Document:

Document

 Exhibit 10.1

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT THAT IS MARKED BY [***] HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED.

 The Prudential Insurance Company of America
 Newark, New Jersey 

						
	Contract-Holder:

Boise Cascade Company for the exclusive benefit of participants and beneficiaries of the Plan
	Plan:

Boise Cascade Company Pension Plan

	Employer: 

Boise Cascade Company

	Group Annuity Contract No.:

[ *** ]
	Jurisdiction:

Idaho

	Effective Date:

August 6, 2020

	Contribution Amount as of Effective Date: 
[ *** ]

Contribution Adjustment Amount:
[ *** ]
Total Contribution Amount as of August 6, 2020:
[ *** ]

	Pages Attached: 1-43, Cash and Transferred Assets Exhibit, Tables and Annuity Exhibits

						
	BOISE CASCADE COMPANY for the exclusive benefit of participants and beneficiaries of the Plan

	THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA 
751 Broad Street
Newark, NJ 07102

	By:    /s/ Kelly Hibbs                 
    Title: SVP, CFO & Treasurer 

Date: 7/28/21

  
	/s/ Charles F. Lowrey 
Chief Executive Officer
                                                                                                                                                                                                                                                                                                                      
/s/ Margaret M. Foran                                                                         
Secretary                                                                                                                                                                                                                        

Attest: /s/ Stephen D. Mayernick                                                                                                                                                                                                                                                             
Date: July 28, 2021

Single-Premium Non-Participating Group Annuity Contract supported by a Separate Account providing for Annuity Payments, subject to the provisions of this Contract.  The Annuity Payments hereunder do not vary based on any gains or losses of the assets held in the Separate Account.
GAA-9063[ *** ]                                     Initially a Buy-In Contract supported by a Commingled Separate Account

TABLE OF CONTENTS

 

						
	Provision I    Definitions, Separate Account Operation and Termination of Contract
	4

	1.1    Definitions
	4

	1.2    Agreement to Pay Contribution Amount; Deposit into the Separate Account
	8

	1.3    Agreement to Make Annuity Payments; Associated Withdrawals from the Separate Account
	9

	1.4    The Separate Account that Supports this Contract
	9

	1.5    Investments Held in Separate Account; Insulation of Separate Account Assets
	10

	1.6    Insulation of Separate Account Assets
	10

	1.7    Expenses; Establishing Reserves; [ *** ]
	10

	1.8    Process for Making Annuity Payments
	11

	1.9    Persons Entitled to Enforce this Contract
	11

	1.10    Buy-Out Conversion
	11

	1.11    Termination of Contract; Surrender of Contract by Contract-Holder
	13

	Provision II    Payment of Annuity Payments to Contract-Holder Prior to Buy-Out Conversion
	16

	2.1    General
	16

	2.2    Monthly Payment Process
	16

	2.3    Records Reconciliation Process; Adherence to Code and ERISA
	16

	2.4    Over-reimbursements and Under-reimbursements by Prudential
	17

	2.5    Concerning Beneficiaries
	18

	2.6    Concerning Qualified Domestic Relations Orders
	18

	Provision III    Payment Terms and Conditions for Forms of Annuities
	20

	3.1    Covered Lives, Contingent Lives, and Beneficiaries
	20

	3.2    Definitions
	20

	3.3    Annuity Forms
	20

	3.4    Annuity Change Procedure/Conditions
	29

	3.5    Change in Annuity Form
	29

	3.6    Lump Sum Payment Option
	31

	3.7    Earlier Annuity Commencement Date
	32

	3.8    Later Annuity Commencement Date
	32

	3.9    Pre-Retirement Survivor Annuity
	34

	3.10    Small Annuity Payments to Covered Lives
	37

	3.11    No Assignment by Covered Lives and Contingent Lives
	37

	3.12    Proof of Continued Existence for Life Annuities; Escheatment
	37

	3.13    Data Misstatements
	38

	3.14    Concerning Designations
	39

GAA-9063-48133    2

						
	3.15    Concerning Qualified Domestic Relations Orders
	40

	3.16    Payments to Representatives
	40

	3.17    Certificates
	40

	3.18    Purchase of Additional Annuities after the Data Finalization Date
	41

	Provision IV    General Terms
	42

	4.1    Communications
	42

	4.2    Currency; Payments
	42

	4.3    Reliance on Records; Correction of Errors
	42

	4.4    Contract-Holder; Successor
	42

	4.5    No Implied Waiver
	43

	4.6    Changes
	43

	4.7    Entire Contract - Construction
	43

	4.8    Third Party Beneficiaries
	43

TABLES
CASH AND TRANSFERRED ASSETS EXHIBIT
ANNUITY EXHIBITS
GAA-9063[ *** ]    3
 

Provision IDefinitions, Separate Account Operation and Termination of Contract

1.1    Definitions

In addition to other capitalized terms defined in this Contract, the following capitalized terms shall have the meanings indicated, which definitions shall control in the event a term is also defined in the Annuity Exhibits:

“Age 65 Benefit Amount’’ means the amount so shown for a Disabled Immediate Covered Life on the Annuity Exhibits payable beginning on the first of the month immediately following the Temporary Annuity Expiry Date.

“Aggregate Monthly Payment” means, for each month, the total amount of Annuity Payments payable in respect of all Covered Lives (and, if applicable, Contingent Lives and Beneficiaries) for such month, subject to adjustment as provided in this Contract. 

“Amendment Date” means, with respect to an amendment to this Contract, the date specified as such on the Cover Page of this Contract, as amended.

“Annuity Commencement Date” means the date the Annuity Payments commence in respect of a Covered Life and, if applicable, Contingent Life and Beneficiary, which is specified on the Annuity Exhibits.

“Annuity Exhibits” means the Annuity Exhibits attached hereto on the Effective Date, as amended and supplemented pursuant hereto.

“Annuity Payments” means, with respect to each Covered Life (and, if applicable, Contingent Life and Beneficiary), the amount, if any, determined in accordance with Provision II and Provision III of this Contract, as applicable.

“Applicable Interest Rate” means the interest rate assumption set forth under  Section 417(e)(3) of the Code as prescribed by the Commissioner of the Internal Revenue Service for the month of November preceding the calendar year containing the Covered Life’s Annuity Commencement Date or such other date provided herein.

“Applicable Mortality Table” means the mortality assumption (without consideration to sex or gender) set forth under Section 417(e)(3)(B) of the Code in effect for the calendar year containing the Covered Life’s Annuity Commencement Date, as prescribed by the Commissioner of the Internal Revenue Service.

“Beneficiary” means a person, other than a Covered Life or a Contingent Life, shown in Prudential’s records as the beneficiary associated with such Covered Life or, after the death of a Covered Life, associated with a Contingent Life.  A Beneficiary may receive Annuity Payments under this Contract after the death of a Covered Life or Contingent Life if so provided for under the Annuity Form applicable to the Covered Life.  A Representative of a Beneficiary shall have the rights of a Beneficiary hereunder.  A Beneficiary is not a party to this Contract and has no rights hereunder, except those expressly conferred on it in Sections 1.9 and 1.10.

“Business Day” means any weekday on which the banks in New York City, New York are open for business.  If any payment under this Contract is due and payable on a day which is not a Business Day, 
GAA-9063[ *** ]    4
 

or if any notice or report is required to be given on a day which is not a Business Day, such payment shall be due and payable or such notice or report shall be given on the next succeeding Business Day.

“Buy-Out Conversion” has the meaning assigned in Section 1.10.

“Cash and Transferred Assets Exhibit” means the Cash and Transferred Assets Exhibit (substantially in the form attached hereto), setting forth the Contribution Amount, as well as the amount of cash paid on the Effective Date.

“Cash and Transferred Assets Exhibit Supplement” means, with respect to an Amendment Date, a supplement (substantially in the form attached hereto) to the Cash and Transferred Assets Exhibit, setting forth the Contribution Adjustment Amount paid on such Amendment Date, as well as (i) the amount of cash paid on such Amendment Date.

“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.

“Commingled Account” means the Non-Participating Group Annuity Separate Account of Prudential.  Such separate account also supports Prudential’s payment obligations under other group annuity contracts issued by Prudential.  Each such contract obligates Prudential to make payments to the contract-holder and/or to individual covered lives, contingent lives and beneficiaries in amounts measured by the life-span of such covered lives, by any lump sum amounts due, by the remaining portion of any period certain annuities, and/or by any contract surrender amounts due. 

“Contingent Life” means a person listed on the Annuity Exhibits as entitled to a periodic payment following the death of the Covered Life in accordance with a joint and survivor Annuity Form, but does not include any Beneficiary.  A Contingent Life is not a party to this Contract and has no rights hereunder, except those expressly conferred on it in Sections 1.9 and 1.10.  A Representative of a Contingent Life shall have the rights of a Contingent Life hereunder.

“Contingent Life Amount” means an amount that is specified in the Annuity Exhibits for the Covered Life’s Annuity Form as the “Contingent Life Amount.”

“Contract” means this Group Annuity Contract, including the Composite Table and Cash and Transferred Assets Exhibits and any supplements thereto and the Annuity Exhibits and any supplements to the Annuity Exhibits attached hereto, as amended from time to time.

“Contract-Holder” means the entity named as such on the Cover Page of this Contract, and any successors or permitted assigns.

“Contribution Adjustment Amount” means, with respect to an amendment of this Contract, the amount specified as such on the Cover Page of this Contract, as amended, payable on the applicable Amendment Date specified on the Cover Page.

“Contribution Amount” means the amount specified as such on the Cover Page of this Contract.

“Covered Life” means each Immediate Covered Life or Deferred Covered Life listed on the Annuity Exhibits as entitled to a periodic payment specified in the Annuity Exhibits, but does not include any Contingent Life or any Beneficiary.  A Covered Life is not a party to this Contract and has no rights hereunder, except those expressly conferred on it in Sections 1.9 and 1.10.  A Representative of a Covered Life shall have the rights of a Covered Life hereunder.
GAA-9063[ *** ]    5
 

“Covered Life Amount” means an amount that is specified in the Annuity Exhibits for the Covered Life’s Annuity Form as the “Covered Life Amount.”

“Data Finalization Amendment Date” means the Amendment Date, if any, on which the Annuity Exhibits or any supplements thereto are attached to this Contract reflecting the data determined by Prudential and the Contract-Holder as of the Data Finalization Date and, if applicable, the related Contribution Adjustment Amount is paid.

“Data Finalization Date” means [ *** ] or such other date as may be determined by mutual written consent of the Contract-Holder and Prudential.

“Deferred Covered Life” means each person listed on the Annuity Exhibits as entitled to a periodic and/or lump-sum payment specified on the Annuity Exhibits attached hereto who is not receiving payments under the Plan as of the Effective Date of this Contract.  A Deferred Covered Life is not a party to this Contract and has no rights hereunder, except those expressly conferred on it in Section 1.9 hereof.

“Disability Commencement Date” means first day of the month on or next following the later of (i) the Effective Date and (ii) the date the applicable Deferred Covered Life has incurred a Separation From Service at time of disability. Disability is defined as being deemed to be totally and permanently disabled under the Federal Social Security Act or in the case of partial disability under sub-plan SAL deemed disabled by his or her doctor.

“Disabled Immediate Covered Life” means each person listed on the Annuity Exhibits as an Immediate Covered Life based on a determination by the Contract-Holder prior to the Effective Date that he or she met the requirements to be considered totally and permanently disabled under the Federal Social Security Act or in the case of partial disability under sub-plan SAL deemed disabled by his or her doctor, and the Plan.

“Effective Date” means the date specified as such on the Cover Page of this Contract.

“Employer” means the employer specified on the Cover Page of this Contract.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute.

“General Account” means the general account of Prudential.

“Guaranteed Number of Payments” means (i) with respect to an Immediate Covered Life, the number of guaranteed payments shown for the Covered Life on the Annuity Exhibits and (ii) with respect to a Deferred Covered Life, the number of guaranteed payments elected by the Deferred Covered Life in accordance with Section 3.5.

“Immediate Covered Life” means each person listed on the Annuity Exhibits as entitled to a periodic and/or lump-sum payment specified on the Annuity Exhibits whose Annuity Commencement Date is October 1, 2020.  An Immediate Covered Life is not a party to this Contract and has no rights hereunder, except those expressly conferred on it in Section 1.9 hereof. 

“Initial Death Benefit” means the amount determined in accordance with Section 3.3(a)(viii) with respect to a Life Annuity with Deferred Cash Refund.

GAA-9063[ *** ]    6
 

[ *** ]

“Market Value” means the fair market value of such assets, as such fair market value is determined by Prudential in accordance with its standard procedures for establishing the market value of its assets.  
 
“Original Retirement Date” means the date an Immediate Covered Life retired under the Plan, as specified on the Annuity Exhibits.

“Plan” means the plan specified on the Cover Page of this Contract.

“Pop Up Amount” means (i) with respect to an Immediate Covered Life, the amount that is specified in the Annuity Exhibits for the Covered Life’s Annuity Form as the “Pop Up Amount” and (ii) with respect to a Deferred Covered Life, the difference between the amount the Deferred Covered Life was receiving under the Joint and Survivor Life Annuity with Pop Up and the amount otherwise payable under the Life with Period Certain Annuity with 60 Guaranteed Number of Payments, as determined on the Deferred Covered Life’s Annuity Commencement Date.  

"Primary Insurance Amount” means the estimated amount, determined by the Social Security Administration, that the applicable Deferred Covered Life is expected to receive in his or her own right under Title II of the Federal Social Security Act.

“Prudential” means The Prudential Insurance Company of America, its successors and permitted assigns.

“Prudential’s Office” means the following office of Prudential, unless Prudential provides a notice specifying another address for certain or all communications:

The Prudential Insurance Company of America
30 Scranton Office Park
Scranton, PA 18507-1789
Attention: Group Annuity Operations

“Qualified Domestic Relations Order” means a qualified domestic relations order that meets the requirements of ERISA as applied to employee benefit plan participants in effect from time to time.

“Representative” means , with respect to a Covered Life or Contingent Life or Beneficiary, an individual or entity demonstrating to the reasonable satisfaction of Prudential that such individual or entity is duly appointed (a) as a guardian of such Covered Life or Contingent Life or Beneficiary, (b) as a holder of a power of attorney from such Covered Life or Contingent Life or Beneficiary, (c) as a trustee of such Covered Life or Contingent Life or Beneficiary or (d) as a testamentary executor of such Covered Life’s or Contingent Life’s or Beneficiary’s estate; provided, that a “Representative” does not include an assignee of the rights of such person hereunder in contravention of Provision III.

“Required Beginning Date” means the April 1st of the calendar year following the later of (i) the calendar year in which the Deferred Covered Life attains age 70 1⁄2 or (ii) the calendar year in which the Deferred Covered Life incurs a Separation From Service.  However, for a Deferred Covered Life that attains age 70 1⁄2 after 12/31/2019, the Required Beginning Date is the April 1st of the calendar year following the later of the calendar year the Deferred Covered Life attains age 72 or the calendar year in which the Deferred Covered Life incurs a Separation From Service.  

GAA-9063[ *** ]    7
 

“Separate Account” means the Commingled Account.  The contracts supported by Commingled Account do not participate in the investment or other experience of the Separate Account.

“Separation From Service” means the employment of a Deferred Covered Life with the Employer is terminated for reasons other than death.

“Spouse” means the person legally married to a Deferred Covered Life (or Disabled Immediate Covered Life) in a marriage recognized as valid in the state in which it was entered into.  A Spouse entitled to payments under Covered Life’s Joint and Survivor Life Annuity Form shall have the rights of a Contingent Life hereunder.

“Sub-Plan” means the Sub-Plan specified on the Annuity Exhibits, as described below:

						
	Sub-Plan	Description
	SAL	Salaried Plan
	A	Pension Plan A-Northwest Wood Products
	A 6-88	Pension Plan A-Northwest Wood Products.
Sub Plan A 6-88 follows provisions for Sub-Plan A in this Contract, except when applying a reduction for an earlier Annuity Commencement Date as noted in the Tables.

	C	Pension Plan A-Non-Northwest Wood Products
	C VT C03	Pension Plan A-Non-Northwest Wood Products.  
Sub-Plan C VT 03 follows the provisions for Sub-Plan C in this Contract, except when applying a reduction for an earlier Annuity Commencement Date as noted in the Tables.

	B	Pension Plan B

“Tables” means the tables attached hereto.

“Temporary Annuity Expiry Date” means the date the final annuity payment is due under a Temporary Annuity.  With respect to Immediate Covered Lives, the Temporary Expiry Date is specified on the Annuity Exhibits.  With respect to Deferred Covered Lives, the Temporary Annuity Expiry Date is the first day of the month immediately preceding the Deferred Covered Life’s unchanged Annuity Commencement Date.

“Total Contribution Amount” means, as of any date, the Contribution Amount, as increased or decreased by any Contribution Adjustment Amounts specified on an amended Cover Page of this Contract through the most recent Amendment Date.

“Years of Service” means the Years of Service applicable to Deferred Covered Lives as provided to Prudential by the Contract-Holder.  For the purposes of meeting eligibility requirements for benefits hereunder, Years of Service will continue to accrue to Deferred Covered Lives after the Effective Date as provided to Prudential by the Contract-Holder.

1.2    Agreement to Pay Contribution Amount; Deposit into the Separate Account

On the Effective Date, the Contract-Holder transferred to Prudential the Contribution Amount.  The Contribution Amount consisted of cash identified in the Cash and Transferred Assets Exhibit.

GAA-9063[ *** ]    8
 

On the Effective Date, Prudential will allocate the Contribution Amount received on such date to the Separate Account.  All assets allocated by Prudential to the Separate Account held by a custodian will be held by Prudential in one or more custody accounts at entities independent of Prudential and each such custody account shall only hold assets allocated to the Separate Account.

On each Amendment Date specified on an amended Cover Page of this Contract, if any, Contract-Holder and Prudential may, by separate amendment to this Contract, agree that (a) the Contribution Adjustment Amount specified on such amended Cover Page shall be paid on such Amendment Date (x) prior to or on the Data Finalization Amendment Date, in cash and (y) following the Data Finalization Amendment Date, in cash; and (b) a Cash and Transferred Assets Exhibit Supplement dated as of such Amendment Date shall be attached to this Contract specifying: (i) such Contribution Adjustment Amount; (ii) the amount of cash being transferred as part of such Contribution Adjustment Amount; and (iii) if such Contribution Adjustment Amount is payable by Prudential, to the extent to which such amount is being paid from the General Account or from the Separate Account.  No such amendment shall require the consent of any person other than Contract-Holder and Prudential.  

If the Contribution Adjustment Amount that is payable on the Amendment Date is a negative number, then such amount shall be paid by Prudential to the Contract-Holder on such Amendment Date by delivering cash equal to such Contribution Adjustment Amount, as indicated on the applicable Cash and Transferred Assets Exhibit Supplement.  

If the Contribution Adjustment Amount that is payable on the Data Finalization Amendment Date or any prior Amendment Date is a positive number, then the Contract-Holder shall pay such amount to Prudential on such Amendment Date by delivering cash equal to such Contribution Adjustment Amount, as indicated on the applicable Cash and Transferred Assets Exhibit Supplement, and Prudential will allocate the Contribution Adjustment Amount received on such date to the Separate Account. 

If the Contribution Adjustment Amount that is payable after the Data Finalization Amendment Date is a positive number, then the Contract-Holder shall pay such amount to Prudential on such Amendment Date by delivering cash to Prudential in an amount equal to such Contribution Adjustment Amount, as indicated on the applicable Cash and Transferred Assets Exhibit Supplement, and Prudential will allocate the Contribution Adjustment Amount received on such date to the Separate Account.

For the avoidance of doubt, with respect to any amendment to the Annuity Exhibits increasing any Annuity Payments or adding Annuity Payments in respect of new Covered Lives or Contingent Lives or Beneficiaries under this Contract, Prudential’s obligation to make any such increase or addition with respect to any such Annuity Payment or to add any such new Covered Lives or Contingent Lives or Beneficiaries shall be conditioned on Prudential’s prior receipt of any payment due to Prudential under this Contract with respect to any such amendment.

1.3    Agreement to Make Annuity Payments; Associated Withdrawals from the Separate Account

Subject to receipt of the full Contribution Amount, Prudential agrees to pay Annuity Payments due from and after the Effective Date.  

In connection with Annuity Payments owed in each month, Prudential will withdraw from the Separate Account assets with a Market Value equal to the Aggregate Monthly Payment. In the event that the assets in the Separate Account are not sufficient to make such payments when due, Prudential shall use the assets in its General Account to make such payments.

GAA-9063[ *** ]    9
 

Upon termination of this Contract pursuant to Section 1.11, none of the Contract-Holder, the Employer or any Covered Life, Contingent Life or Beneficiary shall have any right to receive any further payments from any Separate Account or from the General Account or any other assets of Prudential.

A withdrawal from the Separate Account will be made only on a Business Day.

1.4    The Separate Account that Supports this Contract

During the period starting on the Effective Date, and ending on the date of termination of this Contract, the obligations of Prudential under this Contract will be supported by the Commingled Account.

1.5     Investments Held in Separate Account; Insulation of Separate Account Assets

The Separate Account is intended to be invested primarily in investment-grade fixed income securities, but other investments are permitted.  Prudential will invest and reinvest the assets of the Separate Account at the time and in the amounts as Prudential determines in its discretion and in accordance with applicable law.  Prudential may, with respect to any assets held in the Separate Account, delegate Prudential's investment management and/or voting rights to other entities, including institutions not affiliated with Prudential.

1.6    Insulation of Separate Account Assets

Prudential owns all the assets in the Separate Account.  Pursuant to Section 17B:28-9(c) of the New Jersey Insurance Statutes, none of the assets held in the Commingled Account, to the extent of reserves established in respect of the payment obligations of Prudential under this Contract and under the other group annuity contracts supported by such account, will be chargeable with liabilities arising out of any other business of Prudential.

1.7    Expenses; Establishing Reserves; [ *** ]

Expenses may be charged against the Separate Account.  Such expenses shall represent the direct and indirect costs (inclusive of general and administrative expenses) relating to this Contract and the Separate Account and shall be charged against the Separate Account in accordance with statutory accounting principles.  Expense payables and withdrawals from the Separate Account will include custody fees applicable to the Separate Account, investment management related expenses, taxes due on the Separate Account earnings and general and administrative expenses allocated to the Separate Account.  If Prudential’s General Account pays such expenses or contractual obligations, then a payable owed by the Separate Account shall arise, and Prudential’s General Account shall be later reimbursed by charging the Separate Account.  

[ *** ]

[ *** ]
[ *** ]

[ *** ]

A withdrawal from the Separate Account will be made only on a Business Day, and the assets withdrawn will no longer be allocated to the Separate Account.
GAA-9063[ *** ]    10
 

1.8    Process for Making Annuity Payments

Prior to the consummation of any Buy-Out Conversion, Prudential shall make Aggregate Monthly Payments owed by it to the Contract-Holder pursuant to Provision II.  The Contract-Holder and Prudential may separately agree to other arrangements. After the consummation of a Buy-Out Conversion  and after receipt of information reasonably required by Prudential to enable it to make future Annuity Payments directly to Deferred Covered Lives and Annuity Payments directly to Immediate Covered Lives (and, if applicable, Contingent Lives and Beneficiaries)  (such as information concerning addresses, bank accounts, income tax withholding, designation of Beneficiaries and Qualified Domestic Relations Orders), Prudential shall make Annuity Payments arising after such date directly to such Deferred and Immediate Covered Lives (and, if applicable Contingent Lives and Beneficiaries) pursuant to Provision III.  Notwithstanding any other terms of this Contract (including Section 3.3), no Annuity Payments or other payments will be made directly by Prudential to a Covered Life, Contingent Life or Beneficiary at any time prior to consummation of a Buy-Out Conversion pursuant to Section 1.10.

1.9    Persons Entitled to Enforce this Contract

Prudential, Employer and Contract-Holder agree that prior to consummation of a Buy-Out Conversion, no Covered Life, Contingent Life or Beneficiary has any right whatsoever to enforce any term of this Contract against Prudential or any other party and that no Covered Life, Contingent Life, or Beneficiary is an intended third party beneficiary of or shall otherwise benefit from any term of this Contract.  Prior to the consummation of a Buy-Out Conversion, the parties agree that only Prudential, Employer, the Plan and Contract-Holder have any rights or obligations hereunder and that none of Prudential, Contract-Holder, the Employer or the Plan have any obligations hereunder to any Covered Life, Contingent Life, or Beneficiary.

After consummation of a Buy-Out Conversion: 

(a)Covered Lives and Contingent Lives.  Any Covered Life or Contingent Life shall have the right to enforce any provision of (and each Beneficiary and alternate payee will have the contractual right to enforce its rights to Annuity Payments under) this Contract against Prudential but against no other person or entity, in the capacity of an intended third party beneficiary thereof.  The rights of a Covered Life or Contingent Life are not diminished if Contract-Holder ceases to exist and no successor is appointed.  Nothing in this Contract, express or implied, will give or be construed to give any legal or equitable right, remedy or claim under this Contract to any other person.

(b)Contract-Holder and the Plan.  Contract-Holder shall have the right to enforce any provision of this Contract against Prudential.  Neither Contract-Holder nor the Plan shall have any obligation to any Covered Life or Contingent Life with respect to the Annuity Payments under this Contract.  

(c)Prudential.  Prudential shall have the right to enforce any provision of this Contract against Contract-Holder.

GAA-9063[ *** ]    11
 

1.10    Buy-Out Conversion 

Subject to the terms of this Section 1.10, and if the Plan is amended to provide for immediate distribution of benefits in the form of an annuity directly to Covered Lives (and, if applicable, Contingent Lives), (a “Buy-Out Plan Amendment”), Contract-Holder  has the option to initiate a process by which each Covered Life (and, if applicable, Contingent Life) will have the right to enforce any provision of (and each Beneficiary and alternate payee will have the contractual right to enforce its rights to Annuity Payments determined pursuant to Provision III under) this Contract against Prudential but against no other person or entity (the consummation of such process being a “Buy-Out Conversion”).  

On any Business Day prior to receipt by Prudential of a Surrender Notice given pursuant to Section 1.11, the Contract-Holder has the right to deliver an irrevocable written notice (a “Buy-Out Conversion Notice”) to Prudential instructing it to initiate a Buy-Out Conversion.  The Buy-Out Conversion Notice shall include a representation from the Contract-Holder and the Employer to Prudential, made as of the date thereof, and as of the date of the Buy-Out Conversion, that (a) the Plan is maintained under and is subject to ERISA, (b) to the Contract-Holder’s and the Employer’s knowledge (after making appropriate inquiry), the Plan is in compliance with ERISA and the Code in all material respects and (c) to the Contract-Holder’s and the Employer’s knowledge (after making appropriate inquiry), no event has occurred that is reasonably likely to result in the Plan losing its status as qualified by the Code for preferential tax treatment under Code §§ 401(a) and 501(a).  Such Buy-Out Conversion will be a complete conversion of all then remaining Covered Lives and, if applicable, Contingent Lives and Beneficiaries.  Upon delivery of a Buy-Out Conversion Notice, this Contract may no longer be surrendered in accordance with Section 1.11.

Prudential will initiate a Buy-Out Conversion if prior to receipt by Prudential of a Surrender Notice pursuant to Section 1.11, (i) the Plan is  terminated, (ii) the Plan is the subject of a judicial decree ordering the termination of the Plan in a proceeding instituted by the Pension Benefit Guaranty Corporation or (iii) the Contract-Holder notifies Prudential that it will cease to exist or cease to perform the duties of the Contract-Holder hereunder and no successor is appointed by the Employer, as Plan sponsor, with such Buy-Out Conversion to be effective as of the later of (x) the date on which the Contract-Holder ceases to exist or perform the obligations of the Contract-Holder under this Contract and (y) the satisfaction of each of the Conversion Conditions.  If any of the events described in the immediately preceding sentence occurs, the Contract-Holder shall inform Prudential in writing. 

The consummation of a Buy-Out Conversion is conditioned upon: 

(a)    receipt of all necessary or appropriate third-party consents and approvals, including regulatory approvals, in connection with the Buy-Out Conversion have been obtained;
(b)    receipt of information concerning Covered Lives, including Deferred Covered Lives (and, if applicable, Contingent Lives and Beneficiaries), as specified in Section 1.8;
(c)    enactment of a Buy-Out Plan Amendment; and
[ *** ] 

[ *** ]

Following receipt of a valid and irrevocable Buy-Out Conversion Notice and satisfaction of each of the conditions set forth above (the “Conversion Conditions”), Prudential will initiate a Buy-Out Conversion, the consummation of which shall occur by the [ *** ] day following the later of (i) the date of the Contract-Holder’s Buy-Out Conversion Notice to Prudential and (ii) the date on which each of the Conversion Conditions has been satisfied, unless otherwise mutually agreed upon by the parties.  
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Upon consummation of a Buy-Out Conversion following receipt of such consents, approvals, and information, and in accordance with the timing described in this Section 1.10, each Covered Life (and, if applicable, Contingent Life) shall have the rights described in Section 1.9. Prudential shall notify Contract-Holder of such consummation.  The Commingled Account will support this Contract after consummation of a Buy-Out Conversion. 

[ *** ]

After consummation of the Buy-Out Conversion, Prudential will deliver group annuity certificates as described in Section 3.17.  After the consummation of a Buy-Out Conversion and after receipt of information reasonably required by Prudential to enable it to make Annuity Payments now and in the future directly to Covered Lives and Deferred Covered Lives (and, if applicable, Contingent Lives and Beneficiaries) (such as information concerning addresses, bank accounts, income tax withholding, designation of Beneficiaries and Qualified Domestic Relations Orders), Prudential shall make Annuity Payments after such date directly to such Covered Lives (and, if applicable, Contingent Lives and Beneficiaries) pursuant to Provision III.

No Buy-Out Conversion hereunder shall be considered an amendment to this Contract nor shall the Annuity Exhibits be amended in connection therewith.

1.11    Termination of Contract; Surrender of Contract by Contract-Holder

If the Contract-Holder does not elect to surrender this Contract in accordance with this Section, this Contract will terminate on the date when no further amounts are payable by either party hereunder.

Prior to delivery of a Buy-Out Conversion Notice, the Contract-Holder may surrender this Contract by giving written notice (a “Surrender Notice”) to Prudential.  The Surrender Notice will be deemed complete upon, and surrender of this Contract is conditioned upon, the provision by the Contract-Holder to Prudential of (1) evidence reasonably satisfactory to Prudential that (i) the Employer, as sponsor of the Plan, has decided to distribute the entire interest under the Plan of each Covered Life (and, if applicable, each Contingent Life and Beneficiary) in the form of an irrevocable commitment from a group of one or more insurers and (ii) a fiduciary of the Plan has determined that (a) there has been a material adverse change in or directly affecting Prudential between the Effective Date and the date of such determination that would cause a Buy-Out Conversion of the Contract to fail to satisfy the ERISA Requirements and (b) as a result of the occurrence and continuing impact of such material adverse change, such fiduciary has identified a group of one or more insurers, which does not include Prudential, from which the Plan will purchase irrevocable commitments with respect to the interest under the Plan of each Covered Life (and, if applicable, each Contingent Life and Beneficiary), provided that the fiduciary has the authority to cause the Plan to make such purchase and (2) a copy of a written notice by the plan administrator of the Plan to each Covered Life (and, if applicable, each Contingent Life and Beneficiary) notifying recipients that the plan administrator intends to terminate the Plan or, alternatively, to distribute to recipients their entire interest under the Plan and, in either case, identifying the insurer or insurers from whom the plan administrator intends to purchase irrevocable commitments. 

Each of Prudential, the Contract-Holder and the Employer acknowledge and agree that the payment by Prudential of the Surrender Value (as defined below) following a surrender of the Contract in accordance with this Section 1.11, is intended to represent a fixed contractual obligation of Prudential under which the amounts payable to the Contract-Holder are not affected in any manner by the investment performance of the Separate Account for purposes of 29 C.F.R. §2510.3-101(h)(3).
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[ *** ]   

Upon the payment of the Surrender Value, this Contract shall terminate and  all rights and obligations of the parties hereunder, including for the avoidance of doubt those of any third party beneficiaries, shall terminate; provided, however, that (i) no such termination shall relieve any party from liability for damages arising out of any breach of this Contract which occurred prior to the termination of this Contract, and (ii) Section 1.1 (Definitions), 2.3(c) (Annual Attestation), Section 2.3(d) (Compliance with Laws and Regulations), Section 2.3(e)(Review of Records), Section 2.4 (Over-reimbursements and Under-reimbursements by Prudential), Section 3.6 (Misstatements), and Provision IV will survive any such termination indefinitely. For the avoidance of doubt, upon the termination of this Contract pursuant to this Section 1.11 none of the Contract-Holder, any Covered Life, any Contingent Life or any other individual or entity will have any right to receive any Aggregate Monthly Payments or Annuity Payments thereafter or any amounts remaining in the Separate Account except for any amounts that may accrue to them by operation of the proviso in the preceding sentence.

[ *** ]  

The following additional definitions apply to this Section. 

“ERISA Requirements” means all of the applicable requirements of ERISA and applicable guidance promulgated thereunder, including Interpretive Bulletin 95-1.

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]    
[ *** ]

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Provision IIPayment of Annuity Payments to Contract-Holder Prior to Buy-Out Conversion

2.1    General

With respect to Annuity Payments arising prior to the consummation of a Buy-Out Conversion, Prudential shall discharge its obligation to make such Annuity Payments by making payments to the Contract-Holder as provided in this Provision II.  For the avoidance of doubt, Annuity Payments to be made after the consummation of a Buy-Out Conversion are governed by Provision III.

Prudential’s obligation to pay each of the Aggregate Monthly Payments as set forth in this Contract is subject to the condition precedent that the Contract-Holder has performed all of its then outstanding obligations and satisfied all of its then outstanding requirements under the applicable laws and regulations, all as specified in this Contract. 

Prudential’s obligation to pay each of the Aggregate Monthly Payments as set forth in this Contract is subject to the receipt of the relevant information listed in Section 2.3. 

2.2    Monthly Payment Process

On the first Business Day of each calendar month which is prior to the consummation of a Buy-Out Conversion and during which an Annuity Payment is due under this Contract, Prudential shall pay to the Contract-Holder an amount equal to the Aggregate Monthly Payment due with respect to such month, calculated using the Annuity Exhibits, as such information is updated on Prudential’s records pursuant to this Contract.

2.3    Records Reconciliation Process; Adherence to Code and ERISA

(a)Records and Data.  The Contract-Holder will maintain sufficient records and data to establish that the Annuity Payments being made by Prudential are owed pursuant to this Contract. 
(b)Information Exchange. At least five (5) Business Days prior to the close of each calendar month, Contract-Holder  will provide to Prudential, in an electronic format acceptable to Prudential:
      (A) the amount of the Aggregate Monthly Payment to be paid by Prudential for the upcoming        calendar month for any Covered Life, Contingent Life, or Beneficiary; and
(B) a listing of Annuity Payments due to each Covered Life, Contingent Life, or Beneficiary for the upcoming calendar month and the applicable Covered Life, Contingent Life or Beneficiary to whom such Annuity Payment is due; 
   (C) a listing of the following changes in the status of any Covered Life, Contingent Life or Beneficiary (the “Change in Status Report”) occurring since the immediately preceding Change in Status Report (or a statement in writing that no change has occurred since the last such report):  
1.Death of a Covered Life actually reported to the Plan or its administrator; 
2.Death of a Contingent Life or Beneficiary actually reported to the Plan or its administrator;
3.Annuity Payments previously due to a Covered Life, Contingent Life, or Beneficiary and not yet paid by Prudential;
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4.Payments previously made by Prudential in respect of a Covered Life, Contingent Life, or Beneficiary that were not owed as Annuity Payments;
5.Adjustment of Annuity Payments in respect of a Covered Life due to a Qualified Domestic Relations Order; and
6.Commencement of Annuity Payments in respect of a Deferred Covered Life.  [ *** ]
together with such additional information reasonably requested by Prudential within seven (7) Business Days after receipt of the prior Change in Status Report. 
(c)Annual Attestation.  Within ninety (90) Business Days after the close of each calendar year, an authorized officer of Contract-Holder will attest that to the best of such officer’s knowledge: 
(i)The amount paid by Prudential during the prior calendar year equals the amount of Annuity Payments owed by Prudential for such period under this Contract; 
(ii)All current information concerning each Covered Life, Contingent Life and Beneficiary, including any change in status (e.g. deaths), was reported to Prudential on a timely basis during the calendar year;
(iii)The Contract-Holder’s records are in agreement with Prudential’s records provided to the Contract-Holder as specified below;
(iv)The Contract-Holder continues to administer the Plan in substantial compliance with the requirements of the Code and ERISA applicable to plan participants in an employee benefit plan. 
Prudential will send its payment records of the Covered Lives, Contingent Lives, and Beneficiaries, and the Annuity Payment amounts, to the Contract-Holder within 30 days after the end of the calendar year.
(d)Compliance with Laws and Regulations.  The Contract-Holder will satisfy all of the requirements of applicable laws and regulations (including but not limited to the Code and ERISA) with respect to the Plan’s payments to Covered Lives, Contingent Lives, and Beneficiaries.  These requirements include, but are not limited to, the following:  processing state inheritance tax waivers or notifications, as necessary; filing and issuing appropriate tax information forms; qualifying domestic relations orders; and withholding, reporting and transmitting federal, state and local income taxes, and paying any interest due by the Plan to Covered Lives, Contingent Lives, or Beneficiaries as a result of late payment.  Prudential disclaims any responsibility for the Plan’s compliance with the Code, ERISA or any applicable law or regulation.
(e)Review of Records.  Upon reasonable advance notice, Prudential or its auditors or other consultants shall be permitted to periodically review and verify the records maintained by the Plan in connection with Covered Lives, Contingent Lives, and Beneficiaries.  

