attorneys-in-fact, and (C) not relied on any information or representations other than as contained or incorporated by reference into the PPM and information given
by duly authorized officers and employees of the Issuer in connection with its examination of the Issuer and the terms of the offering and the Notes. 

(c) At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to
Rule 12g3-2(b) under the Exchange Act, upon the request of a Noteholder or Beneficial Owner, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information to such Noteholder or Beneficial
Owner, to a prospective purchaser of such Note designated by such Noteholder or Beneficial Owner or to the Indenture Trustee for delivery to such Noteholder or Beneficial Owner or a prospective purchaser designated by such Noteholder or Beneficial
Owner, as the case may be, in order to permit compliance by such Noteholder or Beneficial Owner with Rule 144A in connection with the resale of a Note by such Noteholder or Beneficial Owner. 

(d) Notwithstanding anything contained herein to the contrary, neither the Indenture Trustee nor the Note Registrar shall be responsible for
ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act, applicable state securities laws, ERISA (or, in the case of a governmental plan or a church plan (as described in ERISA Sections
3(32) and 3(33), respectively) any substantially similar federal, state or local law), the Internal Revenue Code or the Investment Company Act, but shall only be required to receive any transferee certification required pursuant to the terms of this
Indenture with no duty whatsoever to confirm the accuracy of any of the information contained therein. 
 (e) With respect to any outstanding
Notes retained by the Issuer or conveyed to an Affiliate of the Issuer, and later sold to an unrelated purchaser, the requirements set forth in Section 3.14(c) must be met prior to any such later sale. 

(f) If a Person is acquiring any Note or interest therein as a fiduciary or agent for one or more accounts, such Person shall be required to
deliver to the Note Registrar a certification (as to which, in the case of the Book Entry Notes, each prospective transferee account owner will be deemed to have represented such certification) to the effect that it has (1) sole investment
discretion with respect to each such account and (2) full power to make the foregoing acknowledgments, representations, warranties, certifications and agreements with respect to each such account as set forth in this Section 2.05. 

  
 9 

 (g) Subject to the preceding provisions of this Section 2.05, upon surrender for
registration of transfer of any Note at the offices or agency of the Note Registrar maintained for such purpose, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Notes of a like denomination and of the same Class. As of the Closing Date, the offices of the Note Registrar maintained for such purpose are located at the Corporate Trust Office of the Indenture Trustee. 

(h) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and of a
like aggregate denomination, upon surrender of the Notes to be exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange, the Issuer shall execute and the Indenture Trustee as
authenticating agent shall authenticate and deliver the Notes which the Noteholder making the exchange is entitled to receive. 
 (i) Every
Note presented or surrendered for transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in the form satisfactory to the Note Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing. 
 (j) Every Note issued upon any registration of transfer or exchange of 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 or exchange. 

(k) No service charge shall be imposed for any transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes. 
 (l) All Notes
surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures. 

Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. If (a) any mutilated Note is surrendered to the Indenture Trustee or
the Note Registrar, or the Indenture Trustee or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) in case of destruction, loss or theft there is delivered to the Indenture Trustee,
the Issuer, the Depositor or the Note Registrar, as the case may be, such security or indemnity as may be required by it to hold the Issuer, the Depositor, the Note Registrar and the Indenture Trustee harmless, then, in the absence of written notice
to the Issuer, the Depositor, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), the Issuer shall execute, and upon Issuer Order the Indenture
Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of like tenor and aggregate principal amount, bearing a number not contemporaneously outstanding;
provided, however, that if any such mutilated, destroyed, lost or stolen Note shall have become, or within seven (7) days shall be, due and payable, or shall have been selected or called for redemption, instead of issuing a
replacement Note, the Issuer may pay 

  
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such Note without surrender thereof, except that any mutilated Note shall be surrendered. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant
to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) 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” (as contemplated by Article 8 of the UCC), 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. 
 In connection with the issuance of any replacement Note under this
Section 2.06, the Issuer, the Indenture Trustee or the Note Registrar 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 reasonable fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 
 Any
replacement Note issued pursuant to this Section 2.06 in replacement of any mutilated, destroyed, lost or stolen Note shall constitute complete and indefeasible evidence of a debt of the Issuer, as if originally issued, whether or not the
destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section 2.06 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 2.07 Persons Deemed Owners. The Indenture
Trustee, the Note Registrar, the Depositor, the Issuer and any agent of any of them may, prior to due presentation of a Note for registration of transfer, treat the Person in whose name any Note is registered as the holder of such Note for the
purpose of receiving distributions pursuant to the terms of this Indenture and for all other purposes whatsoever, and, in any such case, none of the Indenture Trustee, the Note Registrar, the Depositor, the Issuer nor any agent of any of them shall
be affected by any notice to the contrary. Upon any request or inquiry by a Noteholder, the Indenture Trustee or the Note Registrar shall be entitled to receive a certification in form reasonably satisfactory to the Indenture Trustee and the Note
Registrar, to enable the Indenture Trustee and the Note Registrar to confirm the status of such entity as a Noteholder. 
 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 canceled by
the Indenture Trustee and shall no longer be considered Outstanding for any purpose hereunder. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer
may have acquired in any lawful manner whatsoever. All Notes delivered by the Issuer or any other Person for cancellation shall be promptly canceled by the Indenture Trustee and such cancellation shall be recorded in the Note Registrar. No Notes
shall be 

  
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authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.08, except as expressly permitted by this Indenture. All canceled Notes held by the Indenture
Trustee shall be destroyed or retained in accordance with its standard document retention or disposal policy in effect at such time unless the Issuer shall direct prior to destruction that they be returned to the Issuer. 

Section 2.09 Notices to Clearing Agency. Whenever a notice or other communication is required to be given to the Noteholders of
any Class with respect to which Book-Entry Notes have been issued, unless and until Definitive Notes shall have been issued to the related Beneficial Owners pursuant to Section 2.10 and there are no Book-Entry Notes outstanding, the
Indenture Trustee shall transmit all such notices and communications to the Clearing Agency. 
 Section 2.10 Definitive Notes.
If Book-Entry Notes have been issued with respect to any Class and (a) (i) the Issuer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to discharge properly its responsibilities with respect to
such Class and (ii) the Issuer is unable to locate and reach an agreement on satisfactory terms with a qualified successor, (b) to the extent permitted by law, the Issuer, at its option, advises the Indenture Trustee in writing that
it elects to terminate the book-entry system through the Clearing Agency with respect to such Class or (c) after the occurrence of a Servicer Default or an Event of Default, Beneficial Owners with respect to such Class representing
not less than 50% of the principal amount of the Book-Entry Notes of such Class advise the Indenture Trustee and the applicable Clearing Agency in writing through the applicable Clearing Agency Participants that the continuation of a book-entry
system with respect to the Notes of such Class is no longer in the best interests of the Beneficial Owners with respect to such Class, then the Indenture Trustee shall notify all Beneficial Owners with respect to such Class, through the
Clearing Agency of the occurrence of such event and of the availability of Definitive Notes to Beneficial Owners with respect to such Class. Upon surrender to the Indenture Trustee of such Notes by the Clearing Agency, accompanied by registration
instructions from the applicable Clearing Agency for registration, the Issuer shall execute and the Indenture Trustee shall authenticate Definitive Notes of such Class and shall recognize the registered holders of such Definitive Notes as
Noteholders under this Indenture. None of the Issuer or the Indenture Trustee shall be liable for any delay in delivery of such instructions, and the Issuer and the Indenture Trustee may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Notes of such Class, the Indenture Trustee shall recognize the registered Holders of such Definitive Notes of such Class as Noteholders of such Class hereunder. Definitive Notes will be
transferable and exchangeable at the Corporate Trust Office of the Indenture Trustee. 
 Pending the preparation of Definitive Notes, the
Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, 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 not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

  
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 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 office or agency of the Issuer to be maintained as provided in
Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like
principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

The Issuer represents that the Notes are of the type of debt instruments where payments under such debt instruments may be accelerated by
reason of prepayment of other obligations securing such debt instruments. 
 Section 2.11 CUSIP Numbers. The Issuer in issuing
the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers. 

ARTICLE III. 

REPRESENTATIONS AND COVENANTS OF ISSUER 

Section 3.01 Payment of Principal and Interest. 

(a) The Issuer will duly and punctually pay principal of and interest on the Notes, in each case in accordance with (and subject to) the terms
of the Notes and this Indenture. 
 (b) On each Payment Date, the Noteholders of each Class as of the related Record Date shall be
entitled to the interest accrued at the applicable Interest Rate and principal payable on such Payment Date as specified herein. All payment obligations under a Note are discharged to the extent such payments are made to the Noteholder of record as
of such related Record Date. 
 Section 3.02 Maintenance of Office or Agency. The Issuer will maintain an office or agency with
the Corporate Trust Office of the Indenture Trustee at Wells Fargo Bank, N.A., Attention: Corporate Trust Services/Structured Products Services, 600 S 4th St., MAC N9300-061, Minneapolis, Minnesota 55479,
where Notes may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Issuer will give prompt written notice to the Indenture Trustee and the Noteholders of any change in the
location of any such office or agency. 
 Section 3.03 Money for Note Payments to Be Held in Trust. As specified in
Section 8.02, all payments of amounts due and payable on or with respect to the Notes, which are to be made from amounts withdrawn from the Collection Account, shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so
withdrawn from the Collection Account shall be paid over to the Issuer except as provided in this Indenture. 

  
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 Subject to Requirements of Law with respect to escheat of funds, and after such notice required
with respect to Notes not surrendered for cancellation pursuant to Section 10.02(b) is given, any money held by the Indenture Trustee in trust for the payment of any amount due with respect to any Note remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust, and the Indenture Trustee shall give prompt notice of such occurrence to the Issuer and shall release such money to the Issuer on Issuer Order; the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer (and then only to the extent of the amounts so paid to the Issuer) for payment thereof, and all liability of the Indenture Trustee with respect to such trust money shall thereupon
cease; provided, however, that the Indenture Trustee, before being required to make any such repayment, shall at the written direction and expense 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 date 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 cost of any such notice or publication shall be paid out of funds in the Collection Account. The Indenture Trustee shall also adopt
and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, 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, at the last address of record for each such Holder). 

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, the Trust
Estate and each other related instrument or agreement included in the Trust Estate. The Issuer shall not consolidate or merge with or into any other Person and shall not (except as provided herein) convey or transfer its properties and assets
substantially as an entirety to any Person. 
 Section 3.05 Protection of Trust. The Issuer intends that the security interest
Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders is 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 (except to the extent that the interest of Indenture Trustee therein cannot be perfected by the filing of a
financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and shall file or shall authorize the filing of all such financing statements, continuation statements, instruments of further
assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable and reasonably within its power to: 

(a) grant more effectively all or any portion of the Trust Estate as security for the Notes; 

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

  
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 (c) perfect, publish notice of, or protect the validity of any Grant made or to be made by this
Indenture and the priority thereof; or 
 (d) preserve and defend title to the Trust Estate and the rights therein of the Indenture Trustee
and the Noteholders secured thereby against the claims of all Persons and parties. 
 The Issuer hereby designates the Indenture Trustee as
its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be
executed or filed (if any) pursuant to this Section 3.05; provided, however, that the Indenture Trustee shall not be obligated to execute, file or authorize such instruments and shall have no liability in connection
therewith, including on account of any non-filing of any thereof. Financing statements filed pursuant to such appointment may describe the Trust Estate in the same manner as described herein or may describe
the collateral subject thereto as “All of the Debtor’s personal property and other assets, whether now owned or existing or hereafter acquired or arising, together with all products and proceeds thereof, substitutions and replacements
therefor, and additions and accessions thereto.” 
 The Issuer shall pay or cause to be paid any taxes levied on all or any part of the
Trust Estate from amounts available for such purpose pursuant to this Indenture. 
 Section 3.06 Opinions as to Trust Estate. On
or before June 30th of each calendar year, beginning in 2019, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either stating that, (i) in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture and any other requisite documents and with respect to the authorization, execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or (ii) in the opinion of such counsel no such action is necessary to maintain such lien and security
interest. Such Opinion of Counsel will also describe the recording, filing, re-recording and refiling of this Indenture and any other requisite documents and the execution and filing of any 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 until June 30th of the following calendar year. 

Section 3.07 Performance of Obligations; Servicing of Loans. 

(a) The Issuer shall not take any action and shall 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 Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, in each case, except (i) as expressly provided in (or permitted by) this Indenture, the Sale and Servicing Agreement, the other Transaction Documents to which it is a party or such
other instrument or agreement or (ii) as ordered by any bankruptcy court or other court. 

  
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 (b) To the extent permitted by the Transaction Documents, 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 satisfy the obligations of the Issuer with
respect thereto and shall be deemed to be an action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture and the other
Transaction Documents to which it is a party. 
 (c) The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the other Transaction Documents and in the instruments and agreements relating to the Trust Estate, including but not limited to preparing, authorizing and filing or causing to be filed all UCC financing statements and
amendments to financing statements required to be filed by the terms of this Indenture and the other Transaction Documents 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 Default under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agency thereof, and shall specify in such notice the action, if any, being taken with respect to such Servicer Default. If a Servicer Default 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 Trust Estate, the Issuer shall take all reasonable steps available to it or as may be directed by the Indenture Trustee (acting at the written
direction of the Required Noteholders) to remedy such failure or to cause such failure to be remedied, it being understood and agreed that the Issuer shall not be required to take any actions or steps that would violate law or the provisions of any
Transaction Document. 
 (e) The Issuer shall deliver any Loan Schedule (as defined in the Sale and Servicing Agreement) received by it
pursuant to the Sale and Servicing Agreement to the Indenture Trustee. 
 Section 3.08 Negative Covenants. So long as any Notes
are Outstanding, the Issuer shall not: 
 (a) sell, transfer, convey, exchange, pledge or otherwise dispose of any part of the Trust Estate
except as expressly permitted by the Indenture; 
 (b) claim any credit on, or make any deduction from, the principal and interest payable in
respect of the Notes (other than amounts properly withheld from payments under Requirements of Law) or assert any claim against any present or former Noteholder by reason of the payment of any taxes levied or assessed upon any part of the Trust
Estate; 
 (c) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any
Lien, 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 Trust Estate or any part thereof or any interest therein,
except for Permitted Liens or (iii) permit the lien of this Indenture not to constitute a valid first-priority perfected security interest in the Trust Estate, subject only to Permitted Liens; or 

(d) voluntarily dissolve or liquidate in whole or in part. 

  
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 Section 3.09 Statements as to Compliance. The Issuer will deliver to the Indenture
Trustee, no later than March 31 of each year so long as any Note is Outstanding (commencing March 31, 2019), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a) a review of the activities of the Issuer during the most recently ended calendar year (or in the case of the Officer’s Certificate to
be delivered on March 31, 2019, the period from the Closing Date to December 31, 2018) and of performance under this Indenture and the Sale and Servicing Agreement has been made under such Authorized Officer’s supervision; and 

(b) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has materially complied with all conditions and
covenants under this Indenture and the Sale and Servicing Agreement throughout such calendar year, 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’s Name, Location, etc. 

(a) The Issuer’s exact legal name is, and at all times has been, the name that appears for it on the signature page below. 

(b) The Issuer has not used any trade or assumed names. 

(c) The Issuer is, and at all time has been, a “registered organization” (within the meaning of Article 9 of the UCC), organized
solely under the laws of the State of Delaware. 
 (d) The Issuer will not change its name, its type or jurisdiction of organization, or its
organizational identification number unless it has given the Indenture Trustee at least thirty (30) days prior written notice of such change. 

Section 3.11 Amendments. 

(a) Without derogating from the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee
hereunder, the Issuer agrees that it will not (a) terminate, amend, waive, supplement or otherwise modify any of, or consent to the assignment by any party of, the Transaction Documents to which it is a party and (b) to the extent that the
Issuer has the right to consent to any termination, waiver, amendment, supplement or other modification of, or any assignment by any party of, any Transaction Document to which it is not a party, give such consent, unless, in each case
(i) other than in connection with the accession of an Additional Subservicer pursuant to Section 10.18 of the Sale and Servicing Agreement, either (1) such termination, amendment, waiver, supplement or other modification or such
assignment, as applicable, would not have an Adverse Effect, conclusive evidence of which may be established by delivery of an Officer’s Certificate of the Servicer as to such determination and the Rating Agency Notice Requirement (as certified
by the Servicer in writing, on which certification the Indenture Trustee may conclusively rely) is satisfied with respect to such termination, amendment, waiver, supplement or other modification or such assignment, as applicable, or (2) the
Required Noteholders have consented in writing thereto and (ii) the other requirements with respect to such termination, amendment, waiver, supplement or other modification, or such assignment, as applicable, contained in the Transaction
Documents (including this Section 3.11) are satisfied (which the Servicer shall certify in the required Officer’s Certificate). 

  
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 (b) The Indenture Trustee may, without the consent of any Holders of Notes but upon satisfaction
of the Rating Agency Notice Requirement (as certified by the Servicer in writing, on which certification the Indenture Trustee may conclusively rely), consent to any termination, waiver, amendment, supplement or other modification of, or any
assignment by any party of, any Transaction Document (other than the Indenture) to which it is a party so long as (i) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate stating that the Issuer reasonably believes
that such action would not have an Adverse Effect and (ii) the other requirements with respect to such termination, amendment, waiver, supplement or other modification, or such assignment, as applicable, contained in the Transaction Documents
(including this Section 3.11) are satisfied (which the Issuer shall certify in the required Officer’s Certificate). 
 (c) Subject
to satisfaction of the requirements in the foregoing clauses (a) or (b), as applicable, the Indenture Trustee shall, when directed by an Issuer Order, execute and deliver such documents and otherwise take such actions as are reasonably required
to effectuate such, or consent to such, termination, amendment, waiver, supplement, other modification of, or assignment by any party of, any Transaction Document (other than the Indenture) to which it is a party. 

(d) Notwithstanding the foregoing, the Issuer may amend, modify, waive, supplement or agree to any amendment, modification, supplement or
waiver of the terms of this Indenture in accordance with Article IX hereof (without the consent of any Holders of Notes in the case of Section 9.01), but subject to any other conditions set forth in Article IX hereof applicable thereto. All
reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in connection with any such amendment, modification, waiver or supplement to this Indenture shall be payable by the
Issuer in accordance with and subject to Section 8.06. In connection with the execution of any amendment hereunder, the Owner Trustee, the Indenture Trustee and the Account Bank shall be entitled to receive, and subject to
Sections 6.01 and 6.03 hereof, the Indenture Trustee shall be fully protected in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that all conditions precedent thereto have been satisfied and the execution of such
amendment is authorized or permitted under the terms of this Indenture. 
 Section 3.12 No Borrowing. The Issuer shall not
issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except as expressly contemplated by the Transaction Documents and the Notes. 

Section 3.13 Guarantees, Loans, Advances and Other Liabilities. Except as expressly 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 other Person. 

  
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 Section 3.14 Tax Treatment. 

(a) The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for federal, state and local income and
franchise tax and financial accounting purposes, (i) the Notes will be treated as indebtedness secured by the assets of the Issuer (and not an ownership interest in the Issuer), excluding any Notes retained by the Issuer or an Affiliate of the
Issuer, and (ii) the Issuer shall not be treated as an association or publicly traded partnership taxable as a corporation. The Issuer, by entering into this Indenture, and each Noteholder, by the acceptance of any such Note (and each
beneficial owner of a Note, by its acceptance of an interest in the applicable Note), agree to treat such Notes for federal, state and local income and franchise tax and financial accounting purposes as indebtedness, and to file all federal, state
and local income tax and information returns and reports required to be filed with respect to any of the Notes, under any applicable federal, state or local tax statute or any rule or regulation under any of them, consistent with such
characterization. Each Holder of such Note agrees that it will cause any owner of a security entitlement to such Note acquiring an interest in a Note through it to comply with this Indenture as to treatment of indebtedness under applicable tax law,
as described in this Section 3.14. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7701-3 whereby the
Issuer or any portion thereof would be treated as a corporation for U.S. federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment. 

