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REAL ESTATE PURCHASE AND SALE AGREEMENT

        This real estate Purchase and Sale Agreement (the “Agreement”) is entered by Robinson Park, LLC, 204 N. Robinson Avenue, Suite 700, Oklahoma City, Oklahoma 73102, (“BUYER”) and SANDRIDGE REALTY LLC., an Oklahoma limited liability company, 123 Robert S. Kerr, Oklahoma City, Oklahoma 73102 (“SELLER”) (BUYER and SELLER are sometimes collectively referred to herein together as the “Parties”).

RECITALS

A.SELLER is the fee simple owner of certain real property located at 123 Robert S. Kerr, Oklahoma City, Oklahoma 73102, an office complex facility, also known as SandRidge Tower and Campus, consisting of a 30 story office tower and annex with parking and ancillary uses, and a parking structure known as the Broadway Kerr Parking Garage, which is the real property that is legally described in Exhibit “A” to this Agreement (the “Property”);

B.BUYER desires to purchase the Property from SELLER; and

C.SELLER desires to sell to BUYER, all of SELLER’s right, title, and interest in the Property under the terms and conditions set forth below.

TERMS AND CONDITIONS

        For good and valuable consideration, the sufficiency of which is acknowledged, the Parties agree as follows:

1.Agreement to Purchase and Sell.  Subject to the terms and conditions of this Agreement, the BUYER agrees to purchase, accept, and assume from SELLER, and SELLER agrees to sell, grant, convey, and assign to BUYER all of SELLER’s rights, title, and interests in the Property, together with and including:
                
(i)any and all improvements located on the Property;

(ii)any and all rights, privileges, easements, and appurtenances to the Property;

(iii)all development rights, water and air rights relating to the Property;

(iv)to the extent assignable, any and all leases, subleases, licenses, concessions, renewals, modifications, amendments, guarantees, and other forms of agreement, granting to any party or parties the right of use or occupancy of the parking garage;

(v)all minerals and mineral rights of every kind (including without limitation, oil, gas and other hydrocarbon substances, and metallic ores and coal) on or under the Property, but only to the extent owned by SELLER;
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(vi)Any and all deposits, escrow funds, or trust funds held by SELLER under any form of agreement relating to the Property; 

(vii)Any and all fixtures, furniture, equipment and telecommunications equipment (excepting therefrom any items identified on Schedule 1(vi) attached hereto) located on the Property ("Tangible Personal Property"); and

(viii)Any and all of SELLER’s interest in any intangible property, now or hereafter owned by SELLER and used in connection with the Property, including without limitation, any contract or lease rights, permits, certificates of occupancy, franchises, utility contracts, unexpired claims, warranties, guaranties, and sureties, or other rights relating to the ownership, development, construction, design, use or operation of the Property, in SELLER's possession or control and to the extent assignable without expense to SELLER, but specifically excluding all of Seller’s right, title and interest in and to the name “SandRidge” and all logos, trademarks and any other intellectual property rights associated with that name, and the activities and operations conducted by or under that name.

        Notwithstanding anything herein to the contrary, “Property” does not include any personal property belonging to Seller located on the Property and not used in connection with operations at the Property, or any item leased from third-parties, including the items identified on Schedule 1(vi).

2.Expiration of Offer:  The Parties shall execute this Agreement to constitute BUYER’s offer to purchase the Property as set forth in this Agreement and SELLER’s acceptance.  The date on which the last Party executes this Agreement is the “Effective Date”.  Failure of SELLER to countersign, and deliver this Agreement to BUYER by or before 5:00 p.m., C.S.T., May 15th, 2020, shall operate as a rejection of BUYER’s offer and this Agreement shall be null and void and the Parties shall be relieved of all rights and obligations under the Agreement.

3.Purchase Price.  Subject to all other terms, conditions, contingencies, and requirements of this Agreement, BUYER agrees to purchase and SELLER agrees to sell the Property and all of SELLER’s interest in the Property to BUYER for the total sum of Thirty-Five Million Five Hundred Thousand Dollars ($35,500,000.00) (the “Purchase Price”).  The SELLER agrees to sell to BUYER the Property upon BUYER’s payment in full of the Purchase Price at Closing, as follows. 

(i)BUYER agrees to pay SELLER the Purchase Price by federal funds wire transfer in immediately available funds;
   
(ii)SELLER agrees that upon receipt of the full Purchase Price from BUYER, SELLER will provide BUYER with a special warranty deed conveying the Property to BUYER as set forth herein. SELLER shall convey title to the Property pursuant to the terms hereof.
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(iii)SELLER agrees that in connection with Closing, SELLER will provide BUYER with a Bill of Sale, as set forth in Section 13.1 (vii) hereof, for all fixtures, furniture, equipment and telecommunications equipment, not excepted in Schedule 1(vi).

BUYER understands and acknowledges that certain items of Tangible Personal Property may change due to substitutions and replacements made in the ordinary course of SELLER’s operations between the Effective Date of this Agreement and the Closing Date.  BUYER and SELLER agree to conduct a joint inspection and final inventory of the Tangible Personal Property on a mutually agreed date at least five (5) business days prior to Closing.  Prior to Closing, BUYER and SELLER will agree on the portion of the Purchase Price to be allocated to the Tangible Personal Property. If the Tangible Personal Property has material value such that sales, use, transfer or other similar taxes will be incurred or imposed with respect to the transfer of such Tangible Personal Property (“Sales Tax”), BUYER will pay any such Sales Taxes due and SELLER will remit such Sales Taxes to the taxing authority.  SELLER and BUYER will reasonably cooperate in good faith to minimize, to the extent permissible under applicable law, the amount of any such Sales Tax.