2.4    Over-reimbursements and Under-reimbursements by Prudential

(a)If Prudential determines at any time that the amount of any prior Aggregate Monthly Payment paid by it to the Contract-Holder exceeded the Aggregate Monthly Payment actually due under this Contract, the Contract-Holder shall pay such excess amount to Prudential, provided, however, that the Contract-Holder shall have no obligation to make such additional payment to the extent the overpayment:
(i)is not the result of the Contract-Holder’s failure to fulfill its obligations under Section 2.3(b); and
GAA-9063[ *** ]    16
 

(ii)was caused by the inaccurate records kept by Prudential; and
(iii)occurred in respect of a month prior to (x) the last month of a calendar year for which an annual attestation was completed in accordance with Section 2.3(c) and (y) the month two (2) years before such determination, whichever is later. 
If the Contract-Holder is obligated to pay such excess amount to Prudential, Prudential may subtract such excess amount from any future payment otherwise due to the Contract-Holder, provided that, on request of Prudential, the Contract-Holder shall pay all or part of such excess to the extent that there is no future payment otherwise due or such excess exceeds the future payment. Prudential will correct its records so that future calculations of the Aggregate Monthly Payment are accurate. 
(b)If Prudential determines at any time that the amount of any prior Aggregate Monthly Payment paid by it to the Contract-Holder was less than the Aggregate Monthly Payment actually due under this Contract for such month, Prudential shall pay such additional amount to Contract-Holder; provided, however, that Prudential shall have no obligation to make such additional payment to the extent the underpayment:
(i)was caused by the inaccurate records kept by or on behalf of the Plan or Contract-Holder/Employer, and 
(ii)occurred in respect of a month prior to the later of (x) the last month of a calendar year for which an annual attestation was completed in accordance with Section 2.3(c) and (y) the month two (2) years before such determination.  Amounts owed by Prudential under this clause (b) shall be reduced by amounts owed to Prudential under clause (a) above. Prudential will correct its records so that future calculations of the Aggregate Monthly Payment are accurate. 
(c)The obligation of the parties under this Section 2.4 is not increased or reduced by the ability of the Contract-Holder, Plan or Employer, or any entity acting on behalf of such entity, to recoup any overpayment from the related Covered Life, Contingent Life, or Beneficiary, or by the amount of any interest or other costs incurred by the Contract-Holder, Plan, Employer or such other entity in connection with any under or overpayment to a Covered Life, Contingent Life, or Beneficiary.
 
2.5    Concerning Beneficiaries

A Covered Life may designate and re-designate a Beneficiary from time to time in such manner specified by the Contract-Holder/Employer and in accordance with the Plan, and the Contract-Holder or the Plan shall be responsible for maintaining such records. In connection with a Buy-Out Conversion, upon request from Prudential, the Contract-Holder will give Prudential a copy of such records.

2.6    Concerning Qualified Domestic Relations Orders

The Contract-Holder will be responsible for qualifying any domestic relations order (as defined in subsection 414(p) of the Code which would result in an adjustment to Annuity Payments otherwise payable in respect of a Covered Life and in respect of an alternate payee. Any such adjustment shall split the Annuity Payments between those payable in respect of the Covered Life and those payable in respect of an alternate payee.  Otherwise, the Annuity Payment will continue to be payable as set forth in accordance with this Provision II before the Annuity Payment was adjusted.  No adjustment to Annuity Payments otherwise payable in respect of a Covered Life or payments or in respect of an alternate payee that result in payment obligations based on the alternate payee’s lifetime will become payable, unless so approved by Prudential.  Any such Annuity Payment adjustment will take effect when entered upon Prudential’s records.
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In connection with the consummation of a Buy-Out Conversion, the Contract-Holder will cooperate with Prudential to provide any reasonably necessary or otherwise requested information in connection with any Qualified Domestic Relations Orders in effect with respect to Covered Lives subject to such Buy-Out Conversion.  After consummation of any Buy-Out Conversion, Prudential will determine the qualification of any domestic relations order (as defined in Section 414(p) of the Code) in accordance with Section 3.15 for each applicable Covered Life.

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Provision III  Payment Terms and Conditions for Forms of Annuities 

3.1    Covered Lives, Contingent Lives, and Beneficiaries

The amount owed by Prudential under this Contract in respect of each Covered Life (and, if applicable, Contingent Life and Beneficiary) will be determined by Prudential in accordance with the terms of this Provision III. 

Prudential will apply the terms of this Provision III using the information contained in the Annuity Exhibits with respect to such Covered Life, Contingent Life, and Beneficiary as such information is updated or corrected pursuant to this Contract.  Capitalized terms used but not defined in Section 1.1 have the meanings assigned in this Provision III.

3.2    Definitions

The following definitions apply to Section 3.3. 

“Annuity Forms” means in respect of a Covered Life, one of the types of annuities having such payment terms as are specified in Section 3.3.

3.3    Annuity Forms

(a)The Annuity Forms are as follows:

(i)    “Life Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life” Annuity Form.

Prudential does not owe any payments to anyone under this Annuity Form if the Covered Life has died before the Annuity Commencement Date. 

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. 

(ii)    “Life with Period Certain Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Life with Period Certain” Annuity Form.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies. 

After the Covered Life dies, Prudential will compare the number of monthly payments Prudential made in respect of the Covered Life on and after the Annuity Commencement Date to the Guaranteed Number of Payments.  If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the designated 
GAA-9063[ *** ]    19
 

Beneficiary.  These payments will stop when the total number of payments  in respect of the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.

(iii)    “Joint and Survivor Life Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Joint and Survivor Life” Annuity Form.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies.

After the Covered Life dies, Prudential may owe additional monthly payments.  Prudential will owe additional monthly payments if the Contingent Life is alive when the Covered Life dies.  Prudential will pay the first payment on the first day of the month following the Covered Life’s death.  Prudential will pay subsequent monthly payments on the first day of each month.  Prudential will pay the last payment on the first day of the month in which such Contingent Life dies.  The amount of the payments will equal the Contingent Life Amount.

(iv)    “Joint and Survivor Life Annuity with Pop Up” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Joint and Survivor Life Annuity with Pop Up” Annuity Form.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month. Prudential’s last monthly payment to the Covered Life will be on the first day of the month in which the Covered Life dies.

If the Contingent Life dies before the Covered Life and within 60 months following the Immediate Covered Life’s Original Retirement Date (or Deferred Covered Life’s Annuity Commencement Date) , Prudential will make monthly Annuity Payments to the Covered Life equal to the sum of the Covered Life Amount and the Pop Up Amount starting on the first day of the month following the later of (a) the Effective Date and (b) the Contingent Life’s date of death.  Prudential will make subsequent payments on the first day of each month.  Prudential’s last payment to the Covered Life will be on the first day of the month in which the Covered Life dies. 

(v)      “Period Certain Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Period Certain” Annuity Form.  

Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  The total number of monthly payments will equal the Guaranteed Number of Payments.  Once such Guaranteed Number of Payments has been paid, no further payments are due.

After the Covered Life dies, Prudential will compare the number of monthly payments Prudential made in respect of the Covered Life on and after the Annuity Commencement Date to the Guaranteed Number of Payments.  If the number of monthly payments is less than such 
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guaranteed number, Prudential will pay the “present value” (as such term is defined in Section 3.14) of the remaining guaranteed payments to the Covered Life’s estate.

(vi)    “Temporary Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Temporary” Annuity Form.
    
Prudential does not owe any payments to anyone under this Annuity Form if the Covered Life has died before the Annuity Commencement Date.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date, if the Covered Life is living.  Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end with the monthly payment payable on the earlier of the Temporary Annuity Expiry Date and the first day of the month in which the Covered Life dies.

(vii)       “Temporary with Period Certain Annuity” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Temporary with Period Certain” Annuity Form.
    
During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date, if the Covered Life is living.  Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end with the monthly payment payable on the earlier of the Temporary Annuity Expiry Date and the first day of the month in which the Covered Life dies.

If the Covered Life dies prior to the Temporary Annuity Expiry Date, Prudential will compare the number of monthly payments Prudential made in respect of the Covered Life on and after the Annuity Commencement Date to the Guaranteed Number of Payments.  If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the designated Beneficiary.  These payments will stop on the earlier of (i) the date when the total number of payments made in respect of the Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments and (ii) the Temporary Annuity Expiry Date.
     
(viii)    “Life Annuity with Deferred Cash Refund” means the following for each Deferred Covered Life under Sub-Plan SAL.

Subject to the terms of Section 3.4, a Deferred Covered Life under Sub-Plan SAL who incurs a Separation From Service prior to his or her unchanged Annuity Commencement Date may change the Life Annuity Form specified on the Annuity Exhibits to a Life Annuity with Deferred Cash Refund, provided such change request is received within six (6) months after his or her Separation From Service.  If the Deferred Covered Life elects this Annuity Form and does not revoke his or her election prior to commencing Annuity Payments in accordance with the last paragraph of this Section 3.3(a)(viii), the Covered Life will be required to commence Annuity Payments on his or her unchanged Annuity Commencement Date.  Such Deferred Covered Life may not elect an Earlier Annuity Commencement Date as described in Section 3.7 or Later Annuity Commencement Date as described in Section 3.8.    

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During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount multiplied by the appropriate conversion factor determined from the Tables of this Contract.  Prudential owes the first monthly payment on the unchanged Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  

If the Deferred Covered Life dies on or after his or her unchanged Annuity Commencement Date and did not previously revoke his or her election in accordance with the last paragraph of this Section 3.3(a)(viii), Prudential will compare the total Annuity Payments made to the Covered Life on or after the Annuity Commencement Date to the Initial Death Benefit, as determined from the Tables of this Contract.  If such total Annuity Payments are less than the Initial Death Benefit, Prudential will pay the difference in a lump sum payment to the Beneficiary. 

If the Deferred Covered Life dies prior to his or her unchanged Annuity Commencement and did not previously revoke his or her election in accordance with the last paragraph of this Section 3.3(a)(viii), Prudential will pay a pre-retirement death benefit equal to the Initial Death Benefit, as determined from the Tables of this Contract.  The Initial Death Benefit will apply in lieu of any Pre-Retirement Survivor Annuity described in Section 3.9. 

A Deferred Covered Life who elects the Life Annuity with Deferred Cash Refund may revoke his or her election prior to his or her unchanged Annuity Commencement Date by providing written direction on a form acceptable to Prudential, subject to the following conditions:
•After the election is revoked, the remaining terms of Provision III will determine the Deferred Covered Life’s Annuity Form and amount of Annuity Payments. 
•The Covered Life Amount shown on the Annuity Exhibits with respect to such Deferred Covered Life will be reduced in accordance with the Tables of this Contract for the period of time that pre-retirement death benefit coverage was in effect, before applying any additional conversion factor for any change in Annuity Form or Annuity Commencement Date.

(b)The following applies to Disabled Immediate Covered Lives (or eligible Deferred Covered Lives) only:

Contract Section 3.3 (b) (i) and the Annuity Exhibits denote Immediate Covered Lives who are disabled as of the Effective Date.  Additionally, Section 3.3 (b) (ii) denotes Deferred Covered Lives who may become eligible for a disability benefit after the Effective Date.   

Eligibility for disability is as follows:

A Deferred Covered Life will be eligible for a disability benefit if he or she (i) becomes totally and permanently disabled under the Federal Social Security Act (or partially disabled as described below for Sub-Plan SAL) and (ii) meets the specific eligibility conditions for his or her respective Sub-Plan as described below.   The disability benefit will commence on the Disability Commencement Date.

If a Covered Life is no longer considered totally and permanently disabled under the Federal Social Security Act (or partially disabled as described below for Sub-Plan SAL), any disability benefits payable under this Contract will end on the first day of the month in which such Covered Life ceases to meet such standards for disability status.

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	Sub-Plan	Eligibility Condition(s):
	A, or B	A Deferred Covered Life must have five Years of Service with the Employer and must be actively employed or within three years of his or her Separation From Service at time of disability.
	C	A Deferred Covered Life must have ten Years of Service with the Employer and must be actively employed at time of disability
	SAL (total disability)	A Deferred Covered Life must have ten Years of Service with the Employer and must be actively employed at time of disability.
	SAL (partial disability)	A Deferred Covered Life must be age 55 or older, have ten Years of Service with the Employer and must be actively employed at time of disability.  Partial disability is defined as a Deferred Covered Life who is unable to do his or her regular job or any other job the Employer could offer for which the Deferred Covered Life would be qualified by training, education or experience.  The Deferred Covered Life must submit evidence including medical reports or a statement of disability from his or her doctor.

 
(i)Temporary Annuity with Re-election after Temporary Annuity Expiry Date for Disabled Immediate Covered Lives.

•“Temporary Annuity with Re-election” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Temporary Annuity with Re-election” Annuity Form.
    
During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end with the monthly payment payable on the earlier of the Temporary Annuity Expiry Date and the first day of the month in which the Covered Life dies, unless a surviving Spouse is entitled to a Pre-Retirement Survivor Annuity in accordance with Section 3.3 (b) (iii).   

•“Temporary Joint and Survivor Annuity with Re-election” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Temporary Joint and Survivor with Re-election” Annuity Form.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end on the earlier of (a) the Temporary Annuity Expiry Date and (b) the first day of the month in which the Covered Life dies.

If the Covered Life (a) is married, as defined in Section 3.3 (b) (iii), to the Contingent Life on his or her date of death and (b) dies prior to the first day of the month immediately following the Temporary Annuity Expiry Date, the Contingent Life (Spouse) is entitled to the Pre-Retirement Survivor Annuity determined in Section 3.3 (b) (iii).  

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If the Covered Life (a) is not married, as defined in Section 3.3 (b) (iii), to the Contingent Life on his or her date of death and (b) dies prior to the first day of the month immediately following the Temporary Annuity Expiry Date, Prudential will owe additional monthly payments to the Contingent Life equal to the Contingent Life Amount.  Prudential will pay the first payment on the first day of the month following the Covered Life’s death.  Payments will end on the earlier of (a) the Temporary Annuity Expiry Date and (b) the first day of the month in which the Contingent Life dies.  In addition, if such Covered Life is married, as defined in Section 3.3 (b) (iii), to a surviving Spouse on his or her date of death, the surviving Spouse will be entitled to the Pre-Retirement Survivor Annuity as determined in Section 3.3 (b) (iii).

•“Temporary Joint and Survivor Annuity with Pop Up and Re-election” means the following for each Covered Life identified in the Annuity Exhibits as receiving a distribution of a “Temporary Joint and Survivor Annuity with Pop Up and Re-election” Annuity Form.

During the Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential will make the first monthly payment on the Annuity Commencement Date.  Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end on the earlier of (a) the Temporary Annuity Expiry Date and (b) the first day of the month in which the Covered Life dies.

If the Contingent Life dies before the Covered Life and within 60 months following the Immediate Covered Life’s Original Retirement Date, Prudential will make monthly Annuity Payments to the Covered Life equal to the sum of the Covered Life Amount and the Pop Up Amount starting on the first day of the month following the later of (a) the Effective Date and (b) the Contingent Life’s date of death.  Prudential will make subsequent payments on the first day of each month.  Payments will end on the earlier of (a) the Temporary Annuity Expiry Date and (b) the first day of the month in which the Covered Life dies.

If the Covered Life (a) is married, as defined in Section 3.3 (b) (iii), to the Contingent Life on his or her date of death and (b) dies prior to the first day of the month immediately following the Temporary Annuity Expiry Date, the Contingent Life (Spouse) is entitled to the Pre-Retirement Survivor Annuity determined in Section 3.3 (b) (iii).

If the Covered Life (a) is not married, as defined in Section 3.3 (b) (iii), to the Contingent Life on his or her death and (b) dies prior to the first day of the month immediately following the Temporary Annuity Expiry Date, Prudential will owe additional monthly payments to the Contingent Life equal to the Contingent Life Amount.  Prudential will pay the first payment on the first day of the month following the Covered Life’s death.  Payments will end on the earlier of (a) the Temporary Annuity Expiry Date and (b) the first day of the month in which the Contingent Life dies.  In addition, if such Covered Life is married, as defined in Section 3.3 (b) (iii), to a surviving Spouse on his or her date of death, the surviving Spouse will be entitled to the Pre-Retirement Survivor Annuity as determined in Section 3.3 (b) (iii).

(ii)Temporary Annuity with Re-election after Temporary Annuity Expiry Date for Deferred Covered Lives who become eligible for a disability benefit after the Effective Date.

A Deferred Covered Life who becomes eligible for a disability benefit after the Effective Date will receive payments under one of  the following Annuity Forms on the Disability Commencement Date: a Temporary Annuity (Sub-Plan C or SAL only), a Temporary Joint and Survivor Annuity (Sub-Plan C or SAL only), Temporary Joint and Survivor Annuity with Pop 
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Up (Sub-Plan A or B only) or a Temporary with Period Certain Annuity (Sub-Plan A or B only).  

A disabled Covered Life may select an Annuity Form based on his or her Sub-Plan, as described below, by submitting a request to Prudential.  All change requests shall be subject to Prudential’s timely receipt of a valid election in a method acceptable to Prudential containing all the information Prudential deems necessary for the change   Any such change will be governed by this Section and will take effect on the Covered Life’s commencement date and thereafter will have the same force and effect as if included on the Annuity Exhibits on the Effective Date. 

The disclosure and spousal consent requirements of Section 417 of the Code in effect from time to time will apply to a change in Annuity Form.  Any change in Annuity Form will apply to payments payable on and after the Annuity Commencement Date.

•“Temporary Annuity with Re-election” means the following for each Deferred Covered Life who becomes disabled after the Effective Date.
    
During the Deferred Covered Life’s lifetime, Prudential will make monthly payments to the Deferred Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Disability Commencement Date. Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end with the monthly payment payable on the earlier of the Temporary Annuity Expiry Date and the first day of the month in which the Deferred Covered Life dies, unless a surviving Spouse is entitled to a Pre-Retirement Survivor Annuity in accordance with Section 3.3 (b) (iii).   
     
•“Temporary with Period Certain Annuity and Re-election” means the following for each Deferred Covered Life who becomes disabled after the Effective Date.
    
During the Deferred Covered Life’s lifetime, Prudential will make monthly payments to the Covered Life equal to the Covered Life Amount.  Prudential owes the first monthly payment on the Disability Commencement Date, if the Covered Life is living. Prudential will pay subsequent monthly payments on the first day of each month.  Payments will end with the monthly payment payable on the earlier of the Temporary Annuity Expiry Date and the first day of the month in which the Deferred Covered Life dies.  If the Deferred Covered Life dies prior to the Temporary Annuity Expiry Date, Prudential will compare the number of monthly payments Prudential made in respect of the Deferred Covered Life on and after the Disability Commencement Date to the Guaranteed Number of Payments (60).  If the number of monthly payments is less than such guaranteed number, Prudential will pay the Covered Life Amount each month to the designated Beneficiary.  These payments will stop when the total number of payments in respect of the Deferred Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments provided, however, if  such Deferred Covered Life is married, as defined in Section 3.3 (b) (iii), on his or her date of death, the Guaranteed Number of Payments is disregarded and the Spouse, if living, will receive a Pre-Retirement Survivor Annuity in accordance with Section 3.3. (b) (iii).

•“Temporary Joint and Survivor Annuity with Re-election” means the Annuity Form described in Section 3.3 (b) (i), subject to the following with respect to a Deferred Covered Life: (a) the Annuity Form is available with continuation percentages equal to 50%, 75% or 100%, (b) the amount of the Deferred Covered Life’s Annuity Payment after the change will be equal to Covered Life Amount multiplied by the appropriate Joint and Survivor Life Annuity factor determined from the Tables of this Contract, with no reduction for an earlier commencement, 
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(c) the Contingent Life will be the Deferred Covered Life’s Spouse on the Disability Commencement Date and (d) the Contingent Life Amount payable to the Spouse after the Deferred Covered Life’s death will be equal to the amount of the Annuity Payment payable to the Deferred Covered Life’s multiplied by the applicable continuation percentage based on the Annuity Form elected. . 

•“Temporary Joint and Survivor Annuity with Pop Up and Re-election” means the Annuity Form described in Section 3.3 (b) (i) subject to the following with respect to a Deferred Covered Life: (a) the Annuity Form is available with continuation percentages equal to 50%, 75% or 100%, (b) the amount of the Deferred Covered Life’s Annuity Payment after the change will be equal to Covered Life Amount multiplied by the appropriate Joint and Survivor Life Annuity factor determined from the Tables of this Contract, with no reduction for an earlier commencement,     and (c) the Contingent Life Amount payable   after the Deferred Covered Life’s death will be equal to the amount of the Annuity Payment payable to the Deferred Covered Life’s multiplied by the applicable continuation percentage based on the Annuity Form elected.   

(iii)Pre-Retirement Survivor Annuity for Disabled Immediate Covered Lives (and eligible Deferred Covered Lives)

If a Disabled Immediate Covered Life (or a Deferred Covered Life who becomes eligible for a disability benefit after the Effective Date) dies before the first day of the month immediately following his or her Temporary Annuity Expiry Date and has a surviving Spouse on the Covered Life’s date of death, the Annuity Payment payable to the Spouse beginning on the first of the month following the Covered Life’s date of death will be determined as described in the chart below.  The payment terms for these Annuity Forms are described in this Section 3.3(b) (iii).  For a Covered Life with a Sub-Plan of SAL or C, he or she must have a surviving Spouse to whom he or she had been married for the one-year period ending on the date of the Covered Life’s death.  
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	Sub-Plan
	Annuity Payment Determination
	A or B	The greater of:
(1)The Contingent Life Amount (if any) otherwise payable to the Spouse under the Joint and Survivor Annuity Form in effect for the Covered Life or
(2)The survivor portion of 100% Joint and Survivor Life Annuity, calculated as of the first of the month following the Covered Life’s date of death.

	SAL (total disability) 
    or SAL (partial disability)
	The greatest of:
(1)The Contingent Life Amount otherwise payable to the Spouse under the Joint and Survivor Annuity Form in effect for the Covered Life,
(2)30% of the Age 65 Benefit Amount shown on the Annuity Exhibits; or
(3)The survivor portion of 50% Joint and Survivor Life Annuity, calculated as of the first of the month following the Covered Life’s date of death.

	C	The greater of:
(1)The Contingent Life Amount (if any) otherwise payable to the Spouse under the Joint and Survivor Annuity Form in effect for the Covered Life, or
(2)The survivor portion of 50% Joint and Survivor Life Annuity, calculated as of the first of the month following the Covered Life’s date of death.

The amount of the Annuity Payment under a Joint and Survivor Life Annuity described above will be determined in accordance with Section 3.5 (Change in Annuity Form) and Section 3.7 (Earlier Annuity Commencement Date); provided that, with respect to a Disabled Immediate Covered Life, the Age 65 Benefit Amount will be used in the determination of such amount instead of the Covered Life Amount on the Annuity Exhibits.

(iv)Re-election after Temporary Annuity Expiry Date for Disabled Immediate Covered Lives and Deferred Covered Lives who become eligible for a disability benefit after the Effective Date

If the disabled Covered Life is still living on the first day of the month immediately following his or her Temporary Annuity Expiry Date,  the Covered Life will be entitled to the Annuity Form described below, based on his or her Sub-Plan :

									
	Sub-Plan	Married Covered Lives	Unmarried Covered Lives
	A or B	50% Joint and Survivor Life Annuity with Pop Up	Life with Period Certain Annuity with 60 Guaranteed Number of Payments
	C or SAL	50% Joint and Survivor Life Annuity	Life Annuity

The amount of the Annuity Payment will be determined as follows: 
•If the Covered Life is unmarried, the amount of the Annuity Payment will equal (i) with respect to Disabled Immediate Covered Lives, the Age 65 Benefit Amount shown in the 
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Annuity Exhibits and (ii) with respect to Deferred Covered Lives, the Covered Life Amount.
•If the Covered Life is married, the amount of the Annuity Payment will equal the Age 65 Benefit Amount (with respect to Disabled Immediate Covered Lives) or Covered Life Amount (with respect to Deferred Covered Lives) multiplied by the appropriate Joint and Survivor Life Annuity factor determined from the Tables of this Contract. 

A disabled Covered Life may select an optional Annuity Form based on his or her Sub-Plan, as described below, by submitting a request to Prudential.  All change requests shall be subject to Prudential’s timely receipt of a valid election in a method acceptable to Prudential containing all the information Prudential deems necessary for the change   Any such change will be governed by this Section and will take effect on the Covered Life’s commencement date and thereafter will have the same force and effect as if included on the Annuity Exhibits on the Effective Date. 

The disclosure and spousal consent requirements of Section 417 of the Code in effect from time to time will apply to a change in Annuity Form.  Any change in Annuity Form will apply to payments payable on and after the Annuity Commencement Date.

						
	Sub-Plan	Optional Annuity Forms
	A or B 
	Life with Period Certain Annuity with Guaranteed Number of Payments equal to 60

Joint and Survivor Life Annuity (50%, 75%, 100%) with Pop Up.  Pop Up only occurs if the Contingent Life dies before the Covered Life and within 60 months following the Covered Life’s commencement date)

	C	Life Annuity

Life with Period Certain Annuity with Guaranteed Number of Payments equal to 120

Joint and Survivor Life Annuity (50%, 75% or 100%); Contingent Life must be the Spouse

	SAL	Life Annuity

Life with Period Certain Annuity with Guaranteed Number of Payments equal to 60 or 120

Joint and Survivor Life Annuity (50%, 75% or 100%); Contingent Life must be the Spouse

The Amount of the Covered Life’s Annuity Payment after a change to an optional Annuity Form will equal the Age 65 Benefit Amount (with respect to Disabled Immediate Covered Lives) or Covered Life Amount (with respect to Deferred Covered Lives) multiplied by the appropriate factor determined from the Tables of this Contract.  The amount of the Contingent Life’s Annuity Payment under any Joint and Survivor Annuity form will be equal to the amount of the Covered Life’s Annuity Payment multiplied by the applicable continuation percentage.  

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3.4    Annuity Change Procedure/Conditions

Subject to the terms of this Provision III, each Deferred Covered Life, if alive on the Annuity Commencement Date, (a) is entitled to receive Annuity Payments in the Annuity Form and Covered Life Amount shown on the Annuity Exhibits and (b) may submit a request to change his or her Annuity Form or Annuity Commencement Date by notifying Prudential.  All change requests shall be subject to Prudential’s timely receipt of valid election in a method acceptable to Prudential containing all the information Prudential deems necessary for the change.  For changes other than a change made due to a later Annuity Commencement Date and the Life Annuity with Deferred Cash Refund, such requests must be received at Prudential’s Office at least 30 days before the applicable Annuity Commencement Date.  Any such change will take effect when entered upon Prudential's records and thereafter will have the same force and effect as if included in the Annuity Exhibits on the Effective Date.

The disclosure and spousal consent requirements of Section 417 of the Code as in effect from time to time will apply to a change in Annuity Form.  Any change in Annuity Form will apply to payments payable on and after the Annuity Commencement Date.  

With respect to the Life Annuity with Deferred Cash Refund Annuity Form described in Section 3.3(a)(viii), the initial change request must be received within six (6) months after the Deferred Covered Life’s Separation From Service, subject to Prudential’s timely receipt of valid election in a method acceptable to Prudential containing all the information Prudential deems necessary for the change, including, but not limited to, the disclosure and spousal consent requirements of Section 417 of the Code as in effect from time to time.  In the event the initial election of the Life Annuity with Deferred Cash Refund does not occur within the 180-day election period prior to the Deferred Covered Life’s unchanged Annuity Commencement Date, the Deferred Covered Life will be required to submit an additional election within the 180-day election period prior to his or her unchanged Annuity Commencement Date in accordance with the disclosure and spousal consent requirements of Section 417 of the Code as in effect from time to time.  

3.5    Change in Annuity Form 

A Deferred Covered Life who has a Spouse on his or her Annuity Commencement Date will, unless he or she specifically elects otherwise in accordance with Section 3.4, have the Annuity Form specified on the Annuity Exhibits changed to a 50% Joint and Survivor Life Annuity with Pop Up for Sub-Plans A and B or 50% Joint and Survivor Life Annuity for Sub-Plans C and SAL, beginning on the Deferred Covered Life’s Annuity Commencement Date.  The amount of the Deferred Covered Life’s Annuity Payment after the change will be equal to the amount of the Annuity Payment otherwise payable multiplied by the appropriate factor determined from the Tables of this Contract.  Prudential will make the first monthly payment to the Deferred Covered Life on the Annuity Commencement Date.  Prudential will pay subsequent payments to the Deferred Covered Life on the first day of each month. Prudential’s last payment to the Deferred Covered Life will be on the first day of the month in which the Deferred Covered Life dies.  

After the death of the Deferred Covered Life, Prudential will make additional monthly payments to the Spouse if the Spouse is alive when the Deferred Covered Life dies.  Prudential will make the first monthly payment to the Spouse on the first day of the month following the month in which the Deferred Covered Life dies. Prudential will pay subsequent payments to the Spouse on the first day of each month.  Prudential’s last payment to the Spouse will be on the first day of the month in which such Spouse dies.  The amount of the Annuity Payment payable to the Spouse after the Deferred Covered Life’s death will be equal to the amount of the Annuity Payment payable to the Deferred Covered Life’s multiplied by 50%.
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For Sub-Plans A and B, if the Spouse dies before the Deferred Covered Life and within 60 months following the Deferred Covered Life’s Annuity Commencement Date, Prudential will increase the Annuity Payments to the Deferred Covered Life by the Pop Up Amount (as determined at the commencement date) starting on the first day of the month following the Contingent Life’s death.  Prudential will make subsequent payments on the first day of each month.  Prudential’s last payment to the Deferred Covered Life will be on the first day of the month in which the Deferred Covered Life dies. 

Subject to the terms of Section 3.4, a Deferred Covered Life may, before his or her Annuity Commencement Date, change the Annuity Form specified on the Annuity Exhibits (Life Annuity with respect to Sub-Plans C and SAL; Life with Period Certain Annuity with 60 Guaranteed Number of Payments with respect to Sub-Plans A and B) to one of the following Annuity Forms.  The changed Annuity Form will apply to payments payable on and after the Deferred Covered Life’s Annuity Commencement Date.
    
						
	Sub-Plan	Annuity Form
	A or B	Joint and Survivor Life Annuity with Pop Up with a continuation percentage to the designated Contingent Life equal to 50%, 75%, or 100%

Level Income Life with Period Certain Annuity with Guaranteed Number of Payments equal to 60

	C	Life with Period Certain Annuity with Guaranteed Number of Payments equal to 120

Joint and Survivor Life Annuity with a continuation percentage to the designated Contingent Life equal to 50%, 75%, or 100%; Contingent Life must be the Spouse

	SAL	Life with Period Certain Annuity with Guaranteed Number of Payments equal to 60 or 120

Joint and Survivor Life Annuity with a continuation percentage to the designated Contingent Life equal to 50%, 75%, or 100%; Contingent Life must be the Spouse

Level Income Life Annuity

Life Annuity with Deferred Cash Refund

The amount of the Deferred Covered Life’s Annuity Payment after the change of Annuity Form will be equal to the amount of Annuity Payment otherwise payable multiplied by the appropriate factor determined from the Tables of this Contract.  The amount of Annuity Payment payable to the Contingent Life after the Deferred Covered Life’s death will be equal to the amount of the Annuity Payment payable to the Deferred Covered Life multiplied by the applicable continuation percentage.  The payment terms for these Annuity Forms are described in Section 3.3; provided that the Contingent Life will be the person designated by the Deferred Covered Life and the Contingent Life Amount will be equal to the amount payable to the designated Contingent Life as determined in accordance with this Section.

The Level Income options described above will be computed as follows:

On and after his or her Annuity Commencement Date but before attainment of his or her Social Security normal retirement age, the amount of the Annuity Payment payable will be equal to A + (B * C) where:

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A = the Covered Life Amount, with such amount adjusted for an earlier Annuity Commencement Date in accordance with Section 3.7 or later Annuity Commencement Date in accordance with Section 3.8, as applicable, and
B = the estimated Primary Insurance Amount that the Deferred Covered Life would receive upon attainment of the Social Security normal retirement age, and
C = the appropriate factor for a Level Income Annuity determined from the Tables of this Contract.

On and after the Deferred Covered Life’s attainment of the Social Security normal retirement age, the amount of the Annuity Payment payable will be equal to the amount determined in the preceding paragraph minus the estimated Primary Insurance Amount that the Deferred Covered Life would receive upon attainment of the Social Security normal retirement age.  Prudential’s last monthly payment to the Deferred Covered Life will be on the first day of the month in which he or she dies.  

If the Level Income Life with Period Certain Annuity was in effect, then after the Deferred Covered Life dies, Prudential will compare the number of monthly payments Prudential made in respect of the Deferred Covered Life on and after the Annuity Commencement Date to the Guaranteed Number of Payments (60).  If the number of monthly payments made is less than such guaranteed number, Prudential will pay the designated Beneficiary the monthly amount otherwise payable to the Deferred Covered Life, subject to adjustment at the Deferred Covered Life’s Social Security normal retirement age.  These payments will stop when the total number of payments made in respect of the Deferred Covered Life, plus the number of payments to the Beneficiary, equals the Guaranteed Number of Payments.

However, if the Annuity Payment payable on and after the Deferred Covered Life’s attainment of the Social Security normal retirement age is a negative number, the Annuity Payment payable will be adjusted so that the Annuity Payment payable before the Deferred Covered Life’s attainment of the Social Security normal retirement age will be equal to A / (1 - C) and the Annuity Payment payable on and after attainment of the Social Security normal retirement age will equal zero ($0.00).

3.6    Lump Sum Payment Option 

Subject to the terms of Section 3.4, a Deferred Covered Life may elect to receive a lump sum payment in lieu of and in full settlement for the Annuity Payments which would otherwise be payable under this Contract if the lump sum payment determined is $[ *** ] or less.  The lump sum payment will be paid on the Deferred Covered Life’s earlier Annuity Commencement Date, Annuity Commencement Date or later Annuity Commencement Date provided that Prudential has received the Deferred Covered Life’s lump sum election.  The amount of the lump sum payment will be determined using the Applicable Interest Rate and Applicable Mortality Table, and the following procedure:  

i.Payment before the Deferred Covered Life satisfied the age or service requirements for an earlier Annuity Commencement Date in Section 3.7; multiply the Covered Life Amount by the applicable deferred lump sum factor determined from the Tables of this Contract 
ii.Payment on or after the Deferred Covered Life satisfied the age and service requirements for an earlier Annuity Commencement Date in Section 3.7 or at the unchanged Annuity Commencement Date; the greater of (a)  the Covered Life Amount, adjusted for early commencement, if applicable, multiplied by the applicable immediate lump sum factor determined from the Tables of this Contract and (b) the Covered Life Amount multiplied by the applicable deferred lump sum factor determined from the Tables of this Contract.
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iii.Payment at a later Annuity Commencement Date; multiply the Covered Life Amount, adjusted for later commencement, by the applicable immediate lump sum factor determined from the Tables of this Contract 

The disclosure and spousal consent requirements of Section 417 of the Code in effect from time to time will apply to a lump sum payment.  

3.7    Earlier Annuity Commencement Date 

Subject to the terms of Section 3.4, a Deferred Covered Life may change his or her Annuity Commencement Date to an earlier date.  Separation From Service is not required to commence payment at an earlier Annuity Commencement Date [ *** ].  In order to elect an earlier Annuity Commencement Date, the Deferred Covered Life must be at least 55 years of age and (i) for Sub-Plans A and B, have completed 5 Years of Service, and (ii) for Sub-Plans SAL and C, have completed 10 Years of Service. 

If (i) a Deferred Covered Life has not satisfied the age or service requirements in the prior paragraph and (ii) the value of his or her Annuity Payments is $[ *** ] or less as determined in accordance Section 3.6, he or she may still elect to change his or her Annuity Commencement Date to an earlier date, subject to the terms of Section 3.4.   

There will be no reduction for an earlier Annuity Commencement Date if the Deferred Covered Life satisfied the following conditions:
•Sub-Plans A and B: the earlier Annuity Commencement Date is on or after attainment of age 62.
•Sub-Plans A and B:  (i) there was a plant shutdown, as reasonably determined by the Employer and confirmed in written correspondence to Prudential; and (ii) the Deferred Covered Life was actively employed with the Employer and (iii) completed at least 30 Years of Service at the time of the plant shutdown.
•Sub-Plan SAL:   Deferred Covered Life (i) is age 62 or older on the earlier Annuity Commencement Date, (ii) is actively employed with the Employer as of November 30, 2020 and (iii) completed at least 15 Years of Service.  

Otherwise, the amount of the Annuity Payment payable on the earlier Annuity Commencement Date will be equal to the Covered Life Amount multiplied by the appropriate factor determined from the Tables of this Contract.

3.8    Later Annuity Commencement Date

A Deferred Covered Life may request to commence payments on his or her unchanged Annuity Commencement Date.  Separation From Service is not required to commence Annuity Payments.  If Prudential has not timely received the Deferred Covered Life’s request and all information Prudential deems necessary in order to commence Annuity Payments on his or her unchanged Annuity Commencement Date, the Deferred Covered Life’s Annuity Commencement Date will be determined as described in this Section.

If a Deferred Covered Life does not commence Annuity Payments on or before his or her unchanged Annuity Commencement Date and incurs a Separation From Service prior to his or her unchanged Annuity Commencement Date, he or she will have the following options, subject, in each case, to a valid election pursuant to Section 3.4:

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(a)The Deferred Covered Life may change his or her Annuity Commencement Date to a later date.  Subject to the last paragraph of this Section, the later Annuity Commencement Date will be the earlier of (i) the first day of any month following Prudential’s receipt of a request from the Deferred Covered Life to commence Annuity Payments and (ii) the Required Beginning Date.  The amount of the Deferred Covered Life’s Annuity Payment commencing on the later Annuity Commencement Date will be equal to the Covered Life Amount multiplied by the appropriate factor determined from the Tables of this Contract to reflect an actuarial increase for the deferral period beginning on the unchanged Annuity Commencement Date and ending on his or her later Annuity Commencement Date.  Such Deferred Covered Life will not receive any Annuity Payments during the period beginning on the unchanged Annuity Commencement Date and ending on the later Annuity Commencement Date; or  

(b)The Deferred Covered Life may request to receive Annuity Payments retroactive to his or her unchanged Annuity Commencement Date.  The amount of the Deferred Covered Life’s Annuity Payment will be equal to the Covered Life Amount that would have been payable had payments actually commenced on the unchanged Annuity Commencement Date.  The Deferred Covered Life will also receive a make-up payment to reflect any missed payments for the period from the unchanged Annuity Commencement Date to the date of the actual make-up payment, credited with interest from the otherwise applicable payment dates until the date of such make-up payment using an annual interest rate of [ *** ]%.