(b) Notwithstanding the preceding paragraph, if (i) any taxing authority asserts that any of the Notes are not properly classifiable as
indebtedness for income tax purposes (“Recharacterized Notes”) and (ii) either (A) the Issuer determines that it will not challenge the assertion of such taxing authority or (B) any such challenge is unsuccessful,
the Issuer and the Noteholders agree that (1) the Holders of the Recharacterized Notes shall be treated for all income tax purposes as partners of a partnership from the inception of the Issuer, (2) taxable income or items of gross income
of the partnership for each taxable year of the entity in an amount corresponding to the aggregate distributions of interest to the Holders of Recharacterized Notes made pursuant to the terms of the Indenture during such taxable year shall be
specially allocated to the Holders of the Recharacterized Notes pro rata in the proportion that the amount of distributions received by each such Holder during such taxable year bears to the aggregate amount of distributions of interest
received by all Noteholders pursuant to the terms of the Indenture during such taxable year, and (3) all remaining items of taxable income, gain, loss, deduction, or credit of the partnership for such taxable year and any separately allocable
items thereof shall be allocated to the Depositor; provided, however, that anything herein to the contrary notwithstanding, to the extent that the distributions of interest to the Noteholders pursuant to the terms of the Notes during
any taxable year exceed the taxable income or gross income of the partnership during such taxable year, the amount of such excess shall be specially allocated to the Noteholders in accordance with the preceding provisions of this
Section 3.14(b) in any subsequent taxable year or years of the entity to the extent of the taxable income or gross income of the partnership in such subsequent taxable year or years. 

(c) With respect to any outstanding Notes retained by the Issuer or conveyed to an Affiliate of the Issuer and sold to an unrelated purchaser
at a later time (a “Later-Sold Note”), such sale will not be effective unless (A) the Issuer receives an Opinion of Counsel with respect to such sale and (B) either (i) such Later-Sold Note has a CUSIP number that is
different than that of any 

  
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other Notes outstanding immediately prior to such sale or (ii) the Issuer receives an Opinion of Counsel that, for U.S. federal income tax purposes, such Later-Sold Note will be fungible
with the class of Notes with the same CUSIP number for U.S. federal income tax purposes. In addition, with respect to the sale of a Later-Sold Note, the Issuer must receive an Opinion of Counsel regarding the tax characterization of such Notes as
indebtedness for U.S. federal income tax purposes of at least the same opinion level that was received with respect to the corresponding class of the Notes outstanding that were not retained. 

(d) The Note Accounts (including income, if any, earned on the investment of funds in any such account) for U.S. federal income tax reporting
and withholding purposes will be owned by the Issuer (the “Account Owner”). The Issuer agrees to notify Wells Fargo in writing promptly following any change in the status of the Issuer as disregarded as an entity separate from the
sole Beneficiary for federal, state and local income and franchise tax purposes and to provide updated tax documentation reflecting such change, as more fully described in this paragraph. The Account Owner shall provide Wells Fargo in its capacity
as Indenture Trustee with (i) an IRS Form W-9 or appropriate IRS Form W-8 by the Closing Date, and (ii) any additional IRS forms (or updated versions of any
previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon the reasonable request of Wells Fargo as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes to the
Account Owner and (b) to permit Wells Fargo to fulfill its tax reporting obligations under applicable law with respect to the Note Accounts or any amounts paid to the Account Owner. If any IRS form or other documentation previously delivered
becomes obsolete or inaccurate in any respect (including without limitation in connection with the transfer of any beneficial ownership interest in the Issuer), the Account Owner shall timely provide to Wells Fargo in its capacity as Indenture
Trustee accurately updated and complete versions of such IRS forms or other documentation. Wells Fargo, both in its individual capacity and in its capacity as Indenture Trustee, shall have no liability to the Account Owner or any other person in
connection with any tax withholding amounts paid or withheld from the Note Accounts pursuant to applicable law arising from the Account Owner’s failure to timely provide an accurate, correct and complete IRS Form
W-9, an appropriate IRS Form W-8 or such other documentation contemplated under this paragraph. 

Section 3.15 Notice of Events of Default. The Issuer agrees to give the Indenture Trustee, each Noteholder and the Rating Agency
prompt written notice of each Event of Default hereunder and each default on the part of any party thereto of its obligations under the Loan Purchase Agreement. 

The Issuer shall deliver to the Indenture Trustee, within five (5) days after the occurrence of any Event of Default or Insolvency Event
with respect to the Issuer, written notice in the form of an Officer’s Certificate of the Issuer of such Event of Default or Insolvency Event, its status and what action the Issuer is taking or proposes to take with respect thereto. The
Indenture Trustee shall have no obligation either prior to or after receiving any notice indicating the existence of an Event of Default or Insolvency Event to investigate or verify that such event has in fact occurred and shall be entitled to rely
conclusively, and shall be fully protected in so relying, on any notice so furnished to it. In the absence of a Responsible Officer’s receipt of such notice or a Responsible Officer’s actual knowledge that an Event of Default or Insolvency
Event has occurred, the Indenture Trustee may conclusively assume that there is no Event of Default or Insolvency Event. When the Indenture Trustee incurs expenses or renders services in connection with an Event of Default, the expenses (including
the reasonable fees and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable bankruptcy laws. 

  
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 Section 3.16 No Other Business. The Issuer shall not engage any business other than
the purpose and powers set forth in Section 2.03 of the Trust Agreement and all activities incidental thereto. 
 Section 3.17
Further Instruments and Acts. Upon written 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 3.18 Maintenance of Separate Existence. The Issuer agrees to comply with the separateness
covenants in Section 5.09 of the Trust Agreement. 
 Section 3.19 Perfection Representations, Warranties and Covenants. The
perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

Section 3.20 Other Representations of the Issuer. On the Closing Date, the Issuer makes the following representations and
warranties for the benefit of the Noteholders: 
 (a) Binding Obligation. The Transaction Documents to which the Issuer is a party or
by which it is bound constitutes the legal, valid and binding obligation of the Issuer, enforceable against the Issuer in accordance with its respective terms, except as such enforceability may be limited by Debtor Relief Laws and general principals
of equity (whether considered in a suit at law or in equity). 
 (b) No Violation. The consummation of the transactions contemplated
by the Transaction Documents to which the Issuer is a party or by which it is bound and the fulfillments of the terms hereof and thereof will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the Certificate of Trust, Trust Agreement or any other agreement or document to which the Issuer is a party or by which it or any of its property is bound or is subject or
(ii) violate any Requirements of Law applicable to the Issuer. 
 (c) No Proceedings. There is no litigation, proceeding or
investigation pending before any Governmental Authority or, to the best knowledge of the Issuer, threatened against the Issuer, (i) asserting the invalidity of any Transaction Document to which the Issuer is a party or by which it is bound,
(ii) seeking to prevent the consummation of any of the transactions contemplated by such Transaction Documents or (iii) seeking any determination or ruling that could reasonably be expected to have an Adverse Effect. 

Section 3.21 Intercreditor Agreement. The Noteholders shall be deemed to have consented to the Indenture Trustee’s entering
into a joinder to the Intercreditor Agreement, dated as of the date hereof, and any control agreement or similar agreement relating thereto to which the Indenture Trustee is a party. The Indenture Trustee is also hereby authorized to execute and
deliver such joinder to the Intercreditor Agreement. 

  
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 Section 3.22 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 adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or
the other Transaction Documents to which the Issuer is a party. 
 Section 3.23 Eligible Assets. The Issuer has not acquired or
disposed of and shall not acquire or dispose of “eligible assets” for the primary purpose of recognizing gains or decreasing losses resulting from market value changes, and such acquisition or disposition shall be in accordance with the
documents pursuant to which the Issuer’s securities are issued and shall not result in a downgrading in the rating of any of the Issuer’s fixed-income securities. The Issuer will not acquire or dispose of Sold Assets other than in
accordance with the terms of the Transaction Documents. 
 ARTICLE IV. 

SATISFACTION AND DISCHARGE 

Section 4.01 Satisfaction and Discharge of this Indenture. This Indenture shall cease to be of further effect except as to
(a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) the rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.03
and 3.08 hereof, (e) the rights and immunities of the Indenture Trustee hereunder, including the rights of the Indenture Trustee under Section 6.07, and the obligations of the Indenture Trustee under Section 4.02, and (f) the
rights of such Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee and 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 when: 
 (i) either: 

(A) all Notes theretofore authenticated and delivered (other than (1) any Notes which have been destroyed, lost or stolen
and which have been replaced or paid as provided in Section 2.06, and (2) any Notes for whose full payment money is held in trust by the Indenture Trustee and thereafter released 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: 
 (1) have become due and payable; or 

(2) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of
notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer; 

  
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 and the Issuer, in the case of (1) or (2) above, has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount
sufficient to pay and discharge the entire indebtedness on such Notes (to the extent not theretofore delivered to the Indenture Trustee for cancellation) in accordance with Section 8.06 when due and payable or on the applicable final Payment
Date (if Notes shall have been called for redemption pursuant to Section 8.08), as the case may be; 
 (ii) the Issuer
has paid or caused to be paid all other sums payable hereunder by the Issuer with respect to the Notes and with respect to the Indenture Trustee and the Owner Trustee pursuant to the Transaction Documents; and 

(iii) the Issuer has delivered to the Indenture Trustee an Opinion of Counsel and an Officer’s Certificate of the Issuer
meeting the applicable requirements of Section 11.01(a) and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 

Section 4.02 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.01 shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to make payments to the Noteholders for the payment in respect of which such monies have been deposited with the Indenture Trustee, of all sums due
and to become due thereon for principal and interest; provided, however, such monies need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. Upon the satisfaction
and discharge of this Indenture and the application of all such monies, the Indenture Trustee shall, and is hereby authorized and directed to, execute and deliver to the North Carolina Trustees notice to the effect that all 2018-1A SUBI Assets have been liquidated into cash and all of such cash has been distributed in accordance with the Indenture together with the 2018-1A SUBI Supplement. 

ARTICLE V. 
 DEFAULTS AND
REMEDIES 
 Section 5.01 Early Amortization Events. An “Early Amortization Event” means any one of the
following events: 
 (a) as of the Monthly Determination Date occurring during August 2018 or any Monthly Determination Date thereafter, the
average of the Monthly Net Loss Percentages for such Monthly Determinate Date and the two immediately preceding Monthly Determination Dates (or (i) in the case of the first Monthly Determination Date, the Monthly Net Loss Percentage for such
Monthly Determination Date and (ii) in the case of the second Monthly Determination Date, the average of the Monthly Net Loss Percentages for such Monthly Determination Date and the immediately preceding Monthly Determination Date) exceeds
17.0%; 
 (b) a Reinvestment Criteria Event exists with respect to two consecutive Payment Dates (in each case, after giving effect to all
Loan Actions, if any, on such Payment Date) and the Monthly Servicer Report for the immediately following third Payment Date demonstrates that any Reinvestment Criteria Event will exist as of such Payment Date (in the event that no Loan Actions are
to be taken on the respective Loan Action Dates relating to such third Payment Date that will cure each such Reinvestment Criteria Event), provided, that such Early Amortization Event shall be deemed to occur, and the Revolving Period shall
terminate, on such third Payment Date; or 

  
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 (c) a Servicer Default occurs. 

Section 5.02 Events of Default. An “Event of Default” means any one of the following events: 

(a) an Insolvency Event with respect to the Issuer or the Depositor shall have occurred; or 

(b) the Indenture Trustee shall cease to have a first-priority perfected security interest in all or a material portion of the Trust Estate; or

 (c) (i) the Issuer, the North Carolina Trust or the Depositor shall have become subject to regulation by the SEC as an
“investment company” under the Investment Company Act, or (ii) the Issuer shall have become a “covered fund” under the Volcker Rule; or 

(d) the Issuer or the Depositor shall become taxable as an association or a publicly traded partnership taxable as a corporation under the
Internal Revenue Code; or 
 (e) a default in the payment of any interest (i) on any Class A Note until the Class A Notes have
been paid in full, (ii) after the Class A Notes have been paid in full, on any Class B Note until the Class B Notes have been paid in full or (iii) after the Class A Notes and the Class B Notes have been paid in
full, on any Class C Note until the Class C Notes have been paid in full, on any Payment Date and such default shall continue for a period of five (5) Business Days; or 

(f) a failure to pay the principal balance of all Outstanding Notes of any Class, together with all accrued and unpaid interest thereon, in
full on the Stated Maturity Date for such Class; or 
 (g) any failure on the part of (i) the Issuer duly to observe or perform any
other covenants or agreements of the Issuer set forth in this Indenture or (ii) the Depositor duly to observe or perform any other covenants or agreements of the Depositor as set forth in the Sale and Servicing Agreement, which failure, in any
such case, has a material adverse effect on the interests of the Noteholders (as determined by the Threshold Noteholders) and continues unremedied for a period of forty-five (45) days after the earlier of the date on which (x) notice of
such failure, requiring the same to be remedied, shall have been given by registered or certified mail to the Issuer or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer or the Depositor, as applicable, and the Indenture
Trustee, by the Threshold Noteholders, and (y) the Issuer or the Depositor, as applicable, has actual knowledge thereof; or 

(h) (i) any representation, warranty or certification made by the Issuer in this Indenture or in any certificate delivered pursuant to
this Indenture shall prove to have been inaccurate when made or deemed made or (ii) any representation, warranty or certification made by the Servicer in the 2018-1A SUBI Supplement (or
Section 3.02(c) of the 2018-1A SUBI Servicing Agreement) or the Depositor in the Sale and Servicing Agreement or in any certificate delivered pursuant to the
2018-1A SUBI Supplement or the Sale and Servicing Agreement, as applicable, shall prove to 

  
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have been inaccurate when made or deemed made and, in any such case, such inaccuracy has a material adverse effect on the Noteholders (as determined by the Threshold Noteholders) and continues
unremedied for a period of forty-five (45) days after the earlier of the date on which (x) a notice specifying such incorrect representation or warranty and requiring the same to be remedied shall have been given by registered or certified
mail to the Issuer, the Servicer or the Depositor, as applicable, by the Indenture Trustee, or to the Issuer, the Servicer or the Depositor, as applicable, and the Indenture Trustee, by the Threshold Noteholders and (y) the Issuer, the Servicer
or the Depositor, as applicable, has actual knowledge thereof; provided, that in the case of a representation, warranty or certification of the Servicer pursuant to the 2018-1A SUBI Supplement or the
Depositor pursuant to Section 2.05(a) of the Sale and Servicing Agreement, as applicable, no Event of Default shall occur pursuant to this Section 5.02(h) unless and until the Depositor or the Servicer, as applicable, also shall have
failed to pay the applicable Repurchase Price as and when required in accordance with Section 2.06(b) of the Sale and Servicing Agreement or the 2018-1A SUBI Supplement (or Section 3.02(d) of the 2018-1A SUBI Servicing Agreement), if applicable; or 
 (i) the Internal Revenue Service shall file notice
of a lien pursuant to Section 430 or Section 6321 of the Internal Revenue Code with regard to the Issuer, the Depositor, the North Carolina Trust or the Trust Estate and such lien shall not have been released within thirty (30) days.

 Section 5.03 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default described in clauses (b) through (i) of Section 5.02 shall have occurred and be continuing, then in every
such case the Indenture Trustee, at the written direction of the Required Noteholders, shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer, and upon any such declaration the unpaid principal amount of
the Notes, together with accrued or accreted and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) If an Event of Default described in clause (a) of Section 5.02 shall have occurred and be continuing, then the unpaid principal
of all Notes, together with the accrued or accreted and unpaid interest thereon through the date of acceleration, shall automatically become, and shall be considered to be declared, due and payable. 

(c) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due
has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Required Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its 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 the Notes and all other amounts that would then be due hereunder or upon the
Notes if the Event of Default giving rise to such acceleration had not occurred; and 

  
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 (B) all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and outside counsel and, if applicable, any such amounts due to the Owner Trustee and the Back-up Servicer,
and 
 (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 5.13. 
 No such rescission shall affect any subsequent default or
impair any right consequent to it. 
 Section 5.04 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 (a) The Issuer covenants that if an Event of Default described in clauses (e) or (f) of Section 5.02 shall have occurred and be
continuing, the Issuer will, upon demand of the Indenture Trustee, immediately pay to the Indenture Trustee for the benefit of the Noteholders the whole amount then due and payable on such Notes for principal and interest, with interest upon the
overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest at the applicable Interest Rate and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee, its agents and outside counsel. 

(b) If the Issuer fails to pay such amounts forthwith upon such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the Trust Estate or the property of another obligor on the Notes, wherever situated, the monies adjudged or decreed to be payable in the manner provided by law. 

(c) If an Event of Default occurs and is continuing, the Indenture Trustee may, subject to the provisions of Section 5.03,
Section 5.05, Section 5.12, Section 6.01 and Section 6.03, proceed to protect and enforce its rights and the rights of the Noteholders under this Indenture by such appropriate Proceedings as the Indenture Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other proper remedy
or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative to
the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the related Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency
or other similar law, now or hereafter in effect or in case a receiver, conservator, assignee, trustee in bankruptcy, liquidator, sequestrator, custodian or other similar official shall have been appointed for or taken possession of the Issuer or
its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or 

  
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the creditors or property of the Issuer or such other obligor or Person, the Indenture Trustee, regardless of whether the principal of any Notes shall then be due and payable as therein expressed
or by declaration or otherwise and regardless of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section 5.04, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) with respect to the Issuer, to file one or more claims for the whole amount of principal and interest owing and unpaid in
respect of the Notes, and with respect to the Issuer to file such other papers or documents and take such actions 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 all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee pursuant to this Indenture, except as a result of negligence or bad faith) and of the Noteholders allowed; 

(ii) unless prohibited by Requirements of Law, to vote on behalf of the Noteholders, in any election of a trustee or a standby
trustee in bankruptcy or a Person performing similar functions; and 
 (iii) to collect and receive any monies or other
property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf, 

and any trustee, receiver or 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, 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 liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee pursuant to this Indenture except as a result of negligence or bad faith. 
 (e) Nothing herein contained shall be deemed
to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder, or to
authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as provided in clause (d)(ii) above, to vote for the election of a trustee in bankruptcy or similar Person. 

(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or 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 benefit of the
Holders of the Notes as provided herein. 

  
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 (g) In any Proceedings brought by the Indenture Trustee (except with respect to any Proceedings
involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any such Noteholder party
to any such Proceedings. 
 Section 5.05 Remedies; Priorities. 

(a) (a) If an Event of Default shall have occurred and be continuing and the Notes have been accelerated under Section 5.03, the
Indenture Trustee shall, upon the written direction of the Required Noteholders (subject to Section 5.06), do one or more of the following: 

(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 of acceleration or otherwise, enforce any judgment obtained, and collect from the Issuer and from any other obligor upon such Notes monies adjudged due; 

(ii) sell, on a servicing released basis, Loans, as shall constitute a part of the related Trust Estate (or rights or interest
therein), at one or more public or private sales called and conducted in any manner permitted by law; 
 (iii) direct the
Issuer to exercise rights, remedies, powers, privileges or claims under the Sale and Servicing Agreement and the Loan Purchase Agreement pursuant to Section 5.18; and 

(iv) take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee or the
Noteholders hereunder; 
 provided, however, that the Indenture Trustee may not exercise the remedy in clause (a)(ii) above or otherwise sell
or liquidate the Trust Estate substantially as a whole (in one or more sales), or institute Proceedings in furtherance thereof, unless (A) the Holders of 100% of the aggregate unpaid principal amount of the Outstanding Notes direct such remedy,
(B) the Indenture Trustee determines that the anticipated proceeds of such sale distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon the Notes for principal and interest (after giving effect
to the payment of any amounts that are senior in priority to such principal and interest in accordance with Section 8.06) or (C) the Indenture Trustee determines (based on the information provided to it by the Servicer) that the Trust
Estate may 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 is directed to take such remedy
by the Holders of not less than 66 2/3% of the aggregate unpaid principal amount of the Outstanding Notes. In determining such sufficiency
or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose. The cost of such opinion shall be reimbursed to the Indenture Trustee from amounts held in the Collection Account in accordance with Section 8.06. 

  
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 The remedies provided in this Section 5.05(a) are the exclusive remedies provided to the
Noteholders with respect to the Trust Estate and each of the Noteholders (by their acceptance of their respective interests in the Notes) and the Indenture Trustee hereby expressly waive any other remedy that might have been available under the
applicable UCC. 
 (b) If the Indenture Trustee collects any money or property pursuant to this Article V following the acceleration of the
maturities of the Notes pursuant to Section 5.03 (so long as such declaration shall not have been rescinded or annulled), it shall pay out the money or property in accordance with Section 8.06 or, in the case of an acceleration as a result
of an Event of Default described in clause (a) of Section 5.02, as may otherwise be directed by a court of competent jurisdiction. 

(c) Following the sale of the Trust Estate and the application of the proceeds of such sale and other amounts, if any, then held in the
Collection Account in accordance with Section 8.06, any and all amounts remaining due on the Notes and all other Obligations shall be extinguished and shall not revive, the Notes shall be deemed cancelled, and the Notes shall no longer be
Outstanding. 
 (d) The Indenture Trustee may fix a record date and Payment Date for any payment to Noteholders pursuant to this
Section 5.05. At least fifteen (15) days before such record date, the Indenture Trustee shall transmit to each Noteholder and the Issuer a notice that states the record date, the Payment Date and the amount to be paid. 