4.Escrow.  Contemporaneously with the full acceptance and execution of this Agreement, the Parties shall appoint Chicago Title, Ms. Dawn Brooks, 210 W. Park Ave, Ste 210, Oklahoma City, OK 73102, (405) 6646799, (the “Title Company” or “Escrow Agent”) to provide the title and escrow services required in this Agreement (the “Escrow Agreement”).  The Parties shall deposit all documents and funds required in this Agreement with Title Company in escrow (“Escrow”).  

4.1 Escrow Instructions.  The provisions of this Agreement that are applicable to Title Company’s duties shall be deemed BUYER’s and SELLER’s instructions to the Escrow Agent (the “Escrow Instructions”).  

5.Earnest Money.  The BUYER, within two (2) business days after BUYER’s receipt of a fully executed original of this Agreement, shall deposit into an interest bearing escrow account (interest shall become part of the Earnest Money) with the Title Company, the total sum of One Hundred Thousand Dollars ($100,000.00) (the “Earnest Money”) with the Title Company.  The Earnest Money shall be refunded to the BUYER only as set forth in this Agreement.

        Escrow Agent shall hold the Earnest Money in an interest-bearing account in accordance with the terms of the Escrow Agreement attached hereto as Exhibit B, which Escrow Agreement has been executed and delivered concurrently herewith.   All interest earned on the Earnest Money shall be applied to the escrowed funds and such interest shall be distributed along with the Earnest Money as provided in the Escrow Agreement.  

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6.Closing Date.  Provided all of the terms, conditions, contingencies, and requirements of this Agreement have been satisfied, the Parties shall complete the transaction set forth in this Agreement and shall close, in escrow (“Closing”) on or before Forty-Five days after the expiration of the Review Period (the “Closing Date”).  All documents transferring the Property and other closing papers shall be delivered to Escrow Agent on or before the Closing Date. The Purchase Price for the Property shall be payable on the Closing Date by wire transfer of immediately available funds. The Closing Date may be extended only as set forth in this Agreement, or otherwise as the Parties may mutually agree in writing.

7.Title and Survey.  SELLER shall provide BUYER with an updated preliminary title commitment (“Title Commitment”), including each document that is the basis for an exception to coverage in the Title Commitment (collectively, the “Exception Documents”), issued by the Title Company within ten (10) days after the Effective Date. The Title Commitment shall cover the Property, name the BUYER as the proposed insured, and state the Purchase Price as the policy amount.  Within twenty (20) days after receipt of the Title Commitment, BUYER shall obtain and deliver an ALTA/NSPS Land Title Survey of the Property (the “Survey”).  The Survey shall be prepared by Smith Roberts Baldischwiler, LLC, and certified to the BUYER and the Title Company as having been made in accordance with the “Minimum Standard Detail Requirement” for ALTA/NSPS Land Title Surveys, and. shall reflect all of the Exception Documents.  SELLER shall pay the costs of obtaining the Title Commitment and Survey and for abstracting costs to bring the title up to date.  BUYER shall pay the costs for its Owner's Title Insurance Policy, Lender's Title Insurance Policy (if applicable) and the costs for any endorsements thereto.  

8.Property Documents.  Within three (3) business days following execution of this Agreement, SELLER shall, at its sole expense, and to the extent in its possession or control, deliver or cause to be delivered to BUYER (i) true and complete copies of all parking leases or agreements, service contracts, contracts, or any other agreements associated with or affecting any portion of the Property (the “Contracts”); and (ii) a true and complete copy of the certificate of property insurance and report of insurance claims associated with the Property in the last twelve (12) months. Additionally, during the Review Period (as defined below), SELLER agrees to, disclose all known documents and reports in its possession or control, use reasonable efforts to further provide BUYER with any additional documents and reports in its possession, custody or control relating to the Property, including but not limited to operating agreements, floor plans, surveys, appraisals, title reports, property tax or special assessment related documents, liens, inspections, financials, revenues, geological and environmental reports and feasibility studies, architectural drawings and reports, structural engineering analysis and reports, building maintenance and repair records, equipment purchases, repairs and improvement records. In providing the materials above to BUYER, SELLER makes no representation or warranties, express, written, oral, statutory, or implied, with respect to such materials, and all such representations and warranties are hereby expressly excluded and disclaimed.  All materials are provided for informational purposes only and BUYER shall not in any way be entitled to rely upon the completeness or accuracy of the materials and will instead in all instances rely exclusively on its own inspections and materials with respect to all matters which it deems relevant to its decision to acquire the Property.  All Contracts shall be assigned to and assumed 
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by BUYER at Closing unless BUYER notifies SELLER, prior to the expiration of the Review Period (as defined below), that it desires to terminate certain Contracts at Closing. SELLER shall be responsible for the payment of any cancellation fees or penalties in connection with any Contracts that are terminated at Closing.   