If a Deferred Covered Life (i) reaches his or her unchanged Annuity Commencement Date after the Effective Date, (ii) does not commence Annuity Payments on or before his or her unchanged Annuity Commencement Date and (iii) continues in employment with the Employer beyond his or her unchanged Annuity Commencement Date, Prudential will notify the Deferred Covered Life in accordance with Department of Labor Regulations Section 2530.203-3(b)(4) that his or her Annuity Payments will be suspended during the Deferred Covered Life’s period of employment with the Employer until his or her later Annuity Commencement Date, and that such Deferred Covered Life will receive Annuity Payments when his or her Annuity Commencement Date is changed to a later date.  The Contract-Holder has affirmed that each Deferred Covered Life who reached his or her unchanged Annuity Commencement Date prior to the Effective Date while employed with the Employer received a suspension of benefits notice from the Plan prior to the Effective Date in accordance with Department of Labor Regulations Section 2530.203-3(b)(4).  Any such Deferred Covered Life described in this paragraph will have the following options, subject, in each case, to a valid election pursuant to Section 3.4:

(a)The Deferred Covered Life may change his or her Annuity Commencement Date to a later date.  Subject to the last paragraph of this Section, the later Annuity Commencement Date will be the earlier of (i) the first day of any month following Prudential’s receipt of a request from the Deferred Covered Life to commence Annuity Payments and (ii) the Required Beginning Date. Such later Annuity Commencement Date may occur before or after the Deferred Covered Life’s Separation From Service.  The amount of the Deferred Covered Life’s Annuity Payment commencing on the later Annuity Commencement Date will be equal to the Covered Life Amount multiplied, if applicable, by the appropriate factor determined from the Tables of this Contract; provided that any such actuarial increase will only apply to the extent there is an actual deferral period, as determined based on the period (if any) beginning on the earlier of (i) the first day of the month immediately following the Deferred Covered Life’s Separation From Service (if any) and (ii) April 1 of the calendar year following the Deferred Covered Life’s attainment of age 70 1⁄2 if he or she continued in employment with the Employer beyond such date, and ending on the later Annuity Commencement Date.  Such Deferred Covered Life will 
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not receive any Annuity Payments during the period beginning on the unchanged Annuity Commencement Date and ending on the later Annuity Commencement Date; or  

(b)Following the incurrence of a Separation from Service, the Deferred Covered Life who has not yet commenced Annuity Payments may request to receive Annuity Payments retroactive to a later Annuity Commencement Date that is the first day of the month immediately following the Deferred Covered Life’s Separation From Service.  The amount of the Deferred Covered Life’s Annuity Payment will be equal to the Covered Life Amount otherwise payable on the unchanged Annuity Commencement Date; provided, however, if the Deferred Covered Life continues in employment with the Employer beyond the April 1 of the calendar year following the Deferred Covered Life’s attainment of age 70 1⁄2, the amount of the Annuity Payment commencing on his or her later Annuity Commencement Date will include an actuarial increase as described in (a).  The Deferred Covered Life will also receive a make-up payment to reflect any missed payments for the period from the later Annuity Commencement Date until the date of the actual make-up payment, credited with interest from the otherwise applicable payment dates until the date of such make-up payment using an annual interest rate of [ *** ]%.

If there is a delay in commencing the Deferred Covered Life’s payments on his or her Required Beginning Date, Prudential will owe Annuity Payments retroactive to his or her Required Beginning Date.  The amount of the Deferred Covered Life’s Annuity Payment will be equal to the amount that would have been payable had payments actually commenced on the Required Beginning Date.  The Deferred Covered Life will also receive a one-time make-up payment to reflect any missed Annuity Payments for the period from the Required Beginning Date until the date of the actual make-up payment, credited with interest from the intended payment dates until the date of such make-up payment using an annual interest rate equal to [ *** ]%.

In the event a Deferred Covered Life who is subject to a later Annuity Commencement Date dies prior to the determination of a later Annuity Commencement Date, his or her Annuity Payments will be cancelled and nothing will be payable in respect of such Deferred Covered Life unless a Pre-Retirement Survivor Annuity described in Section 3.9 applies.

3.9    Pre-Retirement Survivor Annuity 

Except as stated in Section 3.3 (a) (viii) and Section 3.3 (b) (iii), a Pre-Retirement Survivor Annuity as described in this Section may apply if a Deferred Covered Life dies prior to his or her Annuity Commencement Date.  If a Deferred Covered Life with a Sub-Plan of A or B dies before his or her Annuity Commencement Date and before incurring a Separation From Service or incurred a Separation From Service after satisfying the age and service requirements for early retirement and has a surviving Spouse on the Deferred Covered Life’s death, or who incurred a Separation From Service prior to death, he or she must have a surviving Spouse to whom he or she had been married for the one-year period ending on the date of the Covered Life’s death, an Annuity Payment will be owed to the Spouse for the remainder of his or her lifetime.  For any Deferred Covered Life with a Sub-Plan of SAL or C, or any Deferred Covered Life who incurred a Separation From Service prior to death, he or she must have a surviving Spouse to whom he or she had been married for the one-year period ending on the date of the Covered Life’s death.  

Prudential will make Annuity Payments to the surviving Spouse starting on the first day of the month on or next following the date of the Deferred Covered Life’s death, as described in the chart below.  The Spouse may request to defer payment to a later date but not later than the Deferred Covered Life’s unchanged Annuity Commencement Date as shown on the Annuity Exhibits.  Prudential’s last payment to the Spouse will be on the first day of the month in which the Spouse dies. 
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	Sub-Plan	Annuity Payment Determination
	A or B	If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 100% Joint and Survivor Life Annuity (with Pop Up).  The resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor from the Tables of this Contract based on age 55.
(2)Multiply (1) by the appropriate early factor from the Tables of this Contract based on the Deferred Covered Life’s age on the first of the month following death.
(3)Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 100% Joint and Survivor Life Annuity (with Pop Up).  The resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is (i) not active or (ii) not eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity (with Pop Up).  50% of the resultant benefit amount is payable to the Spouse.
If the Deferred Covered Life is (i) not active or (ii) not eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract, based on age 55.
(2)Multiply (1) by the appropriate early factor determined from the Tables of this Contract, based on the Deferred Covered Life’s age on the first of the month following death.
(3)Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity (with Pop Up).  50% of the resultant benefit amount is payable to the Spouse.

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	SAL	The Spouse of a Deferred Covered Life that is active at date of death or eligible for early retirement as of his or her date of Separation From Service will receive a monthly amount as of the first of the month following the Deferred Covered Life’s date of death based on the greater of (i) the benefit determined below and (ii) 30% of the Covered Life Amount. 

If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract, based on age 55.
(2)Multiply (1) by the appropriate early factor determined from the Tables of this Contract, based on the Deferred Covered Life’s age on the first of the month following death.
(3)Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

	SAL	The Spouse of a Deferred Covered Life not active at date of death and not eligible for early retirement as of his or her date of Separation of Service will receive a monthly amount as of the first of the month following the Deferred Covered Life’s date of death: 

If the Deferred Covered Life is (i) not active or (ii) not eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is not eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract, based on age 55.
(2)Multiply (1) by the appropriate early factor determined from the Tables of this Contract, based on the Deferred Covered Life’s age on the first of the month following death.
Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

GAA-9063[ *** ]    36
 

						
	C	If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is active or eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract, based on age 55.
(2)Multiply (1) by the appropriate early factor determined from the Tables of this Contract, based on the Deferred Covered Life’s age on the first of the month following death.
(3)Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is not eligible for early retirement as of his or her date of Separation From Service and age 55 or older at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract.
(2)Multiply (1) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity. 50% of the resultant benefit amount is payable to the Spouse.

If the Deferred Covered Life is not eligible for early retirement as of his or her date of Separation From Service and younger than age 55 at date of death:
(1)Multiply the Covered Life Amount by the appropriate early factor determined from the Tables of this Contract, based on age 55.
(2)Multiply (1) by the appropriate early factor determined from the Tables of this Contract, based on the Deferred Covered Life’s age on the first of the month following death.
(3)Multiply (2) by the appropriate factor determined from the Tables of this Contract for a 50% Joint and Survivor Life Annuity.  50% of the resultant benefit amount is payable to the Spouse.

3.10    Small Annuity Payments to Covered Lives 

A lump sum payment, in lieu of, and in full settlement for, the Annuity Payments which would otherwise be payable to, or on behalf of, a Deferred Covered Life will be paid if the present value of the Annuity Payments is $[ *** ] or less.  

The amount of the lump sum payment will be determined in accordance with the procedures described in Section 3.6 .  

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3.11    No Assignment by Covered Lives and Contingent Lives

Neither a Covered Life or Contingent Life nor such person’s Representative may (a) assign, pledge, transfer or otherwise alienate his or her rights under the Contract or their respective Annuity Form or an annuity certificate, or (b) enter into a transaction in which one or more Annuity Payments are anticipated or accelerated.  Any attempt to do so shall be null and void at the outset, without any effect whatsoever.  Also, to the maximum extent permitted by law, including but not limited to the relevant provisions of the Code, no Annuity Payment is subject to the claims of creditors.  For the avoidance of doubt, compliance with the terms of a Qualified Domestic Relations Orders will not be considered to be an impermissible alienation under the Contract.

3.12    Proof of Continued Existence for Life Annuities; Escheatment

As a condition to making any Annuity Payment arising from an Annuity Form dependent upon the continued existence of a Covered Life or Contingent Life, Prudential may require the receipt of evidence satisfactory to it that the Covered Life and/or the Contingent Life is alive and no such payment is owed under this Contract unless and until Prudential receives such evidence.  

After consummation of a Buy-Out Conversion, if a Covered Life (or Contingent Life) in respect of whom remaining guaranteed payments are payable at the time of his or her death, dies without validly designating a Beneficiary, or if the Beneficiary is no longer living, Prudential may pay the “present value” (as such term is defined in Section 3.14) thereof in full settlement of its liability for such payments.  Such present value may be paid to the estate of the Covered Life (or, Contingent Life, if applicable).  After the period of time prescribed by applicable state law, any payments under a Period Certain Annuity or lump sum benefit that have been withheld under the terms of this Section 3.12 may be considered abandoned or escheatable property.  In such case, Prudential will follow the laws applicable to the disposition of any remaining period certain payments or remaining lump sum benefit payable.  Any payments made to the state under such circumstances will relieve Prudential of all further obligations under this Contract with respect to such Annuity Forms. 

3.13    Data Misstatements

(i)[ *** ]

(ii)[ *** ]

(iii)[ *** ]  

3.14    Concerning Designations

After the consummation of a Buy-Out Conversion, a Covered Life may designate a Contingent Life or Beneficiary and redesignate a Beneficiary from time to time in such manner specified by Prudential and in accordance with such related Annuity Form.  Prudential will furnish an acknowledgment of the acceptance of any such designation or re-designation.  Any spousal consent requirements of ERISA as applied to employee benefit plan participants in effect from time to time will apply to such designations.   Such designations will not require the consent of any prior Contingent Life or Beneficiary, provided the change complies with the requirements of ERISA as applied to employee benefit plan participants in effect from time to time.  If an Annuity Form involving a Contingent Life or Spouse has become effective, the Contingent Life or Spouse may, unless the Covered Life has directed otherwise, change 
GAA-9063[ *** ]    38
 

the Beneficiary at any time after the death of the Covered Life to the estate of the Contingent Life or Spouse, without the consent of such Beneficiary.

If there is no designated Beneficiary shown in Prudential’s records when an Annuity Payment is payable to a Beneficiary under the terms of this Contract, payment will be made to the Covered Life’s Spouse, if living, otherwise to the Covered Life’s surviving children, if any, otherwise to the estate of the last surviving recipient of the Annuity Payments or a Representative thereof.  However, if no executor is named for the estate of the last surviving recipient of the Annuity Payments, Prudential may, at its option, pay such amount which would otherwise be payable to an estate as described in the preceding sentence to any one or jointly to any number of the following surviving relatives of the last surviving recipient of the Annuity Payments who appear to Prudential to be equitably entitled to payment because of expenses incurred in connection with the burial or last illness of such last surviving recipient of the Annuity Payments:  children, parents, brothers, or sisters.  Any payment described in this paragraph and made by Prudential will, to the extent of such payment, be a valid discharge of its obligation under this Contract.

The parties agree with each other that the acceptability of such designations and re-designations of Beneficiaries will meet the requirements of ERISA as applied to employee benefit plan participants in effect from time to time, and shall keep their records accordingly. Such designations shall be effective when they are accepted by Prudential and the applicable records are updated.  

Prudential, in determining the existence, identity, ages, or any other facts relating to any relatives of any Covered Life (or Contingent Life) or any persons designated as Beneficiaries, either as a class or otherwise, may rely solely on any affidavit or other evidence deemed reasonably satisfactory by it.  Any payment made by Prudential in reliance thereon will, to the extent of such payment, be a valid discharge of its obligation under this Contract.

Should any remaining Annuity Payments become payable to a Beneficiary under an Annuity Form that provides a Guaranteed Number of Payments, Prudential may pay the present value of such Annuity Payments to the Beneficiary if (i) the monthly amount of the payments payable to the Beneficiary is less than $50 or (ii) the Beneficiary is other than a natural person receiving payments in his or her own right.  The present value will be in lieu of and in full settlement for the Annuity Payments which would otherwise be payable under this Contract.  The “present value” of Annuity Payments, as of any date of determination, means a lump sum payment equal to the total amount of any remaining Guaranteed Number of Payments.

3.15    Concerning Qualified Domestic Relations Orders 

After the consummation of a Buy-Out Conversion, if an Annuity Payment is subject to a domestic relations order (as defined in subsection 414(p) of the Code), the Contract-Holder will cooperate with Prudential to provide any reasonably necessary or otherwise requested information in connection with all Qualified Domestic Relations Orders in effect with respect to Covered Lives.  For any domestic relations order not qualified prior to the consummation of a Buy-Out Conversion, Prudential shall make determinations relating to the qualification, interpretation and administration of such domestic relations orders and shall make such determinations in accordance with applicable law, including any applicable requirements of ERISA with respect to employee benefit plan participants in effect from time to time.  If there is a benefit payable under the Contract with regard to an alternate payee named under a qualified domestic relations order, any such Annuity Payment adjustment will take effect when entered upon Prudential's records.

GAA-9063[ *** ]    39
 

3.16    Payments to Representatives

Prudential may withhold Annuity Payments owed to any Covered Life or Contingent Life or Beneficiary if, in the judgment of Prudential, such person is incapable for any reason of personally receiving and giving a valid receipt for such payment.  In such case, Prudential may discharge its obligation to any Covered Life or Contingent Life or Beneficiary by making payments to such person’s Representative.  Prudential may pay to the Representative of a Covered Life or Contingent Life or Beneficiary amounts otherwise owed to such Covered Life or Contingent Life or Beneficiary if Prudential receives satisfactory evidence of such Representative’s authority.  Any amount paid in accordance with this Section 3.16 will completely discharge the liability of Prudential for the amount paid.

3.17    Certificates

After consummation of a Buy-Out Conversion, upon receipt of applicable regulatory approvals, Prudential will issue each Covered Life (and, if receiving Annuity Payments on the date annuity certificates are issued, a Contingent Life) an annuity certificate.  Each such certificate will set forth in substance the payments to which each Covered Life (and, if applicable, a Contingent Life) is entitled under this Contract.  Also, Prudential may issue a substitute annuity certificate to correct errors contained in the previously issued certificate, whereupon the previously issued annuity certificate shall be null and void.

Each annuity certificate shall provide that only the Covered Life (and, if applicable, a Contingent Life) has the right to enforce any provisions of (and each Beneficiary and alternate payee will have the contractual right to enforce its rights to Annuity Payments under) this Contract, and that such rights are enforceable by the certificate-holder solely against Prudential and against no other person including the Plan, the Contract-Holder, or any affiliate thereof. Each certificate shall describe the consequences of any misstatements of age or other relevant fact, including Prudential’s rights and obligations relating to such misstatements.

The rights of Covered Lives and Contingent Lives under this Contract are not conditioned upon the issuance of annuity certificates, and any delay in issuing an annuity certificate to such Covered Life or Contingent Life does not delay the date on which the Covered Life or Contingent Life begins to have third-party beneficiary rights under this Contract.

3.18    Purchase of Additional Annuities after the Data Finalization Date

If the Contract-Holder requests Prudential to amend this Contract to add, as a Covered Life, a Plan participant who was omitted from the Annuity Exhibits or an alternate payee, beneficiary or surviving spouse of a Plan participant who was omitted from the Annuity Exhibits, and Prudential agrees to amend this Contract, then Prudential will determine the cost for the additional annuity using Prudential’s then current methods and assumptions applicable to the pricing of group pension annuities on the date of determination.  Upon receipt of the additional premium amount from the Contract-Holder, this Contract will be amended for the purchase of the additional annuity and Prudential will issue an annuity certificate to reflect such additional purchase in accordance with Section 3.17.  In the event that Prudential does not agree to such amendment or does not timely receive the additional premium amount described in this Section 3.18, Prudential shall have no obligation under Section 3.13, this Section 3.18 or otherwise to add any such individual as a Covered Life under this Contract.

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Provision IVGeneral Terms

4.1    Communications

All communications to Prudential regarding this Contract shall be addressed to Prudential’s Office.  

Communications to Contract-Holder and Employer will be addressed as shown in our records, as updated from time to time on Prudential’s records based on notice provided by the Contract-Holder or Employer to Prudential.

All communications to Contract-Holder, Employer or Prudential will be in writing.

4.2    Currency; Payments   

All moneys, whether payable to or by Prudential, shall be in lawful money of the United States of America.  Dollars and cents refer to lawful currency of the United States of America.  Payments owed to Prudential or to Contract-Holder shall be made pursuant to agreed procedures and wire instructions.

4.3    Reliance on Records; Correction of Errors

Contract-Holder will furnish all information which Prudential may reasonably require for the administration of this Contract.  If Contract-Holder/Employer cannot furnish any required item of information, Prudential may (but is not required to) ask, after consummation of a Buy-Out Conversion,  the relevant Covered Life, Contingent Life or Beneficiary to provide such information.  Prudential will not be obligated to make Annuity Payments in any way dependent upon such information unless and until it receives all information necessary to fulfill its obligation.  

Prudential will maintain the records necessary for its administration of this Contract.  Such records will be prepared using the information furnished to it pursuant to this Contract and will constitute prima facie evidence as to the truth of the information recorded thereon. However, Prudential reserves the right to correct its records to eliminate erroneous information furnished to it and to reflect information it gathers reasonably believed by it to be reliable. Prudential may assume the accuracy of Contract-Holder’s records in connection with Covered Lives, Contingent Lives and Beneficiaries.  Any payment made by Prudential in reliance on such records shall be a valid discharge of its obligation under this Contract.  

4.4    Contract-Holder; Successor

Prudential will be entitled to rely on any action taken or omitted by or on behalf of Contract-Holder pursuant to the terms of this Contract and shall not be required to obtain consents of any other person or organization with an interest in the Plan, except as provided in Section 1.9.  With Prudential’s consent, Contract-Holder may authorize representatives of the Plan, Employer or others to act on its behalf under this Contract.  Prudential is entitled to rely on Contract-Holder (or its representative) in connection with the administration of this Contract.  Contract-Holder at any time may, with the consent of Prudential, appoint a successor Contract-Holder, provided that if the successor Contract-Holder is a trustee for the Plan, such consent shall not be unreasonably withheld.  Any such successor Contract-Holder will have all the rights, duties, and obligations of Contract-Holder.  If Contract-Holder notifies Prudential that it will cease to exist or cease to perform the duties of Contract-Holder hereunder and no successor Contract-Holder is appointed, the Contract-Holder will thereafter have no rights or obligations under 
GAA-9063[ *** ]    41
 

this Contract but this Contract shall nevertheless remain in full force and effect until the date on which there ceases to be any further Annuity Payments payable in accordance with the terms of this Contract. 

4.5    No Implied Waiver

Except as expressly provided herein, any party's failure to insist in any one or more instances upon strict performance by any other party of any of the terms of this Contract shall not be construed as a waiver of any continuing or subsequent failure to perform or delay in performance of any term hereof. 

4.6    Changes

(a)Mutual Agreement.  This Contract may be amended at any time by written agreement between Prudential and Contract-Holder.

(b)Law or Regulation.  Prudential may change this Contract as it deems necessary or appropriate to satisfy the requirements of any law enacted by (or of any regulation promulgated by) any legislative or governmental authority, body or agency.

(c)Absence of Contract-Holder.  If Contract-Holder notifies Prudential that it will cease to exist, or cease to perform the duties of Contract-Holder hereunder, and no successor to Contract-Holder is appointed, then this Contract can thereafter be changed at any time by Prudential in its discretion, but subject to the rights of each Covered Life, Contingent Life and Beneficiary to receive Annuity Payments (as provided in Section 1.9). 

4.7    Entire Contract - Construction

This Contract, together with the exhibits attached hereto, constitutes the entire agreement between the parties with respect to the subject matter of this Contract and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Contract.

This Contract will be construed according to the laws of the jurisdiction set forth on the Cover Page without regard to the principles of conflicts of laws thereof except to the extent that those laws have been preempted by the laws of the United States of America.

4.8    Third Party Beneficiaries

Except as expressly set forth in Sections 1.9 and 1.10, this Contract does not and is not intended to confer any rights or remedies upon any person other than the Contract-Holder.
GAA-9063[ *** ]    42
 

[ *** ]
Tables1

1 See separate document

[ *** ]

CASH AND TRANSFERRED ASSETS EXHIBIT
As of August 6, 2020

Listing and Reconciliation of Assets Transferred and Retained in Respect of Total Contribution Amount and Contribution Adjustment Amounts Owed

The Cash and Transferred Assets Exhibit includes a list of cash and non-cash assets, if applicable, that equal the Total Contribution Amount shown on the Cover Page of this Contract.  

						
	Contribution Amount as of Effective Date	[ *** ]

Cash Assets:  [ *** ]

   

[ *** ]

ANNUITY EXHIBITS

The Annuity Exhibits list each Covered Life, Contingent Life or other person entitled to payments under this Contract plus information that applies to each such Covered Life, Contingent Life or other person. The Annuity Exhibits are attached to and made a part of this Contract in the form of the data file titled [ *** ] provided by the Contract-Holder to Prudential posted to Milliman secure website at [ *** ] Eastern Standard Time on [ *** ]

[ *** ]
Tables

The following Tables provide the conversion factors or actuarial basis that will be used to determine the factors under this Contract.  The following definitions apply to the Tables of this Contract:

 “Actuarial Equivalence Basis A” means the factor determined using the following assumptions:
•Mortality table:  1971 Group Annuity Mortality Table (80% male, 20% female) for Covered Lives; 1971 Group Annuity Mortality Table (20% Male, 80% Female) for Contingent Lives 
•Interest rate:  8.5%
•Rounding:   Round final factor to 5 decimal places

“Actuarial Equivalence Basis B” means the factor determined using the following assumptions:
•Mortality table: “Applicable Mortality Table” as defined in Section 1.1
•Interest rate: “Applicable Interest Rate” as defined in Section 1.1
•Age basis:  Use Covered Life’s exact age in years and completed months
•Rounding:  Round final factor to 5 decimal places

“Actuarial Equivalence Basis C” means the factor determined using the following assumptions:
•Mortality table: 1944 Railroad Retirement Board (RRB) Railway Disabled Annuitants Unisex Mortality Table for Covered Lives; 1971 Group Annuity Mortality Table (20% Male, 80% Female) for Contingent Lives
•Interest rate: 8.5%
•Age basis:  Use age nearest birthday for Covered Life and Contingent Life 
•Rounding:  Round final factor to 5 decimal places

Table I-A:  Earlier Annuity Commencement Date (Sub-Plan A & B)
a)Eligibility:  Covered Life (i) is at least 55 years of age, (ii) completed 5 Years of Service and (iii) is not covered under Sub-Plan A 6-88

b)Reduction Factor:
•Rounding:  Round final factor to 5 decimal places
•Age basis:  Use Covered Life’s exact age in years and completed months
•Reduction formula:  
◦No reduction if earlier Annuity Commencement Date is on or after Covered Life’s age 62
◦No reduction if (i) there was a plant shutdown, as reasonably determined by the Employer and confirmed in written correspondence to Prudential and (ii) the Covered Life completed at least 30 Years of Service
◦Otherwise, 5% reduction per year from age 62 with a pro rata reduction for any monthly portion of a year 

Table I-B:  Earlier Annuity Commencement Date (Sub-Plan A 6-88 & Sub-Plan C)

a)Eligibility:  
•Sub-Plan A 6-88:  Covered Life (i) is at least 55 years of age and (ii) completed 5 Years of Service
•Sub-Plan C:  Covered Life (i) is at least 55 years of age, (ii) completed 10 Years of Service and (iii) is not covered under Sub-Plan C VT C03

b)Reduction Factor:

•Rounding:  Round final factor to 5 decimal places
•Age basis:  Use Covered Life’s exact age in years and completed months

						
	Commencement Age	Factor
	65	1.00000
	64	0.93330
	63	0.86670
	62	0.80000
	61	0.73330
	60	0.66670
	59	0.61620
	58	0.56560
	57	0.52700
	56	0.49210
	55	0.46050

Table I-C:  Earlier Annuity Commencement Date (Sub-Plan C VT C03)

a)Eligibility:  Covered Life (i) is at least 55 years of age and (ii) completed 10 Years of Service

b)Reduction Factor:
•Rounding:  Round final factor to 5 decimal places
•Age basis:  Use Covered Life’s exact age in years and completed months
•Reduction formula:  4% reduction per year with a pro rata reduction for any monthly portion of a year

Table I-D:  Earlier Annuity Commencement Date (Sub-Plan SAL)

a)Eligibility:  Covered Life (i) is at least 55 years of age and (ii) completed 10 Years of Service
 
b)Reduction Factor:
•Rounding:  Round final factor to 5 decimal places
•Age basis:  Use Covered Life’s exact age in years and completed months
•Reduction formula:  
◦No reduction if Covered Life (i) is age 62 or older on the earlier Annuity Commencement Date, (ii) is actively employed with the Employer as of November 30, 2020 and (iii) completed at least 15 Years of Service
◦Otherwise, 3% reduction per year from age 65 to 60; 5% reduction per year from age 60 to age 55, with a pro rata reduction for any monthly portion of a year

Table I-E:  Earlier Annuity Commencement Date prior to age 55 for Pre-Retirement Survivor Annuity (All Sub-Plans)

a)Applies to Pre-Retirement Survivor Annuity determined in accordance with Section 3.9, where the Covered Life’s death occurred prior to age 55

b)Reduction Factor:
•Age basis:  Use Covered Life’s exact age in years and completed months

•Reduction:  Age 55 factor from Table I-A, I-B, I-C, or I-D  (based on the respective Sub-Plan) further reduced by Actuarial Equivalence Basis A for each month the earlier Annuity Commencement Date precedes age 55

Table I-F:  Earlier Annuity Commencement Date (Sub-Plan A & B)

a)Eligibility:  (i) Covered Life is not eligible for Table I-A and (ii) the value of his or her Annuity Payments is $[ *** ] or less as determined in accordance with Section 3.6

b)Reduction factor:  Actuarial Equivalence Basis B

Table I-G:  Earlier Annuity Commencement Date (Sub-Plan C & SAL)

a)Eligibility:  (i) Covered Life is not eligible for Table I-B or Table I-C and (ii) the value of his or her Annuity Payments is $[ *** ] or less as determined in accordance with Section 3.6

b)Reduction factor:  Actuarial Equivalence Basis B 

Table I-H:  Later Annuity Commencement Date (Sub-Plan A & B)

•Age basis:  Use Covered Life’s exact age in years and completed months
•Increase factor:  Actuarial Equivalence Basis A

Table I-I:  Later Annuity Commencement Date (Sub-Plan C & SAL)

•Age basis:  Use Covered Life’s exact age in years and completed months
•Increase factor:  Actuarial Equivalence Basis A

Table II and III:  Conversion to Life with Period Certain Annuity (Sub-Plan C & SAL)

•Age basis:  Use age nearest birthday for Covered Life
•Conversion factor:  Actuarial Equivalence Basis A

Table IV through VI:  Conversion to Joint and Survivor Life Annuity (Sub-Plan C & SAL)

•Eligibility: Covered Lives under Sub-Plan C & SAL not eligible for a disability benefit 
•Age basis:  Use age nearest birthday for Covered Life and Contingent Life
•Conversion factor:  Actuarial Equivalence Basis A

Table VII through IX:  Conversion to Joint and Survivor Life Annuity with Pop Up (Sub-Plan A & B)

•Eligibility:  Covered Lives under Sub-Plan A & B not eligible for a disability benefit
•Age basis:  Use age nearest birthday for Covered Life and Contingent Life
•Conversion factor:  Actuarial Equivalence Basis A; provided that the conversion factor will reflect an actuarial adjustment for a standard Joint and Survivor Life Annuity with no further reduction for the pop-up feature

Table X and XI:  Conversion to Level Income Life Annuity or Level Income Life with Period Certain Annuity  

•Conversion factor:  Actuarial Equivalence Basis A or Actuarial Equivalence Basis B, whichever produces the greater Annuity Payment, calculated in accordance with Section 3.5

Table XII:  Lump Sum Payment Option and Small Annuity Payments

•Conversion factor:  Actuarial Equivalence Basis B, calculated in accordance with Section 3.6
Table XIII:  Conversion to Life Annuity with Deferred Cash Refund (Sub-Plan SAL)

•Age basis:  Use age nearest birthday for Covered Life at his or her Separation from Service (referred to in the tables below as Age at Term (a)) and/or age nearest birthday when coverage is revoked
•Initial Death Benefit calculation:  Multiply the Covered Life Amount by Initial Death Benefit Factor (b) from the table shown below
•Annuity Payment calculation:  
◦If coverage remains in effect on the unchanged Annuity Commencement Date:  Multiply the Covered Life Amount by Conversion Factor (c) from the table shown below
◦If coverage is revoked prior to the Annuity Commencement Date:  Multiply the Covered Life Amount by the Cost of Death Benefit Coverage if Revoked (d) from the table shown below, before applying any additional conversion factors for change in Annuity Commencement Date or Annuity Form

									
	Age at
Term
(a)
	Initial Death Benefit Factor
(b)
	Conversion Factor
(c)

			
	38	9.03471	0.96025
	39	9.81522	0.95810
	40	10.66424	0.95586
	41	11.58801	0.95256
	42	12.59357	0.94998
	43	13.68892	0.94735
	44	14.88292	0.94471
	45	16.18539	0.94209
	46	17.60723	0.93953
	47	19.16052	0.93706
	48	20.85871	0.93473
	49	22.71673	0.93159
	50	24.75124	0.92928
	51	26.98078	0.92720
	52	29.42594	0.92540
	53	32.10978	0.92393
	54	35.05820	0.92159
	55	38.30016	0.92036
	56	41.86828	0.91959
	57	45.79918	0.91813
	58	50.13433	0.91774
	59	54.92239	0.91802
	60	60.22432	0.91732
	61	66.10980	0.91854
	62	72.65793	0.91884
	63	79.95888	0.91998
	64	88.11883	0.92265
	65	97.26927	0.92459

																																													
	Cost of Death Benefit Coverage if Revoked (d)
		Age When Coverage is Revoked
	Age at Term (a)	38	39	40	41	42	43	44	45	46	47	48	49	50	51
	38	1.00000	0.99882	0.99765	0.99648	0.99531	0.99411	0.99286	0.99157	0.99022	0.98882	0.98737	0.98588	0.98435	0.98278
	39	-	1.00000	0.99873	0.99746	0.99618	0.99488	0.99353	0.99212	0.99066	0.98914	0.98756	0.98594	0.98427	0.98257
	40	-	-	1.00000	0.99862	0.99724	0.99582	0.99435	0.99282	0.99123	0.98958	0.98787	0.98611	0.98430	0.98245
	41	-	-	-	1.00000	0.99849	0.99695	0.99536	0.99370	0.99197	0.99018	0.98832	0.98640	0.98443	0.98242
	42	-	-	-	-	1.00000	0.99832	0.99659	0.99479	0.99291	0.99096	0.98894	0.98686	0.98472	0.98253
	43	-	-	-	-	-	1.00000	0.99812	0.99615	0.99411	0.99200	0.98980	0.98754	0.98521	0.98284
	44	-	-	-	-	-	-	1.00000	0.99787	0.99565	0.99335	0.99096	0.98850	0.98597	0.98339
	45	-	-	-	-	-	-	-	1.00000	0.99759	0.99508	0.99249	0.98981	0.98706	0.98425
	46	-	-	-	-	-	-	-	-	1.00000	0.99727	0.99445	0.99154	0.98855	0.98549
	47	-	-	-	-	-	-	-	-	-	1.00000	0.99693	0.99376	0.99050	0.98718
	48	-	-	-	-	-	-	-	-	-	-	1.00000	0.99655	0.99301	0.98939
	49	-	-	-	-	-	-	-	-	-	-	-	1.00000	0.99614	0.99220
	50	-	-	-	-	-	-	-	-	-	-	-	-	1.00000	0.99571
	51	-	-	-	-	-	-	-	-	-	-	-	-	-	1.00000
	52	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	53	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	54	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	55	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	56	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	57	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	58	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	59	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	60	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	61	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	62	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	63	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	64	-	-	-	-	-	-	-	-	-	-	-	-	-	-
	65	-	-	-	-	-	-	-	-	-	-	-	-	-	-

																																													
	Cost of Death Benefit Coverage if Revoked (d)
		Age When Coverage is Revoked
	Age at Term (a)	52	53	54	55	56	57	58	59	60	61	62	63	64	65
	38	0.98119	0.97958	0.97796	0.97633	0.97471	0.97309	0.97149	0.96990	0.96830	0.96670	0.96509	0.96348	0.96186	0.96025
	39	0.98084	0.97909	0.97733	0.97557	0.97380	0.97205	0.97031	0.96858	0.96684	0.96510	0.96335	0.96160	0.95985	0.95810
	40	0.98057	0.97867	0.97676	0.97484	0.97292	0.97101	0.96912	0.96724	0.96536	0.96347	0.96157	0.95966	0.95776	0.95586
	41	0.98038	0.97832	0.97624	0.97415	0.97207	0.97000	0.96794	0.96590	0.96385	0.96180	0.95973	0.95766	0.95560	0.95353
	42	0.98031	0.97807	0.97581	0.97355	0.97128	0.96903	0.96680	0.96458	0.96235	0.96012	0.95788	0.95563	0.95338	0.95113
	43	0.98042	0.97799	0.97553	0.97307	0.97061	0.96816	0.96573	0.96332	0.96090	0.95847	0.95603	0.95359	0.95115	0.94870
	44	0.98077	0.97812	0.97545	0.97277	0.97010	0.96743	0.96479	0.96217	0.95954	0.95690	0.95425	0.95159	0.94894	0.94628
	45	0.98140	0.97852	0.97561	0.97270	0.96980	0.96690	0.96403	0.96117	0.95832	0.95545	0.95256	0.94967	0.94679	0.94390
	46	0.98239	0.97925	0.97610	0.97293	0.96977	0.96662	0.96349	0.96039	0.95728	0.95416	0.95102	0.94788	0.94474	0.94159
	47	0.98381	0.98039	0.97695	0.97351	0.97007	0.96664	0.96324	0.95986	0.95648	0.95308	0.94966	0.94624	0.94283	0.93941
	48	0.98571	0.98200	0.97826	0.97451	0.97076	0.96703	0.96332	0.95965	0.95597	0.95227	0.94855	0.94483	0.94110	0.93738
	49	0.98820	0.98415	0.98008	0.97599	0.97191	0.96785	0.96381	0.95981	0.95580	0.95177	0.94772	0.94367	0.93962	0.93556
	50	0.99135	0.98694	0.98250	0.97804	0.97360	0.96917	0.96478	0.96041	0.95604	0.95165	0.94724	0.94282	0.93841	0.93399
	51	0.99525	0.99044	0.98560	0.98075	0.97590	0.97107	0.96628	0.96153	0.95677	0.95198	0.94717	0.94235	0.93754	0.93273
	52	1.00000	0.99476	0.98948	0.98419	0.97890	0.97364	0.96841	0.96323	0.95803	0.95281	0.94757	0.94232	0.93707	0.93181
	53	-	1.00000	0.99424	0.98847	0.98270	0.97695	0.97125	0.96559	0.95993	0.95423	0.94851	0.94278	0.93705	0.93132
	54	-	-	1.00000	0.99369	0.98740	0.98113	0.97490	0.96872	0.96253	0.95631	0.95007	0.94381	0.93756	0.93130
	55	-	-	-	1.00000	0.99312	0.98627	0.97947	0.97272	0.96596	0.95916	0.95234	0.94550	0.93867	0.93183
	56	-	-	-	-	1.00000	0.99251	0.98508	0.97770	0.97031	0.96288	0.95542	0.94795	0.94048	0.93300
	57	-	-	-	-	-	1.00000	0.99187	0.98380	0.97571	0.96759	0.95942	0.95125	0.94308	0.93491
	58	-	-	-	-	-	-	1.00000	0.99116	0.98231	0.97342	0.96448	0.95554	0.94659	0.93764
	59	-	-	-	-	-	-	-	1.00000	0.99030	0.98056	0.97077	0.96097	0.95117	0.94137
	60	-	-	-	-	-	-	-	-	1.00000	0.98932	0.97858	0.96783	0.95709	0.94634
	61	-	-	-	-	-	-	-	-	-	1.00000	0.98822	0.97642	0.96463	0.95283
	62	-	-	-	-	-	-	-	-	-	-	1.00000	0.98703	0.97407	0.96110
	63	-	-	-	-	-	-	-	-	-	-	-	1.00000	0.98574	0.97146
	64	-	-	-	-	-	-	-	-	-	-	-	-	1.00000	0.98427
	65	-	-	-	-	-	-	-	-	-	-	-	-	-	1.00000

Table XIV through XVI:  Conversion to Joint and Survivor Life Annuity with Pop Up 
(Disability Benefit Under Sub-Plan A & B)

•Eligibility: Subject to Section 3.3(b), Deferred Covered Life under Sub-Plan A or B becomes eligible for disability benefit after the Effective Date
•Conversion factor:  Actuarial Equivalence Basis C; provided that the conversion factor will reflect an actuarial adjustment for a standard Joint and Survivor Life Annuity with no further reduction for the pop-up feature

Table XVII through XIX:  Conversion to Joint and Survivor Life Annuity 
(Disability Benefit Under Sub-Plan C & SAL)

a)Eligibility: Subject to Section 3.3(b), (i) Deferred Covered Life under Sub-Plan C becomes eligible for disability benefit after the Effective Date or (ii) Deferred Covered Life under Sub-Plan SAL becomes eligible for partial disability benefit after the Effective Date
•Conversion factor:  Actuarial Equivalence Basis C

b)Eligibility: Subject to Section 3.3(b), Deferred Covered Life under Sub-Plan SAL becomes eligible for total disability benefit after the Effective Date
•Conversion factor provided in the tables below, using age nearest birthday for Covered Life and Contingent Life:

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 50% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	40	41	42	43	44	45	46	47	48	49	50	51	52
	Covered Life	40	0.93642	0.93723	0.93808	0.93896	0.93988	0.94084	0.94183	0.94286	0.94392	0.94502	0.94615	0.94732	0.94851
	41	0.93415	0.93498	0.93586	0.93678	0.93773	0.93872	0.93976	0.94082	0.94193	0.94307	0.94425	0.94546	0.94671
	42	0.93156	0.93243	0.93334	0.93428	0.93527	0.93630	0.93737	0.93848	0.93963	0.94082	0.94205	0.94332	0.94462
	43	0.92862	0.92952	0.93046	0.93144	0.93247	0.93353	0.93465	0.93580	0.93700	0.93824	0.93952	0.94084	0.94220
	44	0.92549	0.92641	0.92738	0.92840	0.92946	0.93057	0.93173	0.93293	0.93417	0.93547	0.93680	0.93818	0.93961
	45	0.92192	0.92287	0.92388	0.92493	0.92603	0.92718	0.92838	0.92963	0.93093	0.93227	0.93367	0.93511	0.93660
	46	0.91785	0.91884	0.91988	0.92097	0.92211	0.92330	0.92455	0.92585	0.92720	0.92860	0.93005	0.93156	0.93312
	47	0.91322	0.91424	0.91532	0.91644	0.91763	0.91886	0.92016	0.92150	0.92291	0.92437	0.92589	0.92746	0.92909
	48	0.90814	0.90920	0.91031	0.91147	0.91270	0.91398	0.91532	0.91672	0.91818	0.91971	0.92129	0.92293	0.92464
	49	0.90255	0.90363	0.90478	0.90598	0.90725	0.90858	0.90997	0.91143	0.91295	0.91453	0.91618	0.91790	0.91968
	50	0.89634	0.89746	0.89865	0.89989	0.90120	0.90258	0.90402	0.90553	0.90711	0.90876	0.91048	0.91227	0.91413
	51	0.88943	0.89059	0.89181	0.89309	0.89445	0.89587	0.89737	0.89894	0.90058	0.90229	0.90408	0.90595	0.90790
	52	0.88188	0.88307	0.88433	0.88566	0.88706	0.88854	0.89009	0.89171	0.89342	0.89520	0.89707	0.89901	0.90105
	53	0.87358	0.87481	0.87611	0.87748	0.87893	0.88045	0.88206	0.88374	0.88551	0.88737	0.88931	0.89134	0.89346
	54	0.86475	0.86601	0.86735	0.86877	0.87027	0.87185	0.87351	0.87526	0.87710	0.87903	0.88105	0.88316	0.88538
	55	0.85543	0.85674	0.85813	0.85959	0.86114	0.86278	0.86450	0.86632	0.86823	0.87024	0.87234	0.87455	0.87686
	56	0.84551	0.84686	0.84830	0.84981	0.85142	0.85312	0.85491	0.85679	0.85878	0.86087	0.86306	0.86537	0.86779
	57	0.83464	0.83604	0.83752	0.83910	0.84076	0.84252	0.84438	0.84634	0.84841	0.85059	0.85288	0.85529	0.85782
	58	0.82244	0.82389	0.82542	0.82706	0.82878	0.83061	0.83255	0.83459	0.83674	0.83902	0.84141	0.84392	0.84657
	59	0.80846	0.80997	0.81156	0.81325	0.81505	0.81695	0.81896	0.82108	0.82333	0.82569	0.82819	0.83082	0.83359
	60	0.79237	0.79392	0.79558	0.79733	0.79919	0.80117	0.80326	0.80547	0.80781	0.81027	0.81288	0.81563	0.81852
	61	0.77372	0.77533	0.77704	0.77886	0.78080	0.78284	0.78502	0.78732	0.78975	0.79232	0.79504	0.79790	0.80093
	62	0.75200	0.75366	0.75544	0.75732	0.75933	0.76145	0.76371	0.76610	0.76863	0.77130	0.77414	0.77713	0.78029
	63	0.72656	0.72828	0.73012	0.73207	0.73415	0.73635	0.73869	0.74117	0.74380	0.74658	0.74953	0.75265	0.75595
	64	0.69664	0.69841	0.70031	0.70233	0.70447	0.70675	0.70918	0.71174	0.71447	0.71736	0.72042	0.72366	0.72710
	65	0.66126	0.66309	0.66504	0.66712	0.66934	0.67169	0.67419	0.67685	0.67967	0.68266	0.68583	0.68919	0.69276

GAA-9063-TRUE-UP    

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 50% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	53	54	55	56	57	58	59	60	61	62	63	64	65
	Covered Life	40	0.94974	0.95101	0.95230	0.95362	0.95497	0.95634	0.95774	0.95916	0.96059	0.96203	0.96349	0.96496	0.96643
	41	0.94799	0.94931	0.95066	0.95204	0.95345	0.95488	0.95634	0.95782	0.95932	0.96083	0.96234	0.96387	0.96540
	42	0.94596	0.94734	0.94875	0.95019	0.95167	0.95317	0.95470	0.95624	0.95781	0.95939	0.96098	0.96257	0.96418
	43	0.94360	0.94505	0.94652	0.94803	0.94958	0.95116	0.95276	0.95438	0.95602	0.95768	0.95935	0.96102	0.96271
	44	0.94107	0.94258	0.94413	0.94572	0.94734	0.94899	0.95067	0.95238	0.95411	0.95585	0.95760	0.95937	0.96113
	45	0.93813	0.93972	0.94134	0.94300	0.94471	0.94645	0.94822	0.95002	0.95184	0.95367	0.95552	0.95738	0.95924
	46	0.93473	0.93638	0.93809	0.93984	0.94163	0.94346	0.94533	0.94723	0.94915	0.95109	0.95304	0.95501	0.95698
	47	0.93078	0.93252	0.93431	0.93615	0.93804	0.93997	0.94194	0.94394	0.94597	0.94802	0.95010	0.95218	0.95427
	48	0.92640	0.92823	0.93011	0.93204	0.93403	0.93607	0.93815	0.94026	0.94241	0.94459	0.94679	0.94900	0.95122
	49	0.92153	0.92344	0.92542	0.92745	0.92955	0.93169	0.93389	0.93613	0.93841	0.94071	0.94305	0.94540	0.94777
	50	0.91607	0.91807	0.92015	0.92229	0.92449	0.92676	0.92908	0.93145	0.93386	0.93631	0.93879	0.94129	0.94382
	51	0.90992	0.91202	0.91420	0.91645	0.91877	0.92116	0.92362	0.92613	0.92868	0.93128	0.93392	0.93658	0.93927
	52	0.90316	0.90536	0.90765	0.91001	0.91246	0.91498	0.91757	0.92023	0.92294	0.92570	0.92850	0.93134	0.93421
	53	0.89567	0.89798	0.90037	0.90286	0.90543	0.90809	0.91083	0.91363	0.91651	0.91944	0.92242	0.92545	0.92851
	54	0.88769	0.89010	0.89261	0.89522	0.89793	0.90073	0.90362	0.90660	0.90964	0.91275	0.91593	0.91915	0.92242
	55	0.87928	0.88180	0.88444	0.88718	0.89003	0.89299	0.89604	0.89918	0.90241	0.90572	0.90909	0.91253	0.91602
	56	0.87032	0.87297	0.87573	0.87862	0.88162	0.88473	0.88796	0.89129	0.89471	0.89823	0.90182	0.90548	0.90921
	57	0.86047	0.86325	0.86615	0.86919	0.87235	0.87564	0.87905	0.88258	0.88621	0.88995	0.89378	0.89769	0.90168
	58	0.84935	0.85226	0.85532	0.85851	0.86185	0.86532	0.86893	0.87267	0.87653	0.88050	0.88458	0.88876	0.89303
	59	0.83650	0.83956	0.84277	0.84613	0.84965	0.85332	0.85714	0.86110	0.86520	0.86943	0.87378	0.87825	0.88282
	60	0.82157	0.82478	0.82816	0.83169	0.83540	0.83928	0.84332	0.84751	0.85187	0.85637	0.86101	0.86579	0.87069
	61	0.80413	0.80749	0.81103	0.81476	0.81866	0.82275	0.82702	0.83147	0.83609	0.84088	0.84583	0.85094	0.85619
	62	0.78363	0.78716	0.79087	0.79478	0.79890	0.80321	0.80772	0.81243	0.81733	0.82242	0.82769	0.83315	0.83877
	63	0.75943	0.76312	0.76701	0.77112	0.77544	0.77998	0.78475	0.78972	0.79491	0.80032	0.80592	0.81174	0.81775
	64	0.73074	0.73458	0.73865	0.74295	0.74749	0.75226	0.75727	0.76253	0.76801	0.77373	0.77969	0.78588	0.79229
	65	0.69654	0.70055	0.70479	0.70928	0.71402	0.71903	0.72429	0.72982	0.73560	0.74164	0.74795	0.75451	0.76133

GAA-9063-TRUE-UP    

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 75% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	40	41	42	43	44	45	46	47	48	49	50	51	52
	Covered Life	40	0.87169	0.87307	0.87452	0.87604	0.87763	0.87929	0.88103	0.88284	0.88472	0.88668	0.88872	0.89083	0.89302
	41	0.86801	0.86942	0.87090	0.87245	0.87408	0.87578	0.87756	0.87942	0.88136	0.88337	0.88546	0.88763	0.88989
	42	0.86385	0.86529	0.86680	0.86839	0.87005	0.87180	0.87362	0.87553	0.87751	0.87958	0.88173	0.88397	0.88629
	43	0.85915	0.86062	0.86216	0.86379	0.86549	0.86728	0.86915	0.87110	0.87314	0.87526	0.87747	0.87977	0.88216
	44	0.85424	0.85574	0.85732	0.85897	0.86072	0.86254	0.86446	0.86646	0.86855	0.87073	0.87300	0.87537	0.87783
	45	0.84870	0.85022	0.85183	0.85352	0.85530	0.85717	0.85913	0.86118	0.86332	0.86556	0.86790	0.87033	0.87286
	46	0.84243	0.84398	0.84562	0.84735	0.84916	0.85107	0.85307	0.85517	0.85737	0.85967	0.86206	0.86456	0.86717
	47	0.83535	0.83693	0.83859	0.84035	0.84221	0.84415	0.84620	0.84835	0.85059	0.85295	0.85541	0.85797	0.86065
	48	0.82772	0.82933	0.83102	0.83282	0.83470	0.83669	0.83878	0.84097	0.84327	0.84568	0.84820	0.85083	0.85358
	49	0.81947	0.82110	0.82283	0.82465	0.82657	0.82859	0.83072	0.83296	0.83531	0.83777	0.84035	0.84305	0.84587
	50	0.81050	0.81215	0.81390	0.81575	0.81770	0.81976	0.82193	0.82421	0.82661	0.82913	0.83177	0.83453	0.83743
	51	0.80068	0.80236	0.80413	0.80601	0.80799	0.81009	0.81229	0.81462	0.81706	0.81963	0.82233	0.82515	0.82812
	52	0.79025	0.79195	0.79374	0.79565	0.79766	0.79979	0.80203	0.80439	0.80688	0.80950	0.81226	0.81514	0.81818
	53	0.77908	0.78079	0.78261	0.78454	0.78658	0.78874	0.79102	0.79342	0.79596	0.79863	0.80143	0.80438	0.80748
	54	0.76770	0.76944	0.77128	0.77323	0.77530	0.77749	0.77981	0.78225	0.78483	0.78755	0.79041	0.79342	0.79659
	55	0.75635	0.75810	0.75997	0.76195	0.76406	0.76628	0.76863	0.77112	0.77375	0.77652	0.77944	0.78252	0.78575
	56	0.74492	0.74670	0.74860	0.75061	0.75275	0.75501	0.75741	0.75994	0.76262	0.76545	0.76843	0.77158	0.77490
	57	0.73299	0.73480	0.73673	0.73878	0.74095	0.74326	0.74570	0.74828	0.75102	0.75391	0.75696	0.76018	0.76358
	58	0.72008	0.72192	0.72389	0.72597	0.72818	0.73053	0.73302	0.73566	0.73845	0.74141	0.74453	0.74783	0.75131
	59	0.70568	0.70755	0.70954	0.71166	0.71392	0.71631	0.71885	0.72154	0.72439	0.72741	0.73060	0.73397	0.73754
	60	0.68946	0.69136	0.69339	0.69555	0.69784	0.70028	0.70286	0.70561	0.70851	0.71159	0.71486	0.71831	0.72196
	61	0.67108	0.67301	0.67507	0.67726	0.67959	0.68207	0.68470	0.68749	0.69046	0.69360	0.69693	0.70046	0.70420
	62	0.65008	0.65204	0.65413	0.65635	0.65872	0.66123	0.66391	0.66675	0.66977	0.67297	0.67637	0.67997	0.68379
	63	0.62594	0.62792	0.63003	0.63229	0.63468	0.63724	0.63995	0.64284	0.64590	0.64916	0.65261	0.65628	0.66018
	64	0.59801	0.60000	0.60214	0.60441	0.60684	0.60942	0.61217	0.61509	0.61820	0.62150	0.62501	0.62873	0.63269
	65	0.56549	0.56750	0.56964	0.57193	0.57438	0.57698	0.57975	0.58270	0.58584	0.58918	0.59273	0.59650	0.60051

GAA-9063-TRUE-UP    

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 75% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	53	54	55	56	57	58	59	60	61	62	63	64	65
	Covered Life	40	0.89529	0.89763	0.90005	0.90255	0.90512	0.90776	0.91046	0.91323	0.91605	0.91891	0.92182	0.92477	0.92775
	41	0.89222	0.89464	0.89713	0.89971	0.90236	0.90508	0.90788	0.91073	0.91364	0.91661	0.91961	0.92266	0.92574
	42	0.88869	0.89118	0.89376	0.89641	0.89915	0.90197	0.90486	0.90781	0.91082	0.91389	0.91700	0.92016	0.92335
	43	0.88464	0.88720	0.88986	0.89261	0.89544	0.89835	0.90134	0.90440	0.90752	0.91070	0.91392	0.91720	0.92051
	44	0.88038	0.88303	0.88577	0.88861	0.89153	0.89455	0.89764	0.90081	0.90405	0.90734	0.91069	0.91409	0.91754
	45	0.87549	0.87822	0.88105	0.88398	0.88701	0.89013	0.89333	0.89662	0.89998	0.90340	0.90689	0.91042	0.91400
	46	0.86988	0.87269	0.87561	0.87864	0.88177	0.88500	0.88832	0.89173	0.89522	0.89878	0.90240	0.90609	0.90982
	47	0.86344	0.86634	0.86936	0.87248	0.87572	0.87906	0.88250	0.88604	0.88966	0.89337	0.89714	0.90098	0.90487
	48	0.85645	0.85944	0.86255	0.86577	0.86912	0.87258	0.87615	0.87981	0.88358	0.88743	0.89135	0.89536	0.89942
	49	0.84882	0.85190	0.85510	0.85843	0.86188	0.86546	0.86915	0.87296	0.87686	0.88087	0.88495	0.88913	0.89337
	50	0.84045	0.84361	0.84691	0.85034	0.85390	0.85760	0.86142	0.86537	0.86942	0.87358	0.87783	0.88218	0.88660
	51	0.83122	0.83447	0.83785	0.84138	0.84506	0.84888	0.85283	0.85691	0.86111	0.86543	0.86985	0.87438	0.87900
	52	0.82136	0.82468	0.82816	0.83179	0.83558	0.83952	0.84360	0.84782	0.85217	0.85665	0.86125	0.86596	0.87077
	53	0.81073	0.81414	0.81771	0.82144	0.82534	0.82939	0.83361	0.83797	0.84248	0.84712	0.85189	0.85679	0.86180
	54	0.79992	0.80341	0.80707	0.81090	0.81491	0.81909	0.82343	0.82794	0.83260	0.83741	0.84237	0.84745	0.85267
	55	0.78916	0.79274	0.79650	0.80044	0.80456	0.80886	0.81335	0.81800	0.82283	0.82781	0.83295	0.83824	0.84367
	56	0.77839	0.78206	0.78592	0.78997	0.79422	0.79865	0.80328	0.80810	0.81309	0.81826	0.82360	0.82909	0.83475
	57	0.76716	0.77093	0.77490	0.77907	0.78344	0.78802	0.79280	0.79779	0.80296	0.80832	0.81387	0.81959	0.82548
	58	0.75498	0.75886	0.76294	0.76723	0.77174	0.77647	0.78141	0.78657	0.79193	0.79750	0.80327	0.80922	0.81537
	59	0.74131	0.74529	0.74949	0.75391	0.75855	0.76343	0.76854	0.77388	0.77944	0.78522	0.79122	0.79742	0.80383
	60	0.72583	0.72991	0.73422	0.73877	0.74356	0.74860	0.75388	0.75940	0.76516	0.77116	0.77740	0.78386	0.79055
	61	0.70816	0.71234	0.71677	0.72145	0.72638	0.73157	0.73702	0.74273	0.74870	0.75493	0.76141	0.76814	0.77512
	62	0.68783	0.69212	0.69666	0.70146	0.70653	0.71188	0.71750	0.72340	0.72958	0.73603	0.74276	0.74976	0.75704
	63	0.66431	0.66869	0.67334	0.67826	0.68346	0.68896	0.69475	0.70083	0.70721	0.71389	0.72086	0.72814	0.73571
	64	0.63690	0.64137	0.64611	0.65114	0.65647	0.66210	0.66805	0.67431	0.68088	0.68778	0.69499	0.70253	0.71039
	65	0.60478	0.60932	0.61414	0.61927	0.62470	0.63046	0.63654	0.64296	0.64971	0.65680	0.66423	0.67202	0.68016

GAA-9063-TRUE-UP    

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 100% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	40	41	42	43	44	45	46	47	48	49	50	51	52
	Covered Life
	40	0.81533	0.81713	0.81902	0.82102	0.82311	0.82530	0.82760	0.83000	0.83251	0.83513	0.83786	0.84070	0.84366
	41	0.81062	0.81244	0.81437	0.81639	0.81852	0.82075	0.82309	0.82554	0.82810	0.83078	0.83356	0.83647	0.83950
	42	0.80531	0.80717	0.80912	0.81118	0.81334	0.81561	0.81799	0.82049	0.82310	0.82583	0.82867	0.83164	0.83474
	43	0.79935	0.80123	0.80321	0.80530	0.80749	0.80980	0.81222	0.81476	0.81742	0.82021	0.82311	0.82614	0.82931
	44	0.79318	0.79509	0.79709	0.79921	0.80144	0.80378	0.80625	0.80883	0.81154	0.81438	0.81734	0.82044	0.82367
	45	0.78625	0.78817	0.79020	0.79235	0.79461	0.79699	0.79949	0.80212	0.80487	0.80776	0.81078	0.81394	0.81724
	46	0.77846	0.78040	0.78245	0.78462	0.78691	0.78932	0.79186	0.79452	0.79732	0.80026	0.80333	0.80655	0.80992
	47	0.76971	0.77167	0.77374	0.77593	0.77824	0.78068	0.78325	0.78595	0.78879	0.79177	0.79489	0.79817	0.80160
	48	0.76039	0.76236	0.76445	0.76665	0.76899	0.77145	0.77405	0.77678	0.77966	0.78268	0.78585	0.78918	0.79267
	49	0.75040	0.75238	0.75449	0.75671	0.75906	0.76155	0.76417	0.76693	0.76984	0.77290	0.77612	0.77949	0.78304
	50	0.73966	0.74165	0.74376	0.74600	0.74836	0.75087	0.75351	0.75630	0.75923	0.76233	0.76558	0.76900	0.77260
	51	0.72804	0.73003	0.73215	0.73440	0.73678	0.73929	0.74195	0.74476	0.74772	0.75084	0.75413	0.75759	0.76123
	52	0.71587	0.71787	0.71999	0.72224	0.72463	0.72715	0.72983	0.73265	0.73563	0.73878	0.74210	0.74559	0.74927
	53	0.70303	0.70503	0.70715	0.70941	0.71180	0.71433	0.71702	0.71985	0.72285	0.72602	0.72936	0.73288	0.73659
	54	0.69024	0.69224	0.69437	0.69663	0.69903	0.70157	0.70426	0.70711	0.71013	0.71332	0.71668	0.72024	0.72399
	55	0.67783	0.67983	0.68197	0.68423	0.68664	0.68920	0.69191	0.69478	0.69781	0.70103	0.70442	0.70801	0.71180
	56	0.66571	0.66772	0.66987	0.67215	0.67457	0.67714	0.67987	0.68277	0.68583	0.68907	0.69251	0.69613	0.69997
	57	0.65341	0.65543	0.65759	0.65988	0.66232	0.66491	0.66767	0.67059	0.67368	0.67696	0.68043	0.68411	0.68799
	58	0.64038	0.64242	0.64459	0.64690	0.64936	0.65198	0.65475	0.65770	0.66083	0.66414	0.66766	0.67138	0.67532
	59	0.62607	0.62812	0.63031	0.63263	0.63511	0.63775	0.64055	0.64352	0.64668	0.65003	0.65358	0.65735	0.66134
	60	0.61021	0.61227	0.61447	0.61681	0.61930	0.62195	0.62477	0.62777	0.63096	0.63434	0.63793	0.64174	0.64578
	61	0.59248	0.59455	0.59675	0.59910	0.60161	0.60428	0.60711	0.61013	0.61334	0.61675	0.62038	0.62422	0.62831
	62	0.57250	0.57457	0.57678	0.57914	0.58165	0.58433	0.58718	0.59021	0.59344	0.59687	0.60052	0.60440	0.60852
	63	0.54980	0.55187	0.55408	0.55644	0.55896	0.56164	0.56450	0.56754	0.57078	0.57423	0.57789	0.58179	0.58595
	64	0.52384	0.52590	0.52810	0.53046	0.53297	0.53565	0.53850	0.54155	0.54479	0.54824	0.55191	0.55582	0.55999
	65	0.49394	0.49599	0.49818	0.50052	0.50301	0.50568	0.50852	0.51154	0.51477	0.51821	0.52188	0.52578	0.52994

GAA-9063-TRUE-UP    

																																													
	Total Disability Benefit Under Sub-Plan SAL; Conversion to 100% Joint & Survivor Life Annuity
	 	 	Contingent Life
	 	Age	53	54	55	56	57	58	59	60	61	62	63	64	65
	Covered Life	40	0.84673	0.84993	0.85324	0.85667	0.86021	0.86387	0.86763	0.87150	0.87545	0.87949	0.88361	0.88780	0.89205
	41	0.84264	0.84591	0.84931	0.85282	0.85646	0.86022	0.86408	0.86806	0.87212	0.87628	0.88051	0.88483	0.88921
	42	0.83796	0.84131	0.84479	0.84840	0.85213	0.85599	0.85996	0.86405	0.86823	0.87251	0.87688	0.88132	0.88584
	43	0.83261	0.83604	0.83960	0.84330	0.84713	0.85110	0.85518	0.85939	0.86370	0.86811	0.87261	0.87720	0.88186
	44	0.82704	0.83056	0.83421	0.83800	0.84194	0.84601	0.85021	0.85454	0.85898	0.86352	0.86817	0.87290	0.87772
	45	0.82069	0.82428	0.82802	0.83191	0.83595	0.84013	0.84445	0.84890	0.85348	0.85817	0.86296	0.86785	0.87284
	46	0.81344	0.81711	0.82094	0.82493	0.82907	0.83336	0.83780	0.84238	0.84709	0.85192	0.85687	0.86193	0.86709
	47	0.80519	0.80894	0.81285	0.81692	0.82116	0.82557	0.83013	0.83483	0.83968	0.84467	0.84977	0.85500	0.86034
	48	0.79632	0.80014	0.80414	0.80830	0.81264	0.81715	0.82183	0.82667	0.83165	0.83679	0.84205	0.84745	0.85297
	49	0.78675	0.79064	0.79472	0.79897	0.80340	0.80802	0.81281	0.81777	0.82290	0.82818	0.83360	0.83917	0.84487
	50	0.77637	0.78033	0.78447	0.78880	0.79333	0.79805	0.80295	0.80804	0.81329	0.81872	0.82430	0.83005	0.83593
	51	0.76505	0.76907	0.77328	0.77769	0.78230	0.78711	0.79212	0.79732	0.80271	0.80828	0.81402	0.81992	0.82599
	52	0.75314	0.75721	0.76148	0.76596	0.77065	0.77555	0.78066	0.78598	0.79149	0.79719	0.80309	0.80916	0.81540
	53	0.74051	0.74462	0.74895	0.75350	0.75826	0.76325	0.76846	0.77388	0.77951	0.78535	0.79138	0.79762	0.80404
	54	0.72794	0.73210	0.73649	0.74110	0.74594	0.75101	0.75631	0.76184	0.76759	0.77356	0.77974	0.78613	0.79273
	55	0.71580	0.72002	0.72446	0.72914	0.73406	0.73922	0.74463	0.75027	0.75614	0.76225	0.76858	0.77513	0.78191
	56	0.70402	0.70830	0.71282	0.71757	0.72258	0.72784	0.73335	0.73911	0.74512	0.75137	0.75786	0.76459	0.77155
	57	0.69211	0.69645	0.70104	0.70588	0.71098	0.71634	0.72197	0.72786	0.73401	0.74041	0.74707	0.75399	0.76115
	58	0.67949	0.68391	0.68857	0.69350	0.69870	0.70417	0.70991	0.71594	0.72223	0.72880	0.73564	0.74275	0.75013
	59	0.66557	0.67005	0.67480	0.67981	0.68510	0.69068	0.69655	0.70271	0.70915	0.71589	0.72291	0.73022	0.73782
	60	0.65007	0.65462	0.65943	0.66453	0.66991	0.67560	0.68159	0.68788	0.69448	0.70138	0.70858	0.71610	0.72392
	61	0.63265	0.63725	0.64214	0.64731	0.65279	0.65858	0.66468	0.67111	0.67785	0.68491	0.69230	0.70002	0.70807
	62	0.61291	0.61757	0.62251	0.62776	0.63332	0.63920	0.64541	0.65196	0.65884	0.66607	0.67363	0.68155	0.68982
	63	0.59036	0.59506	0.60006	0.60536	0.61099	0.61696	0.62327	0.62993	0.63694	0.64431	0.65205	0.66015	0.66864
	64	0.56442	0.56915	0.57418	0.57953	0.58521	0.59124	0.59763	0.60439	0.61151	0.61901	0.62689	0.63517	0.64384
	65	0.53438	0.53911	0.54416	0.54953	0.55524	0.56131	0.56776	0.57458	0.58178	0.58937	0.59738	0.60579	0.61464

GAA-9063-TRUE-UP    

The Prudential
    Insurance Company
    of America
AMENDMENT dated July 28, 2021 ("Amendment")
OF 
GROUP ANNUITY CONTRACT NO. [ *** ] (the “Contract”)

WHEREAS:

1.Boise Cascade Company for the exclusive benefit of participants and beneficiaries of the Plan (the “Contract-Holder”) and The Prudential Insurance Company of America ("Prudential") entered into the Contract, effective August 6, 2020.

2.The Contract-Holder and Prudential desire to amend the Contract pursuant to Section 1.2 thereof, effective
July 28, 2021 (the "Amendment Date"), as provided herein. 

NOW, THEREFORE, THE PARTIES AGREE AND CONFIRM AS FOLLOWS:

1.    Effective on the Amendment Date: (i) the Cover Page, Table of Contents and Annuity Exhibits, as constituted immediately prior to this Amendment, are hereby replaced by the amended and restated Cover Page, Table of Contents and Annuity Exhibits attached hereto, and (ii) the attached Cash and Transferred Assets Exhibit Supplement dated July 28, 2021 is added to and made part of the Contract. 

2.    On the Amendment Date, [ *** ] shall pay the Contribution Adjustment Amount and the Interest Due on Contribution Adjustment Amount as of July 28, 2021 (as defined in the Cash and Transferred Assets Exhibit Supplement) to [ *** ], as provided under the Contract and as described on the amended Cover Page and in the Cash and Transferred Assets Exhibit Supplement dated July 28, 2021, attached hereto.
    
3.After giving effect to this Amendment, references in the Contract to “Contract” shall mean the Contract as amended by this Amendment, and references to “Cover Page” and “Annuity Exhibits” shall mean the Cover Page and Annuity Exhibits attached hereto.

Except as expressly set forth herein, the terms and conditions of the Contract shall be unaffected by this Amendment and remain in full force and effect. All terms capitalized but not otherwise defined herein, shall have the meanings ascribed to them in the Contract. 

						
	BOISE CASCADE COMPANY for the exclusive benefit of participants and beneficiaries of the Plan

By: /s/ Kelly Hibbs                     
Title: SVP, CFO & Treasurer

Print Name: Kelly Hibbs           

Date: 7/28/21          
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By: /s/ Stephen D. Mayernick          
Title: Second Vice President

Print Name: Stephen D. Mayernick

Date: July 28, 2021      

GAA-9063-TRUE-UP    

 

 The Prudential Insurance Company of America
 Newark, New Jersey 

						
	Contract-Holder:

Boise Cascade Company for the exclusive benefit of participants and beneficiaries of the Plan
	Plan:

Boise Cascade Company Pension Plan

	Employer: 

Boise Cascade Company

	Group Annuity Contract No.:

[ *** ]
	Jurisdiction:

Idaho

	Effective Date:

August 6, 2020

Amendment Date:

July 28, 2021
	Contribution Amount as of Effective Date: 
[ *** ]

Contribution Adjustment Amount as of July 28, 2021:
[ *** ] 

Total Contribution Amount as of July 28, 2021:
[ *** ]

	Pages Attached: 1-43, Cash and Transferred Assets Exhibit, Cash and Transferred Assets Exhibit Supplement, Tables and Annuity Exhibits

						
	BOISE CASCADE COMPANY for the exclusive benefit of participants and beneficiaries of the Plan

	THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA 
751 Broad Street
Newark, NJ 07102

	By:    /s/ Kelly Hibbs
    Title: SVP, CFO & Treasurer

Date: 7/28/21

  
	/s/ Charles F. Lowrey                                                        Chief Executive Officer

/s/ Margaret M. Foran
Secretary

Attest: /s/ Stephen Mayernick     

Date: July 28, 2021

Single-Premium Non-Participating Group Annuity Contract supported by a Separate Account providing for Annuity Payments, subject to the provisions of this Contract.  The Annuity Payments hereunder do not vary based on any gains or losses of the assets held in the Separate Account.

GAA-9063[ *** ]     

TABLE OF CONTENTS
 

PROVISION I    DEFINITIONS, SEPARATE ACCOUNT OPERATION AND TERMINATION OF CONTRACT    4
1.1    Definitions    4
1.2    Agreement to Pay Contribution Amount; Deposit into the Separate Account    8
1.3    Agreement to Make Annuity Payments; Associated Withdrawals from the Separate Account    9
1.4    The Separate Account that Supports this Contract    9
1.5    Investments Held in Separate Account; Insulation of Separate Account Assets    10
1.6    Insulation of Separate Account Assets    10
1.7    Expenses; Establishing Reserves; [ *** ]    10
1.8    Process for Making Annuity Payments    11
1.9    Persons Entitled to Enforce this Contract    11
1.10    Buy-Out Conversion    11
1.11    Termination of Contract; Surrender of Contract by Contract-Holder    13
PROVISION II    PAYMENT OF ANNUITY PAYMENTS TO CONTRACT-HOLDER PRIOR TO BUY-OUT CONVERSION    16
2.1    General    16
2.2    Monthly Payment Process    16
2.3    Records Reconciliation Process; Adherence to Code and ERISA    16
2.4    Over-reimbursements and Under-reimbursements by Prudential    17
2.5    Concerning Beneficiaries    18
2.6    Concerning Qualified Domestic Relations Orders    18
PROVISION III    PAYMENT TERMS AND CONDITIONS FOR FORMS OF ANNUITIES    20
3.1    Covered Lives, Contingent Lives, and Beneficiaries    20
3.2    Definitions    20
3.3    Annuity Forms    20
3.4    Annuity Change Procedure/Conditions    29
3.5    Change in Annuity Form    29
3.6    Lump Sum Payment Option    31
3.7    Earlier Annuity Commencement Date    32
3.8    Later Annuity Commencement Date    32
3.9    Pre-Retirement Survivor Annuity    34
3.10    Small Annuity Payments to Covered Lives    37
3.11    No Assignment by Covered Lives and Contingent Lives    37
3.12    Proof of Continued Existence for Life Annuities; Escheatment    37
3.13    Data Misstatements    38
3.14    Concerning Designations    39
3.15    Concerning Qualified Domestic Relations Orders    40
3.16    Payments to Representatives    40
3.17    Certificates    40
3.18    Purchase of Additional Annuities after the Data Finalization Date    41
PROVISION IV    GENERAL TERMS    42
4.1    Communications    42
4.2    Currency; Payments    42
4.3    Reliance on Records; Correction of Errors    42
4.4    Contract-Holder; Successor    42
4.5    No Implied Waiver    43
GAA-9063[ *** ]     

4.6    Changes    43
4.7    Entire Contract - Construction    43
4.8    Third Party Beneficiaries    43

TABLES
CASH AND TRANSFERRED ASSETS EXHIBIT
CASH AND TRANSFERRED ASSETS EXHIBIT SUPPLEMENT
ANNUITY EXHIBITS

GA-48133

CASH AND TRANSFERRED ASSETS EXHIBIT SUPPLEMENT    

As of July 28, 2021
                                                    [* * *]
									
	A.	

Total Contribution Amount, determined as of August 6, 2020:
	[ *** ]
	B.	Total Contribution Amount, determined as of July 28, 2021:	[ *** ]
	C.	Payment due from [ *** ] resulting from the difference between the Total Contribution Amount determined as of August 6, 2020 and July 28, 2021 (B-A) (“Contribution Adjustment Amount”):
	[ *** ]
	D.	Interest Rate:	[ *** ]
	E.	Interest due from [ *** ] on the Contribution Adjustment Amount, calculated from August 6, 2020 to and excluding July 23, 2021, as agreed to, using stated Interest Rate (D) (“Interest Due on Contribution Adjustment Amount”):
	[ *** ]
	Payments from [ *** ]:

 (i) Adjustment Amount, as of July 28, 2021 (C): 
 

(ii) Interest Due on Premium Adjustment Amount (E):

(iii) Full Contractual Premium Due on July 28, 2021 ((i)+(ii)):

(iv) Non-Contractual Reconciliation Adjustment (credit):

(v) Interest on Item (iv) (credit): 

(vi) Discounted Premium Due (agreed to at 7/22/2021 meeting) on July 28, 2021:

(vii) Portion of Item (vi) considered Principal (Contribution Adjustment Amount for Cover Page of Contract): 

(viii) Portion of Item (vi) considered Interest: 

(ix) Total Contribution Amount for Cover Page of Contract ((A) + (vii)):

	

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]

[ *** ]

ANNUITY EXHIBITS

The Annuity Exhibits list each Covered Life, Contingent Life or other person entitled to receive payments under this Contract plus information that applies to each such Covered Life, Contingent Life or other person.  The Annuity Exhibits are attached to and made a part of this Contract in the form of the data file titled “[ *** ] [ *** ]” with SHA256 hash code:

[ *** ]

Such data file was made available by Prudential to the Contract-Holder on [ *** ] via the secure website of Intralinks or its applicable affiliate.  The Contract-Holder acknowledges that it has had access to, has downloaded and maintains a copy of, and agrees with, the contents of such data file.Exhibit 4.2

    

    
      

      

      FORM OF INDENTURE

      between

      VERIZON MASTER TRUST,

        as Trust

      and

      U.S. BANK NATIONAL ASSOCIATION,

        as Indenture Trustee and Note Paying Agent

    

    
      

      

      Dated as of November 4, 2021

      

      

    

    
      

      

      SERIES 2021-2

      

      

    

    
      
        

    

    
    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2

          	
            Incorporation by Reference of Trust Indenture Act

          	
            11

          
	
            ARTICLE II

          	
            THE NOTES

          	
            12

          
	
            Section 2.1

          	
            Form of Notes

          	
            12

          
	
            Section 2.2

          	
            Execution, Authentication and Delivery

          	
            12

          
	
            Section 2.3

          	
            Tax Treatment

          	
            13

          
	
            Section 2.4

          	
            Note Register

          	
            13

          
	
            Section 2.5

          	
            Registration of Transfer and Exchange

          	
            13

          
	
            Section 2.6

          	
            [Reserved]

          	
            15

          
	
            Section 2.7

          	
            Mutilated, Destroyed, Lost or Stolen Notes

          	
            15

          
	
            Section 2.8

          	
            Persons Deemed Owners

          	
            15

          
	
            Section 2.9

          	
            Payments on Notes

          	
            16

          
	
            Section 2.10

          	
            Cancellation of Notes

          	
            17

          
	
            Section 2.11

          	
            Release of Series 2021-2 Collateral

          	
            17

          
	
            Section 2.12

          	
            Book-Entry Notes

          	
            17

          
	
            Section 2.13

          	
            Definitive Notes

          	
            18

          
	
            Section 2.14

          	
            Authenticating Agents

          	
            19

          
	
            Section 2.15

          	
            Note Paying Agents

          	
            19

          
	
            ARTICLE III

          	
            COVENANTS, REPRESENTATIONS AND WARRANTIES

          	
            19

          
	
            Section 3.1

          	
            Payment of Principal, Interest and Other Amounts

          	
            19

          
	
            Section 3.2

          	
            Maintenance of Office or Agency

          	
            19

          
	
            Section 3.3

          	
            Money for Payments To Be Held in Trust

          	
            20

          
	
            Section 3.4

          	
            Existence

          	
            21

          
	
            Section 3.5

          	
            Protection of Collateral

          	
            21

          
	
            Section 3.6

          	
            Performance of Obligations

          	
            22

          
	
            Section 3.7

          	
            Negative Covenants

          	
            22

          
	
            Section 3.8

          	
            Opinions on Collateral

          	
            23

          
	
            Section 3.9

          	
            Annual Certificate of Compliance

          	
            24

          
	
            Section 3.10

          	
            Successor or Transferee

          	
            24

          
	
            Section 3.11

          	
            Further Acts and Documents

          	
            24

          
	
            Section 3.12

          	
            Review of Trust’s Records

          	
            24

          
	
            Section 3.13

          	
            Trust’s Representations and Warranties

          	
            24

          

    

    

    
      ii

      
        

    

    	
            Section 3.14

          	
            Trust’s Representations and Warranties About Security Interest

          	
            26

          
	
            ARTICLE IV

          	
            SATISFACTION AND DISCHARGE

          	
            27

          
	
            Section 4.1

          	
            Satisfaction and Discharge of Indenture

          	
            27

          
	
            ARTICLE V

          	
            EVENTS OF DEFAULT; REMEDIES

          	
            28

          
	
            Section 5.1

          	
            Events of Default

          	
            28

          
	
            Section 5.2

          	
            Acceleration of Maturity; Rescission

          	
            28

          
	
            Section 5.3

          	
            Collection of Indebtedness by Indenture Trustee

          	
            29

          
	
            Section 5.4

          	
            Trustee May File Proofs of Claim

          	
            29

          
	
            Section 5.5

          	
            Enforcement of Claims Without Possession of Notes

          	
            30

          
	
            Section 5.6

          	
            Remedies; Priorities

          	
            30

          
	
            Section 5.7

          	
            [Reserved]

          	
            31

          
	
            Section 5.8

          	
            Limitation on Suits

          	
            31

          
	