Section 5.06 Optional Preservation of the Trust Estate. Subject to Section 5.05(a), if the Notes have been declared to be due
and payable under Section 5.03 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, and the Indenture Trustee has not received directions from the Noteholders to the contrary under
Section 5.12, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. 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 Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee
may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of any proposed action and as to the sufficiency of the Trust Estate for such purpose. The cost
of such opinion shall be reimbursed to the Indenture Trustee from amounts held in the Collection Account pursuant to Section 8.06. 

Section 5.07 Limitation on Suits. Subject to the other provisions of this Indenture, no Noteholder shall have any right to
institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

  
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 (a) the Holders of not less than 10% of the aggregate unpaid principal amount of all Outstanding
Notes have made written request to the Indenture Trustee to institute such Proceeding in its own name as Indenture Trustee under this Indenture; 

(b) such Noteholder has or Noteholders have previously given written notice to the Indenture Trustee of a continuing Event of Default; 

(c) such Noteholder has or Noteholders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (d) the Indenture Trustee for sixty (60) days after its
receipt of such notice, request and offer of indemnity has failed to institute any such Proceeding; and 
 (e) no direction inconsistent with
such written request has been given to the Indenture Trustee during such sixty-day period by Holders of a majority of the aggregate unpaid principal amount of all Outstanding Notes; 

it being 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 Noteholders or to enforce any right under this Indenture, except in the manner herein
provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two (2) or more
groups of Noteholders, each representing less than a majority of the aggregate unpaid principal amount of all Outstanding Notes, the Indenture Trustee shall act at the direction of the group representing a greater percentage of the aggregate unpaid
principal amount of all Outstanding Notes, or if both groups are equal, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to
otherwise control the operation and management of the Issuer. However, in connection with any action to which Noteholders are entitled to vote or consent under this Indenture, the Issuer may set a record date for purposes of determining the identity
of Noteholders entitled to vote. 
 Section 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture but subject to the limitations set forth in Sections 5.05(c), 11.16 and 11.18, the Holder of any Note will have the right, which is absolute and unconditional, to receive payment of the
principal of and interest on such Note on the Stated Maturity Date (and such principal shall be due and payable on such Stated Maturity Date) expressed in such Note and to institute suit for the enforcement of any such payment, and such right will
not be impaired without the consent of such Holder; provided, however, that notwithstanding any other provision of this Indenture to the contrary, the obligation to pay principal of or interest on the Notes or any other amount payable
to any Noteholder will be without recourse to the Issuer (except to the Trust Estate), the Indenture Trustee, the Owner Trustee or any affiliate, officer, employee or director of any of them, and the obligation of the Issuer to pay principal of or
interest on the Notes or any other amount payable to any Noteholder will be subject to Article VIII. 

  
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 Section 5.09 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, or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such
case the Issuer, the Indenture Trustee or such Noteholder 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 5.10 Rights and Remedies
Cumulative. Except as provided in Section 5.05, no right, remedy, power or privilege herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right, remedy, power or privilege,
and every right, remedy, power or privilege shall, to the extent permitted by law, be cumulative. The assertion or exercise of any right or remedy shall not preclude any other further assertion or the exercise of any other appropriate right or
remedy. 
 Section 5.11 Delay or Omission Not Waiver. No failure to exercise and no delay in exercising, on the part of the
Indenture Trustee or of any Noteholder or other Person, any right or remedy occurring hereunder upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every
right and remedy given by this Article V may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

Section 5.12 Control by Noteholders. The Holders of a majority of the aggregate unpaid principal amount of all Outstanding Notes,
if an Event of Default has occurred and is continuing, shall have the right to direct the time, method and place of conducting any Proceeding for any right or remedy available to the Indenture Trustee with respect to the Notes or exercising any
trust or power conferred on the Indenture Trustee with respect to the Notes; provided, however, that, subject to Section 6.01 and Section 6.03(d): 

(a) the Indenture Trustee shall have the right to decline any such direction if the Indenture Trustee shall have reasonably determined, or
shall have been advised by counsel, that the action so directed is in conflict with any applicable Requirements of Law or with this Indenture; and 

(b) the Indenture Trustee shall have the right to decline any such direction if the Indenture Trustee in good faith shall determine that such
direction would be illegal or involve the Indenture Trustee in liability for which it has not been indemnified in accordance with Article VI or be unjustly prejudicial to the Noteholders not parties to such direction. 

Section 5.13 Waiver of Past Defaults. The Required Noteholders may, on behalf of all Noteholders, waive in writing any past
default with respect to the Notes and its consequences (including an Event of Default), except that: 

  
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 (a) a default in the payment of the principal or interest in respect of any Note cannot be waived
without the consent of each Noteholder of each Outstanding Note affected thereby; 
 (b) a default as a result of an Insolvency Event with
respect to the Issuer or the Depositor cannot be waived without the consent of each Noteholder; 
 (c) a default in respect of a covenant or
provision hereof that under Section 9.02 cannot be modified or amended without the consent of the Noteholder of each Outstanding Note or each Noteholder of each Outstanding Note affected thereby cannot be waived without the consent of each such
Noteholder; and 
 (d) an Early Amortization Event cannot be waived without the consent of each Noteholder. 

Upon any such written waiver, such default, and any Event of Default arising therefrom, shall cease to exist and shall be deemed to have been cured for every
purpose of this Indenture; provided, that no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

Section 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Noteholder by its 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; provided, that the provisions of this Section shall not apply to (a) any suit instituted by the Indenture
Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders (in compliance with Section 5.07), in each case holding in the aggregate more than 10% of the aggregate unpaid principal amount of all Outstanding Notes, or
(c) any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest on any Note on or after the date on which any of such amounts were due pursuant to the terms of such Note (or, in the case of
redemption, on or after the applicable Redemption Date). 
 Section 5.15 Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force,
which may adversely 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 5.16 Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under the Indenture
shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to the Indenture. Neither the lien of the Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be
impaired 

  
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by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of
the Issuer. Any money or property collected by the Indenture Trustee shall be applied as specified in Section 5.03. 

Section 5.17 Sale of Loans. 

(a) If all or a portion of the Loans are to be sold under the terms of Section 5.05(a)(ii), the Indenture Trustee, or its agents, shall,
unless another method of sale is directed in writing by the Required Noteholders, use its commercially reasonable efforts to sell, dispose or otherwise liquidate all or a portion of the Loans by the solicitation of competitive bids. The Indenture
Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee hereby expressly waives its right to any amount fixed by law as compensation for any sale. The Indenture Trustee
may retain the services of a financial advisor in connection with any such sale under this Section 5.17. The reasonable fees and expenses of such financial advisor shall be paid by the Issuer in accordance with (and subject to)
Section 8.06. 
 (b) The Indenture Trustee is hereby irrevocably appointed the agent and attorney-in-fact of the Issuer in connection with any sale of Loans pursuant to Section 5.05(a)(ii). No purchaser or transferee at any such sale 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. 
 (c) If all or a portion of
the Loans are to be sold under the terms of Section 5.05(a)(ii), the Indenture Trustee shall solicit bids for such Loans from Permitted Assignees (identified in writing by the Servicer), each of which shall agree in writing to comply with the
confidentiality provision of this Indenture with respect to any information received in connection with such solicitation. The Indenture Trustee shall sell such Loans to the bidder with the highest cash purchase offer. The proceeds of any such sale
shall be applied in accordance with Section 5.05(b). In connection with any such sale of Loans or interests therein, the Indenture Trustee may contract with agents to assist in such sales, the cost of which and the other costs of such sale
shall be paid from the proceeds of any such sale. 
 (d) At any sale of all or a portion of the Loans under Section 5.05(a)(ii), the
Indenture Trustee or the Noteholders may bid for and purchase the property offered for sale and, upon compliance with the terms of sale, may hold, retain and dispose of such property without further accountability therefor. 

(e) Upon completion of any sale under Section 5.05(a)(ii), the Issuer will deliver or cause to be delivered all of the property sold to
the purchaser or purchasers at such sale on the date of sale, or within a reasonable time thereafter if it shall be impractical to make immediate delivery, but in any event full title and right of possession to such property shall pass to such
purchaser or purchasers forthwith upon the completion of such sale. If so requested by the Indenture Trustee or by any purchaser, the Issuer shall confirm any such sale or transfer by executing and delivering to such purchaser all proper instruments
of conveyance and transfer and release as may be designated in any such request. 

  
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 Section 5.18 Performance and Enforcement of Certain Obligations. If an Event of
Default has occurred and is continuing, the Indenture Trustee shall, at the written direction of the Required Noteholders, direct the Issuer to exercise all rights, remedies, powers, privileges and claims the Issuer may have against the Depositor,
the Seller, and the Servicer under or in connection with the Loan Purchase Agreement, the Sale and Servicing Agreement and the Loan Purchase Agreement, as applicable, including the right or power to take any action to compel or secure performance or
observance by the Depositor, the Servicer, or the Seller of their respective obligations thereunder. 
 ARTICLE VI. 

THE INDENTURE TRUSTEE 

Section 6.01 Duties of the Indenture Trustee. 

(a) If an Event of Default has occurred and is continuing and a Responsible Officer shall have actual knowledge or shall have received written
notice of such Event of Default at the Corporate Trust Office, the Indenture Trustee shall, prior to the receipt of directions, if any, from the Required Noteholders, exercise such of the rights and powers vested in it by this Indenture, and use the
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) With respect to the Indenture Trustee at all times: (i) the Indenture Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture, and no implied duties, obligations or covenants by the Indenture Trustee shall be read into this Indenture or into any other Transaction Document; and (ii) 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 certificates or opinions furnished to the Indenture Trustee and conforming to the
requirements of this Indenture; provided, however, that the Indenture Trustee, upon receipt of any resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee
which are specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein). 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 in the event that the Indenture Trustee,
after so requesting, does not receive a satisfactorily corrected instrument. 
 (c) No provision of this Indenture shall be construed to
relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act, or its own bad faith or willful misconduct; provided, however, that: 

(i) this clause (c) shall not be construed to limit the effect of clauses (a) or (b) of this Section 6.01; 

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it
shall be proven in a court of competent jurisdiction that the Indenture Trustee was negligent in ascertaining the pertinent facts; 

  
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 (iii) the Indenture Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with this Indenture and/or the direction of the Required Noteholders as to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee or
for exercising any trust or power conferred upon the Indenture Trustee under this Indenture; 
 (iv) the Indenture Trustee
shall not be deemed to have notice or knowledge of any Event of Default, Early Amortization Event, or any other default unless a Responsible Officer of the Indenture Trustee has actual knowledge or shall have received written notice thereof. In the
absence of such actual knowledge or receipt of such notice, the Indenture Trustee may conclusively assume that none of such events have occurred and the Indenture Trustee shall not have any obligation or duty to determine whether any Event of
Default, Early Amortization Event or any other default has occurred; and 
 (v) the Indenture Trustee shall not have any duty
(A) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement or amendments to a financing statement evidencing a security interest, or to see to the maintenance of any such
recording or filing or depositing or to any re-recording, 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 Estate other than from funds available in the Collection Account. 

(d) No provision of this Indenture or any other document or instrument shall require the Indenture Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if there is reasonable ground for believing that repayment of such funds or indemnity reasonably satisfactory
to it against such risk or liability is not reasonably assured to it. 
 (e) Whether or not therein expressly so provided, every provision of
this Indenture or any other Transaction Document that in any way relates to the Indenture Trustee is subject to subsections (a), (b), (c) and (d) of this Section 6.01. 

(f) Except as expressly provided in this Indenture, the Indenture Trustee shall have no power to vary the Trust Estate, including, without
limitation, by (i) accepting any substitute payment obligation for a Loan initially transferred to the Issuer under the Sale and Servicing Agreement, (ii) adding any other investment, obligation or security to the Issuer or the Trust
Estate or (iii) withdrawing from the Trust Estate any Loans (except as otherwise provided in the Loan Purchase Agreement and the Sale and Servicing Agreement). 

(g) The Indenture Trustee shall not have any responsibility or liability for investment losses on Eligible Investments (other than as an
obligor on any Eligible Investments on which the institution acting as Indenture Trustee is an obligor). The Indenture Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Indenture
Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect
transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.07 of this Indenture. 

  
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 (h) Knowledge or information acquired by (i) Wells Fargo in any of its respective capacities
hereunder or under any Transaction Document or other document related to this transaction shall not be imputed to Wells Fargo in any of its other capacities hereunder or under such other documents except to the extent their respective duties are
performed by Responsible Officers in the same division of Wells Fargo, and vice versa (it being understood that on the Closing Date, the Corporate Trust Services department of Wells Fargo is performing its obligations under each of its capacities
hereunder and under the other Transaction Documents), and (ii) any Affiliate of Wells Fargo shall not be imputed to Wells Fargo in any of its respective capacities, provided that the foregoing shall not relieve the Person acting as Back-up Servicer or Indenture Trustee, as applicable, from its obligations to perform or responsibility for the manner of performance of its duties in a separate capacity under the Transaction Documents. 

(i) The Indenture Trustee shall not be deemed to have knowledge of, or be required to act, based on any event or information unless a
Responsible Officer of the Indenture Trustee receives written notice or has actual knowledge of such event or information. The delivery or availability of reports or other documents (including, without limitation, news or other publically available
reports or documents, or any reports or documents delivered to the Indenture Trustee pursuant to this Indenture or related agreements or documents) to the Indenture Trustee shall not constitute actual or constructive knowledge or notice of
information contained in or determinable from those reports or documents, except for such information that this Indenture specifically requires the Indenture Trustee to examine in such report or document and to take an action with respect thereto.

 (j) Every provision of this Indenture and any other Transaction Document relating to the conduct of, affecting the liability of, or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.01. 
 Section 6.02 Notice
of Early Amortization Event or Event of Default; Notice of Breach of Representations or Warranties (a) . Upon the occurrence of any Early Amortization Event or Event of Default of which a Responsible Officer of the Indenture Trustee has actual
knowledge or has received notice thereof at the Corporate Trust Office of the Indenture Trustee, the Indenture Trustee shall notify all Noteholders as their names and addresses appear on the Note Register and the Rating Agency, notice of such Early
Amortization Event or Event of Default within ten (10) Business Days after such Responsible Officer receives such notice or obtains actual knowledge. Upon obtaining actual knowledge of, or receipt of written notice by, a Responsible Officer of
the Indenture Trustee of any breach of any representation or warranty contained in Section 11.2(d) of the 2018-1A SUBI Supplement by the 2018-1A SUBI Servicer with
respect to any Loan allocated to the 2018-1A SUBI at the time such representations and warranties were made, the Indenture Trustee shall give prompt written notice thereof to the North Carolina Trust, the 2018-1A SUBI Servicer and the Issuer. 

  
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 Section 6.03 Certain Matters Affecting the Indenture Trustee. Except as otherwise
provided in Section 6.01: 
 (a) the Indenture Trustee may conclusively rely on and shall fully be protected in acting or refraining
from acting in accordance with any resolution, certificate, statement, instrument, Officer’s Certificate, opinion, report, notice, request, direction, consent, order, bond, note, or other paper or document reasonably believed by it to be
genuine and to have been signed or presented to it pursuant to this Indenture by the proper party or parties and shall be under no obligation to inquire as to the adequacy, accuracy or sufficiency of any such information or be under any obligation
to make any calculation or verifications in respect of any such information and shall not be liable for any loss that may be occasioned thereby; 

(b) before the Indenture Trustee acts or refrains from acting, it may require and shall be entitled to receive, at the reasonable expense of
the Issuer, payable in accordance with and subject to Section 8.06, an Officer’s Certificate of the Issuer and/or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of Counsel; 
 (c) as a condition to the taking, suffering or omitting of any action
by it hereunder, the Indenture Trustee may consult with counsel and the written or oral advice or opinion of such counsel with respect to legal matters relating to the Indenture or the Notes shall be full and complete authorization and protection
from any liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (d) the
Indenture Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this Indenture, or to honor the request or direction of any of the Noteholders pursuant to this Indenture to institute, conduct or defend any
litigation hereunder in relation hereto, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction; provided, however, that nothing contained herein shall relieve the Indenture Trustee of the obligations, upon the occurrence of an Event of Default (which has not been cured or waived) to exercise such
of the rights and powers vested in it by this Indenture and to use the same degree of care or skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs; 

(e) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document, believed by it to be genuine, 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, records and premises of the Issuer and the Servicer, personally or
by agent or attorney; 
 (f) the Indenture Trustee shall not be liable for any errors in judgment, or actions taken, suffered or omitted by
it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon the Indenture Trustee by this Indenture or any other Transaction Document; 

  
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 (g) except as expressly required pursuant to the terms of this Indenture, the Indenture Trustee
shall not be required to make any initial or periodic examination of any documents or records related to any of the Trust Estate for the purpose of establishing the presence or absence of defects, the compliance by the Issuer or any other Person
(other than the Indenture Trustee) with its representations and warranties or for any other purpose except as expressly required pursuant to the terms of the Indenture; 

(h) whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Indenture Trustee shall be subject to the provisions of this Section; 
 (i) the Indenture Trustee shall not have
any liability with respect to the acts or omissions of the Servicer (except and to the extent the Indenture Trustee is the Servicer), the Depositor, the Issuer or the Back-up Servicer or any other party to the
Transaction Documents (other than Wells Fargo in any of its capacities under the Transaction Documents), including, without limitation, acts or omissions in connection with the servicing, management or administration of Loans; calculations made by
the Servicer whether or not reported to the Issuer or Indenture Trustee; and deposits into or withdrawals from any accounts or funds established pursuant to the terms of this Indenture; 

(j) the rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder and under the Transaction Documents to which it is a party, and each agent, custodian, and any other Person employed to act
hereunder and under the Transaction Documents to which it is a party (including, but not limited to, Wells Fargo as Imaged File Custodian under the Back-up Servicing Agreement); and in actions under any other
Transaction Document, the Indenture Trustee shall be entitled to all the rights, privileges, protections, immunities and benefits afforded it hereunder; provided, that the foregoing shall not apply to Wells Fargo in its capacity as Back-up Servicer; 
 (k) the Indenture Trustee shall not be responsible or liable in any manner whatsoever
for calculation, determination and/or verification of the allocations of Collections, determinations of monthly interest or the applications of Available Funds pursuant to this Indenture; 

(l) the right of the Indenture Trustee to perform any permissive or discretionary act enumerated in this Indenture or any other Transaction
Document 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; 

(m) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Note Accounts created hereby or
in the powers granted hereunder; 
 (n) the Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or nominees, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney, custodians or nominees appointed with due
care by it hereunder; provided, that the Indenture Trustee shall remain obligated and be liable to the Issuer and the Noteholders 

  
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for the execution of their respective trusts and powers and performance of their respective duties hereunder without diminution of such obligations and liability by virtue of the appointment of
any such agent, attorney, custodian or nominee, and to the same extent and under the same terms and conditions as if the Indenture Trustee alone were individually executing or performing such obligations; provided, however, that the
Indenture Trustee shall not be liable for the execution or performance of any such obligations of the Indenture Trustee by any of the original parties (including any successors or assigns) to the Transaction Documents; 

(o) under no circumstances shall the Indenture Trustee be personally liable for any representation, warranty, covenant, obligation or
indebtedness of any other party to the Transaction Documents (other than Wells Fargo in any of its capacities under the Transaction Documents), or be required to investigate the breach of any such representation, warranty, covenant, obligation or
indebtedness; provided, that if a Responsible Officer of the Indenture Trustee receives written notice from any party to the Transaction Documents of such breach of any such representation, warranty, covenant, obligation or indebtedness, the
Indenture Trustee shall notify Noteholders by posting a notice to the Indenture Trustee’s website at www.ctslink.com; 
 (p) the
Indenture Trustee shall not be liable for (i) the default, misconduct or any other action or omission of the Issuer, the Servicer or any other party to the Transaction Documents (other than Wells Fargo in any of its capacities under the
Transaction Documents) or (ii) any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, the Indenture Trustee’s conduct does not constitute
willful misconduct, negligence or bad faith; 
 (q) the Indenture Trustee shall not be under any obligation to take any action in the
performance of its respective duties hereunder that would be in violation of applicable law; 
 (r) in no event shall the Indenture Trustee
be responsible or liable for punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, without limitation, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action; and 
 (s) the Indenture Trustee may request that the Issuer deliver an Officer’s
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any other Transaction Document, which Officer’s Certificate may be signed by any person
authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

The Indenture Trustee shall not have any responsibility to the Issuer or the Noteholders to make any inquiry or investigation as to, and shall have no
obligation in respect of, the terms of any engagement of independent public accountants by the Issuer or the Servicer; provided that the Indenture Trustee is hereby directed to and, upon receipt of an Issuer Order or written direction from
the Depositor, shall execute any acknowledgment or other agreement with the independent accountants required for the Indenture Trustee to receive any of the reports or instructions provided for herein or the Sale and Servicing Agreement, which
acknowledgment or agreement may include, among other things, (i) acknowledgements with respect to the sufficiency of the agreed upon procedures to be performed by the independent accountants by the Issuer, (ii) releases of

  
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claims (on behalf of itself and the Holders) and other acknowledgments of limitations of liability in favor of the independent accountants, or (iii) restrictions or prohibitions on the
disclosure of information or documents provided to it by such firm of independent accountants (including to the Holders). It is understood and agreed that the Indenture Trustee will deliver such acknowledgement or other agreement in conclusive
reliance on the foregoing direction of the Issuer (or Depositor), and the Indenture Trustee shall not make any inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency, validity or correctness of such procedures.
Notwithstanding the foregoing, in no event shall the Indenture Trustee be required to execute any agreement in respect of the independent accountants that the Indenture Trustee determines adversely affects it in its individual capacity. 