9.Review Period.  BUYER shall have a period of sixty (60) days from the Effective Date in which to review legal, financial, and other documents and to conduct any investigation deemed necessary to evaluate the Property at BUYER’s cost and expense (the “Review Period”).   During the Review Period, BUYER shall have twenty (20) days following delivery of the Title Commitment, the Exception Documents and the Survey within which to notify the SELLER of any objections BUYER may have to any matters appearing or referred to in the Title Commitment or the Survey.  Any title encumbrances, exceptions, or other matters in the Title Commitment or the Survey to which BUYER does not object in writing within the Review Period shall be deemed to be permitted exceptions (“Permitted Exceptions”) to the status of the BUYER’s title; provided, however, notwithstanding the foregoing, any monetary liens placed on the Property by the SELLER and which liens are removable by the payment of money (collectively, “Monetary Liens”) shall be automatically deemed title objections by the BUYER.  With regard to items to which BUYER objects within the Review Period, the SELLER shall have the right, but not the obligation, to use reasonable diligence to remove, discharge, or cure such objections at or prior to Closing.  Within fifteen (15) days after receipt of BUYER’s objections, SELLER shall notify BUYER in writing whether SELLER will (i) elect not to resolve, discharge, or otherwise cure such objections, or (ii) elect to resolve, discharge, or otherwise cure such objections.  If the SELLER notifies BUYER that SELLER is either unable or unwilling to cure such objections, the BUYER may, at its option, and as a remedy, (a) waive their objections and purchase the Property without reduction of the Purchase Price, or (b) terminate this Agreement by providing the SELLER with written notice within five (5) days after receipt of notice of the SELLER’s election not to cure such objections.  In the event of such termination by BUYER for failure to cure BUYER’s objections pursuant to the terms hereof, the Earnest Money shall be returned to BUYER without the requirement of a release or waiver from SELLER, and neither Party shall have any further liability under this Agreement except as otherwise provided in this Agreement.  Upon the expiration of the Review Period, the Earnest Money shall be non-refundable to BUYER except as specifically set forth herein.    

9.1 BUYER’s Due Diligence. Additionally, during the Review Period, BUYER may conduct, at BUYER’s expense, studies, examinations, and inspections of or on the Property (collectively, “BUYER’s Due Diligence”).  BUYER may seek reports at its discretion, including: (i) a market analysis; (ii) a financial analysis of the Property; (iii) engineering, physical inspections, and structural analysis of any improvements and equipment; (iv) legal review; (v) analysis of the Title Commitment; (vi) analysis of the Survey; (vii) Phase I Environmental Site Assessment  of the Property; and (viii) any other documents, non-invasive studies or inspections of the Property that BUYER deems necessary to evaluate the Property, provided, however, that (a) any entry by BUYER upon the Property shall be at the sole cost, expense and risk of BUYER, and (b) BUYER shall not perform any invasive tests of the Property except in accordance with subsection 9.3, and (c) BUYER shall promptly furnish copies of the reports and results of such inspections to SELLER, at no cost to SELLER other than reasonable copying 
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charges; provided, however, SELLER acknowledges that one or more of such reports may by its terms prohibit the dissemination thereof or reliance thereon by third parties such as SELLER, and SELLER expressly acknowledges and agrees that BUYER makes no representations or warranties about the accuracy or completeness of any such reports.  BUYER hereby indemnifies and agrees to hold SELLER harmless from and against any and all loss, cost or expense (including reasonable attorneys’ fees and expenses) arising out of and directly related to injury to persons or damage to property caused by BUYER, or any employee, agent, principal of, or independent contractor with, the BUYER, in connection with any such entry upon the Property.  Any entry upon the Property by BUYER for the purpose of conducting such inspections shall be reasonably coordinated in advance with SELLER as to scheduling and other such details.  At SELLER’s election, a representative of SELLER may be present during any entry by BUYER upon the Property to conduct the inspections (as long as such presence shall not unreasonably delay the entry).  Further, BUYER agrees to (a) satisfy any and all mechanic’s liens which may be filed or threatened against the Property as a result of such entry by BUYER, or any employee, agent, principal of, or independent contractor with, the BUYER onto and inspection of the Property, and (b) if this transaction does not close, repair any damage to the Property caused by BUYER or its agents or employees and to restore the Property to substantially the same condition existing on the Effective Date hereof to the extent such restoration is necessary as a result of any damage to the Property caused by BUYER or its agents or employees. Prior to any entry on the Property, BUYER shall provide to SELLER evidence of the following insurance: (i) commercial general liability insurance for personal injury (including wrongful death) and damage to property caused by any act or omission by BUYER, its agents, employees, contractors, subcontractors and invitees (with a combined single limit of liability for bodily injury and property damage of not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate); and (ii) employers’ liability insurance (and workers compensation, if required) in accordance with applicable state law.  The commercial general liability policy shall contain an endorsement naming SELLER as an additional insured.  No inspection of the Property by BUYER under the provisions of this subsection 9.1 shall unreasonably interfere with the operation of the Property or the conduct of business thereon by SELLER or its respective employees and invitees. Unless otherwise set forth in this Agreement, BUYER shall pay for BUYER’s Due Diligence and Review Period expenses outside of Escrow and Closing. 