            Section 5.9

          	
            Unconditional Rights to Receive Principal and Interest

          	
            32

          
	
            Section 5.10

          	
            Restoration of Rights and Remedies

          	
            32

          
	
            Section 5.11

          	
            Rights and Remedies Cumulative

          	
            32

          
	
            Section 5.12

          	
            Delay or Omission Not a Waiver

          	
            32

          
	
            Section 5.13

          	
            Control by Noteholders

          	
            32

          
	
            Section 5.14

          	
            Waiver of Potential Defaults and Events of Default

          	
            33

          
	
            Section 5.15

          	
            Agreement to Pay Costs

          	
            33

          
	
            Section 5.16

          	
            Waiver of Stay or Extension Laws

          	
            33

          
	
            Section 5.17

          	
            Performance and Enforcement of Obligations

          	
            34

          
	
            ARTICLE VI

          	
            INDENTURE TRUSTEE

          	
            34

          
	
            Section 6.1

          	
            Indenture Trustee’s Obligations

          	
            34

          
	
            Section 6.2

          	
            Indenture Trustee’s Rights

          	
            37

          
	
            Section 6.3

          	
            Indenture Trustee’s Individual Rights

          	
            38

          
	
            Section 6.4

          	
            Indenture Trustee’s Disclaimer

          	
            38

          
	
            Section 6.5

          	
            Notice of Potential Defaults and Notice of Payment Defaults

          	
            38

          
	
            Section 6.6

          	
            Reports by Indenture Trustee

          	
            38

          
	
            Section 6.7

          	
            Compensation and Indemnity

          	
            40

          
	
            Section 6.8

          	
            Resignation or Removal of Indenture Trustee

          	
            41

          
	
            Section 6.9

          	
            Merger or Consolidation; Transfer of Assets

          	
            42

          
	
            Section 6.10

          	
            Appointment of Separate Trustee or Co-Trustee

          	
            42

          
	
            Section 6.11

          	
            Eligibility

          	
            43

          

    

    

    
      iii

      
        

    

    	
            Section 6.12

          	
            Inspections of Indenture Trustee

          	
            43

          
	
            Section 6.13

          	
            Indenture Trustee’s Representations and Warranties

          	
            44

          
	
            Section 6.14

          	
            Reporting of Receivables Reacquisition and Acquisition Demands

          	
            44

          
	
            Section 6.15

          	
            Preferential Collection of Claims Against the Trust

          	
            45

          
	
            ARTICLE VII

          	
            NOTEHOLDER COMMUNICATIONS AND REPORTS

          	
            45

          
	
            Section 7.1

          	
            Noteholder Communications

          	
            45

          
	
            Section 7.2

          	
            Reports by Trust

          	
            46

          
	
            Section 7.3

          	
            Reports by Indenture Trustee

          	
            47

          
	
            ARTICLE VIII

          	
            ACCOUNTS, DISTRIBUTIONS AND RELEASES

          	
            47

          
	
            Section 8.1

          	
            Collection of Funds

          	
            47

          
	
            Section 8.2

          	
            Series 2021-2 Accounts; Distributions

          	
            47

          
	
            Section 8.3

          	
            Series 2021-2 Accounts

          	
            53

          
	
            Section 8.4

          	
            Release of Series 2021-2 Collateral

          	
            54

          
	
            ARTICLE IX

          	
            AMENDMENTS

          	
            55

          
	
            Section 9.1

          	
            Amendments Without Consent of Noteholders

          	
            55

          
	
            Section 9.2

          	
            Amendments with Consent of Controlling Class

          	
            56

          
	
            Section 9.3

          	
            Execution of Amendments

          	
            57

          
	
            Section 9.4

          	
            Effect of Amendment

          	
            58

          
	
            Section 9.5

          	
            Reference in Notes to Supplemental Indentures

          	
            58

          
	
            Section 9.6

          	
            [Reserved]

          	
            58

          
	
            Section 9.7

          	
            Conformity with TIA

          	
            58

          
	
            ARTICLE X

          	
            REDEMPTION OF NOTES

          	
            58

          
	
            Section 10.1

          	
            Redemption

          	
            58

          
	
            ARTICLE XI

          	
            OTHER AGREEMENTS

          	
            59

          
	
            Section 11.1

          	
            No Petition

          	
            59

          
	
            Section 11.2

          	
            [Reserved]

          	
            60

          
	
            Section 11.3

          	
            Trust Orders; Certificates and Opinions

          	
            60

          
	
            Section 11.4

          	
            Acts of Noteholders

          	
            61

          
	
            Section 11.5

          	
            Trust Obligation

          	
            61

          
	
            Section 11.6

          	
            Conflict with Trust Indenture Act

          	
            62

          
	
            Section 11.7

          	
            Regulation RR Risk Retention

          	
            62

          
	
            ARTICLE XII

          	
            MISCELLANEOUS

          	
            62

          
	
            Section 12.1

          	
            Benefits of Indenture; Third-Party Beneficiaries

          	
            62

          

    

    

    
      iv

      
        

    

    	
            Section 12.2

          	
            Notices

          	
            62

          
	
            Section 12.3

          	
            GOVERNING LAW

          	
            63

          
	
            Section 12.4

          	
            Submission to Jurisdiction

          	
            64

          
	
            Section 12.5

          	
            WAIVER OF JURY TRIAL

          	
            64

          
	
            Section 12.6

          	
            No Waiver; Remedies

          	
            64

          
	
            Section 12.7

          	
            Severability

          	
            64

          
	
            Section 12.8

          	
            Headings

          	
            64

          
	
            Section 12.9

          	
            Counterparts

          	
            64

          
	
            Section 12.10

          	
            Customer Identification Program

          	
            64

          
	
            Section 12.11

          	
            [Reserved]

          	
            64

          
	
            Section 12.12

          	
            Intent of the Parties; Reasonableness

          	
            64

          
	
            Section 12.13

          	
            Electronic Signatures

          	
            65

          
	
            Section 12.14

          	
            Class R Interest

          	
            65

          
	 	 	 
	
            Exhibit A

          	
            Form of Notes

          	
            A-1

          
	
            Exhibit B

          	
            Servicing Criteria to be Addressed in Assessment of Compliance

          	
            B-1

          

    

    

    
      v

      
        

    

    INDENTURE, dated as of November 4, 2021 (this “Indenture”),
      between VERIZON MASTER TRUST, a Delaware statutory trust, as issuer (the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as indenture trustee
      for the benefit of the Series 2021-2 Secured Parties (in such capacity, the “Indenture Trustee”) and as note paying agent (in such capacity, the “Note Paying Agent”).

    The Trust, U.S. Bank National Association, as master collateral agent (the “Master Collateral Agent”), Cellco Partnership d/b/a Verizon Wireless, as servicer (the “Servicer”), and the Creditor Representatives from time to
      time party thereto entered into the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, as amended, pursuant to which the Trust granted a security interest in the Receivables and its other assets to the Master Collateral
      Agent to secure the obligations of the Trust under this Indenture and other Trust Financings.

    Pursuant to the terms of the Master Collateral Agreement, this Indenture constitutes a Trust Financing Agreement and the Notes
      issued under this Indenture constitute Credit Extensions and a Trust Financing that is an Indenture Series.  The Indenture Trustee is hereby appointed as Creditor Representative for Series 2021-2, and the Indenture Trustee hereby accepts such
      appointment.  On or prior to the date hereof, the Indenture Trustee has executed a Creditor Representative Joinder Agreement as required by Section 3.1 of the Master Collateral Agreement.

    The parties agree as follows:

    GRANTING CLAUSE

    The Trust Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Series 2021-2 Secured
      Parties, all of the Trust’s right, title and interest in, to and under, whether now owned or later acquired, the Series 2021-2 Collateral.

    This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on the Notes as stated in
      this Indenture and (b) compliance by the Trust with this Indenture for the benefit of the Series 2021-2 Secured Parties.

    The Indenture Trustee acknowledges the Grant, accepts the trusts under this Indenture according to this Indenture and agrees to
      perform its duties as stated in this Indenture so that the interests of the Series 2021-2 Secured Parties may be adequately and effectively protected.

    ARTICLE I

      

      USAGE AND DEFINITIONS

    Section 1.1       Usage and Definitions.  Capitalized
      terms used but not defined in this Indenture are defined in Appendix A to the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, as amended, among the Trust, the Master Collateral Agent, Cellco Partnership d/b/a Verizon
      Wireless, as servicer (the “Servicer”), and the Creditor Representatives from time to time party thereto or in the Group Supplement for Group 1, as applicable.  Appendix A
      also contains usage rules that apply to this Indenture.  Appendix A is

    
      
        

    

    
    

    

    incorporated by reference into this Indenture.  As used in this Indenture, the following terms shall have the following meanings with respect to Series
      2021-2 (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

    “Accrued Note Interest” means, for a Class and a
      Payment Date, the sum of the Note Monthly Interest and the Note Interest Shortfall.

    “Act” is defined, with respect to Creditor
      Representatives, in Section 11.3(a) of the Master Collateral Agreement, and, with respect to Noteholders, in Section 11.4(a).

    “Additional Interest Amount” means, with respect to any
      class of Notes, interest accrued on such class of Notes during the related Interest Period at the related Additional Interest Rate.

    “Additional Interest Rate” means, with respect to (i)
      the Class A Notes, 0.75%, (ii) the Class B Notes, 0.75% and (iii) the Class C Notes, 0.75%.

    “Additional Series Successor Servicer Fee” means, for
      any Payment Date, the product of (i) the Series 2021-2 Group Allocated Percentage and (ii) the excess, if any, of (x) $425,000 over (y) the Servicing Fee.

    “Amortization Period” means the period beginning on the
      Payment Date on or immediately following the occurrence of a Series 2021-2 Amortization Event and ending on the Final Maturity Date or an earlier date on which the Notes are paid in full.

    “Anticipated Redemption Date” means the Payment Date
      occurring in October 2024.

    “Authenticating Agent” has the meaning stated in
      Section 2.14(a) of the Indenture.

    “Class” means the Class A Notes, the Class B Notes and
      the Class C Notes, as applicable.

    “Class A Notes” means the $1,246,700,000 Class A 0.99%
      Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

    “Class B Notes” means the $76,300,000 Class B 1.28%
      Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

    “Class C Notes” means the $77,000,000 Class C 1.38%
      Asset Backed Notes issued by the Trust, substantially in the form of Exhibit A to this Indenture.

    “Class R Interest” means the uncertificated interest in
      Series 2021-2 representing the right to receive all distributions to the “Class R Interest” pursuant to this Indenture.

    “Class R Interest Holder” means the Person registered
      as the holder of the Class R Interest on the Trust Register.

    “Closing Date” means November 4, 2021.

    “Collection Period” means, with respect to any Payment
      Date, the immediately preceding calendar month.

    
      2

      
        

    

    

    

    “Controlling Class” means (a) the Outstanding Class A
      Notes, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes and (c) if no Class B Notes are Outstanding, the Outstanding Class C Notes.

    “Corporate Trust Office” means, for the Indenture
      Trustee, the office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office on the date of the execution of the Indenture is located at:

    (1) solely for the purposes of transfer, surrender, exchange or presentation for final payment:

    EP-MN-WS2N

    111 Fillmore Avenue East

    St. Paul, MN 55107,

    Attn: Bondholder Services/ Verizon Master Trust Series 2021-2

    

    

    and (2) for all other purposes:

    MK-IL-SL7C

    190 South LaSalle Street

    Chicago, Illinois 60603

    Attention: Global Structured Finance/ Verizon Master Trust Series 2021-2

    Fax: (312) 332-7992

    or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Servicer, the
      Master Collateral Agent and the Owner Trustee, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Servicer, the Master Collateral Agent and
      the Owner Trustee).

    “Creditor Representative” means, with respect to Series
      2021-2, the Indenture Trustee.

    “Delinquency Trigger Percentage” means 5.0%.

    “Depository Agreement” means the letter of
      representations for the Notes, dated November 4, 2021, by the Trust in favor of The Depository Trust Company.

    “Discount Rate” means, with respect to Series 2021-2,
      the Series 2021-2 Discount Rate.

    “Distribution Account” means the account established
      with the Note Paying Agent for the purpose of holding and making distributions of Series 2021-2 Available Funds.

    “Earliest Redemption Date” means the Payment Date
      occurring in November, 2022.

    “Eligible Receivable” means, with respect to Series
      2021-2, a Group 1 Receivable that is a Series 2021-2 Eligible Receivable.

    “FATCA Information” has the meaning stated in Section
      3.3(e).

    
      3

      
        

    

    

    

    “FATCA Withholding Tax” has the meaning stated in
      Section 3.3(e).

    “Final Maturity Date” means, for (i) the Class A Notes,
      the Payment Date in April 2028, (ii) the Class B Notes, the Payment Date in April 2028 and (iii) the Class C Notes, the Payment Date in April 2028.

    “First Par Redemption Date” means the Payment Date
      occurring in July 2024.

    “First Priority Principal Payment” means, with respect
      to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the Series 2021-2
      Allocated Pool Balance.

    “Indenture” means this Indenture, dated as of the
      Closing Date, between the Trust and the Indenture Trustee.

    “Indenture Trustee” means U.S. Bank National
      Association, a national banking association, not in its individual capacity but solely as Indenture Trustee under this Indenture.

    “Indenture Trustee Fee” means a monthly fee equal to
      1/12th of $15,000, payable on each Payment Date.

    “Interest Period” means for any Payment Date and each
      Class of Notes, the period from and including the 20th day of the calendar month immediately preceding the Payment Date to but excluding the 20th day of the month in which the Payment Date occurs (or from and including the Closing Date to but
      excluding December 20, 2021 for the first Payment Date).

    “Letter of Credit” means any letter of credit issued
      for the benefit of the Notes after the Closing Date.

    “Letter of Credit Provider” means, subject to the
      satisfaction of the Rating Agency Condition, the letter of credit provider under any Letter of Credit issued after the Closing Date.

    “Make-Whole Discount Rate” means, for any date of
      determination, a per annum rate equal to the sum of 0.15% plus the greater of (i) zero and (ii) the yield on such date on United States Treasury Securities having the closest maturity (month and year) to the First Par Redemption Date; provided that,
      should more than one United States Treasury Security be quoted as maturing on such date, then the yield of the United States Treasury Security quoted closest to par will be used for the purpose of such calculation.

    “Make-Whole Payment” means, with respect to any Payment
      Date, an amount equal to,  for each Class of Notes, the present value of the amount of all future interest payments that would otherwise accrue on the Note Balance of such Class of Notes from the Redemption Date until the First Par Redemption Date,
      discounted from the Payment Date on which such payment of interest would be made to the Redemption Date, monthly on a 30/360 day basis at the Make-Whole Discount Rate.

    
      4

      
        

    

    

    

    “Note Balance” means, for a Note or Class, the initial
      aggregate principal balance of the Note or Class minus all amounts distributed on the Note or Class that is applied to principal.

    “Note Interest Rate” means a per annum rate equal to,
      for: (i) the Class A Notes, 0.99% (computed on the basis of a 360 day year consisting of twelve 30 day months), (ii) the Class B Notes, 1.28% (computed on the basis of a 360 day year consisting of twelve 30 day months) and (iii) the Class C Notes,
      1.38% (computed on the basis of a 360 day year consisting of twelve 30 day months).

    “Note Interest Shortfall” means, for a Class and a
      Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the Payment Date immediately preceding such Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the Payment
      Date immediately preceding such Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

    “Note Monthly Interest” means, for a Class and a
      Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest Rate for the Class for the related Interest Period.

    “Note Paying Agent” means initially the Indenture
      Trustee and any other Person appointed as Note Paying Agent under Section 2.15 of the Indenture.

    “Note Register” and “Note Registrar” have the meanings stated in Section 2.4.

    “Noteholder” means the Person in whose name a Note is
      registered on the Note Register.

    “Noteholder Tax Identification Information” means
      properly completed and signed tax certifications (generally with respect to U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States Person” within the meaning of Section 7701(a)(30) of the
      Code or the appropriate IRS Form W-8 (or applicable successor form) (together with all appropriate attachments) in the case of a person that is not a “United States Person” within the meaning of Section 7701(a)(30) of the Code).

    “Notes” or “Note” means, collectively or individually, as the context may require, the Class A Notes, the Class B Notes and the Class C Notes.

    “Optional Redemption” has the meaning stated in Section
      10.1.

    “Principal Funding Account” means the account
      established with the Note Paying Agent for the benefit of the Noteholders under Section 8.2(a).

    “Principal Funding Account Limit” means, with respect
      to any date, an amount equal to 50% of the Note Balance as of such date.

    “Priority Principal Payments” means, collectively, the
      First Priority Principal Payment, the Second Priority Principal Payment, the Third Priority Principal Payment and the Regular Priority Principal Payment.

    
      5

      
        

    

    

    

    “Prospectus” means the prospectus dated as of October
      28, 2021, relating to the offering of the Notes.

    “Rating Agency” means each of Fitch and S&P.

    “Redemption Date” has the meaning stated in Section
      10.1.

    “Regular Priority Principal Payment” means, with
      respect to any Payment Date, an amount equal to (a) prior to the Amortization Period, the excess, if any, of (x) the product of the Series 2021-2 Allocation Percentage and any Pool Balance Deficit for such Payment Date over (y) the sum of any First
      Priority Principal Payment, Second Priority Principal Payment and Third Priority Principal Payment for such Payment Date and (b) during the Amortization Period, the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes as of
      the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) minus the sum of any First Priority Principal Payment, any Second Priority Principal Payment and any Third Priority Principal Payment for such Payment
      Date.

    “Required Reserve Amount” means, with respect to any
      Payment Date (i) during the Revolving Period, an amount equal to $15,555,555.56 (which is approximately 1.00% of the Series Invested Amount as of the Closing Date) and (ii) during the Amortization Period, an amount equal to the amount on deposit in
      the Reserve Account as of the immediately preceding Payment Date, after giving effect to all deposits into and withdrawals from the Reserve Account on such immediately preceding Payment Date.

    “Reserve Account” means the account established with
      the Note Paying Agent for the benefit of the Noteholders under Section 8.2(a).

    “Reserve Account Draw Amount” means, for each Payment
      Date, the lesser of:

    (i)            an amount (not less than zero) equal to the Total Required Payment minus the Series 2021-2 Available Funds; and

    (ii)            the amount in the Reserve Account;

    provided that, if on any Payment Date during the Amortization Period, the amount on deposit in the Reserve Account together with Series 2021-2
      Available Funds for that Payment Date is sufficient to pay the entire Note Balance of the Notes, all accrued and unpaid interest and any unpaid Make-Whole Payments, unpaid Additional Interest Amounts and all other amounts to be distributed to the
      Series 2021-2 Secured Parties under this Indenture in full, the Reserve Account Draw Amount for such Payment Date will be an amount equal to the amount in the Reserve Account.

    “Reserve Deposit Amount” means, with respect to any
      Payment Date, an amount equal to (a) the Required Reserve Amount minus (b) (i) the amount in the Reserve Account on the Payment Date (before payments under Section 8.2(c) on that Payment Date) and (ii) if applicable, the amount available under any
      Letter of Credit on such Payment Date.

    
      6

      
        

    

    

    

    “Revolving Period” means the period beginning on the
      Closing Date and ending on the date when the Amortization Period begins.

    “Second Priority Principal Payment” means, with respect
      to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes and Class B Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the
      sum of the Series 2021-2 Allocated Pool Balance and any First Priority Principal Payment for such Payment Date.

    “Securities Intermediary” means, with respect to the
      Series 2021-2 Accounts, U.S. Bank National Association.

    “Series 2021-2” means the Group 1 Series of Group 1
      Credit Extensions designated as “Series 2021-2”.

    “Series 2021-2 Account” means each of the Distribution
      Account, the Principal Funding Account and the Reserve Account.

    “Series 2021-2 Account Control Agreement” means the
      Series 2021-2 Account Control Agreement, dated as of the Closing Date, among the Trust, as grantor, the Indenture Trustee, as secured party, and U.S. Bank National Association, in its capacity as both a “securities intermediary” as defined in Section
      8-102 of the UCC and a “bank” as defined in Section 9-102 of the UCC, as amended, restated, supplemented or modified from time to time.

    “Series 2021-2 Allocated Pool Balance” means, an amount
      equal to the product of (i) the Series 2021-2 Allocation Percentage and (ii) the present value (discounted using the Series 2021-2 Discount Rate) of the remaining unpaid payments for all Group 1 Receivables included in the Group 1 Pool Balance.

    “Series 2021-2 Allocation Percentage” means the Series
      Allocation Percentage for Series 2021-2.

    “Series 2021-2 Amortization Event” means, with respect
      to Series 2021-2, the occurrence of any of the following:

    	

          	(a)	
            on any Payment Date interest due is not paid on any class of Notes,

          

    	

          	(b)	
            on the fifth Business Day after any Payment Date during the Revolving Period, after giving effect to distributions on such Payment Date, the sum of the amount on deposit in the
              Reserve Account plus, if a Letter of Credit has been issued for the benefit of the Notes, the amount available under the Letter of Credit, is less than the Required Reserve Amount,

          

    	

          	(c)	
            as of the Anticipated Redemption Date, the Trust has not redeemed the Notes,

          

    	

          	(d)	
            as of any Payment Date, a Pool Balance Deficit exists with respect to Group 1 after giving effect to distributions on such Payment Date (including deposits to the Principal Funding
              Account on such Payment Date),

          

    
      7

      
        

    

    

    

    	

          	(e)	
            for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing
              the aggregate Principal Balance of all Group 1 Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the first day of each of those Collection Periods,
              multiplied by four (4), exceeds 10.00%,

          

    	

          	(f)	
            for any Payment Date, the sum of the fractions, expressed as percentages for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing
              the aggregate Principal Balance of all Group 1 Receivables that are ninety-one (91) days or more delinquent at the end of each of the three (3) prior Collection Periods by the Group 1 Pool Balance as of the last day of each of those
              Collection Periods, divided by three (3), exceeds 2.00%,

          

    	

          	(g)	
            with respect to any Payment Date, the Series 2021-2 Allocated Pool Balance is less than 50.00% of (x) the aggregate Note Balance minus (y) the amount on deposit in the Principal
              Funding Account, in each case as of such Payment Date,

          

    	

          	(h)	
            as of any date of determination, the Discounted Series Invested Amount for Series 2021-2 is greater than the excess of (i) the Group 1 Pool Balance over (ii) the sum of (x) the
              Ineligible Amount for Series 2021-2 and (y) the Series 2021-2 Excess Concentration Amount,

          

    	

          	(i)	
            a Servicer Termination Event has occurred and is continuing, or

          

    	

          	(j)	
            an Event of Default for Group 1 has occurred and is continuing.

          

    “Series 2021-2 ARR Series Allocation Percentage” means
      the ARR Series Allocation Percentage for Series 2021-2.

    “Series 2021-2 Available Funds” means, with respect to
      any Payment Date, an amount equal to the sum of (i) the product of the Series 2021-2 Allocation Percentage and the Group 1 Available Funds for the related Collection Period and (ii) any amounts released from the Principal Funding Account with respect
      to such Payment Date.

    “Series 2021-2 Collateral” means (a) all security
      entitlements relating to the Series 2021-2 Accounts and the property deposited in or credited to any of the Series 2021-2 Accounts, (b) the Trust’s rights under any Letter of Credit, (c) all present and future claims, demands, causes of action and
      choses in action for any of the foregoing and (d) all payments on or under and all proceeds for any of the foregoing.

    “Series 2021-2 Discount Rate” means 6.80%.

    “Series 2021-2 Eligible Receivable” means a Group 1
      Receivable that satisfies all of the following criteria:

    	

          	•	
            as of any date of determination, the remaining term of the Receivable was less than or equal to 36 months;

          

    
      8

      
        

    

    

    

    	

          	•	
            the Receivable did not contain a contractual right to an upgrade of the Device related to the device payment plan agreement at the time the Receivable was originated;

          

    	

          	•	
            as of the related Cutoff Date, as indicated on the records of the related Originator, one of its affiliates or the Servicer, the Obligor on the account for the Receivable maintains
              service with Verizon Wireless;

          

    	

          	•	
            as of the related Cutoff Date, the Receivable is not associated with the account of a government customer;

          

    	

          	•	
            as of the related Cutoff Date, the Obligor on the account for the Receivable is not indicated to be subject to a current bankruptcy proceeding on the records of the related
              Originator (or, with respect to Receivables transferred from the Additional Transferor or designated to Group 1 on a Re-Designation Date, the Servicer) or one of its affiliates, acting as its agent;

          

    	

          	•	
            as of the related Cutoff Date, it is not a Receivable that is part of an account (i) on which any amount is thirty-one (31) days or more delinquent by the Obligor, or (ii) that is in
              “suspend” or “disconnect” status (including as a result of the application of the Servicemembers Civil Relief Act) in accordance with the Servicing Procedures;

          

    	

          	•	
            the Receivable is denominated and payable only in U.S. dollars;

          

    	

          	•	
            the Receivable is a legal and binding obligation of the related Obligor enforceable against the Obligor in accordance with its terms;

          

    	

          	•	
            as of the related Cutoff Date, the Obligor on the account for the Receivable had a billing address in the United States or in a territory of the United States;

          

    	

          	•	
            installment payments with respect to the Receivable are scheduled no less frequently than monthly under the related device payment plan agreement;

          

    	

          	•	
            as of the related Cutoff Date, the outstanding Principal Balance of the Receivable does not exceed $3,000; and

          

    	

          	•	
            as of the related Cutoff Date, either (i) at least one (1) payment made by the Obligor under the related device payment plan agreement has been received with respect to the related
              Receivable, or (ii) the related Obligor has at least one (1) year of Customer Tenure with Verizon Wireless;

          

    	

          	•	
            for any Business Receivable for which the related Obligor is a Business Obligor:

          

    	

          	•	
            the Business Obligor on the account for such Business Receivable is identified in the systems of the Servicer as a business customer; and

          

    	

          	•	
            the Business Obligor on the account for such Business Receivable is not any of Cellco, the Trust, the Depositor, Verizon Communications, any Originator, the True-Up Trust or an
              affiliate thereof.

          

    
      9

      
        

    

    

    

    “Series 2021-2 Excess Concentration Amount” means, with
      respect to Group 1 and the Group 1 Receivables, the sum of the following amounts, without duplication:

    (1) for all Group 1 Receivables:

    	

          	•	
            the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds
              22.00% of the Group Pool Balance,

          

    	

          	•	
            the amount by which the aggregate Principal Balance of Group 1 Receivables with Obligors that have less than sixty (60) months of Customer Tenure with Verizon Wireless exceeds 45.00%
              of the Group Pool Balance, and

          

    	

          	•	
            with respect to all Receivables for which the origination date was less than thirty-one (31) days prior to the related Cutoff Date, or in the case of any determination made on a
              Payment Date, the last day of the related Collection Period, the product of (i) the aggregate Principal Balance of all such Receivables and (ii) 10.00%,

          

    (2) for Group 1 Receivables that Consumer Receivables only:

    	

          	•	
            the aggregate Principal Balance of all Group 1 Receivables that are Consumer Receivables with the lowest FICO® Scores that would need to be excluded from the calculation
              of the Pool Balance of all Group 1 Receivables that are Consumer Receivables in order to cause the weighted average FICO® Score of the Consumer Obligors with respect to all Group 1 Receivables that are Consumer Receivables
              (weighted based on Principal Balances) included in such calculation of the Pool Balance of all Group 1 Receivables that are Consumer Receivables to be at least 700 (excluding any Group 1 Receivables that are Consumer Receivables with Consumer
              Obligors for whom FICO® Scores are not available), and

          

    	

          	•	
            the amount by which the aggregate Principal Balance of Group 1 Receivables that are Consumer Receivables with Consumer Obligors for whom FICO® Scores are not available
              exceeds 4.50% of the Pool Balance of all Group 1 Receivables that are Consumer Receivables,

          

    (3) for Group 1 Receivables that are Business Receivables only:

    	

          	•	
            the amount by which the aggregate Principal Balance of Group 1 Receivables that are Business Receivables exceeds 10.00% of the Group Pool Balance.

          

    “Series 2021-2 Group Allocated Percentage” means the
      Group Allocated Percentage for Series 2021-2.

    “Series 2021-2 Required Overcollateralization Amount”
      means, with respect to any date of determination, an amount equal to (a) the product of (i) the Series 2021-2 Required Overcollateralization Percentage, expressed as a fraction, and (ii) (x) during the Revolving Period, the Note Balance of the Notes
      as of such date and (y) during the Amortization Period, the Note Balance of the Notes as of the last day of the Revolving Period, divided by (b) the

    
      10

      
        

    

    

    

    percentage, expressed as a fraction, equal to 100% minus the Series 2021-2 Required Overcollateralization Percentage.

    “Series 2021-2 Required Overcollateralization Percentage”
      means 10.00%.

    “Series 2021-2 Secured Parties” means, with respect to
      Series 2021-2, the Indenture Trustee, for the benefit of the Noteholders.

    “Series 2021-2 Securities Account” means each Series
      2021-2 Account subject to the terms of the Series 2021-2 Account Control Agreement.

    “Series 2021-2 Series Related Documents” means,
      collectively, means this Indenture, the Depository Agreement, the Series 2021-2 Account Control Agreement, any Letter of Credit and any other Series Related Documents with respect to Series 2021-2.

    “Sponsor” means Cellco.

    “Third Priority Principal Payment” means, with respect
      to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing
      Date) over (y) the sum of the Series 2021-2 Allocated Pool Balance, any First Priority Principal Payment and any Second Priority Principal Payment for such Payment Date.

    “Total Required Payment” means, with respect to any
      Payment Date and the Reserve Account Draw Amount, the sum of the amounts set forth in Sections 8.2(c)(i) through (viii) of this Indenture.

    “Trust Order” has the meaning stated in Section
      11.3(a).

    “Trust Request” has the meaning stated in Section
      11.3(a).

    “Underwriting Agreement” means the Underwriting
      Agreement, dated as of October 28, 2021, by and among the Depositor, Cellco and each of RBC Capital Markets, LLC, BofA Securities, Inc., MUFG Securities Americas Inc. and TD Securities (USA) LLC, each on its own behalf and as a representative of the
      several underwriters identified therein.

    Section 1.2       Incorporation by Reference of Trust Indenture
          Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

    “indenture securities” means the Notes

    “indenture security holder” means a Noteholder

    “indenture to be qualified” means this Indenture

    
      11

      
        

    

    

    

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

    “obligor” on the indenture securities means the Trust
      and any other obligor on the indenture securities

    All other TIA terms used in this Indenture that are (i) defined in the TIA, (ii) defined in the TIA by reference to another statute
      or (iii) defined by a Commission rule have the meanings so assigned to them.

    ARTICLE II

      

      THE NOTES

    Section 2.1       Form of Notes.

    (a)       Form.  Each Class of Notes will be in
      substantially the form of Exhibit A with variations required or permitted by this Indenture.  The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the Trust executing the Notes.  The
      physical Notes will be produced by a method determined by the Responsible Person of the Trust executing the Notes.

    (b)       Incorporation by Reference.  Each Note will
      be dated the date of its authentication.  The terms of the Notes in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

    Section 2.2       Execution, Authentication and Delivery.

    (a)       Execution.  The Owner Trustee, on behalf of
      the Trust, will execute the Notes for the Trust.  The signature of the Responsible Person on the Notes may be manual or facsimile.  Notes having the manual or facsimile signature of an individual who was a Responsible Person of the Trust will bind
      the Trust, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or was not a Responsible Person on the issuance date of the Notes.

    (b)       Authentication and Delivery.  The Indenture
      Trustee will, on Trust Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial Note Balances as stated below.

    	 	
            Class

          	 	
            Note Interest Rate

          	 	
            Initial Note Balance

          
	 	
            Class A Notes

          	 	
            0.99%

          	 	
            $1,246,700,000

          
	 	
            Class B Notes

          	 	
            1.28%

          	 	
            $76,300,000

          
	 	
            Class C Notes

          	 	
            1.38%

          	 	
            $77,000,000

          

    

    

    (c)       Denomination.  The Notes will initially be
      issued as Book-Entry Notes.  The Notes will be issued in minimum denominations of $1,000 and in multiples of $1,000.  However, one Note of each Class may be issued in a different amount if it exceeds the minimum denomination for the Class.

    
      12

      
        

    

    

    

    (d)       Certificate of Authentication.  No Note will
      have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by an authorized signatory of the Indenture Trustee.  The certificate of authentication on
      a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.  Each Note will be dated the date of its authentication.

    Section 2.3       Tax Treatment.  The Trust intends
      that Notes be treated as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income.  The Trust, by entering into this Indenture, and each Noteholder,
      by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax, franchise tax, and any other tax
      imposed on or measured in whole or in part by income, and the Trust as a mere security device formed to hold the Receivables and issue Notes and Certificates.

    Section 2.4       Note Register.  The Trust appoints
      the Indenture Trustee to be the “Note Registrar” and to keep a register (the “Note Register”)
      for the purpose of registering Notes and transfers and exchanges of Notes, subject to such reasonable regulations as it may prescribe.  On resignation of the Note Registrar, the Trust will promptly appoint a successor or, if it elects not to make the
      appointment, assume the obligations of Note Registrar.  If the Trust appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Trust will notify the Indenture Trustee of the appointment and (ii) the Indenture Trustee will have the
      right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes.  Each of the Indenture Trustee (if it is not the Note Registrar), the
      Trust and the Administrator will have the right to inspect the Note Register at reasonable times and to receive copies of the Note Register.

    Section 2.5       Registration of Transfer and Exchange.

    (a)       Transfer of Notes.  A Noteholder may
      transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Trust maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Trust will execute and the Indenture Trustee
      will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the same Class, in the same aggregate principal amount.

    (b)       Exchange of Notes.  A Noteholder may
      exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the office or agency of the Trust maintained under Section 3.2.  If the requirements of Section 8-401(a) of the UCC are met, the Trust will execute, the
      Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes of the same Class, in the same aggregate principal amount.

    (c)       Valid Obligation.  Notes issued on the
      registration of transfer or exchange of Notes will be the valid obligations of the Trust, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

    (d)       Surrendered Notes.  Every Note surrendered
      for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in

    
      13

      
        

    

    

    

    form satisfactory to the Note Registrar duly executed by, the Noteholder of the Note or the Noteholder’s authorized attorney, with the signature
      guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another “signature guarantee program”, according to the
      Exchange Act and (ii) accompanied by other documents the Note Registrar may require.

    (e)       No Service Charge.  None of the Trust, the
      Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for the registration of transfer or exchange of Notes.  The Trust, the Note Registrar or the Indenture Trustee may require the Noteholder to pay an amount to cover
      taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the Notes.

    (f)       Registration of Transfers and Exchanges.

    (i)            The Note Register will register transfers and exchanges of Notes in the Note Register.  However, neither the Trust nor the Note Registrar will be required to register transfers or exchanges
        of Notes for which the next Payment Date is not more than fifteen (15) days after the requested date of transfer or exchange or which have been called for redemption.

    (ii)            Neither the Indenture Trustee nor the Note Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
        Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Clearing Agency participants or beneficial owners of interests in any Book-Entry Note) other than to require
        delivery of such certificates and other documentation or evidence as are expressly required by this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

    (g)       ERISA Representations.  Each Note Owner that
      is subject to Title I of ERISA, Section 4975 of the Code or Similar Law and any fiduciary acting on behalf of the Note Owner, by accepting an interest or participation in a Note, is deemed to represent that its purchase, holding and disposition of
      that interest or participation does not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction
      rules (or, if the Note Owner is subject to Similar Law, the purchase, holding and disposition does not and will not result in a non-exempt violation of that Similar Law).

    Section 2.6       [Reserved].

    Section 2.7       Mutilated, Destroyed, Lost or Stolen Notes.

    (a)       Replacement Notes.  If a mutilated Note is
      surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction, loss or theft of a Note, the Trust will execute and, on Trust Request, the Indenture Trustee will authenticate and deliver a replacement Note of the
      same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the Indenture Trustee receives security or indemnity to hold the

    
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    Trust and the Indenture Trustee harmless, (ii) none of the Trust, the Note Registrar or the Indenture Trustee have received notice that the Note has
      been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met.  However, if a destroyed, lost or stolen Note (but not a mutilated Note) is due and payable within fifteen
      (15) days or has been called for redemption, instead of issuing a replacement Note, the Trust may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note.  If a protected purchaser of the
      original Note in place of which the replacement Note was issued (or the payment made) presents for payment the original Note, the Trust and the Indenture Trustee may recover the replacement Note (or the payment) from the Person to whom it was
      delivered or a Person taking the replacement Note (or the payment) from the Person to whom the replacement Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity
      provided for the replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Trust or the Indenture Trustee for the replacement Note (or the payment).

    (b)       Taxes, Charges and Expenses.  On the
      issuance of a replacement Note under Section 2.7(a), (i) the Trust may require the Noteholder of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for the replacement Note,
      (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of this Indenture.

    (c)       Additional Obligation.  Each replacement
      Note issued under Section 2.7(a) will be an original additional contractual obligation of the Trust and will have the benefits of this Indenture equally and proportionately with other Notes of the same Class duly issued under this Indenture.

    (d)       Sole Remedy.  This Section 2.7 states the
      sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

    Section 2.8       Persons Deemed Owners.  On any date,
      the Trust, the Indenture Trustee, the Note Registrar and any agent of the Trust or the Indenture Trustee may treat the Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments
      of principal of and interest on the Note, without regard to any notice or other information to the contrary.

    Section 2.9       Payments on Notes.

    (a)       Interest Accrual.  Each Class of Notes will
      accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period.  Interest on the Notes for each Interest Period will be calculated
      on the basis of a 360-day year consisting of twelve 30-day months.  Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

    (b)       Principal.  Prior to the beginning of the
      Amortization Period, principal payments will not be made on the Notes, other than in connection with an Optional Redemption.  If

    
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    Priority Principal Payments are required to be made on any Payment Date prior to the beginning of the Amortization Period in accordance with the
      provisions of Article VIII, such amounts will be deposited into the Principal Funding Account on such Payment Date in accordance with the provisions of Article VIII, to the extent of Series 2021-2 Available Funds, in lieu of such amounts being
      applied to pay principal on the Notes on such Payment Date.  Amounts on deposit in the Principal Funding Account will be applied in accordance with the provisions of Article VIII.  On each Payment Date during the Amortization Period, the principal of
      each Class of Notes will be payable in installments on each Payment Date in accordance with the provisions of Article VIII.  The Note Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date or the applicable Final
      Maturity Date.  In addition, the Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).