Section 6.04 Not Responsible for Recitals or Issuance of Notes. The recitals contained herein, in any other Transaction Document
and in the Notes, except with respect to the Indenture Trustee and its certificate of authentication, shall not be taken as the statements of the Indenture Trustee, and the Indenture Trustee does not assume any responsibility for their correctness.
The Indenture Trustee does not make any representation as to the validity, enforceability or sufficiency of the Indenture, the Notes or any related document or as to the perfection or priority of any security interest therein. The Indenture Trustee
shall not be accountable for the use or application by the Issuer of the proceeds from the Notes. 
 Section 6.05 Indenture Trustee
May Hold Notes. The Indenture Trustee, the Note Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes and subject to Section 6.11, may otherwise deal with the Issuer or
its affiliates with the same rights it would have if it were not Indenture Trustee, Note Registrar or such other agent. 
 Section 6.06
Money Held in Trust. Money held by the Indenture Trustee in trust hereunder need not be segregated from other funds held by the Indenture Trustee in trust hereunder except to the extent required herein or required by law. The Indenture
Trustee shall not be under any liability for interest on any money received by it hereunder except (i) as otherwise agreed upon in writing by the Indenture Trustee and the Issuer and (ii) as an obligor with respect to Eligible Investments
on which the institution acting as Indenture Trustee is an obligor. 
 Section 6.07 Compensation, Reimbursement and
Indemnification. 
 The Indenture Trustee shall be entitled to recover as compensation, for acting as Indenture Trustee and, if
applicable, Account Bank and Note Registrar, on each Payment Date and, in accordance with the priority set forth in Section 8.06, an annual fee (which compensation shall not be limited by any law on compensation of a trustee of an express
trust) equal to $18,000, payable in twelve equal monthly installments in accordance with the priority set forth in Section 8.06. In addition to compensation for its services, the Issuer shall reimburse, in each case in accordance with the
priority set forth in Section 8.06, (i) the Indenture Trustee and the Note Registrar, for all out-of-pocket expenses (including reasonable fees
and out-of-pocket expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts) incurred
or made by it (including without limitation expenses incurred in connection with notices or other communications to the Noteholders), disbursements and advances incurred or made by the Indenture Trustee and the Note Registrar in accordance with any
of the provisions of this Indenture 

  
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(including but in no way limited to any expenses incurred pursuant to Section 5.04, Section 5.05, Section 5.06 and
Section 5.07), or any of the Transaction Documents and (ii) the Account Bank, for all reasonable out-of-pocket expenses, disbursements and
advances incurred or made by it in accordance with Section 8.02(f), if any. Such expenses shall include the reasonable fees and out-of-pocket
expenses, disbursements and advances of any agents, any co-trustee, counsel, accountants and experts, except any such expense, disbursement or advance caused by its willful misconduct, negligence, fraud or bad
faith (as determined by a court of competent jurisdiction). In no event shall the Indenture Trustee or any agent of the Indenture Trustee advance any funds for the payment of principal, interest or premium on any Notes. In no event shall the
Indenture Trustee or any agent of the Indenture Trustee advance any funds for the payment of principal, interest or premium on any Notes. 

The Issuer shall, in accordance with the priority set forth in Section 8.06, indemnify, defend, hold harmless and otherwise reimburse
each of the Indenture Trustee, the Account Bank and the Note Registrar and each of their respective officers, directors, shareholders, agents and employees (each an “Indemnified Person”) against any and all loss, suit, claim,
judgment, cost, liability or expense (including, without limitation, the reasonable fees and expenses of counsel) incurred or expended in connection with or arising out of (i) investigating, preparing for, defending itself or themselves against
or prosecuting for itself or themselves or for the sake of the Trust Estate any legal proceeding, whether pending or threatened, that is related directly or indirectly in any way to the Trust Estate, the Transaction Documents, the Loans or other
assets of the Trust Estate, or the Notes (including without limitation the initial offering, any secondary trading and any transfer and exchange of the Notes), (ii) pursuing enforcement (including without limitation by means of any action, claim, or
suit brought by or against the Issuer for such purpose) of any indemnification or other obligation of the Issuer, (iii) the acceptance or administration of the trusts created hereunder or under any other Transaction Document, and (iv) the
performance of any and all of its or their duties and responsibilities and the exercise or lack of exercise of any and all of its or their powers, rights or privileges hereunder or under any other Transaction Document, including without limitation
(x) complying with any new or updated law or regulation in any way related to or affecting the transaction, and (y) addressing any bankruptcy in any way related to or affecting the transaction, including, as applicable, all costs incurred
in connection with the use of default specialists within or outside Wells Fargo (in the case of Wells Fargo personnel, such costs to be calculated using standard market rates). The Indenture Trustee, the Account Bank or the Note Registrar, as
applicable, shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee, the Account Bank or the Note Registrar, as applicable, to so notify the Issuer and the Servicer shall not
relieve the Issuer of its obligations hereunder unless such loss, liability or expense could have been avoided with such prompt notification and then only to the extent of such loss, expense or liability which could have been so avoided. The Issuer
shall not be required to reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee, the Account Bank or the Note Registrar, as applicable, determined by a court of competent jurisdiction to have been
caused by the willful misconduct or negligence of the Indenture Trustee, the Account Bank or the Note Registrar, as applicable. 
 (a) The
provisions of this Section shall survive the resignation and removal of the Indenture Trustee and the discharge, termination or assignment of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default
specified in Section 5.02(d) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

  
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 (b) Notwithstanding anything herein to the contrary, the right of the Indenture Trustee, the
Account Bank or the Note Registrar, as applicable, to enforce any of the Issuer’s payment obligations pursuant to this Section 6.07 shall be subject to the provisions of Section 11.16(a). 

Section 6.08 Replacement of Indenture Trustee. 

(a) 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. At any time, the Indenture Trustee may resign for any reason by giving sixty (60) days prior written notice to the Issuer. At any time, the
Required Noteholders may remove the Indenture Trustee and any or all of its agents for any reason other than for cause (as described in the immediately succeeding sentence) by giving thirty (30) days prior written notice to the Issuer and the
Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee by giving sixty (60) days prior written notice to the Indenture Trustee if: 

(i) the Indenture Trustee fails to comply with Section 6.11; 

(ii) the Indenture Trustee shall consent to the appointment of a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Indenture Trustee or all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Indenture Trustee; or the Indenture Trustee shall admit in writing its inability to pay its debts generally as they become due,
file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; or 

(iii) the Indenture Trustee otherwise becomes incapable of acting. If the Indenture Trustee resigns or is removed, or if a
vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee, which successor
shall be reasonably satisfactory to the Servicer. 
 (b) Any resignation or removal of the Indenture Trustee and appointment of a successor
indenture trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor indenture trustee as provided in this Section 6.08(b). 

(i) Any successor indenture trustee appointed as provided herein shall execute, acknowledge and deliver to the Issuer, to the
Servicer and to its predecessor indenture trustee, as applicable, an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and

  
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such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with
like effect as if originally named as Indenture Trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents or copies thereof and statements and all money and other property held by it hereunder;
and the Issuer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor indenture trustee all such rights,
powers, duties and obligations. 
 (ii) No successor indenture trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of Section 6.11. 

(iii) Upon acceptance of appointment by a successor indenture trustee as provided in this Section, such successor indenture
trustee shall provide notice of such succession hereunder to all Noteholders, and the Servicer shall provide such notice to the Rating Agency. 

(c) If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee resigns or is
removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the aggregate unpaid principal amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee and all
reasonable and documented out-of-pocket fees, costs and expenses (including, without limitation, reasonable fees of counsel) incurred in connection with such petition
shall be paid by the Issuer in accordance with and subject to the priority set forth in Section 8.06. 
 (d) If the Indenture Trustee
ceases to be eligible in accordance 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) No Indenture Trustee under this Indenture shall be liable for any action or omission of any successor indenture trustee. 

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

If at the time such successor by merger, conversion, consolidation or transfer to the Indenture Trustee shall succeed to such position, and
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 indenture trustee and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force
which it is anywhere provided in the Notes or in this Indenture that the certificate of the Indenture Trustee shall have. 

  
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 Section 6.10 Appointment of Co-Indenture Trustee
or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any
legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, in connection with any Proceeding or other enforcement action or to the extent of any conflict of interest, the Indenture Trustee shall have the
power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all
or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers,
duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08. 

(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 Trust Estate or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the written direction of the Indenture Trustee; 

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

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

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

Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times 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 its long-term unsecured debt shall be rated at least “Baa3” by Moody’s, at least “BBB-” by
Standard & Poor’s and, if rated by DBRS, at least “BBB” by DBRS. The Indenture Trustee (1) shall meet the requirements of Section 26(a)(1) of the Investment Company Act, (2) shall not be an Affiliate of the
Issuer, the Depositor or the initial Servicer and (3) shall not offer or provide credit or credit enhancement to the Issuer. In case at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Indenture Trustee shall resign immediately in the manner and with the effect specified in Section 6.08. 
 Section 6.12
Representations and Warranties of the Indenture Trustee. The Indenture Trustee represents and warrants that: 
 (i)
the Indenture Trustee is duly organized and validly existing under the laws of the jurisdiction of its organization; 
 (ii)
the Indenture Trustee has full power and authority to deliver and perform this Indenture and has taken all necessary action to authorize the execution, delivery and performance by it of this Indenture and each other Transaction Document to which it
is a party; 
 (iii) each of this Indenture and each other Transaction Document to which it is a party has been duly executed
and delivered by the Indenture Trustee and constitutes its legal, valid and binding obligation in accordance with its terms; and 

(iv) the Indenture Trustee meets the eligibility requirements set forth in Section 6.11. 

Section 6.13 Execution of Transaction Documents. 

(a) The Issuer hereby directs the Indenture Trustee (and by its acceptance of Notes, each Holder is hereby deemed to have directed the
Indenture Trustee) to execute the Back-up Servicing Agreement, the Sale and Servicing Agreement and each other Transaction Document to which the Indenture Trustee is contemplated to be a party. 

(b) The Issuer hereby directs the Indenture Trustee (and, by its acceptance of the Notes, each Holder is hereby deemed to have directed the
Indenture Trustee) to execute all agreements and other documents, and to take all other actions, that are reasonably requested by the initial 2018-1A SUBI Servicer to effect any repurchase under Section 11.2(e) of the 2018-1A SUBI Supplement, and the Indenture Trustee is hereby authorized to execute such documents and take such actions without further consent by or notice to any Person. 

  
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 Section 6.14 Rule 15Ga-1 Compliance. 

(a) To the extent a Responsible Officer of the Indenture Trustee receives a demand for the repurchase of a Loan based on a breach of a
representation or warranty made by the Seller of such Loan (each, a “Demand”), the Indenture Trustee agrees (i) if such Demand is in writing, promptly to forward such Demand to the Depositor and such Seller, and (ii) if
such Demand is oral, to instruct the requesting party to submit such Demand in writing to the Indenture Trustee and the Depositor. 
 (b) In
connection with the repurchase of a Loan pursuant to a Demand, any dispute with respect to a Demand, or the withdrawal or final rejection of a Demand by the Seller of such Loan, the Indenture Trustee agrees, to the extent a Responsible Officer of
the Indenture Trustee has actual knowledge thereof, promptly to notify the Depositor in writing. 
 (c) The Indenture Trustee will
(i) notify the Depositor, as soon as practicable and in any event within five (5) Business Days of the receipt thereof and in the manner set forth in Exhibit C hereof, of all Demands and provide to the Depositor any other information
reasonably requested to facilitate compliance by it with Rule 15Ga-1 under the Exchange Act (“Rule 15Ga-1 Information”), and (ii) if requested in
writing by the Depositor, provide a written certification no later than fifteen (15) days following any calendar quarter or calendar year that the Indenture Trustee has not received any Demands for such period, or if Demands have been received
during such period, that the Indenture Trustee has provided all the information reasonably requested under clause (i) above with respect to such demands. For purposes of this Indenture, references to any calendar quarter shall mean the related
preceding calendar quarter ending in March, June, September, or December, as applicable. The Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to any repurchases of Loans, or otherwise assume any
additional duties or responsibilities, other than those express duties or responsibilities of the Indenture Trustee hereunder or under the Transaction Documents, and no such additional obligations or duties are otherwise implied by the terms of this
Indenture. The Depositor has full responsibility for compliance with all related reporting requirements associated with the transaction completed by the Transaction Documents and for all interpretive issues regarding this information. 

ARTICLE VII. 

NOTEHOLDERS’ LIST 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 (a) not more than five (5) Business Days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names, addresses and taxpayer identification numbers of the
Holders of Notes as they appear on the Note Register as of the most recent Record Date, and (b) 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) Business Days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished to the Indenture Trustee. 

  
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 Section 7.02 Preservation of Information; Communications to Noteholders. 

(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names, addresses and taxpayer identification numbers of the Noteholders received by the Indenture Trustee in its capacity as Note
Registrar. The Indenture Trustee may destroy any list furnished to it as provided in Section 7.01 hereof upon receipt of a new list so furnished. 

(b) Noteholders may communicate with other Noteholders with respect to their rights under this Indenture or under the Notes. 

ARTICLE VIII. 

ALLOCATION AND APPLICATION OF COLLECTIONS 

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. The
Indenture Trustee shall apply all such money and property received by it in trust for the related Noteholders and shall apply it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any Transaction Document, the Indenture Trustee may, and upon the written direction of the Required Noteholders 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 an Early Amortization Event or an Event of Default under this Indenture and to proceed thereafter as provided in
Article V hereof. 
 Section 8.02 Establishment of the Note Accounts. 

(a) 
 (i) The
Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing Eligible Deposit
Account bearing a designation clearly indicating that such account is the “Collection Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Collection
Account”). 
 (ii) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture
Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing Eligible Deposit Account bearing a designation clearly indicating that such account is the “Principal
Distribution Account” hereunder and that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Principal Distribution Account”). The Issuer may from time to time deposit or cause the
deposit into 

  
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the Principal Distribution Account from time to time of funds available to the Issuer that are not required to be deposited into another Note Account or otherwise allocated or to be held in trust
on behalf of any Person in accordance with this Indenture or any other Transaction Document. 
 (iii) The Servicer, for the
benefit of the Noteholders, shall cause to be established and maintained with the Indenture Trustee and in the name of the Indenture Trustee, on behalf of the Issuer, a non-interest bearing Eligible Deposit
Account that shall bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders (the “Reserve Account”). On the Closing Date, the Depositor will remit the Reserve Account
Required Amount to the Indenture Trustee for deposit in the Reserve Account. No later than 5:00 p.m., New York City time on the Business Day preceding each Payment Date, during the Revolving Period, the Indenture Trustee, based solely upon written
instructions furnished to the Indenture Trustee by the Servicer (which instruction may be included in the Monthly Servicer Report), shall withdraw from the Reserve Account all amounts on deposit therein as of the related Monthly Determination Date
(the “Reserve Account Draw Amount”), which amount shall constitute Available Funds for application in accordance with Section 8.06. 

(b) The Note Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders. Except as
expressly provided in this Indenture and the Sale and Servicing Agreement, the Servicer agrees that it shall have no right of set-off or banker’s lien against, and no right to otherwise deduct from, any
funds and other property held in the Note Accounts for any amount owed to it by the Indenture Trustee, the Issuer or any Noteholder. Pursuant to the Sale and Servicing Agreement, the Servicer shall instruct the Indenture Trustee to make withdrawals
and payments from the Collection Account for the purposes of carrying out the Servicer’s, the Issuer’s or the Indenture Trustee’s duties hereunder and under the Sale and Servicing Agreement. 

(c) Funds (other than amounts deposited pursuant to Section 10.02 of this Indenture) on deposit in the Note Accounts shall, at the written
direction of the Servicer, be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In the absence of any such written direction, amounts on deposit in the Note Accounts shall not be invested and the Indenture Trustee
shall have no obligation or liability to pay any interest or earnings thereon. All investment earnings (net of losses and investment expenses) on such Eligible Investments shall be credited to the applicable Note Account. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Noteholders pursuant to Section 6.06. In the absence of written directions from the Servicer, the Indenture Trustee may (but shall not be obligated) to invest such funds
in Eligible Investments described in clause (d) of the definition thereof. Funds representing Collections collected during any Collection Period shall be invested in Eligible Investments that will mature no later than the Business Day
immediately prior to the Payment Date following the end of such Collection Period. No such Eligible Investment shall be disposed of prior to its maturity. Funds deposited in the Note Accounts on the Business Day immediately prior to a related
Payment Date shall not be invested overnight. On each Payment Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Note Accounts that are to be distributed on such Payment Date shall be
treated as “Collections” received during the related Collection Period. The Indenture Trustee shall not bear any responsibility or 

  
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liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section nor for the selection of Eligible Investments in accordance with the provisions of
this Indenture. In addition, the Indenture Trustee shall not have any liability in respect of the losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity or the failure of the Servicer to provide timely
written investment direction. Investments in any Eligible Investment are not obligations or recommendations of, or endorsed or guaranteed by, the Indenture Trustee or its Affiliates and are not insured by the Federal Deposit Insurance Corporation.
The Indenture Trustee and its Affiliates may provide various services for Eligible Investments and may be paid fees for such services. The other parties hereto agree that notifications after the completion of purchases and sales of Eligible
Investments shall not be provided by the Indenture Trustee hereunder, and the Indenture Trustee shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement shall be
made available if no investment activity has occurred during such period. 
 (d) The Indenture Trustee shall only be obligated to make
payments from the Collection Account to the extent such amounts are deposited therein. 
 (e) If, at any time, a Note Account ceases to be an
Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which the Rating Agency may consent) establish a new
Note Account meeting the applicable conditions specified above and in this Section 8.02, transfer any money, instruments, investment property and other property to such new Note Account and from the date such new account is established, it
shall be the applicable Note Account. 
 (f) Wells Fargo, in its capacity as securities intermediary or depositary bank with respect to each
Note Account (the “Account Bank”), hereby agrees that (i) each of the Note Accounts is a securities account, within the meaning of Section 8-501 of the UCC, maintained at the Account
Bank; (ii) each item of property (whether investment property, financial asset, security, cash or instrument) credited to any Note Account shall be treated as a “financial asset” within the meaning of
Section 8-102(a)(9) of the UCC, (iii) the Account Bank shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to the Note Accounts,
(iv) the Account Bank shall comply with entitlement orders originated by the Indenture Trustee with respect to any of the Note Accounts without the further consent of any other person or entity, (v) except as otherwise provided in
subsection (a) of this Section 8.02, the Account Bank shall not agree to comply with entitlement orders originated by any person or entity other than the Indenture Trustee, (vi) the Note Accounts, and all property credited to such
accounts shall not be subject to any lien, security interest, right of set-off or encumbrance in favor of the Account Bank in its capacity as securities intermediary or depositary bank or anyone claiming
through the Account Bank as securities intermediary or depositary bank, and (vii) the jurisdiction of the Account Bank, in its capacity as securities intermediary with respect to each Note Account, shall be the State of New York for purposes of
the UCC. Except as may be provided by the applicable published terms of its account agreements, the Account Bank shall enjoy all the same rights, protections, immunities and indemnities as the Indenture Trustee. With respect to any Note Account that
is not maintained at the Indenture Trustee, the Issuer (or the Servicer on its behalf) shall cause the securities intermediary or depositary bank with respect to each such Note Account to enter into an agreement or agreements (i) providing the
Indenture Trustee with “control” of such Note Account (within the meaning of Section 9-104 or Section 9-106 of the UCC); (ii) requiring:

  
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(A) that each of the Note Accounts is either a securities account or a deposit account, (B) each item of property (whether investment property, financial asset, security, cash or instrument)
credited to any Note Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC to the extent any such Note Account is a securities account (except that
such an agreement may provide that cash may be treated as being credited to a deposit account), (C) such securities intermediary or depositary bank shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial
asset credited to the Note Accounts, (D) such securities intermediary or depositary bank shall comply with entitlement orders originated by the Indenture Trustee with respect to any Note Account that is a securities account and shall comply
with instructions directing the disposition of funds originated by the Indenture Trustee with respect to any Note Account that is a deposit account, in each case without the further consent of any other person or entity, and shall not agree to
comply with entitlement orders or instructions directing the disposition of funds originated by any person or entity other than the Indenture Trustee, (E) the Note Accounts, and all property credited to such accounts shall not be subject to any
lien, security interest, right of set-off or encumbrance in favor of such securities intermediary or depositary bank in its capacity as securities intermediary or depositary bank or anyone claiming through it;
and (iii) that designate a single State within the United States as the jurisdiction of such securities intermediary or depositary bank with respect to each Note Account for purposes of the UCC. 