9.2 Environmental Compliance and Indemnity.  SELLER represents that, to SELLER’s  knowledge, the Property is in material compliance with all legal requirements pertaining to Hazardous Materials (as hereinafter defined), human health or the environment, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”) 42 USC §9601 et seq., the Superfund Amendment and Reauthorization Act of 1986, as amended (“SARA”), the Resource Conservation and Recovery Act of 1987, as amended (“RCRA”) 42 U.S.C. §6901 et seq., the Federal Hazardous Materials Transportation Act, the Toxic Substances Control Act, as amended, 15 U.S.C. §2601 et seq., the Clean Air Act, as amended, 42 U.S. C. §7401 et seq., the Clean Water Act, and the Federal Water Pollution Control Act, as amended, 33 U.S.C. §1251 et seq., and all similar state or local laws (“Environmental Laws”). SELLER hereby represents to BUYER that, to SELLER’s knowledge the Property does not contain any Hazardous Materials in material violation of any Environmental Laws. These representations shall survive the 
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termination of this Agreement, and Closing, for a period of one (1) year, and shall not merge into any document executed in conjunction herewith. 

9.2.1 Definition. For the purposes of this Agreement, “Hazardous Materials” shall mean (i) any substance or material that is included within the definitions of “hazardous substances,” “hazardous materials,” “toxic substances,” “pollutant,” “contaminant,” “hazardous waste,” or “solid waste” in any Environmental Law; (ii) petroleum or petroleum derivatives, including crude oil or any fraction thereof, all forms of natural gas, and petroleum products or by-products or waste; (iii) polychlorinated biphenyls (“PCBs”); (iv) asbestos and asbestos containing materials (whether friable or non-friable); (v) lead and lead-based paint or other lead containing materials (whether friable or non-friable); (vi) batteries or liquid solvents or similar chemicals; (vii) radon gas; and (viii) mildew, fungus, mold, bacteria and/or other organic spore material, whether or not airborne, colonizing, amplifying or otherwise and any pollution or other toxic or hazardous substances as defined or listed under applicable Environmental Law.

        9.3 BUYER’s Right to Terminate.   BUYER shall have the right to terminate this Agreement, for any reason whatsoever, by giving SELLER written Notice by 5:00 p.m. C.S.T. on or before the last day of the Review Period.  If this Agreement is terminated under this subsection, neither Party shall have any further liability except as otherwise provided in this Agreement in which event the Earnest Money shall be immediately returned to BUYER in full without the requirement of a release or waiver from SELLER, and neither Party shall have any further liability under this Agreement except as otherwise provided in this Agreement.

        9.4  Environmental Site Assessments.  SELLER hereby consents to BUYER conducting a Phase I Environmental Site Assessment of the Property during the Review Period, if it so desires.  BUYER shall promptly furnish a copy thereof to SELLER as provided above.  If, as a result of the Phase I Environmental Site Assessment of the Property which BUYER so obtains, BUYER deems it appropriate to have a Phase II Environmental Site Assessment (“Phase II”) of the Property performed, or if BUYER desires to conduct any other invasive testing of the Property, BUYER shall present SELLER with a detailed plan or proposal for the conducting of such invasive testing or the Phase II, as applicable, for SELLER’s written approval thereof.  BUYER shall obtain SELLER’s prior written approval or consent before performing any such invasive testing or the Phase II in the manner so proposed, which said consent or approval can be granted or denied by SELLER in its reasonable discretion.  SELLER may have a representative present at any time that BUYER or its representative is on the Property for any and all such testing or inspection of the Property (as long as such presence shall not unreasonably delay the performance of such testing or inspection).  BUYER shall provide SELLER at least seventy-two (72) hours advance written notice before it conducts any Phase II test to which SELLER has given its prior written consent and at least twenty-four (24) hours advance written notice of any such other proposed testing to be conducted, at any time, on the Property by BUYER or its representative.  

10.Title.  SELLER shall convey fee simple title to BUYER, free of any mortgage lien, and subject only to the Permitted Exceptions, by way of a special warranty deed.  To enable the SELLER to make conveyance as herein provided, the SELLER may, in its sole discretion, at the 
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time of delivery of the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or interest.  The acceptance of a deed by the BUYER or shall be deemed to be a full performance and discharge of every agreement and obligation herein contained or expressed, except such as are specifically stated herein to survive the Closing.

11.Closing and Escrow Costs.  The Parties shall allocate and pay any closing and escrow costs as follows:

11.1 SELLER.  SELLER shall pay at Closing Survey costs, costs of obtaining the Title Commitment, costs necessary to bring title up to date including abstracting to complete the sale and transfer of the Property to BUYER, and fifty percent (50%) of any remaining fees charged by or though the Title Company, including without limitation any settlement, closing, escrow, document preparation, notary and courier fees, and all other costs and expenses of customary closing costs, except as otherwise set forth herein.  

11.2 BUYER.  BUYER will pay the Closing costs associated with obtaining an Owner’s Title Insurance Policy, Lender's Title Policy (if applicable), and any endorsements thereto, and fifty percent (50%) of any remaining fees charged by or though the Title Company, including without limitation any settlement, closing, escrow, document preparation, notary and courier fees, and all other costs and expenses of customary closing costs, except as otherwise set forth herein.