    (c)       Make-Whole Payments.  A Make-Whole Payment
      will be due in connection with the Optional Redemption of the Notes on any date on or after the Earliest Redemption Date but prior to the First Par Redemption Date, as described in Section 8.2, solely to the extent funds are available therefor.  Any
      Make-Whole Payments on a Class of Notes not previously paid will be due and payable on the earlier of the Redemption Date or the applicable Final Maturity Date.  In addition, any Make-Whole Payments on a Class of Notes not previously paid will be due
      and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).  For the avoidance of doubt, no Make-Whole Payment will be payable in connection with an Optional Redemption
      of the Notes on or after the First Par Redemption Date.

    (d)       Additional Interest Amounts.  If the Notes
      have not been redeemed as of the Anticipated Redemption Date, beginning on such Payment Date, in addition to interest at the stated interest rate, each class of Notes will accrue additional interest at the Additional Interest Rate applicable to that
      class of Notes, which accrued Additional Interest Amounts will be distributed to Noteholders in accordance with the provisions of Article VIII, to the extent of Series 2021-2 Available Funds.

    (e)       Monthly Payment of Interest, Principal and Other
          Amounts.  Payments of interest, principal and other amounts on each Class of Notes will be made pro rata to the Noteholders of that Class on each Payment Date.  For Book-Entry Notes, payments will be made by wire transfer to the
      account designated by the nominee of the Clearing Agency according to Section 2.12.  For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at least five (5) Business Days before that Payment
      Date and the aggregate original principal amount of the Noteholder’s Notes is at least $1,000,000, by wire transfer to the account of the Noteholder or (ii) by check mailed first class mail, postage prepaid, to the Noteholder’s address as it appears
      on the Note Register on the related Record Date.  Amounts paid by wire transfers or checks that are returned undelivered will be held according to Section 3.3.

    (f)       Payment of Final Installment.  The final
      installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the applicable Final Maturity Date will be payable only on presentation and surrender of the Note, subject to Section 2.7(a). 
      Upon receipt of written notice thereof from the Servicer (which may

    
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    be in the form of the Monthly Investor Report), the Indenture Trustee will notify each Noteholder of the date the Trust expects to pay the final
      installment on any of the Notes, which notice will be delivered no later than five (5) days before that date (solely to the extent the Indenture Trustee has received notice prior to such date), and the place where the Notes may be presented and
      surrendered for payment.

    Section 2.10       Cancellation of Notes.  Any Person
      that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee, and the Indenture Trustee will promptly cancel it.  The Trust may surrender to the Indenture Trustee for
      cancellation Notes previously authenticated and delivered under this Indenture which the Trust may have acquired, and the Indenture Trustee will promptly cancel them.  No Notes will be authenticated in place of or in exchange for Notes cancelled as
      stated in this Section 2.10.  The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Trust directs, by Trust Order, that they be destroyed or returned to it.

    Section 2.11       Release of Series 2021-2 Collateral. 
      The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and 10.1.

    Section 2.12       Book-Entry Notes.

    (a)       Issuance and Registration.  The Notes will
      be issued as Book-Entry Notes on the Closing Date.  The Book-Entry Notes, on original issuance, will be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial Clearing Agency,
      by, or on behalf of, the Trust.  The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency.

    (b)       Sole Noteholder.  The Note Registrar and the
      Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in Section 7.1.

    (c)       Rights.  The rights of Note Owners may be
      exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

    (d)       Clearing Agency Obligations.  The Clearing
      Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.  The Indenture Trustee, the Note Registrar and the Note Paying Agent shall have
      no responsibility or liability for any actions taken or not taken by the Clearing Agency.

    (e)       Representation of Noteholders.  If this
      Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the Clearing Agency will be deemed to represent those
      Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency’s participants owning or representing, the required percentage of the beneficial

    
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    interest of the Notes (or the Controlling Class) and has delivered the instructions to the Indenture Trustee.

    (f)       Conflicts.  If this Section 2.12 conflicts
      with other terms of this Indenture, this Section 2.12 will control.

    (g)       CUSIP Numbers.  The Trust 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 Trust will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.

    Section 2.13       Definitive Notes.  No Note Owner
      will receive a definitive, fully registered Note (a “Definitive Note”) representing the Note Owner’s interest in the Note unless and until (a) the Administrator notifies the
      Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator is unable to reach an agreement on satisfactory terms with a qualified
      successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation of an Event of Default with respect to Group 1 or a
      Servicer Termination Event, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry system through the Clearing Agency.  In these cases,
      the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes.  After the Clearing Agency has surrendered the printed Notes representing the Book-Entry Notes and delivered the registration instructions
      to the Indenture Trustee, the Trust will execute and the Indenture Trustee, on Trust Request, will authenticate the Definitive Notes according to the instructions of the Clearing Agency.  None of the Trust, the Note Registrar or the Indenture Trustee
      will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.  On the issuance of Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the
      Definitive Notes as Noteholders.

    Section 2.14       Authenticating Agents.

    (a)       Appointment.  The Indenture Trustee may
      appoint one or more Persons as authenticating agents for the Notes (each, an “Authenticating Agent”) with the power to act on its behalf and subject to its direction in the
      authentication of Notes for issuances, transfers, exchanges and replacements.  The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication of Notes “by the Indenture Trustee.” If no Authenticating
      Agent is appointed, the Indenture Trustee will be the Authenticating Agent for the Notes.

    (b)       Resignation and Termination.  An
      Authenticating Agent may resign by notifying the Indenture Trustee, the Master Collateral Agent and the Owner Trustee.  The Indenture

    
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    Trustee may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent, the Master Collateral Agent and the Owner Trustee.

    Section 2.15       Note Paying Agents.

    (a)       Appointment.  The Indenture Trustee may
      appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11.  If no Note Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for the Notes.  Each Note Paying
      Agent will have the power to make distributions from the Series 2021-2 Accounts.

    (b)       Resignation and Termination.  A Note Paying
      Agent may resign by notifying the Indenture Trustee, the Administrator, the Master Collateral Agent and the Trust.  The Indenture Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying Agent, the Administrator, the
      Master Collateral Agent and the Trust.

    ARTICLE III

      

      COVENANTS, REPRESENTATIONS AND WARRANTIES

    Section 3.1       Payment of Principal, Interest and Other
          Amounts.  The Trust will duly and punctually pay the principal of and interest, Additional Interest Amounts and Make-Whole Payments, if any, on the Notes according to the terms of the Notes and this Indenture.  Amounts withheld under
      the Code or State or local tax law by any Person from a payment to a Noteholder will be considered as having been paid by the Trust to the Noteholder.

    Section 3.2       Maintenance of Office or Agency. 
      The Trust will maintain an office or agency at the Corporate Trust Office of the Indenture Trustee designated for such purpose, where Notes may be surrendered for registration of transfer or exchange, and where notices to and demands on the Trust for
      the Notes and this Indenture may be served.  The Trust initially appoints the Indenture Trustee to serve as its agent for those purposes.  The Trust will promptly notify the Indenture Trustee of a change in the location of the office or agency.  If
      the Trust fails to maintain the office or agency or fails to furnish the Indenture Trustee with the address of the office or agency, any surrender, notices or demands may be made or served at the Corporate Trust Office, and the Trust appoints the
      Indenture Trustee as its agent to receive them.

    Section 3.3       Money for Payments To Be Held in Trust.

    (a)       Payments on the Notes.  Payments on the
      Notes that are to be made from amounts withdrawn from the Series 2021-2 Accounts will be made on behalf of the Trust by the Note Paying Agent.  No amounts withdrawn for payments on the Notes may be paid over to the Trust, except as stated in this
      Section 3.3.

    (b)       Agreement by Note Paying Agent.  The
      Indenture Trustee will, and will cause each Note Paying Agent (other than the Indenture Trustee) to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee (and if the Indenture
      Trustee acts as the Note Paying Agent, it hereby so agrees) to:

    
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    (i)               hold funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it to those Persons under this Indenture;

    (ii)             notify the Indenture Trustee of a default by the Trust of which it has actual knowledge in the making of a required payment on the Notes;

    (iii)            during the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

    (iv)            immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility standards set forth in Section 6.11 for
        the Indenture Trustee; and

    (v)             comply with all requirements of the Code for withholding and reporting requirements for payments on the Notes.

    (c)       Payment Direction.  The Trust may by Trust
      Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying Agent.  On a Note Paying Agent’s payment of money
      held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

    (d)       Unclaimed Money.  Subject to applicable law,
      money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3 which remains unclaimed for two (2) years after it became due and payable will be discharged from the trust and paid to the Trust on Trust Request.  After
      discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Trust for payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from liability for such
      amounts.  However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction of the Trust, in a newspaper customarily published on each Business Day in the English language and of
      general circulation in The City of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least thirty (30) days from the date of publication, any unclaimed balance of the money then remaining
      will be paid to the Trust.  The Indenture Trustee will also use other reasonable means to notify Noteholders of unclaimed payments.

    (e)       FATCA Withholding.  The Trust represents,
      warrants and covenants to the Indenture Trustee and the Note Paying Agent that, (i) to the best of the Trust’s knowledge, the Indenture Trustee, Note Registrar and Note Paying Agent are not obligated in respect of any payments to be made by the Trust
      pursuant to this Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or
      official interpretations thereof (“FATCA Withholding Tax”), provided such parties have obtained the requisite information about the Noteholders; (ii) the Noteholders are
      required to provide information sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax (the “FATCA Information”) to the Trust and the
      Indenture Trustee,

    
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    (iii) the Trust shall comply with all requirements of the Code with respect to the withholding from any payment made by it on any Note of any
      applicable FATCA Withholding Tax imposed thereon and with respect to any applicable reporting requirement in connection therewith; and (iv) to the extent the Trust determines that FATCA Withholding Tax is applicable, it will promptly notify the Note
      Paying Agent of such fact.  To the extent the Trust has the Noteholders’ information, the Trust will provide the FATCA Information to the Indenture Trustee, the Note Registrar and the Note Paying Agent upon request. Each holder of a Note or an
      interest therein, by acceptance of such Note or such interest in such Note, will be deemed to have agreed to provide the Trust, the Indenture Trustee, the Note Registrar and the Note Paying Agent with the Noteholder Tax Identification Information
      and, to the extent FATCA Withholding Tax is applicable, the FATCA Information. In addition, each holder of a Note will be deemed to understand that the Note Paying Agent has the right to withhold interest payable with respect to the Note (without any
      corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the foregoing requirements.

    Section 3.4       Existence.  The Trust will obtain
      and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture, the Notes and the Series 2021-2 Collateral.

    Section 3.5       Protection of Collateral.

    (a)       Amendments and Financing Statements.  The
      Trust will (i) execute and deliver amendments to this Indenture and other documents, (ii) file or authorize and cause to be filed financing statements and amendments and continuations of those financing statements and (iii) take other action, in each
      case, necessary or advisable to:

    (A)            Grant more effectively any portion of the Series 2021-2 Collateral pursuant to this Indenture;

    (B)            maintain or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

    (C)            perfect, maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

    (D)            enforce the Series 2021-2 Collateral; or

    (E)            maintain and defend title to the Series 2021-2 Collateral and the rights of the Indenture Trustee and the Series 2021-2 Secured Parties in the Series 2021-2 Collateral against the claims of
        all Persons, subject to Permitted Liens and the Transaction Documents.

    (b)       Authorization to File.  The Trust authorizes
      the Administrator and the Indenture Trustee (but the Indenture Trustee shall not be required to do so) to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the
      Administrator or the Indenture Trustee may determine necessary or advisable to perfect the Indenture Trustee’s interest in the Series 2021-2 Collateral.  The Administrator (or the Indenture Trustee solely to the extent it has elected to so prepare
      and file) shall timely

    
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    prepare and file the foregoing and will promptly deliver to the Trust and the Indenture Trustee file-stamped copies of, or filing receipts for, any
      financing statement, continuation statement and amendment to a previously filed financing statement.

    (c)       Indenture Trustee Not Obligated.  The
      Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation statements, or amendments to the statements, is required or (ii) file any financing or continuation statements, or amendments to the
      statements, and will not be liable for failure to do so.

    (d)       Description of Series 2021-2 Collateral in Financing
          Statement.  Financing statements filed pursuant to this Indenture may describe the Series 2021-2 Collateral in the same manner as described herein or may describe the Series 2021-2 Collateral subject thereto as “All of the debtor’s
      right, title and interest now or hereafter existing in, to and under all assets of the debtor pledged solely to Series 2021-2, whether now owned or existing or hereafter acquired or arising.”

    Section 3.6       Performance of Obligations.

    (a)       Performance of Obligations.  The Trust will
      perform all of its obligations under the Transaction Documents, the Series 2021-2 Series Related Documents and documents included in the Series 2021-2 Collateral in all material respects.  The Trust will not take any action and will use its best
      efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Series 2021-2 Collateral or that would result in the
      amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in or permitted under this Indenture, the other Series 2021-2 Series
      Related Documents, the Transaction Documents, the Servicing Procedures or such other instrument or agreement.

    (b)       Subcontracting.  The Trust may contract with
      other Persons to assist it in performing its obligations under this Indenture.  Initially, the Trust has contracted with the Servicer and the Administrator to assist the Trust in performing its obligations under this Indenture.

    Section 3.7       Negative Covenants.  So long as
      Notes are Outstanding, the Trust will not, except as permitted in the Transaction Documents:

    (a)       Dispose of Series 2021-2 Collateral.  Sell,
      transfer, exchange or dispose of the Series 2021-2 Collateral unless directed to do so by the Indenture Trustee;

    (b)       No Release of Material Obligations.  Take
      action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included in the Series 2021-2 Collateral or that would impair the
      validity or enforceability of the Series 2021-2 Collateral or a document included in the Series 2021-2 Collateral;

    (c)       Set-off.  Claim a credit on, or make a
      deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments under applicable Law) or

    
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    assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Trust, the Group 1 Assets or the Series 2021-2
      Collateral;

    (d)       Liens.  Permit (i) the validity or
      effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated, terminated or discharged, or permit a Person to be released from obligations under this Indenture except in each case as permitted by
      this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Series 2021-2 Collateral or (iii) the Lien of this Indenture not to be a valid first priority security interest in the Series 2021-2 Collateral, other than
      with respect to Permitted Liens;

    (e)       Modification of Collateral.  Subject to
      Article IX and the terms and conditions of the Series 2021-2 Collateral or any Transaction Documents, amend, modify, waive, terminate or surrender any Series 2021-2 Collateral without the consent of the Indenture Trustee or the Noteholders of a
      majority of the Note Balance of the Notes and notifying the Rating Agencies;

    (f)       Engage in Non-Permissible Activities. 
      Engage in any activity other than as permitted by the Trust Agreement.

    Section 3.8       Opinions on Collateral.

    (a)       Opinion on Recording.  If this Indenture is
      subject to recording, the Trust, at its expense, will record it and deliver an Opinion of Counsel to the Indenture Trustee stating that the recording is necessary either for the protection of the Series 2021-2 Secured Parties or for the enforcement
      of a right or remedy Granted to the Indenture Trustee under this Indenture.

    (b)       Opinion on Perfection.  On the Closing Date,
      the Trust will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture creates an enforceable security interest in favor of the Indenture Trustee in the Indenture Trustee’s right, title and interest in and to the Series
      2021-2 Collateral transferred by the Trust to the Indenture Trustee pursuant to this Indenture and in any identifiable cash proceeds thereof.

    (c)       Annual Opinion.  On or before April 30 of
      each year, beginning in the year after the Closing Date, the Trust will furnish to the Indenture Trustee an Opinion of Counsel either (i) stating that, in the opinion of that counsel, all action has been taken for the recording, filing, re-recording
      and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

    Section 3.9       Annual Certificate of Compliance. 
      The Trust will deliver to the Indenture Trustee within ninety (90) days after the end of each calendar year, beginning in the year after the Closing Date, an Officer’s Certificate signed by a Responsible Person of the Trust, stating that (a) a review
      of the Trust’s activities and of its performance under this Indenture during the prior year has been made under a Responsible Person’s supervision and (b) to the Responsible Person’s knowledge, based on the review, the Trust has fulfilled in all
      material respects its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the
      failure.  A copy of the Officer’s Certificate may be obtained by any Noteholder or Person certifying it is a Note Owner by a request to the Indenture Trustee at its

    
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    Corporate Trust Office.  The Trust’s obligation to deliver an Officer’s Certificate under this Section 3.9 will terminate on the payment in full of the
      Notes.

    Section 3.10       Successor or Transferee.  (a) On a
      merger or consolidation of the Trust or a transfer under Section 5.5(d) of the Master Collateral Agreement, the Person formed by or surviving the merger or consolidation (if other than the Trust) will succeed to, and be substituted for, and may
      exercise the rights and powers of, the Trust under this Indenture with the same effect as if that Person had been named as the Trust in this Indenture and (b) for a transfer of the assets of the Trust under Section 5.5(d) of the Master Collateral
      Agreement, the predecessor Trust will be released from its obligations under this Indenture to be performed by the successor Trust for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Trust is to be released.

    Section 3.11       Further Acts and Documents.  On
      request of the Indenture Trustee, the Trust will take action and execute and deliver additional documents reasonably required to perform and carry out the purposes of this Indenture.

    Section 3.12       Review of Trust’s Records.  The
      Trust will maintain records and documents relating to its performance under this Indenture according to its customary business practices.  Upon reasonable request not more than once during any calendar year, and with reasonable notice, the Trust will
      give the Indenture Trustee (or its representatives) access to the records and documents to conduct a review of the Trust’s performance under this Indenture.  Any access or review will be conducted at the Trust’s offices during its normal business
      hours at a time reasonably convenient to the Trust and in a manner that will minimize disruption to its business operations.  Any access or review will be subject to the Trust’s security, confidentiality and privacy policies and any legal, regulatory
      and data protection policies.  Notwithstanding the foregoing, the permissive right of the Indenture Trustee to access and review the Trust’s records shall not constitute an obligation of the Indenture Trustee to do so.

    Section 3.13       Trust’s Representations and Warranties. 
      The Trust represents and warrants to the Indenture Trustee as of the Closing Date:

    (a)       Organization and Qualification.  The Trust
      is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware.

    (b)       Power, Authority and Enforceability.  The
      Trust has the power and authority to execute, deliver and perform its obligations under the Transaction Documents and the Series 2021-2 Series Related Documents to which it is a party.  The Trust has authorized the execution, delivery and performance
      of the Transaction Documents and the Series 2021-2 Series Related Documents to which it is a party.  The Transaction Documents and the Series 2021-2 Series Related Documents to which it is a party are the legal, valid and binding obligation of the
      Trust enforceable against the Trust, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

    (c)       No Conflicts and No Violation.  The
      completion of the transactions contemplated by the Transaction Documents and the Series 2021-2 Series Related Documents to which it is a

    
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    party and the performance of its obligations under such documents will not (i) conflict with, or be a material breach or material default under any
      indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Trust is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Trust’s properties or assets under the terms of any
      indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Indenture and the Transaction Documents), (iii) violate the Trust Agreement or (iv) violate a Law or, to the Trust’s knowledge, an order, rule or
      regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust or its properties that applies to the Trust, which, in each case of clauses (i) through (iv),
      would reasonably be expected to have a Material Adverse Effect.

    (d)       No Proceedings.  To the Trust’s knowledge,
      there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Trust or its properties (i)
      asserting the invalidity of the Transaction Documents, the Series 2021-2 Series Related Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents or the
      Series 2021-2 Series Related Documents, (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect or would materially adversely impact the validity or enforceability of the Notes or (iv) relating to
      the Trust that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for purposes of U.S. federal and State income tax, franchise tax, and any other tax imposed on or measured in whole or in part by income, (B) be
      deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Trust to be treated as an association or publicly traded partnership, in either case taxable as a corporation for U.S. federal income tax purposes,
      in each case, other than any proceedings that, to the Trust’s knowledge, would not reasonably be expected to have a material adverse effect on the Trust, the performance by the Trust of its obligations under, or the validity and enforceability of,
      the Transaction Documents, the Series 2021-2 Series Related Documents or the Notes or the tax treatment of the Trust or the Notes.

    (e)       No Investment Company.  The Trust is not an
      “investment company” as defined in the Investment Company Act.  In making this determination, the Trust is relying on the definition in Section 3(c)(5) of the Investment Company Act, although other exclusions or exemptions may also be available to
      the Trust.

    (f)       Volcker Rule.  The Trust is structured not
      to be a “covered fund” under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the “Volcker Rule.”

    Section 3.14       Trust’s Representations and Warranties About
          Security Interest.  The Trust represents and warrants to the Indenture Trustee as of the Closing Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

    (a)       Valid Security Interest.  This Indenture
      creates a valid and continuing security interest (as defined in the applicable UCC) in the Series 2021-2 Collateral in favor of the

    
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    Indenture Trustee which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of, purchasers from and
      transferees and absolute assignees of the Trust.

    (b)       Good Title.  The Trust owns and has good
      title to the Series 2021-2 Collateral free and clear of any Lien, other than Permitted Liens.  The Trust has received all consents and approvals required by the terms of the Series 2021-2 Collateral to Grant to the Indenture Trustee all of its right,
      title and interest in the Series 2021-2 Collateral, except if a requirement for consent or approval is extinguished under the applicable UCC.

    (c)       Filing Financing Statements.  The Trust has
      caused, or will cause within ten (10) days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest Granted in the
      Series 2021-2 Collateral to the Indenture Trustee under this Indenture.  All financing statements filed or to be filed against the Trust in favor of the Indenture Trustee under this Indenture describing the Series 2021-2 Collateral will contain a
      statement to the following effect: “A purchase, absolute assignment or transfer of or grant of a security interest in any collateral described in this financing statement will violate the rights of the Series 2021-2 Secured Parties.”

    (d)       No Other Sale, Grant or Financing Statements. 
      Other than the security interest Granted to the Indenture Trustee under this Indenture, the Trust has not sold or Granted a security interest in any of the Series 2021-2 Collateral.  The Trust has not authorized the filing of and is not aware of any
      financing statements against the Trust that include a description of collateral covering any of the Series 2021-2 Collateral, other than financing statements relating to the security interest Granted to the Indenture Trustee under this Indenture. 
      The Trust is not aware of any judgment or tax Lien filings against it.

    (e)       Series 2021-2 Securities Account.  All
      Permitted Investments have been and will be credited to a Series 2021-2 Securities Account.  The Securities Intermediary for each Series 2021-2 Securities Account has agreed to treat all assets credited to the Series 2021-2 Securities Accounts as
      “financial assets” within the meaning of the applicable UCC.

    (f)       Securities Intermediary Agreement.  The
      Trust has delivered to the Indenture Trustee a fully executed Series 2021-2 Account Control Agreement (1) that provides that the agreement is governed solely by the law of the State of New York and that the law of the State of New York shall govern
      all issues specified in Article 2(1) of the Hague Securities Convention, (2) pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Series 2021-2 Securities
      Accounts without further consent by the Trust, and (3) with a Securities Intermediary that at the time of this Indenture has one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies
      the “qualifying office” condition provided in the second sentence of Article 4(1) of the Hague Securities Convention.

    (g)       Name of Series 2021-2 Securities Accounts. 
      The Series 2021-2 Securities Accounts are not in the name of a Person other than the Trust or the Note Paying Agent.  The Trust has not consented to the Securities Intermediary of a Series 2021-2 Securities Account complying with entitlement orders
      of a Person other than the Indenture Trustee.

    
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    ARTICLE IV

      

      SATISFACTION AND DISCHARGE

    Section 4.1       Satisfaction and Discharge of Indenture.

    (a)       Conditions to Satisfaction and Discharge. 
      Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the Notes if:

    (i)            either (A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid under Section 2.7 and (2)
        Notes for which payment money has been deposited in trust or segregated and held in trust by the Trust and later paid to the Trust or discharged from the trust under Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B)
        the Notes not delivered to the Indenture Trustee for cancellation have become due and payable and the Trust has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient to pay and discharge the
        outstanding Note Balance of the Notes and interest accrued on the Notes on the Redemption Date; and

    (ii)            the Trust has delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

    (b)       Acknowledgement of Satisfaction and Discharge. 
      After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee will (i) upon receipt of a Trust Order and at the expense of the Trust, execute documents acknowledging satisfaction and discharge of this Indenture and
      (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate stating that all Noteholders have been paid in full.

    (c)       Continuing Rights and Obligations.  After
      the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights of Noteholders to receive
      payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this Indenture and (vi) the
      rights of the Series 2021-2 Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture Trustee payable to them for a period of two years after the satisfaction and discharge.

    ARTICLE V

      

      EVENTS OF DEFAULT; REMEDIES

    Section 5.1       Events of Default.

    (a)       Indenture Trustee to Notify.  In addition to
      the notice obligations of the Indenture Trustee under Section 6.5(a), the Indenture Trustee will notify the Noteholders within five (5) Business Days after a Responsible Person of the Indenture Trustee has actual knowledge of the occurrence of an
      Event of Default with respect to Group 1.

    
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    Section 5.2       Acceleration of Maturity; Rescission.

    (a)       Acceleration.  If a Primary Event of Default
      with respect to Group 1 or a Secondary Event of Default with respect to Group 1, other than a Secondary Event of Default with respect to Group 1 set forth under clause (iv) of the definition of Event of Default, in each case, as set forth in the
      Group Supplement for Group 1 occurs and is continuing, the Indenture Trustee may, or the Noteholders of a majority of the Note Balance of the Controlling Class may, declare the Notes to be accelerated by notifying the Trust (and the Indenture Trustee
      if declared by the Noteholders).  If a Secondary Event of Default with respect to Group 1 set forth under clause (iv) of the definition of Event of Default as set forth in the Group Supplement for Group 1 occurs, the Notes will be accelerated and
      will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder.  On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest and unpaid Additional
      Interest Amounts and Make-Whole Payments, if any, will become immediately due and payable.  On the declaration of acceleration or upon actual knowledge of a Responsible Person of the Indenture Trustee of an automatic acceleration, the Indenture
      Trustee will promptly notify the Trust, the Master Collateral Agent, each Noteholder and each Qualified Institution (if not the Indenture Trustee) maintaining a Series 2021-2 Account.

    (b)       Rescission of Acceleration.  The Noteholders
      of a majority of the Note Balance of the Controlling Class, by notifying the Trust and the Indenture Trustee (who will notify the Master Collateral Agent), may rescind any declaration of acceleration of the Notes if:

    (i)              notice of the rescission is given before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee or the Master Collateral Agent as stated in this Article
        V;

    (ii)            the Trust has deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under
        this Indenture or on the Notes if the Event of Default with respect to Group 1 giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses
        of the Trust in respect of Series 2021-2; and

    (iii)            all Events of Default with respect to Group 1, other than the non-payment of amounts due solely because of acceleration, have been cured or waived by Noteholders of the majority of the Note
        Balance of the Controlling Class, pursuant to and subject to the terms of Section 5.14.

    Section 5.3       Collection of Indebtedness by Indenture Trustee.

    (a)       Overdue Amounts.  If a Primary Event of
      Default with respect to Series 2021-2 as set forth in the Group Supplement for Group 1 occurs and is continuing, the Trust, on demand of the Indenture Trustee, will pay to the Note Paying Agent for the benefit of the Noteholders, the overdue amount
      with interest at the rate of interest then applicable to the Notes.

    
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    (b)       Collection Costs.  In addition, the Trust
      will pay the costs of collection, including the expenses of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7.

    (c)       Proceedings.  If the Trust fails to pay
      those amounts and the collection costs set forth in Section 5.3(b) on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a Proceeding to collect the money due and unpaid, and may pursue the Proceeding to
      final judgment, and may enforce the judgment against the Trust and collect the money due and unpaid in the manner provided by law out of the Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in
      Section 6.1 of the Master Collateral Agreement.

    Section 5.4       Trustee May File Proofs of Claim.

    (a)       Proofs of Claim.  If there is a Proceeding
      involving the Trust under the Bankruptcy Code or another bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Trust or its property, the
      Indenture Trustee may:

    (i)              file a proof of claim for the due and unpaid principal of and interest on the Notes and file other proofs of claim (including any claims for compensation or indemnification under Section 6.7)
        or documents necessary or advisable to have the claims of the Indenture Trustee on behalf of the Series 2021-2 Secured Parties allowed in the Proceedings or in other judicial proceedings involving the Trust, its creditors and its property;

    (ii)            unless prohibited by applicable Law, vote on behalf of the Series 2021-2 Secured Parties in the election of a trustee, a standby trustee or a Person performing similar functions in the
        Proceedings; and

    (iii)            collect and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Series 2021-2 Secured Parties, including the claims
        asserted by the Indenture Trustee on their behalf.

    (b)       Authorization by Noteholders.  Each
      Noteholder authorizes a trustee, liquidator, receiver or similar official in a Proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Noteholders, to pay to the Indenture Trustee
      the amounts owed to the Indenture Trustee under Section 6.7.

    (c)       No Right to Consent or Vote.  Except as
      permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of a Noteholder a plan of reorganization, arrangement, adjustment or composition
      affecting the Notes and (ii) does not limit the rights of a Noteholder to authorize the Indenture Trustee to vote on the claim of a Noteholder in the Proceeding.

    
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    Section 5.5       Enforcement of Claims Without Possession of
          Notes.

    (a)       Notes not Required.  The Indenture Trustee
      may enforce its rights and make claims under this Indenture, or under the Notes, without the possession of the Notes or the production of the Notes in a Proceeding.  A Proceeding started by the Indenture Trustee will be brought in its own name as
      trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses and indemnity of the Indenture Trustee and its agents, counsel, accountants and experts due to the Indenture Trustee under Section 6.7, will be for the
      benefit of the Series 2021-2 Secured Parties for which the judgment has been recovered.

    (b)       Proceeding.  In any Proceeding brought by
      the Indenture Trustee (and any Proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the Series 2021-2 Secured Parties, and it will not be necessary
      to make any Series 2021-2 Secured Party, including a Noteholder, a party to the Proceeding.

    Section 5.6       Remedies; Priorities.

    (a)       Remedies.  If the Notes have been
      accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according to Section 5.2(b), the Indenture Trustee may, and at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class
      must, do one or more of the following (subject to Section 5.7):

    (i)              start a Proceeding 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 on the Notes, enforce any judgment
        obtained and collect from the Trust money adjudged due;

    (ii)            take any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; or

    (iii)            vote as a Group Creditor Representative for Group 1 to cause the Trust to sell the Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth
        in Section 6.1 of the Master Collateral Agreement.

    (b)       Notice of Sale of Collateral.  The Indenture
      Trustee will notify each Noteholder and the Depositor of a sale under Section 5.6(a)(iii) above and Section 6.1 of the Master Collateral Agreement at least fifteen (15) days before the sale.  A Noteholder, the Depositor or the Servicer may submit a
      bid during the sale.

    (c)       [Reserved].

    (d)       Payments Following Acceleration and any Sale of
          Collateral.  Any money or property deposited with the Indenture Trustee as Series 2021-2 Available Funds after the occurrence of an Event of Default with respect to Group 1 that has not been waived or cured and an acceleration of the
      Notes, including after the sale of Group 1 Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, will be deposited in the Distribution Account for
      distribution according to Section 8.2(e) on the Payment Date after the Collection Period during which those

    
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    amounts are collected.  In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default with respect to Group 1.

    Section 5.7       [Reserved].

    Section 5.8       Limitation on Suits.

    (a)       Proceedings.  No Noteholder has the right to
      start a Proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless all of the following have occurred:

    (i)               the Noteholder has notified the Indenture Trustee of a continuing Event of Default with respect to Group 1;

    (ii)            the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to start the Proceeding for the Event of Default with respect to Group 1 in
        its own name as Indenture Trustee under this Indenture;

    (iii)            the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against any liabilities that may be incurred by the Indenture Trustee, or its agents, counsel,
        accountants and experts, in complying with the request;

    (iv)            the Indenture Trustee has failed to start the Proceedings for sixty (60) days after it receives the notice, request and offer of indemnity; and

    (v)            the Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent with the request during that sixty (day) period.

    (b)       No Right to Impair.  No Noteholder has the
      right to impair the rights of another Noteholder or to seek or obtain priority or preference over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this Indenture.

    (c)       Conflicting Requests.  If the Indenture
      Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will take the action requested by the
      Noteholders representing the greatest percentage of the Note Balance of the Controlling Class, notwithstanding any other provision of this Indenture.

    Section 5.9       Unconditional Rights to Receive Principal and
          Interest.  Each Noteholder has an absolute and unconditional right to receive payment of the principal of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the
      Redemption Date) and to start a Proceeding for the enforcement of the payment according to Section 5.8.  Those rights may not be impaired or affected without the consent of the Noteholder.

    
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    Section 5.10       Restoration of Rights and Remedies. 
      If the Indenture Trustee or a Noteholder has started a Proceeding to enforce a right or remedy under this Indenture and the Proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder,
      then the Trust, the Indenture Trustee and the Noteholders, subject to a determination in the Proceeding, will be restored to their former positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will
      continue as though no Proceeding had been started.

    Section 5.11       Rights and Remedies Cumulative.  No
      right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and
      remedy under this Indenture.  The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same time.  The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture will not be
      affected by the seeking, obtaining or use of other relief under this Indenture.  The rights or remedies of the Indenture Trustee or the Noteholders will not be impaired by the recovery of a judgment by the Indenture Trustee against the Trust or by
      the execution of a judgment on the Group 1 Assets.

    Section 5.12       Delay or Omission Not a Waiver.  No
      delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a Potential Default with respect to Group 1 or Event of Default with respect to Group 1 will impair the right or remedy or be a waiver of the Potential
      Default with respect to Group 1 or Event of Default with respect to Group 1.  Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised as often as deemed advisable by the Indenture
      Trustee or by the Noteholders.

    Section 5.13       Control by Noteholders.  The
      Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time, method and place of conducting a Proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power of the
      Indenture Trustee, subject to the following terms:

    (a)       No Conflict.  The direction does not
      conflict with Law or with this Indenture.

    (b)       Direction to Sell or Liquidate.  Except
      under Section 5.6(a)(iii), a direction to the Indenture Trustee to vote pursuant to Section 6.1(a)a.(A) or Section 6.1(a)b.(A) of the Master Collateral Agreement as a Group Creditor Representative for Group 1 to cause the Trust to sell the Group 1
      Assets and, to the extent required, a portion of the Group Assets of any other Group, as set forth in Section 6.1 of the Master Collateral Agreement, must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

    (c)       [Reserved].

    (d)       Other Action.  The Indenture Trustee may
      take other action considered advisable by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

    
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    (e)       Adverse Action.  The Indenture Trustee need
      not take an action for which it will not be adequately indemnified or that it determines might have a material adverse effect on the rights of Noteholders not consenting to the action.

    Section 5.14       Waiver of Potential Defaults and Events of
          Default.

    (a)       Waiver by Controlling Class.  The
      Noteholders of a majority of the Note Balance of the Controlling Class may waive a Potential Default with respect to Group 1 or Event of Default with respect to Group 1 except an Event of Default with respect to Group 1 (i) in the payment of
      principal of or interest, Additional Interest Amounts or Make-Whole Payments on the Notes (other than an Event of Default with respect to Group 1 relating to failure to pay principal due only by reason of acceleration) or (ii) for a covenant or term
      of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

    (b)       Effect of Waiver.  On any waiver, the
      Potential Default with respect to Group 1 or Event of Default with respect to Group 1 will be considered not to have occurred with respect to Series 2021-2 for all purposes of this Indenture.  No waiver will extend to any other Potential Default with
      respect to Group 1 or Event of Default with respect to Group 1 or impair any right relating to any other Potential Default with respect to Group 1 or Event of Default with respect to Group 1.

    Section 5.15       Agreement to Pay Costs.  The
      parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed, that a court may in its discretion require, in a Proceeding for the enforcement of a right or remedy under this Indenture, or in a
      Proceeding against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a party litigant in the Proceeding of an agreement to pay the costs of the Proceeding, and that the court may in its discretion assess
      reasonable costs, including reasonable attorneys’ fees, against a party litigant in the Proceeding.  This Section 5.15 will not apply to (a) a Proceeding started by the Indenture Trustee, (b) a Proceeding started by a Noteholder or group of
      Noteholders holding more than 10% of the Note Balance of the Notes (or for a Proceeding for the enforcement of a right or remedy under this Indenture that is started by the Controlling Class, holding more than 10% of the Note Balance of the
      Controlling Class) or (c) a Proceeding started by a Noteholder for the enforcement of the payment of principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture (or, for redemption, on or after
      the Redemption Date).

    Section 5.16       Waiver of Stay or Extension Laws. 
      The Trust agrees that it will not plead or in any manner claim or take the benefit of, a stay or extension that may affect the performance of its obligations under this Indenture, and the Trust waives the benefit of such law.

    Section 5.17       Performance and Enforcement of Obligations.

    (a)       Actions Requested by Indenture Trustee.  At
      the Administrator’s expense, until the date on which all Notes are paid in full and this Indenture is discharged, the Trust will promptly take any lawful action the Indenture Trustee requests to (i) compel the performance by (A) the Depositor and the
      Servicer of their obligations to the Trust under the Transfer and Servicing Agreement and the Additional Transferor Receivables Transfer Agreement or (B) the

    
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    Depositor and the Originators of their obligations under the Originator Receivables Transfer Agreement and (ii) exercise any rights, remedies, powers,
      privileges and claims available to the Trust under those agreements as directed by the Indenture Trustee.

    (b)       Exercise by Indenture Trustee.  If an Event
      of Default with respect to Group 1 has occurred and is continuing, until the date on which all Notes are paid in full and this Indenture is discharged, (i) the Indenture Trustee may, and at the written direction of the Noteholders of at least 66-2/3%
      of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges and claims of the Trust against (A) the Depositor or the Servicer under the Transfer and Servicing Agreement and the Additional Transferor
      Receivables Transfer Agreement and (B) the Depositor and the Originators under the Originator Receivables Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by those Persons of their
      obligations to the Trust under those agreements, and to give a consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Trust to take any such action will be suspended.

    ARTICLE VI

      

      INDENTURE TRUSTEE

    Section 6.1       Indenture Trustee’s Obligations.

    (a)       Standard of Care.  If an Event of Default
      with respect to Group 1 has occurred and is continuing, the Indenture Trustee will exercise the rights and powers vested in it under this Indenture using the same degree of care and skill as a prudent person would use under the circumstances in the
      conduct of that person’s own affairs.

    (b)       Obligations; Reliance.  Except during the
      continuance of an Event of Default with respect to Group 1:

    (i)              the Indenture Trustee agrees to perform the duties and only such duties as specifically stated in this Indenture and no implied covenants, duties (including fiduciary duties) or obligations
        are to be read into this Indenture against the Indenture Trustee; and

    (ii)            in the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of the statements and the correctness of the opinions
        furnished to it, on certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture.  The Indenture Trustee will examine the certificates and opinions to determine whether or not they
        conform as to form to the requirements (but need not confirm or investigate the accuracy of mathematical calculations or other facts therein), if any, of this Indenture.