Section 8.03 Collections and Allocations. The Servicer shall apply, or shall instruct the Indenture Trustee in writing (which
instruction may be included in the Monthly Servicer Report) to apply and the Indenture Trustee shall apply, all funds on deposit in the Collection Account as described in this Article VIII. Except as otherwise provided below, the Servicer shall
deposit (or cause to be deposited) Collections into the Collection Account as promptly as possible after the date of processing of such Collections, but in no event later than the second (2nd)
Business Day following the date of processing of such Collections by the applicable Subservicer, or if such Collection was received directly by the Servicer, the Servicer; provided, that, in no event shall such Collections be deposited (or
caused to be deposited) into the Collection Account more than seven (7) Business Days after receipt thereof by the Subservicer or the Servicer, as applicable. The Servicer may retain funds constituting Collections in an amount equal to its
accrued and unpaid Servicing Fee and shall not be required to deposit such funds in the Collection Account. 
 Section 8.04 Rights
of Noteholders. As set forth in the Granting Clauses, the Trust Estate secures the obligation of the Issuer to pay the Holders of the Notes principal and interest and the other obligations of the Issuer under the Notes. 

Section 8.05 Release of Trust Estate. 

(a) Subject to Section 11.01, the Indenture Trustee may, and when required by the provisions of this Indenture shall, upon Issuer Order,
execute instruments prepared by and at the expense of the Issuer 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 which 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 VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any monies. 

  
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 (b) The Indenture Trustee upon Issuer Order shall authorize the Servicer to execute, in the name
and on behalf of the Indenture Trustee, instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments with respect to the Loans (and the Indenture Trustee shall execute any such documents
on request of the Servicer), subject to the obligations of the Servicer under the Sale and Servicing Agreement and only to the extent necessary to permit the Servicer to carry out its servicing obligations thereunder. 

(c) Upon Issuer Order, the Indenture Trustee shall, at such time as there are no Outstanding Notes or amounts owing hereunder, release and
transfer, without recourse, any remaining portion of the Trust Estate (other than any cash held for the payment of the Notes pursuant to Section 4.02 and any other amounts to be applied to make payments on the Notes) from the lien of this
Indenture and release to the Issuer or any other Person entitled thereto any funds and other property then credited to the Collection Account and any other account established pursuant to Section 8.02. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section 8.05(c) only upon receipt of an Issuer Order accompanied by an Officer’s Certificate of the Issuer and an Opinion of Counsel to the effect that all conditions precedent to
such release have been satisfied. 
 (d) Upon either (i) adjustment in the value of the Trust Certificate (if such adjustment is
available) to reflect the Reassignment Price (other than with respect to any 2018-1A SUBI Loan) or (ii) receipt in the Principal Distribution Account of the Reassignment Price, in either case, with
respect to any Reassigned Loan that is to be reassigned to the Depositor, or in the case of a 2018-1A SUBI Loan, reallocated from the 2018-1A SUBI), in either case,
subject to the conditions specified in, and in accordance with, Section 2.10 of the Sale and Servicing Agreement and Section 8.07(v) hereof, such Reassigned Loan (together with the related Contract, all insurance proceeds allocable
thereto, any other Related Assets relating to such Reassigned Loan and all rights to payment and amounts due or to become due with respect thereto, and all proceeds thereof) shall automatically be released from the lien of this Indenture, without
further action of any party hereto. 
 (e) Upon receipt in the Collection Account of the Repurchase Price with respect to any Loan that is to
be repurchased or reallocated, as applicable, in accordance with Section 2.06 of the Sale and Servicing Agreement, the 2018-1A SUBI Servicing Agreement, the 2018-1A
SUBI Supplement or the Loan Purchase Agreement, such repurchased or reallocated, as applicable, Loan (together with the related Contract, all insurance proceeds allocable thereto, any other Related Assets relating to such Loans and all rights to
payment and amounts due or to become due with respect thereto, and all proceeds thereof) shall automatically be released from the lien of this Indenture, without further action of any party hereto. 

(f) Upon receipt in the Collection Account of the amount to be deposited by the Servicer with respect to any Loan that is to be assigned or
purchased and transferred to the Servicer in accordance with Section 3.03 of the Sale and Servicing Agreement, such Loan (together with the related Contract, all insurance proceeds applicable thereto and all rights to payment and amounts due or
to become due with respect thereto, and all proceeds thereof) shall automatically be released from the lien of this Indenture, without further action of any party hereto. 

(g) In connection with an Optional Purchase, once the Notes are no longer Outstanding following deposit of the Redemption Price into the
Principal Distribution Account and Collection Account in accordance with Sections 8.08(a) and 8.08(c), the Loans and related Sold Assets shall automatically be released from the lien of this Indenture without further action of any party
hereto. 

  
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 (h) On the date when any Loan becomes a Charged-Off Loan
in accordance with the Credit and Collection Policy, there shall automatically be released from the lien of this Indenture, without further action of any party hereto, such Charged-Off Loan, all insurance
proceeds allocable to such Loan, all rights to payment and amounts due or to become due with respect to all of the foregoing, and all proceeds thereof; provided, that all recoveries and other amounts collected by the Issuer, the Depositor or
the Servicer (or any Affiliate of the Servicer) with respect to any Charged-Off Loan (including proceeds of any disposition by the Servicer or any Affiliate thereof to any third party) in accordance with the
Credit and Collection Policy shall be paid to the Issuer, shall be deposited in the Collection Account, shall be subject to the lien of this Indenture, and shall be applied as provided herein. 

(i) In connection with an Optional Call, once the Notes are no longer Outstanding following deposit of the applicable Optional Call Amount into
the Principal Distribution Account and the Collection Account in accordance with Sections 8.08(b) and 8.08(c), the Loans and related Sold Assets shall automatically be released from the lien of this Indenture without further action of
any party hereto. 
 Section 8.06 Application of Available Funds. 

(a) On each Payment Date, based solely upon written instruction from the Servicer (which instruction may be included in the Monthly Servicer
Report), the Indenture Trustee shall distribute the Available Funds with respect to such Payment Date in the following order of priority: 

(i) to the following in the specified order: (A) first, pro rata (based on amounts owing), (1) to the Indenture
Trustee, the Account Bank and the Note Registrar, all fees and out-of-pocket expenses due to the Indenture Trustee, the Account Bank or the Note Registrar pursuant to
Section 6.07, (2) to the Owner Trustee for amounts due to the Owner Trustee pursuant to Section 11.01 of the Trust Agreement, (3) to the Back-up Servicer, any out-of-pocket expenses of the Back-up Servicer (other than Servicing Transition Costs (as such term is defined in the Back-up
Servicing Agreement)) reimbursable pursuant to the Back-up Servicing Agreement, if any, that have not been paid by the Servicer, (4) to the Image File Custodian, the Image File Custodian Fee and any out-of-pocket expenses due by the Issuer to the Image File Custodian, (5) to the 2018-1A SUBI Trustee, all fees and out-of-pocket expenses then due by the Issuer to the 2018-1A SUBI Trustee and (6) any costs and expenses then due by the Issuer
under the Intercreditor Agreement, to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata share
allocation in accordance with the Intercreditor Agreement, and (B) second, to the Indenture Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File
Custodian, the 2018-1A SUBI Trustee and any other Person entitled thereto (including Wells Fargo solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such
amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement),

  
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on a pro rata basis (based on amounts owing), any indemnified amounts due and owing to such parties from the Issuer pursuant to any Transaction Document, in an aggregate amount for this
clause (i), not to exceed $350,000 during any calendar year; provided, that such dollar amount limitation shall not apply during the continuation of an Event of Default; provided further, for the avoidance of doubt, any amounts due but
not paid due to the application of such dollar amount limitation in a calendar year will be paid in the next succeeding calendar year (subject to such dollar amount limitation for such calendar year); 

(ii) to the Back-up Servicer, (A) an amount equal to the Back-up Servicing Fee for such Payment Date, plus the amount of any Back-up Servicing Fee previously due but not previously paid to the
Back-up Servicer; and (B) in the event that a Servicing Transition Period has commenced, an amount equal to the Servicing Transition Costs, if any, not paid by the Servicer pursuant to the Back-up Servicing Agreement; provided, that the aggregate amount paid pursuant to this clause (ii)(B) on all Payment Dates shall not exceed $250,000; 

(iii) to the Servicer, an amount equal to the Servicing Fee for such Payment Date (to the extent not retained by the Servicer
pursuant to Section 8.03), plus the amount of any Servicing Fee previously due but not previously paid to the Servicer; 

(iv) to the Class A Noteholders, an amount equal to the Class A Monthly Interest Amount for such Payment Date,
plus the amount of any Class A Monthly Interest Amount previously due but not previously paid to the Class A Noteholders with interest thereon at the Class A Interest Rate; 

(v) an amount equal to the lesser of (A) the First Priority Principal Payment for such Payment Date and (B) all funds
remaining after giving effect to the distributions in clauses (i) through (iv) above, to be deposited into the Principal Distribution Account; 

(vi) to the Class B Noteholders, an amount equal to the Class B Monthly Interest Amount for such Payment Date,
plus the amount of any Class B Monthly Interest Amount previously due but not previously paid to the Class B Noteholders with interest thereon at the Class B Interest Rate; 

(vii) an amount equal to the lesser of (A) the Second Priority Principal Payment for such Payment Date and (B) all
funds remaining after giving effect to the distributions in clauses (i) through (vi) above, to be deposited into the Principal Distribution Account; 

(viii) to the Class C Noteholders, an amount equal to the Class C Monthly Interest Amount for such Payment Date,
plus the amount of any Class C Monthly Interest Amount previously due but not previously paid to the Class C Noteholders with interest thereon at the Class C Interest Rate; 

(ix) an amount equal to the lesser of (A) the Third Priority Principal Payment for such Payment Date and (B) all
funds remaining after giving effect to the distributions in clauses (i) through (viii) above, to be deposited into the Principal Distribution Account; 

  
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 (x) to the Reserve Account, an amount equal to the lesser of (A) the Reserve
Account Required Amount and (B) all funds remaining after giving effect to the distributions in clauses (i) through (ix) above; 

(xi) an amount equal to the lesser of (A) the Regular Principal Payment Amount for such Payment Date and (B) all
funds remaining after giving effect to the distributions in clauses (i) through (x) above, to be deposited into the Principal Distribution Account; 

(xii) prior to the occurrence and continuation of an Event of Default, to the Indenture Trustee, the Account Bank, the Note
Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2018-1A SUBI Trustee and any other Person entitled thereto (including Wells Fargo
solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further provided that such amounts
represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), pro rata (based on amounts owing), an amount equal to the lesser of (A) fees and out-of-pocket expenses due and owing by the Issuer to such parties to the extent not paid in full pursuant to clause (i)(A) above or pursuant to clause (ii) above, as applicable (and, in the case of the Back-up Servicer, which are reimbursable pursuant to the Back-up Servicing Agreement, if any, not paid by the Servicer), and (B) all funds remaining after giving effect
to the distributions in clauses (i) through (xi) above; 
 (xiii) prior to the occurrence and continuation of an Event
of Default, to the Indenture Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2018-1A SUBI Trustee
and any other Person entitled thereto (including Wells Fargo solely in its capacity as Third Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the
Intercreditor Agreement, and further provided that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), pro rata (based on amounts owing), an amount equal to the lesser of
(x) any indemnified amounts due and owing to such parties from the Issuer pursuant to any Transaction Document to the extent not paid in full pursuant to clause (i)(B) above and (y) all funds remaining after giving effect to the
distributions in clauses (i) through (xii) above; and 
 (xiv) all funds remaining after giving effect to the
distributions in clauses (i) through (xiii) above, at the sole option of the Issuer, (x) to be deposited into the Principal Distribution Account or (y) to be distributed to the holder of the Trust Certificate or as such holder may
direct, subject to the satisfaction of any amounts owing to the Owner Trustee in accordance with the Trust Agreement. 
 On any Payment Date on which the
sum of the amounts on deposit in the Reserve Account and the remaining funds available to the Issuer after payments under clauses (i) through (ix) above would be sufficient to pay in full the Aggregate Note Balance, and any expenses,
indemnification amounts or other amounts owed by the Issuer to the Indenture Trustee, the Account Bank, the Note Registrar, the Owner Trustee, the Back-up Servicer, the Image File Custodian, the 2018-1A SUBI Trustee and any other Person entitled thereto (including Wells Fargo solely in its capacity as Third 

  
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Party Allocation Agent under the Intercreditor Agreement to the extent that such amounts are not paid when due by the Issuer in accordance with the Intercreditor Agreement, and further provided
that such amounts represent the Issuer’s pro rata allocation in accordance with the Intercreditor Agreement), such amounts will be allocated to pay the Notes in full and such expenses, indemnification amounts or other amounts on such
Payment Date. 
 (b) On each Payment Date, any amounts allocated to the Principal Distribution Account pursuant to Section 8.06(a) above
or otherwise available in the Principal Distribution Account shall be applied as follows: 
 (i) during the Revolving Period,
upon the direction of the Servicer, to be made available to the Issuer to be applied pursuant to Section 8.07 (subject to the conditions precedent set forth therein) and to the extent not so applied, to be retained in the Principal Distribution
Account for application as Available Funds pursuant to Section 8.06(a) on the next succeeding Payment Date; or 
 (ii)
otherwise, the Indenture Trustee shall distribute such amounts as follows: 
 (A) first, to the Class A
Noteholders in reduction of the Class A Note Balance, until the Class A Note Balance has been reduced to zero; 

(B) second, to the Class B Noteholders in reduction of the Class B Note Balance, until the Class B Note
Balance has been reduced to zero; and 
 (C) third, to the Class C Noteholders in reduction of the Class C
Note Balance, until the Class C Note Balance has been reduced to zero. 
 Section 8.07 Loan Actions. On any Loan Action
Date occurring during the Revolving Period, after giving effect to any payments, distributions and allocations pursuant to Section 8.06, the Issuer shall be permitted to take one or more of the following actions (each such action, a
“Loan Action”): 
 (i) acquire Additional Loans in accordance with the Sale and Servicing Agreement and the 2018-1A SUBI Supplement, as applicable; 
 (ii) other than by using amounts on deposit in
the Principal Distribution Account or any other portion of the Trust Estate, acquire one or more Additional Loans, in each case in accordance with the Sale and Servicing Agreement; 

(iii) designate any Loan that does not constitute a Charged-Off Loan or a Delinquent
Loan, in each case as of the last day of the Collection Period immediately preceding such Loan Action Date, as an “Excluded Loan” with respect to such Loan Action Date for all purposes of this Indenture (any such Loan, an “Excluded
Loan”); 
 (iv) designate any Excluded Loan that does not constitute a
Charged-Off Loan or a Delinquent Loan, in each case as of the last day of the Collection Period immediately preceding such Loan Action Date, as not an “Excluded Loan” for all purposes of this
Indenture; or 

  
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 (v) identify any Loan that does not constitute a
Charged-Off Loan or a Delinquent Loan, in each case as of the last day of the Collection Period immediately preceding such Loan Action Date, and cause such Loan to be released from the Lien of this Indenture
and reassign such Loan to the Depositor (or in the case of the 2018-1A SUBI Loans, reallocate from the 2018-1A SUBI) (any such Loan, a “Reassigned Loan”
and any such release, an “Issuer Loan Release”); 
 provided, that no Loan Actions may occur on any Loan Action Date unless no
Reinvestment Criteria Event shall exist on such Loan Action Date after giving effect to all such Loan Actions on such Loan Action Date. 

For the avoidance of doubt, any Loan designated as an “Excluded Loan” and Collections thereon shall remain part of the Trust Estate
and subject to the lien of this Indenture in favor of the Indenture Trustee for the benefit of the Noteholders (it being understood that an Issuer Loan Release may occur with respect to an Excluded Loan). 

No Loan Action may occur on any date other than a Loan Action Date. 

Upon the receipt of an Issuer Order accompanied with an Officer’s Certificate, the Indenture Trustee shall, in the manner directed in
such Issuer Order, take such actions necessary for the Issuer to consummate any Loan Actions. 
 Section 8.08 Optional Redemption of
the Notes. 
 (a) The Issuer shall retire the Notes in the event that the Servicer exercises its Optional Purchase right pursuant to
Section 2.09(a) of the Sale and Servicing Agreement to purchase all the remaining Sold Assets held by the Issuer. The aggregate redemption price for the remaining Sold Assets in connection with the exercise of the Optional Purchase described in
this clause (a) (the “Redemption Price”) will be equal to the then aggregate fair market value of all of the Sold Assets as of the date which is five (5) Business Days prior to the Payment Date such option is exercised;
provided that an Optional Purchase shall not be exercised unless the Redemption Price equals or exceeds the sum of (i) the amount necessary to redeem all of the Notes in full (including, the Aggregate Note Balance on the Record Date
preceding the final Payment Date identified in Section 8.08(c) plus accrued and unpaid interest on each Class of Notes then Outstanding up to, but excluding, the final Payment Date) on the final Payment Date in accordance with
Section 8.06 (taking into account all amounts of Available Funds and any other amounts then on deposit in the Note Accounts and available to be distributed pursuant to Section 8.06 on the final Payment Date) and (ii) any expenses,
indemnification amounts or other amounts owed to the Indenture Trustee, the Account Bank, the Note Registrar, the Servicer, the Owner Trustee, the Backup Servicer, the Third Party Allocation Agent and the Image File Custodian. 

(b) The Issuer may redeem the Notes on any Payment Date on or after the Payment Date occurring in July 2020 (an “Optional
Call”). The optional call amount in connection with the exercise of the Optional Call described in this clause (b) (the “Optional Call Amount”) shall equal the result of (i) 100% of the Aggregate Note Balance on the Record
Date preceding the Redemption Date, plus (ii) accrued and unpaid interest on each Class of Notes then Outstanding up to but excluding the Redemption Date, plus (iii) any expenses, indemnification amounts or other amounts

  
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owed to the Indenture Trustee, the Note Registrar, the Servicer, the Owner Trustee, the Account Bank, the Back-up Servicer, the Third Party Allocation
Agent and the Image File Custodian, minus (iv) all amounts of Available Funds and any other amounts then on deposit in the Note Accounts and available to be distributed pursuant to Section 8.06 or otherwise on the Redemption Date.