11.3 The payment of documentary tax on the deed of conveyance and payment for the cost of recording the deed shall be borne by the BUYER, as applicable to the sale of the Property.  BUYER also will pay any required sales tax on the Tangible Personal Property.

11.4 Legal Fees.  SELLER and BUYER shall each be responsible for paying their respective legal fees and costs, if any, outside of Escrow and Closing, unless otherwise agreed herein.

12.Prorations.  The items set forth in this section below shall be prorated at Closing (the “Prorations”).  The Prorations shall be reflected on the Closing Statement prepared by Title Company.  The Prorations shall be made as of the Closing Date based on the best information and estimates available and approved by the Parties.  The Purchase Price shall be adjusted by the net amount of the Prorations.  The Prorations shall be considered final and binding for all purposes absent material mistake of fact, misrepresentation, or fraud, except that under no circumstances shall BUYER be obligated to pay any property taxes resulting from the period of time associated with SELLER’s ownership of the Property, through the Closing Date, regardless of when such property taxes shall become due.  

12.1 Revenues.  All receivables, including under license agreements, rentals, receipts, and other revenues from the Property that SELLER has received and are allocable to the period from and after the Closing Date shall be credited to BUYER. BUYER shall be entitled to collect 
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all rentals, receipts, and other revenues from the Property that are due or delinquent on or after the Closing Date.  During the period after Closing, BUYER shall deliver to SELLER any and all receivables accrued but uncollected as of the Closing Date to the extent subsequently collected by BUYER; provided, however, BUYER shall apply amounts received after Closing first to payment of current amounts then due, and thereafter to delinquencies.

12.2 Property Taxes.  SELLER shall pay all taxes and assessments relating to the Property (the “Taxes”) that are due and payable or resulting from and attributable to SELLER’s ownership of the Property through the Closing Date (including without limitation Business Improvement District taxes or assessments).  Any Taxes paid by SELLER for the current tax year shall be prorated as of the Closing date and credited to SELLER. All Taxes for the current tax year, not yet due and payable shall be prorated as of the Closing Date (based upon the current year’s tax bill, if available, or the previous year’s tax bill if the current year’s tax bill is not available) and credited to BUYER.  

12.3 Contracts.  Prepaid charges in connection with any Contracts that BUYER assumes pursuant to this Agreement allocable to the period from and after the Closing Date shall be credited to SELLER.  Accrued charges, liabilities, or deposits in connection with such Contracts including without limitation all lease deposits, shall be credited to BUYER.

13.Draft Closing Documents.

13.1 SELLER’s Closing Document Deliveries.  At least five (5) business days prior to the Closing Date, SELLER shall deliver, or cause to be delivered to BUYER drafts of the following documents for BUYER’s review and approval (collectively, documents set forth in both 13.1 and 13.2 hereinafter, (“Closing Documents”):

(i)A special warranty deed in a form reasonably acceptable to BUYER (the “Deed”); 

(ii)Assignments in a form reasonably acceptable to BUYER for all Contracts and parking leases or agreements as required in this Agreement;

(iii)Affidavits and all other documents reasonably required by the Title Company in customary form and substance;

(iv)FIRPTA Affidavit.  An affidavit from SELLER as required by Section 1445 of the Internal Revenue Code, as amended, in order to satisfy the BUYER and the Title Company that no withholding is required under Section 1445, including an indemnity form SELLER for taxes which should have otherwise been withheld; 

(v)A fully signed Lease Agreement, in mutually acceptable form, between BUYER and SELLER for SELLER to lease floors 16 and 17 of the 123 Robert S. Kerr Ave building along with the right to utilize up to thirty (30) underground parking spaces at the 123 Robert S. Kerr Ave. building, together with ancillary or 
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additional space (including, but not limited to, the operations center, Broadway Kerr storage space, and a portion of floor 4 used in connection with the storage of certain oil and gas lease records) at the Property (the "Leased Premises") from the date of Closing through December 31, 2020 at zero rent (the "Leaseback Agreement"), which shall be deemed a Permitted Exception.  The Leaseback Agreement shall be in the form of a standard office lease for the market and shall specifically provide, among other things, the Seller with the ability to utilize the Leased Premises and building in a manner consistent with Seller's current use of the Property, with 24 hour, 7 day a week access to the Leased Premises and the building;

(vi)A Bill of Sale and Assignment of any personal property. 

13.2 BUYER’s Closing Document Deliveries.  At least five (5) business days prior to the Closing Date, BUYER shall deliver, or cause to be delivered, to SELLER drafts of the following documents and/or items for SELLER’s review and execution:

(i)An affidavit sufficient to enable the Escrow Agent to remove from the Title Commitment, BUYER’s Title Policy, any standard exceptions for unfiled mechanic’s liens, materialmen’s lien or other liens for services, labor or materials furnished to the Property;
 
(ii)A fully signed Leaseback Agreement; and

(iii)All other documents reasonably required by BUYER or Title Company affecting title to, or possession of, the Property and necessary to transfer or assign the same to BUYER as provided in this Agreement.

14.Executed Closing Documents.  On or before the Closing Date, the Parties shall deposit in Escrow with Title Company all Closing Documents in the form reasonably approved by the Parties and the Title Company.  Title Company shall hold Closing Documents in Escrow until all terms, conditions, contingencies and requirements of this Agreement are satisfied.