    (c)       Indenture Trustee Liable.  The Indenture
      Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

    (i)            this Section 6.1(c) does not limit the effect of Section 6.1(b);

    
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    (ii)            the Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in determining the relevant facts; and

    (iii)            the Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or the Transfer and Servicing Agreement or a direction received by it from
        the Noteholders in accordance with the provisions of this Indenture or the Transfer and Servicing Agreement.

    (d)       Not Liable for Interest.  The Indenture
      Trustee will not be liable for interest on money received by it, except as the Indenture Trustee may agree in writing with the Trust.

    (e)       Not Required to Segregate.  The Indenture
      Trustee need not segregate any funds held by it in trust under this Indenture from other funds unless required by Law, this Indenture or the Transfer and Servicing Agreement.

    (f)       Section Governs.  Whether or not expressly
      so provided, every provision of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection to the Indenture Trustee is subject to this Section 6.1 and to the TIA.

    (g)       No Deemed Knowledge.  The Indenture Trustee
      will not be deemed to have knowledge of a breach of the Group Eligibility Representation, Potential Default with respect to Group 1 or any Event of Default with respect to Group 1 or any other fact (including whether any reacquisition or acquisition
      request remains unresolved for one-hundred eighty (180) days) or event unless (i) a Responsible Person of the Indenture Trustee has actual knowledge of the breach, Potential Default with respect to Group 1, Event of Default with respect to Group 1 or
      other fact or event or (ii) where written notice is required, a Responsible Person of the Indenture Trustee has actually received written notice of the specific breach, Potential Default with respect to Group 1, Event of Default with respect to Group
      1 or other fact or event at its Corporate Trust Office, and such notice specifically identifies the Trust, this Indenture and such breach, Potential Default with respect to Group 1, Event of Default with respect to Group 1, or other fact or event. 
      Any notice of an occurrence of a breach of the Group Eligibility Representation under a Receivables Transfer Agreement or the Transfer and Servicing Agreement delivered to the Indenture Trustee shall specifically identify the Group 1 Receivables in
      breach.  Knowledge or information acquired by U.S. Bank National Association in its capacity as Indenture Trustee, Note Paying Agent or Note Registrar, as applicable, shall not be imputed to U.S. Bank National Association in any other capacity in
      which it may act under the Transaction Documents or any Series 2021-2 Series Related Document or to any affiliate of U.S. Bank National Association and vice versa.  For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report under
      the Asset Representations Review Agreement shall not constitute knowledge of any such event or breach.

    (h)       [Reserved].

    (i)       No Duty to Monitor or Administer.  Except as
      expressly provided in this Indenture and the other Series 2021-2 Series Related Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Group 1 Receivables or to maintain,

    
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    monitor or otherwise supervise the administration, servicing or collection of the Group 1 Receivables.

    (j)       Enforceable in all Capacities.  The rights,
      privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI, including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under this
      Indenture and the other Series 2021-2 Series Related Documents, including as Authenticating Agent, Note Registrar and Note Paying Agent under this Indenture and as a “securities intermediary” as defined in Section 8-102 of the UCC and a “bank” as
      defined in Section 9-102 of the UCC under the Series 2021-2 Account Control Agreement.

    (k)       Not Required to Pay or Risk Funds.  The
      Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture or the other Series 2021-2 Series Related Documents, expend or risk its own funds or incur any financial liability in the performance of its obligations
      under this Indenture or the other Series 2021-2 Series Related Documents, including after an Event of Default with respect to Group 1, if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against
      that risk or liability is not reasonably assured or given to it by the Trust or (ii) start, pursue or defend litigation, investigate any matter or honor the request or direction of the Noteholders under this Indenture, unless the Noteholders have
      offered to the Indenture Trustee reasonable security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction. Notwithstanding anything to the contrary in
      this Indenture, the Indenture Trustee will not be required to take any action if the Indenture Trustee reasonably determines that such action (x) will not be in the best interests of the Noteholders or (y) will be contrary to applicable Law.  The
      permissive right of the Indenture Trustee to take any action under the Series 2021-2 Series Related Documents shall not be construed as a duty to take such action.

    (l)       Force Majeure.  The Indenture Trustee will
      not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control, including, but not limited to, strikes, work stoppages, acts of war,
      terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes, interruptions, loss or failures of mechanical, electronic or communication systems, epidemics, a material
      adverse change in the COVID-19 pandemic or a new pandemic.  The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

    (m)       Consequential Damages.  The Indenture
      Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of the form of
      action.

    (n)       No Duty with Respect to Series 2021-2 Collateral. 
      The Indenture Trustee shall be under no duty or obligation in connection with the acquisition or Grant by the Trust to the Indenture Trustee of any item constituting the Series 2021-2 Collateral, or to evaluate the sufficiency of the documents or
      instruments delivered to it by or on behalf of the Trust in

    
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    connection with its Grant or otherwise, in each case, in order to determine compliance with applicable requirements of and restrictions on transfer in
      respect of such Series 2021-2 Collateral.

    (o)       No Duty with Respect to Risk Retention.  The
      Indenture Trustee will not have any obligation or responsibility to monitor or enforce the Sponsor’s compliance with any risk retention requirements under the U.S. Credit Risk Retention Rules or other rules or regulations relating to risk retention. 
      The Indenture Trustee shall not be charged with knowledge of such rules, nor shall it be liable to any Noteholder or other party for violation of such rules now or hereafter in effect, except as otherwise may be explicitly required by law, rule or
      regulation.

    (p)       [Reserved].

    (q)       Liability for Dissemination of Information. 
      Except as required by the Series 2021-2 Series Related Documents, the Indenture Trustee shall not be liable for the dissemination of any information contained in any Review Report or summary thereof, any 10-D or other filing, or any other
      dissemination of information required or made in accordance with the Series 2021-2 Series Related Documents and shall have no responsibility, or liability for the failure of any party to redact or remove any Personally Identifiable Information or
      other confidential information in any document.

    Section 6.2       Indenture Trustee’s Rights.

    (a)       Reliance on Documents.  The Indenture
      Trustee may conclusively rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person.  The Indenture Trustee is not required to investigate any facts or matters
      or to verify any calculations or amounts stated in any document (including the Monthly Investor Report).  The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on a document believed by it to be genuine.

    (b)       Reliance on Opinions.  Before the Indenture
      Trustee acts or does not act, it may require and rely on an Officer’s Certificate or an Opinion of Counsel, at the expense of the Trust.  The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on an
      Officer’s Certificate or Opinion of Counsel.

    (c)       Use of Agents.  The Indenture Trustee may
      exercise its rights or powers under this Indenture or perform its obligations under this Indenture either directly or by or through agents or attorneys or a custodian or nominee.  The Indenture Trustee will not be responsible for misconduct or
      negligence on the part of, or for the supervision of, the agent, counsel, custodian or nominee appointed with due care by it under this Indenture.

    (d)       Good Faith.  The Indenture Trustee will not
      be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Indenture so long as the action taken or not taken does not amount to negligence.

    (e)       Advice from Counsel.  The Indenture Trustee
      may consult with counsel, accountants, appraisers or other experts or advisors, and the advice or opinion of counsel, accountants, appraisers or other experts or advisors on any matters relating to this Indenture and

    
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    the Notes will be full and complete authorization and protection from liability for any action taken or not taken by it under this Indenture in good
      faith and according to the advice or opinion of that counsel, accountant, appraiser or expert or advisor.

    (f)       No Determination of Materiality.  The
      Indenture Trustee shall not be required to determine the materiality or adverse effect of breaches of representations or warranties or other events for purposes of notice or enforcement hereunder or under any other Series 2021-2 Series Related
      Documents or any Transaction Document.

    (g)       Incumbency.  The Indenture Trustee may
      request that the Trust and any other Person deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

    (h)       No Duty with Respect to Regulatory Requirements. 
      The Indenture Trustee shall have no responsibility to prepare or file or make any determination with respect to any tax or securities law filing or report, or to monitor, enforce, make any determination or take any action with respect to any risk
      retention requirements or other regulatory requirements and shall have no liability for the failure of the Trust, the Notes or the Noteholders or any other Person to satisfy any such requirements.

    Section 6.3       Indenture Trustee’s Individual Rights. 
      The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Trust or its Affiliates with the
      same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or Authenticating Agent.

    Section 6.4       Indenture Trustee’s Disclaimer.  The
      Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes, (b) the Trust’s use of the proceeds from the Notes, (c) any statement of the Trust in this Indenture or in the Notes, other than the Indenture
      Trustee’s certificate of authentication, or (d) any statement of the Trust, the Depositor or the Servicer in any prospectus or offering document used for the offering or sale of the Notes.

    Section 6.5       Notice of Potential Defaults and Notice of
          Payment Defaults.  Within ninety (90) days after a Responsible Person of the Indenture Trustee has actual knowledge of, or actually receives written notice of, a Potential Default with respect to Group 1, the Indenture Trustee will
      mail, as described in Section 313(c) of the TIA, to each Noteholder, notice of the Potential Default, unless the Potential Default has been corrected or waived.  However, except for a Potential Default in the payment of principal of or interest on a
      Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the interests of the Noteholders.

    Section 6.6       Reports by Indenture Trustee.

    (a)       Tax Information.  Starting in the year after
      the Closing Date, the Indenture Trustee will deliver or make available to each Person who at any time during the prior calendar year was a Noteholder of record, a statement containing the information required to be given to a noteholder by an issuer
      of indebtedness, in the form and at the time required under the Code.

    
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    (b)       Monthly Investor Report.  On each Payment
      Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for confirmation of
      receipt or by making the report available to the Noteholders through the Indenture Trustee’s website, which initially is located at https://pivot.usbank.com (or via such other
      internet website as may be designated by the Indenture Trustee for such purpose)).  Noteholders with questions may direct them to the Indenture Trustee’s bondholder services group at (800) 934-6802.

    (c)       [Reserved]. 

    (d)       Annual Assessment of Compliance.  On or
      before March 1 of each year, beginning in the year after the Closing Date, the Indenture Trustee will:

    (i)            deliver to the Trust, the Depositor, the Administrator and the Servicer, a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified on Exhibit B
        during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such
        report shall be addressed to the Trust and signed by an authorized officer of the Indenture Trustee; and,

    (ii)            deliver to the Trust, the Depositor, the Administrator and the Servicer a report of a registered public accounting firm reasonably acceptable to the Trust and the Administrator that attests
        to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph.  This attestation shall be delivered in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S‐X under the
        Securities Act and the Exchange Act.

    The reports will be delivered in a format suitable for filing with the Commission on EDGAR.

    (e)       Obligation to Update Disclosure.  The
      Indenture Trustee will notify and provide information, and certify that information in an Officer’s Certificate, to the Trust, the Administrator and the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or
      actions taken by the Indenture Trustee that (i) may be required to be disclosed by the Trust under Item 2 (the institution of, material developments in, or termination of legal proceedings against the Indenture Trustee that are material to the
      Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of such proceeding, (ii) the Trust, or the Administrator on behalf of the Trust, reasonably
      requests of the Indenture Trustee that the Administrator believes is necessary to comply with the Trust’s reporting obligations under the Exchange Act within two (2) Business Days of request, (iii) is required to be disclosed under Item 5 (submission
      of matters to a vote of the Noteholders) of Form 10-D under the Exchange Act within five (5) Business Days of a Responsible Person of the Indenture Trustee having actual knowledge of the submission, or (iv) is required to be disclosed under Item 6.04
      (failure to make a distribution when required) of Form 8-K under the Exchange Act within two (2) Business Days of the failure to make a distribution when required, as applicable.

    
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    Section 6.7       Compensation and Indemnity.

    (a)       Fees.  The Trust will pay the Indenture
      Trustee as compensation for performing its obligations under this Indenture the Indenture Trustee Fee.  The Indenture Trustee’s compensation will not be limited by law on compensation of a trustee of an express trust.  The Trust will reimburse the
      Indenture Trustee for its reasonable expenses in performing its obligations under this Indenture and the other Series 2021-2 Series Related Documents, including costs of collection and the reasonable compensation and expenses of the Indenture
      Trustee’s agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee’s willful misconduct, bad faith or negligence.

    (b)       Indemnification.  The Trust agrees to
      indemnify U.S. Bank National Association in each of its capacities under this Indenture and the other Series 2021-2 Series Related Documents and its officers, directors, employees and agents (each, an “Indemnified Person”) against any and all loss, liability, claim, suit, action, expense (including reasonable attorney’s fees and expenses), damages, costs and disbursements incurred in connection with, arising out
      of or resulting from the administration of the trusts created hereunder and the performance of its obligations under this Indenture and the other Series 2021-2 Series Related Documents (including any such amount incurred by the Indemnified Person in
      connection with (x) defending itself against any claim, legal action or proceeding or (y) the enforcement of any indemnification or other obligation of the Trust, the Servicer or any other transaction party) not resulting from (i) the Indenture
      Trustee’s own willful misconduct, negligence or bad faith or (ii) the Indenture Trustee’s breach of its representations or warranties in this Indenture.

    (c)       Proceedings.  If an Indemnified Person
      receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding will be made under this Section 6.7, promptly notify the Trust of the Proceeding; provided, that the failure to give such notice
      shall not affect the right of an Indemnified Person to indemnification hereunder to the extent that such failure does not prejudice the rights of the Trust or the Indemnified Person in such Proceeding.  The Trust may participate in and assume the
      defense and settlement of the Proceeding at its expense.  If the Trust notifies the Indemnified Person of its intention to assume the defense of the Proceeding, the Trust will assume such defense with counsel reasonably satisfactory to the
      Indemnified Person and in a manner reasonably satisfactory to the Indemnified Person.  The Trust will not be liable for legal expenses of separate counsel to the
      Indemnified Person unless there is a conflict between the interests of the Trust and the Indemnified Person.  If there is a conflict or if the parties cannot reasonably agree as to the selection of counsel, the Trust will pay for the separate counsel
      to the Indemnified Person.  No settlement of the Proceeding in which a claim is brought against the Trust may be settled in the name of, on behalf of or in any manner in which the Trust is understood to acknowledge the validity of any claim without
      the approval of the Trust and the Indemnified Person, which approvals will not be unreasonably withheld.

    (d)       Survival of Obligations.  The Trust’s
      obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture.  Expenses incurred by the Indenture Trustee after the occurrence of a Potential Default
      with respect to Group 1 stated in clause (iv) of the definition of Event of

    
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    Default are intended to be expenses of administration under the Bankruptcy Code or another applicable federal or State bankruptcy, insolvency or
      similar law.

    (e)       Repayment.  If the Trust makes a payment
      from Series 2021-2 Available Funds to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Trust.

    (f)       Available Funds.  Payments required to be
      made by the Trust under this Section 6.7 will be made solely from Series 2021-2 Available Funds used to make payments under this Indenture.

    Section 6.8       Resignation or Removal of Indenture Trustee.

    (a)       Resignation.  The Indenture Trustee may
      resign by notifying the Trust and the Administrator in writing at least thirty (30) days in advance.

    (b)       Removal by Controlling Class.  The
      Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture Trustee and the Trust, in writing, at
      least thirty (30) days prior to such removal.

    (c)       Removal by Trust.  The Trust must remove the
      Indenture Trustee and terminate its rights and obligations under this Indenture if:

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

    (ii)            the Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

    (iii)            an Insolvency Event for the Indenture Trustee occurs.

    (d)       Appointment of Successor.  If the Indenture
      Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Trust or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly.  If a successor
      Indenture Trustee does not take office within sixty (60) days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Trust or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of
      competent jurisdiction (at the expense of the Trust) to appoint a successor Indenture Trustee.

    (e)       Acceptance of Appointment.  No resignation
      or removal of the Indenture Trustee will become effective until the acceptance of appointment by the successor Indenture Trustee under this Section 6.8.  Any successor Indenture Trustee will deliver a written acceptance of its appointment to the
      outgoing Indenture Trustee, the Trust and the Administrator.  The Trust will continue to pay amounts owed to the predecessor Indenture Trustee for the period it was Indenture Trustee according to Sections 6.7 and 8.2.  The successor Indenture Trustee
      will notify

    
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    the Series 2021-2 Secured Parties of its succession and the Trust or Administrator will deliver a copy of the notice to the Rating Agencies.

    (f)       Transition of Indenture Trustee Obligations. 
      On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the successor Indenture
      Trustee.  The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.  The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses
      related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

    Section 6.9       Merger or Consolidation; Transfer of Assets.

    (a)       Merger or Consolidation.  If the Indenture
      Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that Person is
      qualified and eligible under Section 6.11.  The Indenture Trustee will promptly notify the Servicer and the Trust of the succession, and the Trust will notify the Rating Agencies.

    (b)       Authentication of Notes.  If, at the time
      the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication of a
      predecessor Indenture Trustee and deliver the Notes so authenticated.  If at that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes.  In each of those cases, the certificates will have the same
      force and effect given in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

    Section 6.10       Appointment of Separate Trustee or Co-Trustee.

    (a)       Appointment.  For the purpose of meeting the
      legal requirement of a jurisdiction in which part of the Series 2021-2 Collateral may be located or for such other reasons as may be necessary or desirable (including to resolve any conflict of interest issues), after notifying the Trust and the
      Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or part of the Series 2021-2 Collateral, and to vest in those Persons, in this capacity and for
      the benefit of the Series 2021-2 Secured Parties, title to all or part of the Series 2021-2 Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may consider necessary or desirable.  No separate trustee
      or co-trustee will be required to be eligible as a successor trustee under Section 6.11 and no notice to the Series 2021-2 Secured Parties of the appointment of a separate trustee or co-trustee will be required under Section 6.8.

    (b)       Terms of Appointment.  Every separate
      trustee and co-trustee will be appointed and act subject to the following:

    (i)              all rights, powers and obligations of the Indenture Trustee set forth in the instrument of appointment will be exercised or performed by the separate trustee or the Indenture Trustee or
        co-trustee jointly (it being understood that a co-trustee will not be authorized to act separately without the Indenture Trustee joining in the act, except if

    
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    under the law of a jurisdiction in which a particular act or acts are to be performed the Indenture Trustee will be incompetent or
      unqualified to perform those act or acts, in which event those acts will be exercised and performed singly by the co-trustee, but solely at the direction of the requisite Noteholders);

    (ii)             no trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

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

    (c)       Notices.  Any notice, request or other
      writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.

    (d)       Rights of Appointee.  Every document
      appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.  Each separate trustee and

      co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture.  The document will be filed with the Indenture Trustee, and the Indenture Trustee will provide
      the Trust with a copy of each document.

    (e)       Indenture Trustee as Agent.  A separate
      trustee or co-trustee, with the consent of the Indenture Trustee, may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, if permitted by law, to do each lawful act under or for this Indenture on its behalf and in
      its name.  If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture Trustee, if permitted by law, without the appointment of a new or
      successor trustee.

    Section 6.11       Eligibility.  The Indenture Trustee
      must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of the TIA.  The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent annual
      published report of condition and must have a long-term debt rating of at least investment grade by each of the Rating Agencies or must be acceptable to each of the Rating Agencies or satisfy the Rating Agency Condition.  Promptly after the Indenture
      Trustee fails to satisfy the requirements in this Section 6.11 or ceases to be a Qualified Institution, the Indenture Trustee will notify the Trust and the Servicer of the failure.

    Section 6.12       Inspections of Indenture Trustee. 
      The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized representatives of the Trust, the Servicer or the Administrator, during the Indenture Trustee’s normal business hours, to have access to and review the
      facilities, processes, books of account, records, reports and other documents and materials of the Indenture Trustee relating to (a) the performance of the Indenture Trustee’s obligations under this Indenture, (b) the payments of fees and expenses of
      the Indenture Trustee for its performance and (c) any claim made by the Indenture Trustee under this Indenture.  In addition, the Indenture Trustee will permit those representatives to make copies and extracts of the books and records and to discuss
      them with the Indenture Trustee’s officers and employees.

    
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    Any access and review will be subject to the Indenture Trustee’s confidentiality and privacy policies.  The Indenture Trustee will maintain all
      relevant books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Indenture.

    Section 6.13       Indenture Trustee’s Representations and
          Warranties.  The Indenture Trustee represents and warrants to the Trust as of the Closing Date:

    (a)       Organization.  The Indenture Trustee is duly
      organized, validly existing and qualified as a national banking association under the laws of the United States.

    (b)       Power and Authority.  The Indenture Trustee
      has the corporate power and authority to execute, deliver and perform its obligations under this Indenture.  The Indenture Trustee has taken all action necessary to authorize the execution, delivery and performance by it of this Indenture.

    (c)       Enforceability.  This Indenture has been
      duly executed by an authorized officer of the Indenture Trustee and constitutes the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee in accordance with its terms, except as may be limited by (i)
      insolvency, bankruptcy, reorganization, moratorium or other laws now or hereafter in effect relating to the enforcement of creditors’ rights generally, (ii) general equitable principles (regardless of whether such enforceability is considered in a
      proceeding at law or in equity) and (iii) with respect to rights of indemnity hereunder, limitations of public policy under applicable securities laws.

    (d)       No Defaults.  To the best knowledge of the
      Responsible Persons of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or regulation of the United States of America, or any department, division, agency or instrumentality thereof having jurisdiction over
      the trust powers of the Indenture Trustee which would materially impair the ability of the Indenture Trustee to perform its obligations under this Indenture.

    (e)       No Consents.  To the best knowledge of the
      Responsible Persons of the Indenture Trustee, no authorization, consent or other order of any federal government authority or agency having jurisdiction over the trust powers of the Indenture Trustee are required to be obtained by the Indenture
      Trustee for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

    (f)       Eligibility.  The Indenture Trustee
      satisfies the requirements of Section 310(a) of the TIA and is a Qualified Institution.  The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition.

    Section 6.14       Reporting of Receivables Reacquisition and
          Acquisition Demands.  The Indenture Trustee will (a) notify the Sponsor, the Administrator, the Depositor and the Servicer, as soon as practicable and within five (5) Business Days, of demands or requests actually received by a
      Responsible Person of the Indenture Trustee for the reacquisition or acquisition, as applicable, of any Receivable under Section 3.4 of the Originator Receivables Transfer Agreement, Section 3.4 of the Additional Transferor Receivables Transfer
      Agreement or

    
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    Sections 2.5 or 2.7 of the Transfer and Servicing Agreement, (b) promptly on request by the Sponsor, the Depositor, the Administrator or the Servicer,
      provide to them other information reasonably requested and within its possession to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and (c) if requested by the Sponsor, the Depositor, the Administrator or the Servicer, provide a
      written certification no later than fifteen (15) days following the end of any quarter or year that the Indenture Trustee has not received any reacquisition demands or requests for that period, or if reacquisition or acquisition, as applicable,
      demands or requests have been received during that period, that the Indenture Trustee has provided all the information reasonably requested under clause (b) above.  The Indenture Trustee and the Trust will not have responsibility or liability for a
      filing required to be made by a securitizer under the Exchange Act.

    Section 6.15       Preferential Collection of Claims Against the
          Trust.  The Indenture Trustee will comply with Section 311(a) of the TIA, excluding each creditor relationship listed in Section 311(b) of the TIA.  An Indenture Trustee who has resigned or been removed will be subject to Section
      311(c) of the TIA.

    ARTICLE VII

      

      NOTEHOLDER COMMUNICATIONS AND REPORTS

    Section 7.1       Noteholder Communications.

    (a)       Noteholder List.  If the Indenture Trustee
      is not the Note Registrar, the Trust will furnish a list of the names and addresses of the Noteholders to the Indenture Trustee (a) not more than five (5) days after each Record Date, as of that Record Date and (b) not more than thirty (30) days
      after receipt by the Trust of a request from the Indenture Trustee, as of a date not more than ten (10) days before the time the list is furnished.  If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the request of the Owner
      Trustee or the Master Collateral Agent, will furnish within ten (10) days to the Owner Trustee or the Master Collateral Agent, as applicable, a list of Noteholders as of the date stated by the Owner Trustee or the Master Collateral Agent, as
      applicable.

    (b)       Noteholder List Retention.  The Indenture
      Trustee will maintain a current list of the names and addresses of the Noteholders based on the most recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of Noteholders received by the Indenture Trustee in
      its capacity as Note Registrar.

    (c)       Noteholder Communications.  Noteholders may
      communicate with other Noteholders about their rights under this Indenture or under the Notes.  Within ten (10) days following receipt by the Indenture Trustee of a request by three (3) or more Noteholders to receive a copy of the current list of
      Noteholders, the Indenture Trustee will (i) provide a current list of Noteholders to the Noteholders making the request and (ii) notify the Administrator of the request by giving to the Administrator a copy of the request and a copy of the list of
      Noteholders produced in response to the request.

    
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    (d)       Noteholder Communications with Indenture Trustee. 
      A Noteholder (if the Notes are represented by Definitive Notes) or a Verified Note Owner (if the Notes are represented by

      Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notifying the Indenture Trustee and
      providing to the Indenture Trustee a copy of the communication such Noteholder or Verified Note Owner, as applicable, proposes to send.  The Indenture Trustee will not be required to take action in response to requests, demands or directions of a
      Noteholder or a Verified Note Owner unless the Noteholder or Verified Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying
      with the request, demand or direction.

    (e)       Fiscal Year.  The fiscal year of the Trust
      will be the calendar year.

    (f)       TIA Communication.  Noteholders may
      communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes.  The Trust, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of the TIA.

    Section 7.2       Reports by Trust.

    (a)       Securities and Exchange Commission Filings. 
      The Trust will, or will cause the Administrator or the Servicer to: 

    (i)              file with the Commission (A) the annual reports and the information, documents and other reports (or copies or parts the Commission may prescribe) that the Trust is required to file with the
        Commission under Section 13 or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution reports on Form 10-D, and (B) additional information, documents and reports about compliance by the Trust with this Indenture
        required by the Commission;

    (ii)            make available to the Indenture Trustee, within fifteen (15) days after the Trust is required to file the same with the Commission, the annual reports and the information, documents or other
        reports filed with the Commission under Section 7.2(a)(i); and

    (iii)            make available to the Indenture Trustee the information, documents and reports (or summaries of such items) required to be filed by the Trust under Section 7.2(a)(i) and (ii) as may be
        required by rules and regulations prescribed by the Commission.

    (b)       Documents and Reports to Noteholders.  The
      Indenture Trustee will transmit to all Noteholders, as described in Section 313(c) of the TIA, the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under Section 7.2(a). 

    
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    Section 7.3       Reports by Indenture Trustee.

    (a)       Annual Report.  Within ninety (90) days
      after each April 15, beginning in the year after the Closing Date, the Indenture Trustee will prepare and transmit to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA, but only if the
      report is required under Section 313(a) of the TIA.  The Indenture Trustee will also prepare and transmit to Noteholders any report required under Section 313(b) of the TIA.  A report transmitted to the Noteholders under this Section 7.3(a) will be
      transmitted in compliance with Section 313(c) of the TIA.

    (b)       Filing.  The Indenture Trustee will file
      with the Commission and any stock exchange on which the Notes are listed a copy of each report delivered under Section 7.3(a) at the time of its mailing to the Noteholders.  The Trust will notify the Indenture Trustee if and when the Notes are listed
      on a stock exchange.

    ARTICLE VIII

      

      ACCOUNTS, DISTRIBUTIONS AND RELEASES

    Section 8.1       Collection of Funds.  Except as
      permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Note Paying Agent under this Indenture, the Master
      Collateral Agreement and the Transfer and Servicing Agreement.  The Note Paying Agent will apply the funds and other property received by it, and will make deposits into, and distributions from, the Series 2021-2 Accounts, under this Indenture, the
      Master Collateral Agreement and the Transfer and Servicing Agreement.

    Section 8.2       Series 2021-2 Accounts; Distributions.

    (a)       Establishment.  On or prior to the Closing
      Date, the Trust, or the Servicer on behalf of the Trust, caused the following segregated trust accounts or subaccounts to be established as Trust Financing Accounts solely for Series 2021-2 in accordance with Section 9.2 of the Master Collateral
      Agreement at a Qualified Institution (which will initially be the corporate trust department of U.S. Bank National Association), in the name “U.S. Bank National Association, as Note Paying Agent, for the benefit of the Indenture Trustee, as secured
      party for Verizon Master Trust, Series 2021-2,” designated as follows:

    (i)            “Distribution Account” with account number 215130000;

    (ii)            “Reserve Account” with account number 215130001; and

    (iii)            “Principal Funding Account” with account number 215130002.

    The Distribution Account set forth in clause (i) above shall constitute the Distribution Account for Series 2021-2.  The Reserve
      Account set forth in clause (ii) above shall constitute the Reserve Account for Series 2021-2.  The Principal Funding Account set forth in clause (iii) above shall constitute the Principal Funding Account for Series 2021-2.  Each of the Series 2021-2
      Accounts (x) shall constitute a Trust Financing Account for Series 2021-2 and (y) has been (or

    
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    will be) pledged by the Trust to the Indenture Trustee for the sole benefit of the Series 2021-2 Secured Parties of Series 2021-2.  No Credit
      Extensions of any Trust Financing (other than Series 2021-2) shall be secured by any interest in any Series 2021-2 Account.

    On and after the Closing Date, the Note Paying Agent will maintain the Series 2021-2 Accounts established by the Servicer under this
      Section 8.2.  If an institution maintaining the Series 2021-2 Accounts ceases to be a Qualified Institution, the Indenture Trustee will, with the Servicer’s assistance as necessary, move the Series 2021-2 Accounts to a Qualified Institution within
      thirty (30) days.  Deposits to, and distributions from, the Distribution Account, the Reserve Account and the Principal Funding Account shall be made solely as set forth in this Agreement and, to the extent not inconsistent with this Agreement, in
      the other Series 2021-2 Series Related Documents.

    (b)       Series 2021-2 Account Withdrawals.  On or
      before each Payment Date, the Note Paying Agent will withdraw the amounts required to be withdrawn from the Reserve Account and deposit them into the Distribution Account or pay them to the Depositor, as applicable, according to Section 8.3(e).

    (c)       Distributions from Distribution Account. 
      Subject to Section 8.2(e), on each Payment Date, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Distribution Account and make deposits and payments, to the extent of Series 2021-2
      Available Funds in the Distribution Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

    (i)            first, pro rata, (A) to
        the Master Collateral Agent, the Series 2021-2 Group Allocated Percentage of all amounts due, including (x) fees due to the Master Collateral Agent and (y) expenses and indemnities due to the Master Collateral Agent, up to a maximum aggregate
        amount, in the case of clause (y), of $200,000 per year for all Group 1 Series in the aggregate, (B) to the Owner Trustee, the Series 2021-2 Group Allocated Percentage of all amounts due, including (x) fees due to the Owner Trustee and (y) expenses
        and indemnities due to the Owner Trustee, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1 Series in the aggregate, (C) to the Asset Representations Reviewer, the Series 2021-2 ARR Series Allocation
        Percentage of all amounts due including (x) fees due to the Asset Representations Reviewer (including fees due in connection with any Asset Representations Review of Group 1 Receivables) and (y) expenses and indemnities due to the Asset
        Representations Reviewer, up to a maximum aggregate amount, in the case of clause (y), of $100,000 per year for all Group 1 Series in the aggregate and (D) to the Indenture Trustee all amounts due, including (x) fees due to the Indenture Trustee
        and (y) expenses and indemnities due to the Indenture Trustee, up to a maximum aggregate amount, in the case of clause (y), of $200,000 per year; provided, that after the occurrence of an Event of Default with respect to Group 1 (other than a
        Primary Event of Default with respect to Group 1 described in clause (iii) of the definition of Event of Default), the caps on expenses and indemnities in this clause (i) will not apply and that on the Payment Date occurring in December of each
        calendar year, each such party will have the right to reimbursement from any unused portion of the cap for all Group 1 Series in the aggregate allocated to another party to the

    
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    extent that the expenses and indemnities reimbursable to such party for all Group 1 Series in the aggregate exceed the related
      allocated amount at the end of such calendar year;

    (ii)            second, (A) to the Servicer, the Series 2021-2 Allocation Percentage of the Servicing Fee and (B) to any Successor
        Servicer, the Series 2021-2 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer;

    (iii)            third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

    (iv)            fourth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth
        under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the First Priority Principal Payment;

    (v)              fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

    (vi)            sixth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth
        under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Second Priority Principal Payment;

    (vii)            seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

    (viii)          eighth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth
        under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Third Priority Principal Payment;

    (ix)            ninth, (A) first, if applicable, to the Letter of Credit Provider, the amount, if any, necessary to cause the
        amount available under the Letter of Credit to equal the amount available under the Letter of Credit on the date of issuance, together with interest accrued on the amount drawn on the Letter of Credit and (B) second, to the Reserve Account, the
        amount, if any, necessary to cause the amount in the Reserve Account to equal the Required Reserve Amount less the amount available under such Letter of Credit, if any;

    (x)              tenth, (A) during the Revolving Period, for deposit to the Principal Funding Account, for allocation as set forth
        under Section 8.2(d)(i), and (B) during the Amortization Period, for allocation as principal under Section 8.2(d)(ii), the Regular Priority Principal Payment;

    (xi)            eleventh, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any;

    
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    (xii)            twelfth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable
        sequentially by Class;

    (xiii)          thirteenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class;

    (xiv)          fourteenth, pro rata, (A) to the Indenture Trustee, all remaining amounts due but not paid under priority (i), (B)
        to the Master Collateral Agent and the Owner Trustee, the Series 2021-2 Group Allocated Percentage of all remaining amounts due to the extent not paid under priority (i) above, (C) to the Asset Representations Reviewer, the Series 2021-2 ARR Series
        Allocation Percentage of all remaining amounts due to the extent not paid under priority (i) above and (D) to the Administrator, reimbursement of fees and expenses of the Master Collateral Agent, the Indenture Trustee, the Owner Trustee and the
        Asset Representations Reviewer paid by the Administrator on behalf of the Trust pursuant to the Administration Agreement;

    (xv)            fifteenth, to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to
        the Series 2021-2 Group Allocated Percentage of such amounts;

    (xvi)          sixteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter
        of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and

    (xvii)       seventeenth, to the Class R Interest, any remaining amounts.

    For the avoidance of doubt, all amounts due to the Owner Trustee, the Master Collateral Agent, the Asset Representations Reviewer or
      the Indenture Trustee in excess of the amounts paid to such party pursuant to priorities (i) and (xiv) during any calendar year will become due and payable in each succeeding calendar year, subject to the applicable limitations set forth therein,
      until paid in full.

    (d)       Distributions of Principal.

    (i)            In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any
        Payment Date prior to the beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 2021-2
        Available Funds.  Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows:

    	

          	(A)	
            in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021-2 Allocated Pool Balance exceeds the Adjusted
              Series Invested Amount for Series 2021-2, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the

          

    
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    Distribution Account on the immediately succeeding Payment Date to be included as Series 2021-2 Available Funds on such immediately
      succeeding Payment Date;

    	

          	(B)	
            in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or

          

    	

          	(C)	
            in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid
              to the Noteholders on such Payment Date, sequentially by class, in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to zero.

          

    (ii)            On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal
        under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class:

    	

          	(A)	
            first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A
              Notes has been reduced to zero;

          

    	

          	(B)	
            second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B
              Notes has been reduced to zero;

          

    	

          	(C)	
            third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C
              Notes has been reduced to zero; and

          

    	

          	(D)	
            fourth, to the Class R Interest, any remaining amounts.

          

    (e)       Distributions Following Acceleration.  If
      the Notes are accelerated after an Event of Default with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Note Paying Agent will (based on the
      information in the most recent Monthly Investor Report) withdraw from the Series 2021-2 Accounts and make deposits and payments, to the extent of Series 2021-2 Available Funds and funds in the Series 2021-2 Accounts for the related Collection Period,
      in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated):

    (i)            first, pro rata, (A) to
        the Indenture Trustee, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee, the Series 2021-2 Group Allocated Percentage of all amounts due to such parties,
        including fees, expenses and indemnities and (C) to the

    
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    Asset Representations Reviewer, the Series 2021-2 ARR Series Allocation Percentage of all amounts due to the Asset Representations
      Reviewer, including fees (including fees due in connection with any Asset Representations Review of Group 1 Receivables), expenses and indemnities;

    (ii)              second, (A) to the Servicer, the Series 2021-2 Allocation Percentage of the Servicing Fee and (B) to any Successor
        Servicer, the Series 2021-2 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer;

    (iii)            third, to the Noteholders of Class A Notes, the Accrued Note Interest for the Class A Notes;

    (iv)            fourth, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes is
        reduced to zero;

    (v)              fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

    (vi)            sixth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes is
        reduced to zero;

    (vii)            seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

    (viii)         eighth, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes is
        reduced to zero;

    (ix)            ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any;

    (x)              tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable
        sequentially by Class;

    (xi)            eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class;

    (xii)           twelfth, to any other parties as the Administrator has identified, any remaining expenses of the Trust, up to the
        Series 2021-2 Group Allocated Percentage of such amounts;

    (xiii)          thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such
        Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and

    (xiv)         fourteenth, to the Class R Interest, any remaining amounts.

    (f)       [Reserved].

    
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    (g)       Subordination Agreement.  Each of (i) the
      subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class
      C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

    Section 8.3       Series 2021-2 Accounts.

    (a)       Investment of Funds in Series 2021-2 Accounts. 
      If (i) no Potential Default or Event of Default with respect to Group 1 has occurred and is continuing and (ii) Cellco is the Servicer, the Servicer may instruct the Indenture Trustee to invest any funds in the Series 2021-2 Accounts in Permitted
      Investments and, if investment instructions are received, the Indenture Trustee will direct the Qualified Institution maintaining the Series 2021-2 Accounts to invest the funds in the Distribution Account, the Reserve Account or the Principal Funding
      Account, as applicable, in those Permitted Investments.  If (i) the Servicer fails to give investment instructions for any funds in the Distribution Account, the Reserve Account or the Principal Funding to the Indenture Trustee by 11:00 a.m. New York
      time (or other time as may be agreed by the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture Trustee that a Potential Default with respect to Group 1 or Event of Default
      with respect to Group 1 has occurred and is continuing, the Qualified Institution will invest and reinvest funds in such Series 2021-2 Account according to the last investment instructions received, if any.  If no prior investment instructions have
      been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are
      received.  The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments.  If Cellco is not the Servicer, funds on
      deposit in the Distribution Account, the Reserve Account and the Principal Funding Account will remain uninvested.  For so long as Cellco is the Servicer, any Permitted Investments of funds in the Series 2021-2 Accounts (or any reinvestments of the
      Permitted Investments) for a Collection Period must mature, if applicable, and be available no later than the second Business Day before the related Payment Date.  Any Permitted Investments with a maturity date will be held to their maturity, except
      that such Permitted Investments may be sold or disposed of before their maturity in connection with the sale of the Series 2021-2 Collateral under Section 5.6.