 (c) In order to exercise the Optional Purchase set forth in Section 8.08(a) or the Optional Call set forth in Section 8.08(b)
(it being understood that the options set forth in such sections are separate options), the Servicer or the Issuer, as applicable (in such capacity, the “Redeeming Party”), shall provide written notice of its exercise of such option
(the “Redeeming Party Notice”) to the Indenture Trustee and the Owner Trustee at least fifteen (15) days prior to the Payment Date on which it will exercise its option. Following receipt of such notice, the Indenture Trustee
shall provide written notice to the Noteholders of the final payment on the Notes. Such notice to Noteholders (the “Noteholder Redemption Notice”) shall, to the extent practicable, be provided no later than five (5) Business
Days prior to such final Payment Date (the “Redemption Date”) and shall specify that payment of the aggregate outstanding principal amount and any interest due with respect to such Note on Redemption Date 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 such final payment. No interest shall accrue on the Notes on or after the Stated Maturity Date or any such other final Payment
Date (provided the Issuer does not default in the payment of the principal amount and interest due with respect to the Notes on such final Payment Date). In addition, the Redeeming Party shall, no later than 11 a.m. (ET) on the Redemption Date,
deposit (or cause to be deposited) (i) into the Principal Distribution Account, the portion of the Redemption Price or the Optional Call Amount, as applicable, required to make the distributions required under Section 8.06(b)(ii) on such
final Payment Date and (ii) into the Collection Account, the remaining portion of the Redemption Price or the Optional Call Amount, as applicable. The Indenture Trustee shall, on the Redemption Date, apply such funds to make payments of all
amounts owing to the transaction parties, pursuant to any Transaction Document and make final payments of principal of and interest on the Notes in accordance with Section 8.06, and this Indenture shall be discharged subject to the provisions
of Section 4.01. 
 (d) A Redeeming Party may withdraw its Redeeming Party Notice and cancel its Optional Purchase right or Optional
Call, as applicable, by written notice to the Indenture Trustee prior to the date on which the related Noteholder Redemption Notice is sent to the Noteholders. For the avoidance of doubt, any such withdrawal in accordance with the foregoing shall
not constitute an Event of Default, Servicer Default or a breach of any provision of any Transaction Document. 
 Section 8.09
Distributions and Payments to Noteholders. 
 (a) Payments shall be made to, and reports shall be provided to, Noteholders as set
forth herein and in the Sale and Servicing Agreement. The identity of the Noteholders with respect to distributions and reports shall be determined as of the immediately preceding Record Date. 

(b) Subject to the provisions of Section 5.05, on each Payment Date, the Indenture Trustee, in accordance with the Monthly Servicer Report
and Section 8.06, shall pay to each Noteholder of record on the related Record Date (other than as provided in Section 10.02) or to such other Person as may be specified in Section 8.06, such amounts held by the Indenture Trustee that
are allocated and available on such Payment Date to pay amounts payable to the Noteholders or such other Person pursuant to Section 8.06. 

  
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 (c) Except as provided in Section 10.02 with respect to a final distribution, distributions
to Noteholders hereunder shall be made by wire transfer of same day funds to the account that has been designated by the applicable Noteholders not less than five (5) Business Days prior to such Payment Date. 

Section 8.10 Reports and Statements to Noteholders. 

(a) Not later than the Monthly Determination Date relating to each Payment Date, the Servicer shall deliver to the Issuer, the Rating Agency,
the Back-up Servicer and the Indenture Trustee a Monthly Servicer Report, substantially in the form of Exhibit B hereto, prepared by the Servicer. 

(b) The Monthly Servicer Report must set forth, among other things, the following information for such Payment Date: 

(i) the Adjusted Loan Principal Balance for the related Collection Period; 

(ii) the calculation of each of the components of the Reinvestment Criteria Events as of the end of the related Collection
Period and after giving effect to any Loan Actions to be taken on the related Payment Date, including, without limitation, the Weighted Average Coupon and the Weighted Average Loan Remaining Term; 

(iii) the amount of interest to be paid to each Class of Notes on such Payment Date; 

(iv) the amount of Collections for such Collection Period; 

(v) the amount on deposit in the Reserve Account as of such Payment Date; 

(vi) the amount of principal to be paid to each Class of Notes and the principal balance for each Class of Notes
immediately prior to such Payment Date and after giving effect to payments on the Notes on such Payment Date; 
 (vii) the
amount of optional reassignments/reallocations for such Collection Period; and 
 (viii) the Monthly Net Loss Percentage as
of such Monthly Determination Date. 
 (c) The Indenture Trustee shall make each Monthly Servicer Report available to the Noteholders via its
website at www.ctslink.com (which may be a secured area of the website accessible only to holders of the Notes and qualified prospective investors in the Notes). The Indenture Trustee may require registration and the acceptance of a
disclaimer in connection with providing access to the Indenture Trustee’s website. The Indenture Trustee shall not be liable for the dissemination of information made in accordance with the Indenture. 

  
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 (d) On or before June 30 of each calendar year, beginning with calendar year 2019, the
Indenture Trustee, shall, upon written request, furnish or cause to be furnished to each Person who at any time during the preceding calendar year was a Noteholder, a report prepared by the Servicer containing the information which is required to be
contained in the Monthly Servicer Report delivered pursuant to clause (a) above aggregated for such calendar year or the applicable portion thereof during which such Person was a Noteholder, together with other information as is required to be
provided by an issuer of indebtedness under the Internal Revenue Code. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Indenture Trustee pursuant
to any requirements of the Internal Revenue Code as from time to time in effect. 
 ARTICLE IX. 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes, the Issuer, the Servicer and the Indenture Trustee, so long as the Rating Agency Notice
Requirement has been satisfied with respect to the applicable supplemental indenture and the Indenture Trustee has been authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto, in
form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to conform the terms of this Indenture
to the description thereof in the private placement memorandum, dated as of June 20, 2018 (the “PPM”); 

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

(iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power
herein conferred upon the Issuer under this Indenture; 
 (iv) to convey, transfer, assign, mortgage or pledge any property
to the Indenture Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental
indenture that may be inconsistent with any other provision herein or in any supplemental indenture, or 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 have an Adverse Effect as evidenced by an Officer’s Certificate of the Servicer; or 
 (vi)
to evidence and provide for the acceptance of the appointment hereunder by a successor indenture trustee 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 indenture trustee, pursuant to the requirements of Article VI. 

  
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 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. 
 (b) The Issuer, the Servicer and the Indenture
Trustee, when authorized by an Issuer Order, may, also without the consent of any Noteholders but upon satisfaction of the Rating Agency Notice Requirement, 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, however, that (i) the Issuer
shall have delivered to the Indenture Trustee an Officer’s Certificate, dated the date of any such action, stating that the Issuer reasonably believes that such action will not have an Adverse Effect, and (ii) the Issuer shall have
delivered to the Indenture Trustee and the Rating Agency a Tax Opinion, dated the date of any such action, addressing such action. 
 (c)
Additionally, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, without the consent of any Noteholders, enter into an indenture or indentures supplemental hereto to add, modify or eliminate such provisions as may be
necessary or advisable in order to enable the Issuer to avoid the imposition of state or local income or franchise taxes imposed on the Issuer’s property or its income; provided, however, that (i) the Rating Agency Notice
Requirement will have been satisfied, (ii) such amendment does not affect the rights, duties or obligations of the Indenture Trustee hereunder without its consent and (iii) the Issuer delivers to the Indenture Trustee a Tax Opinion, dated
the date of any such action, addressing such action. 
 Section 9.02 Supplemental Indentures With Consent of Noteholders. The
Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, also may, with the consent of the Holders of not less than a majority of the aggregate unpaid principal amount of the Outstanding Notes adversely affected, by Act of
such Holders delivered to the Issuer and the Indenture Trustee and with prior notice to the Rating Agency, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that the Issuer shall have delivered to the Indenture Trustee (i) an Officer’s
Certificate indicating which Outstanding Notes, if any, would be adversely affected and (ii) a Tax Opinion, dated the date of any such action, addressing such action; and provided, further, that, notwithstanding anything to the
contrary contained herein, including, without limitation, Section 9.01, no supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest
Rate specified 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, all or any portion of the Trust Estate 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 any interest thereon is payable or impair the right to institute suit for the

  
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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, the Redemption Date); 
 (b) reduce the percentage of the aggregate unpaid
principal amount of all Outstanding Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with the provisions of this Indenture or
defaults hereunder and their consequences as provided for in this Indenture; 
 (c) reduce the percentage of the aggregate unpaid principal
amount of any Outstanding Notes, the consent of the Holders of which is required to direct the Indenture Trustee to sell or liquidate the Trust Estate if the proceeds of such sale would be insufficient to pay the principal amount and accrued but
unpaid interest on the Outstanding Notes; 
 (d) 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 Holders of Notes to the benefit of any
provisions for the mandatory redemption of the Notes contained herein; 
 (e) modify or alter the provisions of this Indenture prohibiting
the voting of Notes held by the Issuer, any other obligor on the Notes, or the Depositor; 
 (f) permit the creation of any Lien ranking
prior to or on a parity with the Lien of this Indenture or, except as otherwise permitted or contemplated herein, terminate the Lien of this Indenture on any part of the Trust Estate or deprive the Holder of any Note of the security provided by the
Lien of this Indenture; 
 (g) modify or alter any provisions (including any relevant definitions) relating to the pro rata treatment
of payments to any Class of Notes; or 
 (h) (i) reduce the Required Overcollateralization Amount or change the manner in which the
Adjusted Loan Principal Balance or Loan Action Date Aggregate Principal Balance is calculated or structured, (ii) modify any Reinvestment Criteria Event, Early Amortization Event or Event of Default (or any defined term used therein), (iii)
modify the provisions of this Section 9.02 or (iv) amend or supplement Section 8.03 with respect to the provisions of permitting monthly deposits of Collections by the Servicer or Section 8.05 with respect to the provisions
permitting the release of Loans from the lien of the Indenture. 
 It shall not be necessary for any Act of Noteholders under this
Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer, the Servicer and the Indenture Trustee of any supplemental indenture pursuant to this
Section 9.02, the Indenture Trustee shall transmit to the Holders of the Notes to which such amendment or supplemental indenture relates written notice setting forth in general terms the substance of such supplemental indenture. Any failure of
the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

  
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 Section 9.03 Execution of Supplemental Indentures.In executing 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 and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent thereto are satisfied. 

The Indenture Trustee may, but shall not be obligated to, enter into any supplemental indenture that affects its (as such or in its individual
capacity) own rights, duties, liabilities, benefits, protections, privileges or immunities under this Indenture or otherwise. 
 Any
supplemental indenture affecting the rights, duties, liabilities or immunities of (a) the Owner Trustee, shall require the Owner Trustee’s written consent, and (b) the Indenture Trustee, shall require the Indenture Trustee’s
written consent. All reasonable fees, costs and expenses (including, without limitation, reasonable attorneys’ fees, costs and expenses) incurred in connection with any such amendment, modification, waiver or supplemental indenture will be
payable by the Issuer in accordance with and subject to Section 8.06 of this Indenture. The Owner Trustee shall be entitled to receive an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture and that all conditions precedent thereto are satisfied. 
 Section 9.04 Effect of Supplemental Indenture. Upon
the execution of any supplemental indenture under this Article IX, this Indenture shall 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, the Servicer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications
and amendments, and the terms and conditions of any such supplemental indenture shall be deemed to be a part 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 Issuer or 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 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 Modification of Obligations of Owner Trustee. Notwithstanding
anything in this Article IX to the contrary, no amendment may be made to this Indenture that would adversely affect the rights, indemnities, immunities, liabilities or duties of the Owner Trustee without the written consent of the Owner Trustee.

  
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 ARTICLE X. 

TERMINATION 

Section 10.01 Termination of Indenture. The respective obligations and responsibilities of the Issuer, the Servicer and the
Indenture Trustee created hereby (other than those which by their terms survive) shall terminate upon payment in full of all Outstanding Notes and the satisfaction in full of all other obligations of the Issuer, the Servicer and the Indenture
Trustee pursuant to this Indenture. At such time as the Notes and all other Obligations have been paid in full (other than contingent indemnification obligations in which no claim has been made or is reasonably foreseeable), the Trust Estate shall
be released from the lien of this Indenture without delivery of any instrument or any further action by any party, and the Indenture Trustee, upon Issuer Order, shall execute and deliver such instruments or documents which the Issuer deems necessary
or appropriate to evidence such termination and release. 
 Section 10.02 Final Distribution. 

(a) The Servicer shall give the Indenture Trustee at least fifteen (15) days prior written notice of the Payment Date on which the
Noteholders may surrender their Notes for payment of the final distribution on and cancellation of such Notes. Such notice shall be accompanied by an Officer’s Certificate of the Servicer setting forth the information specified in
Section 3.06 of the Sale and Servicing Agreement covering the period during the then-current calendar year through the date of such notice. To the extent practicable, not later than five (5) Business Days prior to such final Payment Date,
the Indenture Trustee shall provide notice to Noteholders specifying (i) the date upon which final payment of the Notes will be made upon presentation and surrender of such Notes at the office or offices therein designated, (ii) the amount
of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of such Notes at the office or offices therein specified. The
Indenture Trustee shall give such notice to the Note Registrar (if other than the Indenture Trustee) at the time such notice is given to Noteholders. 

(b) Notwithstanding a final distribution to the Noteholders (or the termination of the Issuer), except as otherwise provided in this clause
(b), all funds then on deposit in the Collection Account shall continue to be held in trust for the benefit of such Noteholders and the Indenture Trustee shall pay such funds to such Noteholders upon surrender of their Notes. In the event that all
such Noteholders shall not surrender their Notes for cancellation within six (6) months after the date specified in the notice from the Indenture Trustee described in clause (a) above, the Indenture Trustee shall give a second notice to
the remaining such Noteholders to surrender their Notes for cancellation and receive the final distribution with respect thereto. If within one (1) year after the second notice all such Notes shall not have been surrendered for cancellation,
the Indenture Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining such Noteholders concerning surrender of their Notes pursuant to and as described in Section 3.03. The Indenture
Trustee shall pay to the Issuer any monies held by them for the payment of principal or interest that remains unclaimed for two (2) years pursuant to and as described in Section 3.03. After payment to the Issuer, Noteholders entitled to
the money must look to the Issuer for payment as general creditors unless an applicable abandoned property law designates another Person. 

  
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 ARTICLE XI. 

MISCELLANEOUS 

Section 11.01 Compliance Certificates. 

(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer
shall furnish to the Indenture Trustee an Officer’s Certificate of the Issuer stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with. 

(b) Every certificate 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 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 contained in such certificate are based; 
 (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. 

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 or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such Authorized Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Authorized
Officer’s certificate or 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 opinion of, 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
Authorized Officer or counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

  
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 Where any Person is required to make, give or execute two (2) 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. 

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 evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by an agent duly appointed in writing and satisfying any requisite percentages as to minimum number or
Dollar value of aggregate unpaid principal amount represented by such Noteholders; 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 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 which the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder
(and any transferee thereof) of every Note issued upon the registration thereof, 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. Any request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by the Indenture to be in writing and shall be made upon, given or furnished to, or filed with: 

(a) the Indenture Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to a Responsible
Officer, by facsimile transmission, e-mail or by other means acceptable to the Indenture Trustee to or with the Indenture Trustee at its Corporate Trust Office; or 

(b) the Issuer shall be sufficient for every purpose hereunder if in writing and mailed, first-class postage prepaid, to the Issuer addressed
to it at Regional Management Issuance Trust 2018-1, c/o Wilmington Trust, National Association, as Owner Trustee, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890 Attention: Corporate
Trust Administration – Regional Management Issuance Trust 2018-1, with a copy to the Administrator at 979 Batesville Road, Suite B, Greer, SC 29651 Attention: Legal Department or at any other address
previously furnished in writing to the Indenture Trustee by the Issuer. 

  
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 (c) the Rating Agency shall be sufficient for every purpose hereunder if (i) in writing and
mailed, first-class postage prepaid, to the Rating Agency addressed to it at the address set forth in the Sale and Servicing Agreement or (ii) uploaded to any website maintained by the Issuer in accordance with 17 CFR 240.17g-5(a)(3) in respect of ratings of the Notes. 
 The Issuer shall promptly transmit any notice
received by it from the Noteholders to the Indenture Trustee. 
 Unless a party hereto otherwise prescribes with respect to itself, notices
and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 
 Section 11.05
Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided), if in writing and mailed by first-class mail postage
prepaid or national overnight courier service (or, in the case of a Holder of a Global Note, e-mailed to DTC for further distribution to beneficial owners in accordance with DTC procedure) to each Noteholder
affected by such event, at its address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case 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 which is mailed in the manner herein provided
shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived
in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In the event that, by reason of the suspension
of regular mail service, 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 satisfactory to the
Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating
Agency, failure to give such notice shall not affect any other rights or obligations created hereunder and shall not under any circumstances constitute an Event of Default or an Early Amortization Event. 

Section 11.06 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. 

  
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 Section 11.07 Successors and Assigns.All covenants and agreements in this Indenture
by the Issuer and the Servicer shall bind their respective successors and assigns, whether so expressed or not. All covenants and agreements of the Indenture Trustee in this Indenture shall bind its successors and assigns. Notwithstanding the
foregoing, no party hereto may assign its rights or obligations under this Indenture without the prior written consent of each other party hereto. 

Section 11.08 Severability. If any part of this Indenture is held to be invalid or otherwise unenforceable, the rest of this
Indenture will be considered severable and will continue in full force. 
 Section 11.09 Binding Effect; Third Party
Beneficiaries.Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the third-party beneficiaries named in the last sentence of this Section 11.09, the Noteholders, and their
respective successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture. This Indenture benefits and is binding on the parties hereto, and their respective successor and permitted assigns. Each of the Owner
Trustee, the Third Party Allocation Agent and the Back-up Servicer is a third-party beneficiary to this Indenture and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as
if such Person were a party hereto. 
 Section 11.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS INDENTURE, ANY OTHER
TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE
VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR
PROCEEDING AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 (c) EACH OF THE PARTIES HERETO
HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, OR RELATING TO AN INCIDENT TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION
WITH THIS INDENTURE OR THE OTHER TRANSACTION DOCUMENTS. 

  
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 Section 11.11 Counterparts. This Indenture may be executed in any number of
counterparts, each of which will be considered an original, but all of which together will constitute one agreement. Delivery of an executed counterpart of a signature page to this Indenture by telecopier or in pdf or similar electronic format shall
be effective as delivery of a manually executed counterpart of this Indenture. 
 Section 11.12 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 its expense accompanied by an Opinion of Counsel (which shall be counsel reasonably acceptable to the Indenture
Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder, or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. The
parties hereto agree to (a) provide access to the Loan Notes and related documentation in its possession for inspection by governmental regulatory agencies and (b) assist in the preparation of any routine reports required by regulatory
bodies, if any. 
 Section 11.13 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 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, that no such examination or discussion shall require that the Issuer violate any law or regulation. The Indenture Trustee shall, and shall cause its representatives, to hold in confidence all such
information except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is
consistent with its obligations hereunder or is required by the UCC. 
 Section 11.14 Trust Obligation. Neither any trustee nor
any Beneficiary of the Issuer nor any of their respective officers, directors, employers or agents will have any liability with respect to this Indenture, and recourse may be had solely to the assets of the Issuer with respect thereto. In addition,
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 or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Beneficiary or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of any
Beneficiary, the Indenture Trustee or the Owner Trustee in their individual capacities, any Beneficiary, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Beneficiary, the Indenture Trustee or the Owner Trustee in their
individual capacities. 

  
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 Section 11.15 Limitation of Liability of Owner Trustee and Indenture Trustee. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust,
National Association (“Wilmington Trust”), not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement,
(ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, but is made and intended for the purpose
of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust, 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, (iv) Wilmington Trust has made no investigation as to the accuracy or completeness of any representations and warranties
made by the Issuer in this Indenture and (v) under no circumstances shall Wilmington Trust 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 the other Transaction Documents to which the Issuer is a party. 

(b) It is expressly understood and agreed by the parties hereto that the Indenture Trustee (i) has not provided nor will it provide in the
future, any advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of the consummation, funding and ongoing administration of this Indenture and the matters contemplated herein,
including, but not limited to, income, gift and estate tax issues, and the initial and ongoing selection and monitoring of financing arrangements, (ii) has not made any investigation as to the accuracy of any representations, warranties or
other obligations of any other party (other than Wells Fargo in any of its capacities under the Transaction Documents) to this Indenture or the other Transaction Documents or any other document or instrument (other than the Indenture Trustee
representations and warranties expressly set forth herein) and shall not have any liability in connection therewith and (iii) other than the information included under the caption “THE INDENTURE TRUSTEE” in the PPM, has not prepared
or verified, or shall be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document delivered in connection with this Indenture. 

Section 11.16 No Bankruptcy Petition; Disclaimer and Subordination 

(a) Notwithstanding any prior termination of this Indenture, to the fullest extent permitted by law, each of the Servicer, the Indenture
Trustee, the Account Bank, the Note Registrar, each Noteholder and the holder of the Trust Certificate (by acceptance of the applicable Notes or the Trust Certificate, as applicable), agrees that it shall not file, commence, join, or acquiesce in a
petition or proceeding, or cause either the Depositor or the Issuer to file, commence, join, or acquiesce in a petition or proceeding, that causes (i) either the Depositor or the Issuer to be a debtor under any Debtor Relief Law or (ii) a
trustee, conservator, receiver, liquidator, or similar official to be appointed for either the Depositor or the Issuer or any substantial part of its property. The parties hereto agree that the obligations under this Section 11.16 shall survive
termination of this Indenture. 