15.Closing Statement.  At least three (3) business days prior to the Closing Date, Title Company shall prepare and deliver a closing statement to BUYER and SELLER, in a form acceptable to BUYER and SELLER, showing all receipts, Prorations, closing costs, expenses, and disbursement to be made by Title Company under this Agreement at Closing (“Closing Statement”).  BUYER and SELLER shall use reasonable efforts to review and approve in writing the Closing Statement on or before the Closing Date.

16.Funding Escrow. Subject to SELLER’s satisfaction of all terms, conditions, and requirements of this Agreement, and BUYER’s written approval of the Closing Statement, BUYER shall deliver by wire transfer to the Title Company the Purchase Price as set forth in section three (3) of this Agreement on or before the Closing Date, net of any Earnest Money, Prorations, and other costs and expenses allocated in this Agreement as shown on the approved 
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Closing Statement.  Title Company shall hold such funds in Escrow until all other terms, conditions, contingencies, and requirements of this Agreement are satisfied and once satisfied, close Escrow.

17.BUYER’s Title Policy.  At Closing, Title Company shall obtain, order, or otherwise obligate itself to issue an owner’s policy of title insurance in the amount of the Purchase Price effective as of the date of Closing (the “BUYER’s Title Policy”).  BUYER’s Title Policy shall reflect the name of the BUYER, as the insureds, the satisfaction of the Title Company’s Closing requirements, if any, and shall insure BUYER’ title in the Property in fee simple subject to any Permitted Exceptions.  

17.1 No Gap Exceptions.  Prior to recording the Deed and distributing funds to SELLER, the Title Company shall update the title search that was conducted at the issuance of the Title Commitment. If the Title Company identifies any documents appearing in the public record subsequent to the effective date of the Title Commitment that Title Company would list as exceptions to BUYER’s Title Policy, the Title Company shall immediately notify the Parties and suspend Closing.  Closing shall proceed only if the Title Company will issue the BUYER’s Title Policy as set forth herein.  BUYER and SELLER acknowledge and agree that satisfaction of the requirements of this section is a condition precedent to Closing, that there shall be no gap title exceptions in the Title Commitment or BUYER’s Title Policy, and that the Title Company shall hold in Escrow, and will not disburse, funds deposited by BUYER and due to SELLER at Closing until the requirements of this section are satisfied.

18.Conditions Precedent to Closing.  The Closing of the transaction set forth in this Agreement on the Closing Date shall be contingent upon the satisfaction, or written waiver, of each of the following conditions (the “Conditions Precedent”):

(i)SELLER shall have complied with its obligations with respect to title as set forth herein;

(ii)BUYER and SELLER shall have met their respective, reasonable requirements of the Title Company, agreed to by the Parties, as set forth in the Title Commitment or otherwise;

(iii)SELLER and BUYER shall have tendered all Closing Documents as required under this Agreement;
  
(iv)SELLER and/or BUYER obtaining any governmental approvals, as may be applicable, necessary for the conveyance of the Property from SELLER to BUYER;

(v)SELLER and BUYER shall have performed and complied in all material respects with all of the terms, conditions, and requirements of this Agreement; and

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(vi)The satisfaction of the requirements for the issuance of BUYER’s Title Policy as set forth in this Agreement.

18.1 Extension of Closing Date.  The  Parties shall have the right to extend the Closing Date for a period of time not to exceed thirty (30) days should (i) SELLER need additional time to satisfy any of the Conditions Precedent that are the SELLER’s responsibility; (ii) BUYER need additional time to satisfy any of the Conditions Precedent that are the BUYER’s responsibility (except that such extension right shall not apply to any failure by BUYER to fulfill any obligations of BUYER that are required hereunder to be performed at Closing); or (iii) any Conditions Precedent that require action or approval of a third-party that require additional time for the third-party to satisfy, however, in this instance the Closing Date shall not be extended more than fifteen (15) days without the Parties’ consent, which will not be unreasonably withheld, conditioned or delayed.

        18.2 Failure of Conditions Precedent.  If any one of the Conditions Precedent is not met, after any extension to the Closing Date as provided herein, and the transaction set forth in this Agreement does not Close by the Closing Date, the non-defaulting party shall be entitled to its respective remedies in either Sections 20.1 and 20.2 below (as applicable), unless the non-defaulting party has waived such Condition Precedent in writing and elected to proceed to Closing.  

19.Closing Escrow.  In closing Escrow, the Escrow Agent shall follow the Parties' separate closing instructions, which will be provided to Escrow Agent in connection with Closing and perform the following:

(i)update the title search of Property and obtain BUYER’s Title Policy as required in this Agreement;

(ii)record the Deed conveying the Property from SELLER to BUYER;

(iii)deliver executed Closing Documents to BUYER and SELLER as applicable;

(iv)disburse any funds due to third-parties under this Agreement; and

(v)disburse the net funds due to BUYER and SELLER under this Agreement.
  