    (b)       Limited Liability for Permitted Investments. 
      Subject to Section 6.1(c), neither the Indenture Trustee nor the Note Paying Agent will be liable for any insufficiency in Series 2021-2 Accounts resulting from a loss on a Permitted Investment, except for losses attributable to U.S. Bank National
      Association’s failure to make payments on the Permitted Investments issued by U.S. Bank National Association, in its commercial capacity as principal obligor and not as trustee.

    (c)       Notice to Qualified Institution.  A
      Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Series 2021-2 Accounts (if not the Indenture Trustee) if an Event of Default with respect to Group 1 has occurred and is continuing.

    
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    (d)       Control of Series 2021-2 Accounts.  Each of
      the Series 2021-2 Accounts will be under the control of the Indenture Trustee so long as the Series 2021-2 Accounts remain subject to the Lien of the Indenture, except that the Servicer and the Master Collateral Agent may make deposits into the
      Series 2021-2 Accounts and the Servicer may direct the Note Paying Agent to make deposits into or withdrawals from the Series 2021-2 Accounts according to this Indenture and the Transaction Documents.  Following the payment in full of the Notes and
      the release of the Series 2021-2 Accounts from the Lien of the Indenture, the Series 2021-2 Accounts will be under the control of the Trust.

    (e)       Release of Funds.  The Indenture Trustee
      shall, at such time as there are no Notes outstanding, release any remaining portion of the Distribution Account and the Principal Funding Account from the Lien of the Indenture and release to or to the order of the Trust or, in the case of the
      Reserve Account, to the Depositor.

    (f)       Investment Earnings.  Investment earnings
      (net of losses and investment expenses) on the Distribution Account, the Reserve Account and the Principal Funding Account will be deposited into the Certificate Distribution Account per the written direction of the Servicer for distribution to the
      Certificateholders in the priority set forth in Section 4.1(b) of the Trust Agreement.

    (g)       Reserve Account.

    (i)            Initial Reserve Account Deposit.  On the Closing Date, the Trust will deposit or cause to be deposited the
        Required Reserve Amount into the Reserve Account from the net proceeds of the sale of the Notes.

    (ii)            Reserve Account Draw Amount.  On or before two (2) Business Days before a Payment Date, the Servicer will
        calculate the Reserve Account Draw Amount for the Payment Date and will direct the Note Paying Agent to withdraw from the Reserve Account and deposit into the Distribution Account on or before the Payment Date (x) the Reserve Account Draw Amount
        and (y) any amount in excess of the Required Reserve Amount for such Payment Date, after giving effect to the withdrawal of the Reserve Account Draw Amount with respect to such Payment Date.

    (iii)            Excess Amounts.  On any Payment Date, to the extent the sum of the amount on deposit in the Reserve Account plus
        the amount available under any Letter of Credit exceeds the Required Reserve Amount on any Payment Date, the amount of such excess may be released from the Reserve Account and paid to the Class R Interest on such Payment Date.

    Section 8.4       Release of Series 2021-2 Collateral.

    (a)       Release of Property.  The Indenture Trustee
      may, and when required by this Indenture will, release Series 2021-2 Collateral from the Lien of this Indenture, in each case, according to this Indenture.  Except under Sections 8.4(c) and 10.1 for which the Series 2021-2 Collateral will
      automatically be released, the Indenture Trustee will release Series 2021-2 Collateral from the Lien of this Indenture only on receipt of a Trust Request and an Officer’s

    
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    Certificate and an Opinion of Counsel meeting the requirements of Section 11.3 and (if required by the TIA) Independent Certificates according to
      Sections 314(c) and 314(d)(1) of the TIA.

    (b)       [Reserved].

    (c)       Release of Funds.  When there are no Notes
      Outstanding and all amounts due from the Trust to the Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Series 2021-2 Collateral from the Lien of this Indenture and release to the Trust or any
      other Person entitled to those funds under this Indenture, the other Series 2021-2 Series Related Documents or the Transaction Documents, the funds then in the Series 2021-2 Accounts under this Indenture.  The Indenture Trustee will release Series
      2021-2 Collateral from the Lien of this Indenture under this Section 8.4(c) only on receipt of a Trust Request and an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3.

    (d)       Termination Statements.  On receipt of a
      Trust Request accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the requirements of Section 11.3, the Indenture Trustee will execute termination statements and other documents to release Series 2021-2 Collateral as permitted
      by this Section 8.4 and Section 10.1.  No party relying on a document or authorization executed by the Indenture Trustee under this Article VIII is required to determine the Indenture Trustee’s authority, inquire into the satisfaction of conditions
      precedent or require evidence of the application of funds.

    ARTICLE IX

      

      AMENDMENTS

    Section 9.1       Amendments Without Consent of Noteholders.

    (a)       General Amendments.  The Trust and the
      Indenture Trustee may, and the Indenture Trustee, when directed by Trust Order will, amend this Indenture, without the consent of any Noteholders, for any of the following purposes:

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

    (ii)            to evidence the succession of any other Person to the Trust, and the assumption by the successor of the obligations of the Trust in this Indenture and in the Notes;

    (iii)            to add to the covenants of the Trust, for the benefit of the Noteholders, or to surrender a right or power given to the Trust in this Indenture;

    (iv)            to convey, transfer, assign, mortgage or pledge property to or with the Indenture Trustee for the benefit of the Noteholders;

    
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    (v)              to cure any ambiguity, to correct an error or to correct or supplement any provision of this Indenture that may be defective or inconsistent with the other terms of this Indenture;

    (vi)            to evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change this Indenture as necessary to facilitate the administration of the trusts
        under this Indenture by more than one trustee;

    (vii)            to correct any manifest error in the terms of this Indenture as compared to the terms expressly set forth in the Prospectus; or

    (viii)         to modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this Indenture any other terms required by the TIA.

    (b)       Amendments without Material Adverse Effect. 
      Other than as set forth in Section 9.2, the Trust and the Indenture Trustee may, and the Indenture Trustee when directed by Trust Order will, amend this Indenture, also without the consent of the Noteholders, for the purpose of adding any provisions
      to, or changing in any manner or eliminating any of the provisions of, this Indenture or modifying in any manner the rights of the Noteholders under this Indenture, if:

    (i)             the Administrator delivers to the Indenture Trustee an Officer’s Certificate stating that the Administrator reasonably believes that the amendment will not have a material adverse effect on
        the Notes; or

    (ii)            the Rating Agency Condition has been satisfied with respect to the Notes;

    provided that the Rating Agency Condition must be satisfied with respect to the Notes as a condition precedent with respect to any amendment to this
      Indenture entered into for the purpose of permitting the Trust to pay any amounts due to any Letter of Credit Provider from Series 2021-2 Available Funds on each Payment Date at a more senior priority than set forth under Section 8.2.

    (c)       The Trust (or the Administrator on behalf of the Trust) shall notify the Rating Agencies as to any amendment pursuant to
      this Section 9.1.

    Section 9.2       Amendments with Consent of Controlling Class.

    (a)       Amendments.  The Trust and the Indenture
      Trustee may, and the Indenture Trustee when directed by Trust Order will, amend this Indenture, with the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and with prior written notice to the Rating Agencies, 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 Noteholders under this Indenture.  No amendment to this Indenture, without the
      consent of each Noteholder of each Outstanding Note adversely affected by the amendment, shall:

    
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          	(A)	
            change (1) the applicable Final Maturity Date on a Note, (2) the principal amount of or interest rate, Additional Interest Amount or Make-Whole Payment on a Note or (3) the Required
              Reserve Amount;

          

    	

          	(B)	
            modify the percentage of the Note Balance of the Notes or the Controlling Class that is required for any action;

          

    	

          	(C)	
            modify or alter the definition of “Controlling Class;”

          

    	

          	(D)	
            permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Series 2021-2 Collateral, other than Permitted Liens, or, except as permitted by this
              Indenture, the other Series 2021-2 Series Related Documents or the Transaction Documents, release the Lien of this Indenture on the Series 2021-2 Collateral; or

          

    	

          	(E)	
            impair the right to institute suit for the enforcement of this Indenture, as provided in Section 5.8.

          

    In addition, unless (i) the Rating Agency Condition has been satisfied for all Credit Extensions of Group 1 then rated by a Rating
      Agency or (ii) each Group Creditor of each Credit Extension of Group 1 adversely affected thereby consents, no amendment to this Indenture may result (solely by virtue of such amendment) in an increase in the Series Allocation Percentage for Series
      2021-2.

    (b)       Noteholder Consent.  For any amendment to
      this Indenture or any Transaction Document requiring the consent of the Noteholders, the Indenture Trustee will, when directed by Trust Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain consent.  For the
      avoidance of doubt, any Noteholder consenting to any amendment shall be deemed to agree that such amendment does not have a material adverse effect on such Noteholder.

    Section 9.3       Execution of Amendments.

    (a)       Form; Authorization; Reliance.  It shall not
      be necessary for the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  Each amendment will be in form reasonably
      satisfactory to the Indenture Trustee.  The Indenture Trustee is authorized to execute the amendment and any other agreements required by the amendment.  For any amendment, the Trust will deliver to the Indenture Trustee and the Owner Trustee an
      Opinion of Counsel stating that the amendment is permitted by this Indenture and that all conditions to the amendment have been satisfied.

    (b)       Indenture Trustee Not Obligated. 
      Notwithstanding anything to the contrary herein, the Indenture Trustee is not obligated to enter into an amendment that adversely affects the Indenture Trustee’s rights, powers, duties, obligations, liabilities, indemnities or immunities under this
      Indenture.

    
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    Section 9.4       Effect of Amendment.  On the
      execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the amendment will be part of this Indenture for all purposes.  Every Noteholder of Notes authenticated and delivered before or after the amendment
      will be bound by the amendment.

    Section 9.5       Reference in Notes to Supplemental Indentures. 
      Notes authenticated and delivered after the execution of an amendment under this Article IX may, and if required by the Indenture Trustee will, bear a notation about the amendment.  New Notes modified to conform to an amendment may be prepared and
      executed by the Trust and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes.

    Section 9.6       [Reserved].

    Section 9.7       Conformity with TIA.  Each amendment
      of this Indenture executed under this Article IX will conform to the requirements of the TIA as then in effect so long as this Indenture is qualified under the TIA.

    ARTICLE X

      

      REDEMPTION OF NOTES

    Section 10.1       Redemption.

    (a)       Optional Redemption.

           (i)       On any date on or after the Earliest Redemption Date,  the Class A Certificateholder (for as long as the Class A
      Certificateholder is an Originator or an Affiliate of the Originators), with the consent of the Administrator, on behalf of the Trust, shall have the option to direct the Trust to redeem the Notes, in whole but not in part (the “Optional Redemption”).  The Class A Certificateholder may exercise this Optional Redemption by notifying the Trust, the Servicer, the Master Collateral Agent, the Indenture
      Trustee, the Owner Trustee and the Rating Agencies, in writing, at least ten (10) days before the date of the redemption of the Notes (the “Redemption Date”).  If the Trust
      effects an Optional Redemption on any date prior to the First Par Redemption Date, the Trust will be required to pay a Make-Whole Payment in connection with such redemption.

           (ii)       After the Indenture Trustee receives the notice set forth in clause (i) above, the Indenture Trustee will promptly
      notify the Noteholders (and any related expenses incurred by the Indenture Trustee shall be payable by the Trust):

    	

          	(A)	
            of the Redemption Date;

          

    	

          	(B)	
            of the outstanding Note Balance of each Class of the Notes to be redeemed;

          

    
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          	(C)	
            of the place to surrender the Notes for final payment (which will be the office or agency of the Trust maintained under Section 3.2); and

          

    	

          	(D)	
            that on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments on
              the Notes will become due and payable in full and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Trust fails to pay the Notes on the Redemption Date.

          

    Failure to give notice of redemption to a Noteholder, or any defect therein, shall not impair or affect the validity of the redemption of any other
      Note.

    (b)       Deposit of Note Redemption Price.  The Trust
      may not exercise an Optional Redemption unless the Note Balance of the Notes, any accrued but unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments and all other amounts payable by the Trust with respect to Series
      2021-2, including such amounts due and payable to the Indenture Trustee, the Owner Trustee, the Master Collateral Agent and the Asset Representations Reviewer as of such Redemption Date are paid in full in connection therewith.  On the Redemption
      Date, the Indenture Trustee shall transfer any amounts on deposit in the Reserve Account and the Principal Funding Account into the Distribution Account.  Upon the exercise of the Optional Redemption, the Notes will be redeemed and paid in full.

    (c)       Release of Funds.  On the Redemption Date,
      the outstanding Note Balance of the Notes plus accrued and unpaid interest, any unpaid Additional Interest Amounts and any unpaid Make-Whole Payments on the Notes will become due and payable and interest on the Notes will cease to accrue from and
      after the Redemption Date, unless the Trust fails to pay the Notes on the Redemption Date.  On redemption, the Indenture Trustee will release the Series 2021-2 Collateral from the Lien of this Indenture and release to the Trust or any other Person
      entitled to funds then in the Series 2021-2 Accounts under this Indenture according to Section 8.4(c).

    ARTICLE XI

      

      OTHER AGREEMENTS

    Section 11.1       No Petition.  The Indenture Trustee
      and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note, agrees that, before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a)
      all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) the Depositor or (ii) the Trust,
      respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law; provided that the foregoing shall not be deemed to prevent the Indenture Trustee from filing a
      proof of claim in any such proceeding.  This Section 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture and the termination of this Indenture.

    
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    Section 11.2       [Reserved].

    Section 11.3       Trust Orders; Certificates and Opinions.

    (a)       Trust Order or Trust Request.  For an order
      or request by the Trust to the Indenture Trustee to take an action under this Indenture, any other Series 2021-2 Series Related Document or any Transaction Document, the Trust will deliver the following documents to the Indenture Trustee: (i) a
      written order (an “Trust Order”) or a written request (an “Trust Request”), signed in the name
      of the Trust by a Responsible Person and delivered to the Indenture Trustee, (ii) an Officer’s Certificate of the Trust stating that all conditions in this Indenture, any other Series 2021-2 Series Related Document or any Transaction Document, as
      applicable, for the proposed action have been satisfied, (iii) an Opinion of Counsel stating that such action is authorized or permitted by this Indenture, any other Series 2021-2 Series Related Document or any Transaction Document, as applicable,
      and all conditions precedent have been satisfied and (iv) if required by the TIA, an Independent Certificate.  However, if this Indenture requires the furnishing of specific documents for the action to be taken, no additional certificate or opinion
      is required to be delivered.

    (b)       Form of Certificates and Opinions.

    (i)            Each certificate or opinion on compliance with a condition or covenant in this Indenture will include:

    	

          	(A)	
            a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture, any other Series 2021-2 Series Related
              Document or any Transaction Document relating to the covenant or condition;

          

    	

          	(B)	
            a brief statement about the nature and scope of the examination or investigation on which the statements or opinions in the certificate or opinion are based;

          

    	

          	(C)	
            a statement that, in the opinion of the signatory, the signatory has made an examination or investigation, if necessary, to enable the signatory to express an informed opinion on
              whether or not the covenant or condition has been complied with; and

          

    	

          	(D)	
            a statement about whether, in the opinion of the signatory, the condition or covenant has been complied with.

          

    (ii)            Any Officer’s Certificate of a Responsible Person of the Trust may be based, for legal matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of
        reasonable care should know, that the opinion is erroneous.  Any Officer’s Certificate of a Responsible Person of the Trust or opinion of counsel may be based, for factual matters, on an Officer’s Certificate of a Responsible Person of the
        Servicer, the Depositor or the Trust (including by the Administrator on behalf of the Trust), stating that the information about those factual matters is in the possession of the Servicer, the Depositor, the Trust or the Administrator, unless the
        Responsible Person of

    
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    the Trust or counsel knows, or in the exercise of reasonable care should know, that the Officer’s Certificate is erroneous.

    (c)       Ordinary Course of Business.  The Trust may,
      without furnishing any Officer’s Certificates under this Section 11.3, (i) collect, sell or dispose of Group 1 Receivables in the ordinary course of its business, so long as Collections and other proceeds of the dispositions are applied according to
      the Master Collateral Agreement and this Indenture to the extent of Series 2021-2 Available Funds and (ii) make cash payments out of the Series 2021-2 Accounts, in each case, as and if permitted or required by this Indenture, any other Series 2021-2
      Series Related Document or any Transaction Document.

    (d)       Exemptive Orders.  If the Commission issues
      an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only according to this
      Indenture, any other Series 2021-2 Series Related Document or any Transaction Document and the conditions and procedures stated in the exemptive order.

    Section 11.4       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 the Noteholders or a stated percentage of Noteholders may be embodied in and evidenced by one or more instruments or documents signed by the Noteholders or Note Owners in person or by agents duly appointed in writing.  Except as
      otherwise expressly stated in this Indenture, the action will become effective when the instruments or documents are delivered to the Indenture Trustee and, if required, to the Trust.  Such instruments or documents (and the action embodied therein
      and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or document.  Proof of execution of 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 if made in the manner provided in this Section 11.4.  Any such acts will bind the Noteholder of every Note issued
      upon the registration of the Note or in exchange for the Note or in place of the Note, for all purposes including in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Trust in reliance thereon, whether or not
      notation of the action is made on the Note.

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

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

    Section 11.5       Trust Obligation.  No recourse may
      be taken, directly or indirectly, for the obligations of the Trust, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a) the
      Indenture Trustee or the Owner Trustee each in its individual capacity, (b) each holder of a beneficial interest in the Trust, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner
      Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in

    
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    its individual capacity.  The Indenture Trustee and the Owner Trustee have none of these obligations in their individual capacities.  For all purposes
      of this Indenture, the Owner Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

    Section 11.6       Conflict with Trust Indenture Act. 
      If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control.  Sections 310 through 317 of the TIA
      that impose obligations on a Person (including those automatically deemed included in this Indenture unless expressly excluded by this Indenture) are a part of and govern this Indenture.

    Section 11.7       Regulation RR Risk Retention. 
      Cellco, as Sponsor, has complied, and on the Closing Date will comply, either directly or, to the extent permitted by the U.S. Credit Risk Retention Rules through a “wholly-owned affiliate” (as defined in the U.S. Credit Risk Retention Rules), with
      all requirements imposed on the “sponsor” of a “securitization transaction” (as each such term is defined in the U.S. Credit Risk Retention Rules) in accordance with the provisions of Regulation RR in connection with the securitization transaction
      contemplated by this Indenture and the other Series 2021-2 Series Related Documents and in the manner described in the Prospectus under the heading “Credit Risk Retention.”  Cellco, as Sponsor, will cause the True-up Trust, as nominee of the
      Originators to, and the True-up Trust will, retain the required economic interest in the credit risk of the Group 1 Receivables in satisfaction of the Sponsor’s obligations under the U.S. Credit Risk Retention Rules in the form of the Transferor’s
      Interest, as wholly offset by an “eligible horizontal residual interest” in Series 2021-2 consisting of the Class R Interest.  Cellco determined the fair value of the Class R Interest, and will determine the fair value of such Class R Interest, on
      the Closing Date as required by Rule 5(i)(2) of the U.S. Credit Risk Retention Rules.  Cellco determined the fair value of the Class R Interest based on its own valuation methodology, inputs and assumptions and is solely responsible for the valuation
      methodology, inputs and assumptions.

    ARTICLE XII

      

      MISCELLANEOUS

    Section 12.1       Benefits of Indenture; Third-Party
          Beneficiaries.  This Indenture and the Notes are for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Series 2021-2 Secured Parties, each Person with rights to payments or distributions
      under this Indenture and the Certificateholders will be third-party beneficiaries of this Indenture and may enforce this Indenture according to its terms.  No other Person will have any right or obligation under this Indenture or the Notes.

    Section 12.2       Notices.

    (a)       Notices to Parties.  Notices, requests,
      directions, consents, waivers or other communications to or from the parties to this Indenture must be in writing and will be considered received by the recipient:

    
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    (i)               for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the recipient;

    (ii)             for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

    (iii)            for an email, when receipt is confirmed by telephone or reply email from the recipient; and

    (iv)            for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the
        electronic posting has been made.

    (b)       Notice Addresses.  A notice, request,
      direction, consent, waiver or other communication will be addressed to the recipient stated in Schedule A to the Transfer and Servicing Agreement, which address the party may change by notifying the other party.

    (c)       Notice to Noteholders.  Notices to a
      Noteholder will be considered received by the Noteholder:

    (i)             for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail properly addressed to the Noteholder at
        its address in the Note Register; or

    (ii)            for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

    (d)       Notices to Rating Agencies.  Where this
      Indenture requires for notice to the Rating Agencies, failure to give the notice will not affect other rights or obligations under this Indenture and will not be a Potential Default with respect to Group 1 or Event of Default with respect to Group 1.

    (e)       Waiver of Notices.  Where this Indenture
      provides for notice in any manner, such notice may be waived in writing by the 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 the 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.

    Section 12.3       GOVERNING LAW.  THIS INDENTURE,
      INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK,
      BUT WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICTS OF LAW PRINCIPLES), AND THE LAW OF THE STATE OF NEW YORK SHALL GOVERN ALL ISSUES SPECIFIED IN ARTICLE 2(1) OF THE HAGUE SECURITIES CONVENTION.

    
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    Section 12.4       Submission to Jurisdiction.  Each
      party 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 New York, New York for legal proceedings relating to this Indenture.  Each party
      irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

    Section 12.5       WAIVER OF JURY TRIAL.  TO THE
      EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, THIS INDENTURE ANY MATTER ARISING THEREUNDER WHETHER SOUNDING IN
      CONTRACT, TORT OR OTHERWISE.

    Section 12.6       No Waiver; Remedies.  No party’s
      failure or delay in exercising a power, right or remedy under this Indenture will operate as a waiver.  No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the
      exercise of any other power, right or remedy.  The powers, rights and remedies under this Indenture are in addition to any powers, rights and remedies under law.

    Section 12.7       Severability.  If a part of this
      Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Indenture and will not affect the validity, legality or enforceability of the remaining Indenture.

    Section 12.8       Headings.  The headings in this
      Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

    Section 12.9       Counterparts.  This Indenture may
      be executed in multiple counterparts.  Each counterpart will be an original and all counterparts will together be one document.

    Section 12.10     Customer Identification Program.  To
      help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account.  For a non-individual
      person such as a business entity, charity, a trust or other legal entity, the Indenture Trustee and any Qualified Institution may ask for documentation to verify its formation and existence as a legal entity. They may also ask to see financial
      statements, licenses, identification and authorization from individuals claiming authority to represent the entity or other relevant documentation.

    Section 12.11     [Reserved].

    Section 12.12     Intent of the Parties; Reasonableness. 
      The Trust and the Indenture Trustee acknowledge and agree that the purpose of Sections 3.9 and 6.6 of this Indenture is to facilitate compliance by the Trust and the Depositor with the provisions of Regulation AB and related rules and regulations of
      the Commission.  Neither the Trust nor the Administrator (acting on behalf of the Trust) shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than
      compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that

    
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    required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time,
      whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the Trust (or
      the Administrator, acting on behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection with this transaction, the Indenture Trustee shall cooperate
      fully with the Trust (or the Administrator, acting on behalf of the Trust) to deliver to the Trust (or the Administrator, acting on behalf of the Trust), any and all statements, reports, certifications, records and any other information necessary in
      the good faith determination of the Trust (or the Administrator, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Indenture Trustee reasonably believed
      by the Trust (or the Administrator, acting in good faith on behalf of the Trust) to be necessary in order to effect such compliance.  The Trust (or the Administrator, acting on behalf of the Trust) shall cooperate with the Indenture Trustee by
      providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Trust to comply with Regulation AB.

    Section 12.13       Electronic Signatures.  Each party agrees that this
      Indenture and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Indenture or such other documents are the same as handwritten signatures for the purposes of
      validity, enforceability, and admissibility; provided that any documentation with respect to transfer of the Notes or other securities presented to the Note Registrar, Indenture Trustee or any transfer agent after the Closing Date must contain
      original documents with manual, wet ink signatures to the extent required by the Note Registrar, Indenture Trustee or transfer agent.  The Indenture Trustee, the Note Paying Agent and the Note Registrar shall be fully justified, indemnified and
      protected in relying and acting upon any electronic signature believed by the Indenture Trustee, the Note Paying Agent or the Note Registrar, as applicable, to have been signed by the Trust, the Administrator, the Servicer or an other such Person as
      is required to deliver such document, as applicable, and shall not otherwise have any duty or obligation to verify such electronic signature independently.

    Section 12.14     Class R Interest.

    (a)       Creation of Class R Interest.  At the
      direction of the Trust, the Class R Interest is being created hereunder as an interest in Series 2021-2 having the rights set forth in this Indenture and the Trust Agreement.  The Class R Interest is being acquired on the date hereof by the True-up
      Trust, as the initial Class R Interest Holder.

    (b)       Holder of Class R Interest.  Under the Trust
      Agreement, the Trust has appointed the Owner Trustee to be the Trust Registrar for the Class R Interest.  The Class R Interest Holder will be the Person registered as the holder of the Class R Interest on the Trust Register.  The Class R Interest
      Holder will receive any Series 2021-2 Available Funds not needed on a Payment Date to pay the Notes and the Trust’s other obligations as set forth in Section 8.2 of this Indenture.

    
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    (c)       Legal Title and Distributions.  The Class R
      Interest Holder has no legal title to any Trust Property.  The Class R Interest Holder will receive distributions only as set forth in Section 8.2 and Section 8.3(g)(iii) of this Indenture.

    (d)       Transfer of Class R Interest.  The Class R
      Interest Holder will be permitted to sell, transfer, assign or convey its rights in the Class R Interest upon satisfaction of the requirements applicable to transfers of the Certificates set forth in Section 3.3 of the Trust Agreement mutatis mutandis, subject to the requirements of Section 11.7 of this Indenture. The Class R Interest Holder, if it wishes to transfer the Class R Interest, shall
      notify the Trust Registrar in writing of such transfer and identify the new Class R Interest Holder. Upon receipt of notice in writing of any transfer of the Class R Interest identifying the new Class R Interest Holder, the Owner Trustee, as Trust
      Registrar for the Class R Interest, will record such transferee as the Class R Interest Holder on the Trust Register. Notwithstanding anything else in this Indenture to the contrary, no Person shall have any rights hereunder with respect to the Class
      R Interest unless such Person is identified as being the Class R Interest Holder on the Trust Register.

     [Remainder of Page Left Blank]

     

    

     

    

     

    

     

    

     

    

    
      66

      
        

    

    IN WITNESS WHEREOF, the undersigned has caused this Indenture to be executed by its duly authorized officer as of the date and year
      first above written.

    

    

    

    

    VERIZON MASTER TRUST,

      as Trust

    

    

    	

          	By:	
            Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

          

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    

    

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but solely as Indenture Trustee and as Note Paying Agent

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    
      
        

    

    

    

    Solely with respect to Section 11.7:

    

    

    CELLCO PARTNERSHIP d/b/a VERIZON WIRELESS,

      as Sponsor

      

      

      

      

      

      

      By:                                                                                      

                  Name:

                  Title:

    

    

    
      
        

    

    
    Exhibit A

    

    

    Form of Notes

    UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUST OR ITS
      AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND PAYMENT IS MADE TO CEDE & CO. OR TO ANOTHER ENTITY
      REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE & CO., HAS AN INTEREST IN THIS NOTE.

    THIS NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY OR VERIZON ABS II LLC, CELLCO PARTNERSHIP D/B/A
      VERIZON WIRELESS, VERIZON COMMUNICATIONS INC., THE ORIGINATORS, THE ADDITIONAL TRANSFEROR, THE INDENTURE TRUSTEE, THE OWNER TRUSTEE, THE MASTER COLLATERAL AGENT OR ANY OF THEIR RESPECTIVE AFFILIATES.  THE PRINCIPAL AND INTEREST ON THIS NOTE IS
      PAYABLE SOLELY FROM PAYMENTS ON THE GROUP 1 RECEIVABLES AND AMOUNTS ON DEPOSIT IN THE SERIES 2021-2 ACCOUNTS.

    EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
      1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A “SIMILAR
      LAW”) AND ANY FIDUCIARY ACTING ON BEHALF OF THE HOLDER, BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS
      NOTE) DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES (OR, IF THE HOLDER
      IS SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

    THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE.  ACCORDINGLY, THE OUTSTANDING NOTE BALANCE OF THIS NOTE MAY BE LESS
      THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

    
      A-1

      
        

    

    REGISTERED                                        $[___________]

    
      	
              No. R-1

              

            	
              
                CUSIP NO. [_______]

                

                

              

            

    

    

    VERIZON MASTER TRUST, SERIES 2021-2
    

    

    CLASS [A][B][C] [___]% ASSET BACKED NOTES

    Verizon Master Trust, a statutory trust organized under the laws of the State of Delaware (the “Trust”), for value received, promises to pay to CEDE & CO., or registered assigns, the principal sum of [____________] DOLLARS payable as set forth in Section 8.2 of the Indenture, dated as of
      November 4, 2021 (the “Indenture”), between the Trust and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”) on the 20th day of each month, or, if that day is not a Business Day, the next succeeding Business Day, starting in December 2021 (each, a “Payment
          Date”) in an amount equal to the aggregate amount payable to Noteholders of Class [A][B][C] Notes on that Payment Date from the amounts payable as principal on the Class [A][B][C] Notes under Section 3.1 of the Indenture.  However, the
      entire unpaid Note Balance of this Note will be due and payable on the earlier of (a) the [______] Payment Date (the “Final Maturity Date”), or (b) the Redemption Date under
      Section 10.1 of the Indenture.  The entire unpaid Note Balance of the Notes will be due and payable on the date on which the Notes are declared to be, or have automatically become, immediately due and payable under Section 5.2(a) of the Indenture. 
      Principal payments on the Class [A][B][C] Notes will be made pro rata to the Noteholders entitled to those principal payments.  Capitalized terms used but not defined in this Note are defined in Article I of the Indenture, which also contains usage
      rules that apply to this Note, including by reference to other documents.

    The Trust will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note
      is paid or made available for payment, on the Note Balance of this Note outstanding on the Payment Date immediately preceding such Payment Date (in each case, after giving effect to payments of principal made on the Payment Date immediately preceding
      such Payment Date), subject to limitations in Section 3.1 of the Indenture.  Interest on this Note will accrue for each Payment Date from and including the 20th day of the calendar month immediately preceding such Payment Date to but excluding the
      20th day of the calendar month in which such Payment Date occurs (or, for the initial Payment Date, from and including the Closing Date to but excluding December 20, 2021).  Interest will be computed on the basis of a 360-day year of twelve 30 day
      months.

    The principal of and interest, any Additional Interest Amounts and any Make-Whole Payments on this Note are payable in the coin
      or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts.  Payments made by the Trust on this Note will be applied first to interest due and payable on this Note as stated above
      and then to the unpaid principal of this Note.

    This Note is one of a duly authorized issue of Class [A][B][C] [_]% Asset Backed Notes (the “Class [A][B][C] Notes”) of the Trust.  Also authorized under the Indenture are the Class [A][B][C] Notes.  The Indenture and indentures supplemental to the Indenture state the respective rights and
      obligations of the Trust, the Indenture Trustee and the Noteholders.  The Notes are subject to the Indenture.

    
      A-2

      
        

    

    

    

    The Class [A][B][C] Notes are and will be equally and ratably secured by the collateral pledged as security therefor under the
      Master Collateral Agreement and the Indenture.  Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture.  [Class B only:][The Class B Notes are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are
      subordinated in right of payment to the Class A Notes and the Class B Notes.]

    Payments of interest on this Note on each Payment Date, together with each installment of principal if not in full payment of
      this Note, any Additional Interest Amounts and any Make-Whole Payments will be made to the Noteholder of this Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if
      the Noteholder has given to the Note Registrar proper written instructions at least five (5) Business Days before that Payment Date and the Noteholder’s Notes in the aggregate evidence a denomination of not less than $1,000, or, if not, by check
      mailed first class mail, postage prepaid, to the Noteholder’s address as it appears on the Note Register on each Record Date.  However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account
      designated by Cede & Co., as nominee of the Clearing Agency or a successor nominee.  The payments will be made without requiring that this Note be submitted for notation of payment.  Any reduction in the Note Balance of this Note effected by
      payments made on a Payment Date will bind future Noteholders of this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether or not noted on this Note.  If money is expected
      to be available for payment in full of the then remaining unpaid Note Balance of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Trust, will notify the Noteholder of this Note as of the Record Date
      immediately preceding such Payment Date by notice mailed or transmitted by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust
      Office or at the office of the Indenture Trustee’s agent appointed for those purposes located in The City of New York.

    The Trust will pay interest on overdue installments of interest at the Class [A][B][C] Note Interest Rate if lawful.

    The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture.

    The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other limitations
      in the Indenture.  Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the
      Trust under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an
      “eligible guarantor institution” meeting the requirements of the Note Registrar, and then one or more new Notes of the same Class in authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or
      transferees.  No service charge will be charged for the registration of transfer or exchange of this Note, but the transferor may be required to pay an amount to cover

    
      A-3

      
        

    

    

    

    any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

    Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that no
      recourse may be taken, directly or indirectly, for the obligations of the Trust, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered for the Notes and the Indenture, against (i)
      the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Trust, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
      Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

    The obligations of the Trust under the Indenture are solely the obligations of the Trust and do not represent an obligation or
      interest in any assets of the Depositor other than the Depositor Transferred Property conveyed to the Trust under the Transfer and Servicing Agreement.  Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a
      Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor.  If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is deemed to have any
      interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
      acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to
      the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled to a
      priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on the other obligations and liabilities.  THIS PARAGRAPH IS
      A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

    Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that,
      before the date that is two (2) years and one (1) day (or, if longer, any applicable preference period) after the payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor and (b) the Notes,
      it will not start or pursue against (i) the Depositor or (ii) the Trust, respectively, or join any other Person in starting or pursuing against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
      proceedings or other proceedings under any bankruptcy or similar law.

    The Trust has entered into the Indenture, and this Note is issued with the intention that, for purposes of U.S. federal, State
      and local income tax, franchise tax, and any other tax imposed on or measured in whole or in party by income, Notes will qualify as indebtedness and the Trust as a mere security device formed to hold the Group 1 Receivables and issues Notes and
      Certificate.  Each Noteholder or Note Owner, by its acceptance of a Note or an interest or

    
      A-4

      
        

    

    

    

    participation in a Note, will be deemed to agree to treat the Notes as indebtedness for purposes of U.S. federal, State and local income tax,
      franchise tax and any other tax imposed on or measured in whole or in part by income and the Trust as a mere security device formed to hold the Group 1 Receivables and issue Notes and Certificates.

    For any date, the Trust, the Indenture Trustee and any agent of the Trust or the Indenture Trustee may treat the Person in whose
      name this Note is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to the contrary.

    The Indenture permits, with some exceptions requiring the consent of all adversely affected Noteholders under the Indenture, the
      amendment of the Indenture and the modification of the rights and obligations of the Trust and the rights of the Noteholders under the Indenture by the Trust with the consent of the Noteholders of Notes evidencing not less than a majority of the Note
      Balance of the Controlling Class.  The Indenture also permits the Indenture Trustee to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.  In addition, the Indenture
      contains terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Trust with some terms of the Indenture and some
      defaults under the Indenture and their consequences.  Any consent or waiver by the Noteholder of this Note will be conclusive and bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of
      this Note or in exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

    The term “Trust,” as used in this Note, includes any successor to the Trust under the Indenture.

    The Trust is permitted by the Indenture, under some circumstances, to merge or consolidate, subject to the rights of the
      Indenture Trustee and the Noteholders under the Indenture.

    The Notes are issuable only in registered form in denominations as stated in the Indenture, subject to some limitations in the
      Indenture.

    THIS NOTE AND THE INDENTURE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

    No reference in this Note to the Indenture, and no terms of this Note or of the Indenture, will alter or impair the obligation of
      the Trust, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

    
      A-5

      
        

    

    

    

    Except as permitted under the Series 2021-2 Series Related Documents and the Transaction Documents, none of U.S. Bank National
      Association, in its individual capacity, Wilmington Trust, National Association, in its individual capacity, any owner of a beneficial interest in the Trust, or their respective partners, beneficiaries, agents, officers, directors, employees or
      successors or assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in
      the Indenture.  The Noteholder of this Note, by its acceptance of this Note, agrees that, except as permitted in the Series 2021-2 Series Related Documents and the Transaction Documents, for an Event of Default with respect to Group 1 under the
      Master Collateral Agreement, the Noteholder has no claim against those Persons for any deficiency, loss or claim from this Note.  However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Trust for
      liabilities, obligations and undertakings in the Indenture or in this Note.

    Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears below by
      manual signature, this Note will not have the benefit of the Indenture or be valid or obligatory for any purpose.

    [Remainder of Page Left Blank]

    

    

    
      A-6

      
        

    

    

    

    The Trust has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

    Date: [__________]

    VERIZON MASTER TRUST

    

    

    	

          	BY:	
            Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee of Verizon Master Trust

          

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    CERTIFICATE OF AUTHENTICATION

    This is one of the Class [A][B][C] Notes designated above and referred to in the Indenture.

    Date: [__________]

    U.S. BANK NATIONAL ASSOCIATION,

      not in its individual capacity but

      solely as Indenture Trustee

    

    

    

    

    

    

    By:                                                                                                            

    Name:

    Title:

    

    

    

    

    
      A-7

      
        

    

    

    

    ASSIGNMENT

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

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

    ___________________________________

      (name and address of assignee)

    the within Note and all rights under said Note, and hereby irrevocably constitutes and appoints

    _________________, attorney, to transfer said Note on the books kept for registration of said Note,

    with full power of substitution in the premises.

    

    

    

    

    Dated:                                                                                                                                                   
          _______________________________________________________________  */

    Signature Guaranteed

    

    

        */

    

    

    

    

    	*/	
            NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration,
              enlargement or any change whatever.  The signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer
              Agents Medallion Program or another “signature guarantee program” selected by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all in accordance with the Exchange Act.

          

    
      A-8

      
        

    

    
    Exhibit B

    

    

    SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

    The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria specified below:

    

    

    

    

    	
            Reference

          	
            Criteria

          
	 	
            Cash Collection and Administration

          
	
            1122(d)(2)(ii)

          	
            Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

          
	
            1122(d)(2)(iv)

          	
            The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g.,
              with respect to commingling of cash) as set forth in the transaction agreements.

          
	
            1122(d)(2)(v)

          	
            Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion,
              “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of § 240.13k-1(b)(1) of the Securities Exchange Act of 1934, as amended.

          
	 	
            Investor Remittances and Reporting

          
	
            1122(d)(3)(ii)

          	
            Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.

          
	
            1122(d)(3)(iii)

          	
            Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction
              agreements.

          
	
            1122(d)(3)(iv)

          	
            Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

          

    

    

    

    

    

    

    

    

  

  B-1

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