  
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 (b) The provisions of this Section 11.16 shall be for the third party benefit of those
entitled to rely thereon and shall survive the resignation or removal of any party to this Indenture and the termination of this Indenture. 

Section 11.17 Tax Matters; Administration of Transfer Restrictions 

(a) The Issuer expects that any reporting, withholding or deduction (“FATCA Withholding Tax”) imposed pursuant to
Section 1471 through 1474 of the Internal Revenue Code and any regulations, intergovernmental agreements or other agreements thereunder or official interpretations thereof (“FATCA”) with respect to any payments to be
made in respect to the Notes will be undertaken and performed by the Clearing Agency and its Clearing Agency Participants. Notwithstanding the foregoing, each of the Issuer and the Indenture Trustee covenant to the other that, to the extent the
Issuer or the Indenture Trustee may be required by FATCA to collect or report Noteholder FATCA Information, it will provide any Noteholder FATCA Information collected by it to the other upon request. The Issuer further covenants that, to the extent
the Issuer determines that the Indenture Trustee is required to report Noteholder FATCA Information or to withhold or deduct FATCA Withholding Tax with respect to payments to be made by the Indenture Trustee pursuant to this Indenture, it will
promptly notify the Indenture Trustee of such fact; provided, however, the Issuer does not undertake any duty to monitor or determine the Indenture Trustee’s legal obligations under this Indenture or otherwise; but provided
further, however, the Issuer hereby agrees to fully indemnify the Indenture Trustee for any penalties (and interest thereon), fees, costs, damages or other liabilities imposed on the Indenture Trustee by any Governmental Authority arising
from the Indenture Trustee’s failure to collect or report any Noteholder FATCA Information, or to withhold or deduct any FATCA Withholding Tax; provided, that indemnification shall not be required with respect to penalties, fees, costs,
damages or other liabilities imposed on the Indenture Trustee arising from the Indenture Trustee’s own willful misconduct, negligence, fraud or bad faith in failing to collect or report any Noteholder FATCA Information or to withhold or deduct
any FATCA Withholding Tax. 
 (b) The Issuer and Indenture Trustee each have the right to withhold FATCA Withholding Tax with respect to a
Note (without any corresponding gross-up) on any Noteholder or beneficial owner of an interest in a Note that fails to comply with any requirement to provide Noteholder FATCA Information to the Issuer or
Indenture Trustee, as applicable, as described in clause (a) above. 
 (c) The Indenture Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture with respect to any transfer of any interest in any Note (including any transfers between or among Holders) other than to require delivery
of such certificates as are expressly required by, and to do so if and when expressly required by, this Indenture, and to examine the same to determine material compliance as to form with the express requirements hereof. 

Section 11.18 Limited Recourse. No recourse under or with respect to any obligation, covenant or agreement of the Issuer as
contained in this Indenture or any of the other Transaction Documents or any other agreement, instrument or document to which the Issuer is a party shall be had against any incorporator, stockholder, affiliate, officer, employee or director of the
Issuer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute 

  
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or otherwise, it being expressly agreed and understood that the agreements of the Issuer contained in this Indenture and all other agreements, instruments and documents entered into pursuant
hereto or in connection herewith are, in each case, solely corporate obligations of the Issuer. Notwithstanding any provisions contained in this Indenture to the contrary, the Issuer shall not, and shall not be obligated to, pay any fees, costs,
indemnified amounts or expenses due pursuant to this Indenture other than in accordance with the order of priorities set forth in Section 8.06 of this Indenture. Any amount which the Issuer does not pay pursuant to the operation of the
preceding sentence shall not constitute a claim (as defined in §101 of the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.), as amended from time to time) against or obligation of the Issuer for any such
insufficiency unless and until funds are available for the payment of such amounts as aforesaid. The parties hereto agree that the provisions under this Section 11.18 shall survive the resignation or removal of any such party to this Indenture
and the termination of this Indenture. 
 Section 11.19 Nature of Noteholders’ Claims. Each Holder, by its
ownership of the Notes, will agree that such Holder only has rights against the assets held by the Issuer pursuant to the Transaction Documents, and such Holder will not have rights (whether through the Indenture Trustee, the Issuer, its ownership
of any Note or otherwise) to the assets of any other issuing entity under a different securitization with respect to which the Depositor is acting as depositor. 

Section 11.20 Force Majeure. In no event shall the Indenture Trustee be personally liable for any failure or delay in the
performance of its obligations hereunder or under any other Transaction Document arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services or other force majeure events, 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 requirements established under the USA PATRIOT
Act and its implementing regulations (collectively, the “Patriot Act”), the Indenture Trustee, 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 with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information in its possession as the Indenture Trustee may request
from time to time in order to comply with any applicable requirements of the Patriot Act. 
 [remainder of page intentionally left blank]

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

			
	REGIONAL MANAGEMENT ISSUANCE TRUST 2018-1, as Issuer
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee of the Issuer
		
	By:	 	 /s/ Rachel Simpson

	Name: Rachel Simpson
	Title: Vice President
	
	REGIONAL MANAGEMENT CORP., as Servicer
		
	By:	 	 /s/ Donald E. Thomas

	Name: Donald E. Thomas
	Title: EVP and Chief Financial Officer
	
	WELLS FARGO BANK, N.A., as Indenture Trustee
		
	By:	 	 /s/ Marianna C. Stershic

	Name: Marianna C. Stershic
	Title: Vice President
	
	WELLS FARGO BANK, N.A., not in its individual capacity, but solely as Account Bank
		
	By:	 	 /s/ Marianna C. Stershic

	Name: Marianna C. Stershic
	Title: Vice President

  
 [Signature page to the
Indenture] 

 Exhibit A 

FORM OF CLASS [A][B][C] NOTE 
 THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY UNITED STATES STATE SECURITIES OR “BLUE SKY” LAWS OR ANY SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT
BE OFFERED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE TRANSFERRED, EXCEPT AS SET FORTH BELOW. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY, OR A BENEFICIAL INTEREST HEREIN, IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER (“RULE 144A”) OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. 

THE HOLDER HEREOF, BY PURCHASING OR ACCEPTING THIS NOTE OR A BENEFICIAL INTEREST HEREIN, (1) REPRESENTS FOR THE BENEFIT OF THE ISSUER AND THE INITIAL
PURCHASERS THAT: (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A) (A “QIB”) AND (B) ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB; ONLY (I) FOR SO LONG AS THIS
NOTE IS ELIGIBLE FOR RESALE, PURSUANT TO RULE 144A, TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QIB, THAT IS ACQUIRING THIS NOTE FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE QUALIFIED INSTITUTIONAL
BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH TRANSFER, THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL AND OTHER CERTIFICATIONS OR DOCUMENTS EVIDENCING THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND THE INDENTURE), (III) TO THE
ISSUER OR ANY SUBSIDIARY THEREOF, OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION, AND (2) AGREES FOR THE BENEFIT OF THE ISSUER AND THE INITIAL PURCHASERS THAT IT WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THIS NOTE OR A BENEFICIAL INTEREST HEREIN OF THE RESALE RESTRICTIONS
SET FORTH ABOVE. 
 THE ISSUER HAS NOT MADE ANY REPRESENTATION AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT FOR
RESALE OF THE SECURITY EVIDENCED HEREBY. 
 THIS NOTE, AND ANY BENEFICIAL INTEREST HEREIN, MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND
$1,000 INCREMENTS IN EXCESS THEREOF. 

  
 A-1 

 EACH NOTEHOLDER OR BENEFICIAL OWNER, BY ACCEPTANCE OF THIS NOTE, OR, IN THE CASE OF A BENEFICIAL OWNER, A
BENEFICIAL INTEREST IN THIS NOTE, WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (I) IT IS NOT AND IS NOT ACTING ON BEHALF OF, OR USING THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN,” AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “INTERNAL
REVENUE CODE”), THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY
(WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (D) ANY GOVERNMENTAL, CHURCH, NON-U.S. OR
OTHER PLAN THAT IS SUBJECT TO ANY NON-U.S., FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE (“SIMILAR LAW”) OR AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE ASSETS OF ANY SUCH PLAN OR (II)(A) ITS ACQUISITION, CONTINUED HOLDING, AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION OR VIOLATION OF ANY SIMILAR LAW AND (B) CERTAIN OTHER REQUIREMENTS ARE
SATISFIED, IF APPLICABLE, AS SET FORTH IN THE INDENTURE. 
 THIS NOTE AND RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY
THE RESTRICTIONS ON AND PROCEDURES UNDERTAKEN OR REPRESENTED BY THE HOLDER, FOR RESALES AND OTHER TRANSFERS OF THIS NOTE, TO REFLECT ANY CHANGE IN, OR TO MAKE USE OF OTHER, APPLICABLE LAWS OR REGULATIONS (OR THE INTERPRETATION THEREOF) OR IN
PRACTICES RELATING TO RESALES OR OTHER TRANSFERS OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS NOTE AND ANY BENEFICIAL OWNER OF ANY INTEREST THEREIN SHALL BE DEEMED, BY ITS ACCEPTANCE OR PURCHASE HEREOF OR THEREOF, TO HAVE AGREED TO ANY
SUCH AMENDMENT OR SUPPLEMENT (EACH OF WHICH SHALL BE CONCLUSIVE AND BINDING ON THE HOLDER HEREOF AND ALL FUTURE HOLDERS OF THIS NOTE AND ANY NOTES ISSUED IN EXCHANGE OR SUBSTITUTION THEREFOR, WHETHER OR NOT ANY NOTATION THEREOF IS MADE HEREON) AND
AGREES TO TRANSFER THIS NOTE ONLY IN ACCORDANCE WITH SUCH RELATED DOCUMENTATION AS SO AMENDED OR SUPPLEMENTED AND IN ACCORDANCE WITH APPLICABLE LAW IN EFFECT AT THE DATE OF SUCH TRANSFER. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
INDENTURE TRUSTEE 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

  
 A-2 

 
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE TRANSFER PROVISIONS AND RESTRICTIONS SET FORTH IN THE INDENTURE. 
 THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE REDUCED FROM
TIME TO TIME BY DISTRIBUTIONS ON THIS NOTE ALLOCABLE TO PRINCIPAL. ACCORDINGLY, FOLLOWING THE INITIAL ISSUANCE OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE DIFFERENT FROM THE INITIAL PRINCIPAL AMOUNT SHOWN BELOW. ANYONE
ACQUIRING THIS NOTE MAY ASCERTAIN THE CURRENT OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE BY INQUIRY OF THE INDENTURE TRUSTEE. ON THE DATE OF THE INITIAL ISSUANCE OF THIS NOTE, THE INDENTURE TRUSTEE IS WELLS FARGO BANK, NATIONAL ASSOCIATION. 

THIS NOTE IS NOT AN OBLIGATION OF, AND IS NOT INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, REGIONAL MANAGEMENT CORP., REGIONAL MANAGEMENT RECEIVABLES
III, LLC, ANY TRUSTEE OR ANY AFFILIATE OF ANY OF THE FOREGOING. 
 THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH OWNER OF A BENEFICIAL
INTEREST HEREIN, AGREES TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE UNITED STATES FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME. 

  
 A-3 

			
	Registered	  	[Initial Principal Amount:][up to] $                        
		
	No. R-	  	CUSIP NO. [ ]

 ISIN NO. [ ] 

[                       
                                         
        ] 
 ASSET-BACKED NOTES, CLASS [A][B][C] 

[                       
                                         
                    ] (herein referred to as the “Issuer”), a Delaware statutory trust formed by an Amended and Restated Trust
Agreement, dated as of June 28, 2018, for value received, hereby promises to pay to [                ], or its registered assigns, subject to the following
provisions, the principal sum set forth above (reduced or increased as set forth on Schedule A-I hereto), or such lesser amount, as determined in accordance with the Indenture (referred to herein), on the
Stated Maturity Date, except as otherwise provided below or in the Indenture. The Issuer will pay interest on the unpaid principal amount of this Note at the Class [A][B][C] Interest Rate on each Payment Date until the principal amount of this Note
is paid, subject to certain limitations in the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial
Payment Date, from and including the Closing Date to but excluding such Payment Date. Interest will be computed as provided in the Indenture. Principal of this Note will be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication
hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this Note will not be entitled to any benefit under the Indenture or be valid for any purpose. 

  
 A-4 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

	
	REGIONAL MANAGEMENT ISSUANCE TRUST 2018-1, as Issuer
	
	By: WILMINGTON TRUST, NATIONAL
	ASSOCIATION, not in its individual capacity, but solely as Owner Trustee of the Issuer
	
	By:                                     
                                         
                  
	Name:
	Title:

 Dated: June 28, 2018 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the Series described therein and referred to in the within-mentioned Indenture. 

 

	
	WELLS FARGO BANK, N.A., not in its individual capacity, but solely as Indenture Trustee
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 A-5 

[                       
                                         
        ] 
 ASSET-BACKED NOTES, CLASS [A][B][C] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as the Regional Management Issuance Trust 2018-1, Series 2018-1, Asset-Backed Notes, Class [A][B][C] (the “Notes”), issued under the Indenture dated as of June 28, 2018 (the
“Indenture”), among the Issuer, Regional Management Corp., as servicer (the “Servicer”), and Wells Fargo Bank, N.A., as indenture trustee (the “Indenture Trustee”), and as account bank, and
representing the right to receive certain payments from the Issuer. The Notes are subject to all of the terms, provisions and conditions of the Indenture, as it may be amended, supplemented or modified from time to time. All terms used in this Note
that are defined in Part A of Schedule II (together with Part B of such Schedule II, the “Definitions Schedule”) to the Sale and Servicing Agreement dated as of June 28, 2018, among, Regional Management Receivables III, LLC, as
the depositor (the “Depositor”), the Servicer, the Subservicers party thereto, the Titling Trust and the Issuer, have the meanings assigned to them therein or pursuant thereto, as applicable. In the event of any conflict or
inconsistency between the Definitions Schedule and this Note, the Definitions Schedule controls. 
 The Noteholder, by its acceptance of
this Note, agrees that it will look solely to the property of the Issuer allocated to the payment of this Note for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable under this Note or the
Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture. 
 This Note does not purport to
summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

The initial Class [A][B][C] Note Balance is
$[                            ]. The Class [A][B][C] Note Balance on any date of determination will be an
amount equal to (a) the initial Class [A][B][C] Note Balance minus (b) the aggregate amount of principal payments made to the Holders of Class [A][B][C] Notes [and which have not been rescinded] on or before such date. Payments of
principal of the Notes will be made in accordance with the provisions of, and subject to the limitations in, the Indenture. 
 On each
Payment Date, the Indenture Trustee will distribute to each Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Noteholder’s pro rata share of the amounts held by the Indenture
Trustee that are allocated and available on such Payment Date to pay interest and principal on the Class [A][B][C] Notes pursuant to the Indenture. Except as provided in the Indenture with respect to a final distribution, distributions to the
Noteholders shall be made (i) on the due date thereof, to an account designated by the holder of this Note, in U.S. dollars and in immediately available funds and (ii) without presentation or surrender of any Note or the making of any
notation thereon. 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 Noteholders in accordance
with the Indenture. 

  
 A-6 

 Upon the exercise of the Servicer’s or the holder of the Trust Certificate’s option to
purchase the remaining Sold Assets of the Issuer pursuant to the Transaction Documents, the Issuer will retire the Notes and redeem the Notes from the proceeds of such purchase. 

This Note does not represent an obligation of, or an interest in, the Depositor,
[                                ], or any Affiliate of any of them (other than
the Issuer) and is not insured or guaranteed by any governmental agency or instrumentality or any other Person. 
 Each Noteholder, by
accepting a Note, and each beneficial owner of such Note hereby covenants and agrees that it will not at any time file, commence, join, or acquiesce in a petition or proceeding, or cause the Issuer to file, commence, join, or acquiesce in a petition
or proceeding, that causes (a) the Issuer to be a debtor under any Debtor Relief Law or (b) a trustee, conservator, receiver, liquidator, or similar official to be appointed for the Issuer or any substantial part of its property. 

The Issuer, the Depositor, the Indenture Trustee and any agent of the Issuer, Depositor or the Indenture Trustee will treat the person in
whose name this Note is registered as the owner hereof for all purposes, and none of the Issuer, the Depositor, the Indenture Trustee or any agent of the Issuer, Depositor or the Indenture Trustee will be affected by notice to the contrary. 

This Note is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as owner trustee of
the Issuer, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement. Each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of binding only the Issuer. Under no circumstances shall Wilmington Trust, National Association 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 the other Transaction Documents to
which the Issuer is a party. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 EACH NOTEHOLDER SUBMITS TO THE NONEXCLUSIVE
JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN THE COUNTY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS NOTE, ANY TRANSACTION
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS NOTE OR THEREBY. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT 

  
 A-7 

 
AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION
OR PROCEEDING AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. 
 EACH NOTEHOLDER HEREBY WAIVES
ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF OR CONNECTED WITH THIS NOTE OR THE TRANSACTION DOCUMENTS. 

  
 A-8 

 ASSIGNMENT 

Social Security 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:                      
                           1 

Signature Guaranteed: 
  

	1 	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever

  
 A-9 

 SCHEDULE A-I 

The initial principal amount of this Rule 144A Global Note is $[ ]. The aggregate principal amount of this Global Note issued, cancelled or
exchanged for a Definitive Note or another Global Note is as follows: 
  

							
	 Date
	  	 Principal Amount Issued, Cancelled
or Exchanged
	  	 Remaining Principal Amount of this
Global Note
	  	 Notation Made by or on Behalf of

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

		  		  		  	
	  
	  	  
	  	  
	  	  

  
 A-10 

 EXHIBIT B 

FORM OF MONTHLY SERVICER REPORT 

REGIONAL MANAGEMENT ISSUANCE TRUST 2018-1 

MONTHLY SERVICER REPORT 
  

											
	 Transaction
	  	 Revolving

Termination
 Date
	  	 Initial Cut-

Off Date
	  	 Closing Date
	  	 Initial Loan

Pool
	  	 Initial Note

Balance

	 RMIT 2018-1
	  		  		  		  		  	

 Collection Period Beginning: 

Collection Period Ending: 
 Prev. Distribution: 

Payment Date: 
 Days in Collection Period: 

 

					
	 I. Adjusted Loan Principal Balance Calculation
	  			
	 (1) Beginning of Collection Period Loan Principal Balance
	  	 	(1)                    	 
	 (2) Additional Loans added during the Collection Period
	  	 	(2)                    	 
	 (3) Principal Reductions (embed the unearned adjustment and other categories in this
number)
	  	 	(3)                    	 
	 (4) Renewal Payoffs
	  	 	(4)                    	 
	 (5) Charged-Off Loans
	  	 	(5)                    	 
	 (6) Repurchased Receivables
	  	 	(6)                    	 
	 (7) Other Receivables Adjustments
	  	 	(7)                    	 
	 (8) Total Principal Reduction
	  	 	(8)                    	 
	 (9) End of Collection Period Loan Principal Balance
	  	 	(9)                    	 
	 (10) Excluded Loans
	  	 	(10)                    	 
	 (11) End of Collection Period Adjusted Loan Principal Balance
	  	 	(11)                    	 
	 II. Loan Action Date Aggregate Loan Principal Balance
	  			
	 (12) End of Collection Period Adjusted Loan Principal Balance
	  	 	(12)                    	 
	 (13) Additional Loans acquired on the Loan Action Date
	  	 	(13)                    	 
	 (14) Designate additional Excluded Loans (not Charged-Off
or Delinquent)
	  	 	(14)                    	 
	 (15) Designate Excluded Loans as not Excluded Loans (not
Charged-Off or Delinquent)
	  	 	(15)                    	 
	 (16) Reassigned Loans to the Depositor
	  	 	(16)                    	 
	 (17) Loan Action Date Aggregate Principal Balance
	  	 	(17)                    	 

  
 B-1 

 III. Reinvestment Criteria (based on Loan Action Date Principal Balance) 

Reinvestment Criteria 
  

							
	Test	  	Current Level	  	Test Level	 	Compliance
	 Top Three States
	  		  	80.00%	 	
	 Single State Originated (Top state)
	  		  	35.00%	 	
	 Single State Originated (other than any Top 3 States)
	  		  	17.50%	 	
	 Unsecured Loans
	  		  	  5.00%	 	
	 Weighted Average Coupon
	  		  	24.00%	 	
	 Weighted Average Remaining Term
	  		  	45.00%	 	
	 Original Term > 60 months
	  		  	  5.00%	 	
	 Payment Deferrals
	  		  	10.00%	 	
	 FICO < 541
	  		  	  8.00%	 	
	 FICO < 581
	  		  	22.00%	 	
	 FICO < 621
	  		  	55.00%	 	
	 FICO < 661
	  		  	90.00%	 	

 Overcollateralization Event 

 

											
	 Loan Action Date Aggregate
Principal Balance
	  	 	  				  			
	 Less: Required
Overcollateralization Amount
	  	 	  				  			
	 (a) Calculation
	  		  	 	 	 	  			
	 Aggregate Note Balance (after giving effect to payments on the Loan Action Date)
	  	 	  				  			
	 Less: Amounts on Deposit in the Principal Distribution Account (after giving effect to payments on
the Loan Action Date)
	  	 	  				  			
	 (b) Calculation
	  		  	 	 	 	  			
	 Reinvestment Criteria Event exists if (a) is less than (b)
	  

		
	 (18) Has a Reinvestment Criteria Event occurred?
	  