20.Failure to Close.  If the transaction set forth in this Agreement fails to Close, then the Parties shall have the following remedies:

20.1 SELLER’s Remedy.  In the event any breach of this Agreement by the BUYER results in failure to close, SELLER AND BUYER AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE DAMAGES WHICH SELLER MAY SUFFER.  BUYER AND SELLER HEREBY AGREE THAT (a) AN AMOUNT EQUAL TO THE EARNEST MONEY IS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT BUYER’s DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE 
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PROPERTY, AND (b) SUCH AMOUNT WILL BE THE FULL, AGREED AND LIQUIDATED DAMAGES FOR BUYER’S DEFAULT AND FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY, AND WILL BE SELLER’S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY) FOR ANY DEFAULT OF BUYER RESULTING IN THE FAILURE OF CONSUMMATION OF THE CLOSING. IN SUCH EVENT, SELLER MAY, BY WRITTEN NOTICE TO BUYER AND THE TITLE COMPANY, ELECT TO TERMINATE THIS AGREEMENT, WHEREUPON THE TITLE COMPANY SHALL REMIT THE EARNEST MONEY TO SELLER, THIS AGREEMENT WILL TERMINATE AND SELLER AND BUYER WILL HAVE NO FURTHER RIGHTS OR OBLIGATIONS HEREUNDER (other than those matters which expressly survive the early termination of this Agreement).  Notwithstanding the foregoing, but subject to subsection 20.3, nothing  contained herein will limit SELLER’s remedies  at law or in equity or as herein provided in the event of a breach by BUYER of any matters which expressly survive Closing or those matters which expressly survive early termination of this Agreement after termination. This Section 20.1 shall survive Closing or early termination of this Agreement.  

        20.2 BUYER’s Remedies. In the event any breach of this Agreement by the SELLER results in failure to close, with the BUYER not then in default hereunder, and BUYER otherwise ready, willing and able to close, BUYER shall have the right, at its option to (i) terminate this Agreement, in which event the Earnest Money shall be returned to BUYER, without the requirement of a release or waiver from SELLER, and no Party shall have any further rights or obligations under this Agreement except as otherwise provided in this Agreement; or (ii) pursue specific performance; provided, however, if BUYER fails to file suit for specific performance within sixty (60) days after the Closing Date and to diligently pursue such suit, this Agreement shall terminate, in which event neither party shall have any rights, duties or obligations hereunder other than the obligations and the rights set forth herein that expressly survive the termination of this Agreement.  If specific performance is not an available remedy, or if BUYER elects to commence such action and is unsuccessful, then the Earnest Money shall be returned to BUYER and the Parties shall be released from their obligations under this Agreement except as otherwise provided in this Agreement.  

        20.3 Consequential and Punitive Damages.  Each of SELLER and BUYER waive any right to sue the other for any consequential or punitive damages or lost profits for any matter or claim arising under this Agreement.  This Section 20.3 shall survive Closing or early termination of this Agreement.

21. Representations and Warranties.

21.1 BUYER’s Representations and Warranties.  BUYER represents and warrants, to SELLER the following:

(i)On the Effective Date and Closing Date, BUYER is (i) duly formed and validly existing under the laws of the state where the Property is located; (ii) authorized under the laws of the state in which the Property is located to conduct business and to purchase the Property; and (iii) duly authorized to do all things required of it under or in connection with this Agreement;

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(ii)BUYER has obtained all requisite consent and approval, whether required by internal operating procedures or otherwise, for entering into this Agreement and Closing the transaction contemplated in this Agreement; and

(iii)to the BUYER’s knowledge this Agreement and all agreements, instruments, and documents provided in this Agreement that BUYER will execute will be binding upon BUYER, and will not violate any provision of any agreement, law, regulation or judicial order to which BUYER is a Party or by which it is bound; and

(iv)to the BUYER’s knowledge there is no litigation pending or anticipated against BUYER that could adversely affect BUYER’s ability to perform its obligations under this Agreement.

   21.2 SELLER’s Representations and Warranties.  SELLER represents and warrants to BUYER the following:

(i)SELLER is now and on the Closing Date will be; (i) duly formed and validly existing under the laws of the state where the Property is located; (ii) authorized under the laws of the state in which the Property is located to conduct business and to sell the Property; and, (iii) duly authorized to do all things required of it under or in connection with this Agreement; 

(ii)SELLER has obtained all requisite consent and approval, whether required by internal operating procedures or otherwise, for entering into this Agreement.  SELLER has obtained or will obtain all requisite consent and approval, whether required by internal operating procedures or otherwise, for Closing the transaction contemplated in this Agreement; 

(iii)SELLER is the owner of the Property, and all of the Property will be conveyed to BUYER as set forth herein;

(iv)As of the Closing Date, there will be no third-party agreements, contracts, or leases affecting the Property except for (i) such agreements that may be deemed a Permitted Exception, (ii) the Contracts assumed by BUYER at Closing, and (iii) as provided in the Declaration of Parking Rights dated December 22, 2015 and recorded December 23, 2015 in Book 13006, page 1066 and the Declaration of Parking Rights dated May 11 , 2018 and recorded in Book 13734, page 144 of the land records of the County Clerk of Oklahoma County Oklahoma, which shall be deemed a Permitted Exception; 

(v)To SELLER’s knowledge, this Agreement and all agreements, instruments, and documents provided in this Agreement that SELLER will execute, or to be caused to be executed, will be binding upon SELLER, and will not violate any provision 
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of any agreement, law, regulation or judicial order to which SELLER is a Party or by which it is bound;