	  	 	(18)                    	 

  

																	
	 IV. Note Balance Calculation
	  	 	Class A	 	  	 	Class B	 	  	 	Class C	 	  	 	Total	 
	 (19) Original Note Balance
	  	 	(19)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (20) Beginning of Period Note Balance
	  	 	(20)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (21) First Priority Principal Payment
	  	 	(21)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (22) Second Priority Principal Payment
	  	 	(22)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (23) Third Priority Principal Payment
	  	 	(23)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (24) Regular Principal Payment
	  	 	(24)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (25) End of Period Note Balance
	  	 	(25)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 (26) Note Pool Factors
	  	 	(26)                	 	  				  				  			
		  				  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
 B-2 

																	
	 V. Calculation of Note Interest
	  				  				  				  			
	 Beginning Note Balance
	  	 	Interest Rate	 	  	 	Days	 	  	 	Basis	 	  	 	Calculated Interest	 
	 (27) Class A
	  				  				  	 	30/360	 	  	 	$0.00	 
	 (28) Class B
	  				  				  	 	30/360	 	  			
	 (29) Class C
	  				  				  	 	30/360	 	  			

  

					
	 VI. Regular Principal Payment Calculation
	  			
	 (30) Aggregate Note Balance as of the end of the related Collection Period
	  	 	(30)                    	 
	 (31) Less: Amount on deposit in the Principal Distribution Account (as of the end of Collection
Period plus (56), (58), (60))
	  	 	(31)                    	 
	 (32) Less: Adjusted Loan Principal Balance as of the end of the related Collection Period
	  	 	(32)                    	 
	 (33) Less: Required Overcollateralization Amount
	  	 	(33)                    	 
		
	 VII. Collections and Available Funds
	  			
	 (34) Principal Collections
	  	 	(34)                    	 
	 (35) Interest Collections
	  	 	(35)                    	 
	 (36) Fee Collections
	  	 	(36)                    	 
	 (37) Liquidation Proceeds (third party debt sales and post charge off proceeds)
	  	 	(37)                    	 
	 (38) Amounts deposited in the Collection Account for Repurchased Receivables
	  	 	(38)                    	 
	 (39) Investment Earnings – Collection Account
	  	 	(39)                    	 
	 (40) Investment Earnings – Transferred from Principal Distribution Account
	  	 	(40)                    	 
	 (41) Investment Earnings – Transferred from Reserve Account
	  	 	(41)                    	 
	 (42) Reserce Account Draw Amount
	  	 	(42)                    	 
	 (43) All other amounts received
	  	 	(43)                    	 
	 (44) Total Available Funds
	  	 	(44)                    	 
		
	 VIII. Distributions
	  			
	 (45) Indenture Trustee, Account Bank, Note Registrar (fees and out of pocket expenses)
	  	 	(45)                    	 
	 (46) Owner Trustee Fees
	  	 	(46)                    	 
	 (47) Back-up Servicer (out of pocket expenses, other than
Servicing Transition Costs)
	  	 	(47)                    	 
	 (48) Image File Custodian Fee
	  	 	(48)                    	 
	 (49) 2018-1A SUBI Trustee Fees
	  	 	(49)                    	 
	 (50) Any costs and expenses then due by the Issuer under the Intercreditor Agreement
	  	 	(50)                    	 
	 (51) Indemnified Amounts due to parties (not to exceed $350,000 yearly cap)
	  	 	(51)                    	 
	 (52) Back-up Servicing Fee
	  	 	(52)                    	 
	 (53) Servicing Transition Costs (not to exceed $250,000)
	  	 	(53)                    	 
	 (54) Servicing Fee
	  	 	(54)                    	 
	 (55) Class A Monthly Interest Amount
	  	 	(55)                    	 
	 (56) First Priority Principal Payment (to be deposited in Principal Distribution Account)
	  	 	(56)                    	 
	 (57) Class B Monthly Interest Amount
	  	 	(57)                    	 
	 (58) Second Priority Principal Payment (to be deposited in Principal Distribution
Account)
	  	 	(58)                    	 
	 (59) Class C Monthly Interest Amount
	  	 	(59)                    	 
	 (60) Third Priority Principal Payment (to be deposited in Principal Distribution Account)
	  	 	(60)                    	 
	 (61) Reserve Account Required Amount
	  	 	(61)                    	 

  
 B-3 

			
	 (62) Regular Principal Payment Amount (to be deposited in Principal Distribution Account)
	  	(62)                    
	 (63) Fees and expenses due to transaction paties not previously paid above
	  	(63)                    
	 (64) Indemnified amounts due to transaction parties not previously paid above
	  	(64)                    
	 (65) Additional amounts to be deposited in the Principal Distribution Account
	  	(65)                    
	 (66) Amounts distributed to the holder of the Trust Certificate
	  	(66)                    
	 (67) Total Distributions
	  	(67)                    
		
	 IX. Reserve Account and Principal Distribution Account
	  	
	 Reserve Account
	  	
	 (68) Reserve Account Balance as of the end of the related Collection Period
	  	(68)                    
	 (69) Reserve Account Required Amount
	  	(69)                    
	 (70) Reserve Account Draw Amount
	  	(70)                    
	 (71) Amounts to be depositd in the Reserve Account to maintain Reserve Account Required
Amount
	  	(71)                    
	 (72) Investment earnings – Transferred to Collection
	  	(72)                    
	 (73) End of Period Reserve Account Balance
	  	(73)                    
	 Principal Distribution Account
	  	
	 (74) Principal Distribution Account as of the end of the Related Collection Period
	  	(74)                    
	 (75) Amounts deposited to the Principal Distribution Account on the Loan Action Date
	  	(75)                    
	 (76) Payment to Noteholders (after the Revolving Period)
	  	(76)                    
	 (77) Purchase of Additional Loans on the Loan Action Date (during the Revolving Period)
	  	(77)                    
	 (78) Principal Distribution Account (on the Loan Action Date after giving effect to all deposits
and payments)
	  	(78)                    
	
	 X. Early Amortization Events

	 Monthly Net Loss Percentage

	 (79) Total Collections
	  	(79)                    
	 (80) Service Fee
	  	(80)                    
	 (81) Trustee Fees
	  	(81)                    

  

													
		 	 	Next Previous	 	 	 	Previous	 	 	 	Current	 
	 (82) Monthly Net Loss Percentage
	 	 	(82)                    	 	 				 			
		 				 	  
	  
	 	 	  
	  
	 

  

			
	 (83) 3-Month Average
	  	(83)                    
	 (84) Trigger Level -17%
	  	(84)                    
	 (85) Compliance
	  	(85)                    
	 Reinvestment Criteria Event
	  	

  

													
		 	 	Next Previous	 	 	 	Previous	 	 	 	Current	 
	 (86) Has a Reinvestment Criteria Event existed for the respective period?
	 	 	(86)                    	 	 				 			
		 				 	  
	  
	 	 	  
	  
	 

  

			
	 (87) Trigger – Reinvestment Criteria exists for 3 consecutive periods
	  	(87)                    
	 (88) Compliance
	  	(88)                    

  
 B-4 

									
	 XI. Statistical Data
	 				 			
	 Receivables with Scheduled Payment Delinquent
	 	 	Dollars	 	 	 	Percent	 
	 (89) 30-59 days
	 	 	(89)                    	 	 			
		 				 	  
	  
	 
	 (90) 60-89 days
	 	 	(90)                    	 	 			
		 				 	  
	  
	 
	 (91) 90-119 days
	 	 	(91)                    	 	 			
		 				 	  
	  
	 
	 (92) 120-149 days
	 	 	(92)                    	 	 			
		 				 	  
	  
	 
	 (93) 150-179 days
	 	 	(93)                    	 	 			
		 				 	  
	  
	 
	 (94) Total
	 	 	(94)                    	 	 			
		 				 	  
	  
	 

 By: _____________________________________ 

Name: 
 Title: 

Date: 

  
 B-5 

 EXHIBIT C 

RULE 15GA-1 INFORMATION 

Reporting Period:             

☐ Check here if nothing to report. 
  

																													
	 Asset

Class
	  	 Shelf
	  	 Series

Name
	  	 CIK
	  	 Originator
	  	 Loan
No
	  	 Servicer

Loan
 No
	  	 Outstanding

Principal
 Balance
	  	 Repurchase
Type
	  	 Indicate Repurchase Activity During
the
Reporting Period by Checkmark or by Date
Reference (as applicable)

	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 Subject to

Demand
	  	 Repurchased
or Replaced
	  	 Repurchased
Pending
	  	 Demand in
Dispute
	  	 Demand

Withdrawn
	  	 Demand

Rejected

		  		  		  		  		  		  		  		  		  		  		  		  		  		  	

 Terms and Definitions: 

NOTE: Any date included on this report is subject to the descriptions below. Dates referenced on this report for this Transaction where
the Servicer is not the Repurchase Enforcer (as defined below); availability of such information may be dependent upon information received from other parties. 

References to “Repurchaser” shall mean the party obligated under the Transaction Documents to repurchase a Loan.
References to “Repurchase Enforcer” shall mean the party obligated under the Transaction Documents to enforce the obligations of any Repurchaser. 

Outstanding Principal Balance: For purposes of this report, the Outstanding Principal Balance of a Loan in this Transaction
equals the remaining outstanding principal balance of the Loan reflected on the distribution or payment reports at the end of the related reporting period, or if the Loan has been liquidated prior to the end of the related reporting period, the
final outstanding principal balance of the Loan reflected on the distribution or payment reports prior to liquidation. 
 Subject to
Demand: The date when a demand for repurchase is identified and coded by the Servicer or Indenture Trustee as a repurchase related request. 

Repurchased or Replaced: The date when a Loan is repurchased or replaced. To the extent such date is unavailable, the date upon
which the Servicer or Indenture Trustee obtained actual knowledge a Loan has been repurchased or replaced. 
 Repurchase
Pending: A Loan is identified as “Repurchase Pending” when a demand notice is sent by the Indenture Trustee, as Repurchase Enforcer, to the Repurchaser. A Loan remains in this category until (i) a Loan has been
Repurchased, (ii) a request is determined to be a “Demand in Dispute,” (iii) a request is determined to be a “Demand Withdrawn,” or (iv) a request is determined to be a “Demand Rejected.”

  
 C-1 

 With respect to the Servicer only, a Loan is identified as “Repurchase Pending”
on the date (y) the Servicer sends notice of any request for repurchase to the related Repurchase Enforcer, or (z) the Servicer receives notice of a repurchase request but determines it is not required to take further action regarding such
request pursuant to its obligations under the applicable Transaction Documents. The Loan will remain in this category until the Servicer receives actual knowledge from the related Repurchase Enforcer, Repurchaser, or other party, that the repurchase
request should be changed to “Demand in Dispute”, “Demand Withdrawn”, “Demand Rejected”, or “Repurchased.” 

Demand in Dispute: Occurs (i) when a response is received from the Repurchaser which refutes a repurchase request, or
(ii) upon the expiration of any applicable cure period. 
 Demand Withdrawn: The date when a previously submitted
repurchase request is withdrawn by the original requesting party. To the extent such date is not available, the date when the Servicer or the Indenture Trustee receives actual knowledge of any such withdrawal. 

Demand Rejected: The date when the Indenture Trustee, as Repurchase Enforcer, has determined that it will no longer pursue
enforcement of a previously submitted repurchase request. To the extent such date is not otherwise available, the date when the Servicer receives actual knowledge from the Indenture Trustee, as Repurchase Enforcer, that it has determined not to
pursue a repurchase request. 

  
 C-2 

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer, hereby represent, warrant, and covenant
to the Indenture Trustee as follows: 
  

	 	1.	This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Loans (other than the 2018-1A SUBI Loans), the 2018-1A SUBI Certificate and the Note Accounts in favor of the Indenture Trustee, which security interest is prior to all other Liens (other than Permitted Liens), and is enforceable as such as against creditors of
and purchasers from the Issuer. 

  

	 	2.	The Loans constitute “tangible chattel paper,” “electronic chattel paper,” “accounts,” “instruments” or “general intangibles” within the meaning of the UCC.

  

	 	3.	Each Note Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. All Eligible Investments have been and will have been credited to one of the Note
Accounts. To the extent that a Note Account is a “securities account” the securities intermediary for such Note Account has agreed to treat all assets credited to such Note Account as “financial assets” within the meaning of the
UCC. 

  

	 	4.	Immediately prior to the sale, transfer, assignment and conveyance of the Loans (other than the 2018-1A SUBI Loans) and the 2018-1A SUBI
Certificate by the Depositor to the Issuer, the Depositor owned and had good and marketable title to such Loans (other than the 2018-1A SUBI Loans) and the 2018-1A SUBI
Certificate, in each case, free and clear of any Lien (other than any Permitted Lien) and immediately after the sale, transfer, assignment and conveyance of such Loans (other than the 2018-1A SUBI Loans) and
the 2018-1A SUBI Certificate to the Issuer, the Issuer, will have good and marketable title to such Loans (other than the 2018-1A SUBI Loans) and the 2018-1A SUBI Certificate, in each case, free and clear of any Lien (other than any Permitted Lien). 

  

	 	5.	The Issuer caused or will have caused, within ten (10) days after the effective date of this Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Loans (other than the 2018-1A SUBI Loans) and the 2018-1 SUBI Certificate, in each
case, granted to the Indenture Trustee hereunder, and all financing statements referred to in this paragraph 5 contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate
the rights of the Secured Party/Purchaser.” 

  

	 	6.	With respect to the Note Accounts that constitute deposit accounts, either: 

  

	 	(i)	the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee
directing disposition of the funds in such Note Accounts without further consent by the Issuer; or 

  
 Schedule I-1 

									
				
	        	  		  	(ii)	  	the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Note Accounts.
			
		  	7.	  	With respect to the Note Accounts that constitute securities accounts or securities entitlements, either:
				
		  		  	(i)	  	the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such
Note Accounts without further consent by the Issuer; or
				
		  		  	(ii)	  	the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in each of
such Note Accounts.
				
		  	8.	  	(a)	  	other than the security interest granted to the Indenture Trustee pursuant to the Indenture and transfers contemplated by and permitted under the Indenture, the Issuer has not pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Loans or any interest in the Note Accounts, and the interest of the Indenture Trustee in the Note Accounts is free and clear of any lien (other than any Permitted Lien), claim or encumbrance (other than
any such pledge, assignment, sale, grant or conveyance that is no longer effective).
				
		  		  	(b)	  	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 Loans other than any financing statement
(i) relating to the conveyance of the Loans by the Warehouse Borrower to the Seller under the Purchase Agreement, (ii) relating to the conveyance of the 2018-1A SUBI Certificate by Regional North
Carolina to the Seller under the SUBI Certificate Purchase Agreement, (iii) relating to the pledge of the 2018-1A SUBI Assets by each of the North Carolina Trust and the Issuer to the Indenture Trustee,
(iv) relating to the conveyance of the 2018-1A SUBI Certificate and the Loans (other than the 2018-1A SUBI Loans) by the Seller to the Depositor under the Loan
Purchase Agreement, (v) relating to the conveyance of the Loans (other than the 2018-1A SUBI Loans) by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, (vi) relating to the
security interest granted to the Indenture Trustee hereunder, or (vii) that has been terminated.
				
		  		  	(c)	  	The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

  
 Schedule I-2 

	 	9.	On or prior to the Grant of any Loan by the Issuer to Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders, the Seller of such Loan has in its possession (i) all original copies of the
instruments and tangible chattel paper that constitute or evidence each Loan Granted by the Issuer to the Indenture Trustee for the benefit of the Indenture Trustee and the Noteholders, and (ii) to the extent any such single “authoritative
copy” exists, a single “authoritative copy” (as such term is used in Section 9.105 of the UCC) of any electronic chattel paper that constitute or evidence such Loan Granted by the Issuer to the Indenture Trustee for the benefit
of the Indenture Trustee and the Noteholders. None of the instruments, electronic chattel paper or tangible chattel paper that constitute or evidence such Loan has any stamps, marks or notations indicating that such Loan has been pledged, assigned
or otherwise conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor, the Issuer or the Indenture Trustee, other than any such stamps, marks or notations that relate to a pledge, assignment, conveyance, or other
interest that has been cancelled, terminated or voided (or, if such stamp, mark or notation is in the name of Bank of America, N.A., as agent under the ABL Facility, the Issuer has the right to cancel or void such stamp or mark without the consent
of Bank of America, N.A. and Bank of America, N.A. has released in writing its lien on such Contract). Neither the Issuer nor any other Person has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC)
of any Contract that constitutes or evidences such Loan to any Person other than the Servicer or a Subservicer pursuant to the Sale and Servicing Agreement. 

  

	 	10.	With respect to each Contract that constitutes electronic chattel paper, all of the following are true: 

  

	 	(i)	Only one authoritative copy of such Contract that constitutes or evidences the Loan exists. Such authoritative copy (a) is unique, identifiable, and, except as otherwise provided in paragraphs (iii) and (iv)
below, unalterable, and (b) has been communicated to and is maintained by the Servicer in its capacity as custodian (or a Subservicer in its capacity of subcustodian) or an electronic vault provider on behalf of the Servicer, the Issuer or the
Indenture Trustee, in each case, pursuant to the terms of this Sale and Servicing Agreement. 

  

	 	(ii)	The authoritative copy identifies only the Indenture Trustee as the assignee of the Depositor and does not have any stamps, marks or notations indicating that such Contract has been pledged, assigned or otherwise
conveyed to any Person other than the Seller, the North Carolina Trust, the Depositor, the Issuer or the Indenture Trustee other than any such stamps, marks or notations that relate to a pledge, assignment, conveyance or other interest that has been
cancelled, terminated or voided (or, if such stamp, mark or notation is in the name of Bank of America, N.A., as agent under the ABL Facility, the Issuer has the right to cancel or void such stamp or mark without the consent of Bank of America, N.A.
and Bank of America, N.A. has released in writing its lien on such Contract). 

  
 Schedule I-3 

	 	(iii)	Each copy of the authoritative copy and any copy of a copy are readily identifiable as copies that are not the authoritative copy. 

  

	 	(iv)	With respect to such Contract, the record or records comprising the electronic chattel paper are created, stored, and assigned in a manner such that (a) all copies or revisions that add or change an identified
assignee of the authoritative copy of such Contract that constitutes or evidences the Loan must be made with the participation of the Indenture Trustee, and (b) all revisions of the authoritative copy of such Contract that constitute or
evidence the Loan must be readily identifiable as an authorized or unauthorized revision. 

  

	 	(v)	Neither the Issuer nor any other Person has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of such Contract that constitutes or evidences the Loan to any Person
other than the Servicer pursuant to the terms of this Sale and Servicing Agreement. 

  

	 	(vi)	Either (a) the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian (or any subcustodian)) is holding the authoritative copy of such Contract
solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer, or (b) the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee, as
pledgee of the Issuer. 

  

	 	11.	No Note Account that constitutes a securities account or securities entitlement is in the name of any person other than the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Note
Account to comply with entitlement orders of any person other than the Indenture Trustee. 

  

	 	12.	No Note Account that constitutes a deposit account is in the name of any person other than the Indenture Trustee. The Issuer has not consented to the bank maintaining such Note Account to comply with instructions of any
person other than the Indenture Trustee. 

  

	 	13.	Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule I shall be continuing, and remain in full
force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 

  

	 	14.	The parties to the Indenture shall provide the Rating Agency with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I of which such party
has actual knowledge, and shall not, without satisfying the Rating Agency Notice Requirement, waive a breach of any of such perfection representations, warranties or covenants. 

  
 Schedule I-4 

	 	15.	The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and
perfect, as a first-priority interest, the Indenture Trustee’s security interest in the Loans, the Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments,
continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture
Trustee’s security interest in the Loans as a first-priority interest. 

  
 Schedule I-5

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