(vi)SELLER has not received written notice of, and to Seller's knowledge there are not any condemnation, environmental, zoning, or other land use regulation proceedings, instituted or planned to be instituted, with respect to the Property, nor has SELLER received written notice of any special assessment proceedings affecting the Property; and

(vii)To SELLER’s knowledge, SELLER is not a party to any litigation regarding the Property; with the exception of any remaining claims pending in connection with In re: SandRidge Energy Inc., et al., Case No. 16-32488 (DRJ), U.S. Bankruptcy Court, S.D. Texas, Houston Division) (the “Bankruptcy”), no voluntary or involuntary, attachments, execution proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, receivership or similar proceedings are pending against SELLER, nor are there any claims, condemnations or sales in lieu thereof, contracts of sale, options to purchase or rights of first refusal affecting the Property, or any part thereof, pending or threatened against SELLER relating to the Property that could adversely affect the Property or the SELLER’s ability to perform its obligations under this Agreement.

(viii)To SELLER’s knowledge, Seller has obtained any and all necessary or required authorization from the Bankruptcy Court, in the matter disclosed in Paragraph 21.2 (vii), authorizing the sale of this Property and is aware of no current or pending issues preventing the sale of this Property with respect to the Bankruptcy.

        For purposes of this Agreement, the phrase “To SELLER’s knowledge” means the present, actual knowledge, without independent investigation or inquiry, of Ed Cordell, SandRidge Tower Facility Manager.  There shall be no personal liability on the part of Ed Cordell arising out of any representations or warranties made herein or otherwise.

        In the event that SELLER breaches any representation contained in Section 21.1 and BUYER had knowledge of such breach prior to the Closing Date, and elected to close regardless, BUYER shall be deemed to have waived any right of recovery, and SELLER shall not have any liability in connection therewith.

21.3 AS IS SALE.

(i)BUYER expressly acknowledges that, except as expressly provided herein, the Property is being sold and accepted AS IS, WHERE-IS, WITH ALL FAULTS, and SELLER makes no representations or warranties, express or implied, with respect to the physical condition or any other aspect of the Property, including, without limitation, (i) the structural integrity of any improvements on the Property, (ii) the manner, construction, condition, and state of repair or lack of repair of any of such improvements, (iii) the conformity of the improvements to 
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any plans or specifications for the Property, including but not limited to any plans and specifications that may have been or which may be provided to BUYER, (iv) the conformity of the Property or its intended use to past, current or future applicable zoning or building code requirements or restrictive covenants, or the compliance with any other laws, rules, ordinances, or regulations of any government or other body, (v) the financial earning capacity or history or expense history of the operation of the Property, (vi) the nature and extent of any right-of-way, lease, possession, lien, encumbrance, license, reservation, restriction, condition, or otherwise, (vii) the existence of soil instability, past soil repairs, soil additions or conditions of soil fill, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage, (viii) whether the Property is located wholly or partially in a flood plain or a flood hazard boundary or similar area, (ix) the existence or non-existence of asbestos, underground or above ground storage tanks, hazardous waste or other toxic or hazardous materials of any kind or any other environmental condition or whether the Property is in compliance with applicable laws, rules and regulations, (x) the Property’s investment potential or resale at any future date, at a profit or otherwise, (xi) any tax consequences of ownership of the Property or (xii) any other matter whatsoever affecting the stability, integrity, fitness for use or other condition or status of the land or any buildings or improvements situated on all or part of the Property or any other aspect of the Property or any part thereof (collectively, the “Property Conditions”), and except for warranties and representations expressly provided herein, BUYER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY AND ALL ACTUAL OR POTENTIAL RIGHTS BUYER MIGHT HAVE REGARDING ANY FORM OF WARRANTY, EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO ANY WARRANTY OF CONDITION, HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE relating to the Property, its improvements or the Property Conditions, such waiver being absolute, complete, total and unlimited in any way.  

(ii)If and to the extent that SELLER delivers or makes available documents, reports (including any environmental reports) or other writings concerning the Property (the “Review Items”) to BUYER, all such Review Items are complete and accurate to the best of SELLER'S knowledge.  SELLER makes no further representation or warranty as to the completeness or accuracy of the data or information contained therein, and all such Review Items are furnished to BUYER solely as a courtesy, and SELLER has neither verified the accuracy of any statements or other information therein contained, the method used to compile such information nor the qualifications of the persons preparing such information.  The Review Items are provided on an AS-IS-WHERE-IS BASIS, AND BUYER EXPRESSLY ACKNOWLEDGES THAT SELLER MAKES NO REPRESENTATION, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO, 
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ANY WARRANTY OF CONDITION, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE AS TO THE REVIEW ITEMS.  Without SELLER’s prior written consent, BUYER: (i) shall not divulge to any third party any of the Review Items and shall not use the Review Items in BUYER’s business prior to the Closing, except in connection with the evaluation of the acquisition of the Property; (ii) shall ensure that the Review Items are disclosed only to such of BUYER’s officers, directors, employees, consultants, investors and lenders, as have actual need for the information in evaluating the Property and that prior to Closing all such parties shall treat the Review Items as confidential and proprietary to SELLER; (iii) shall act diligently to prevent any further disclosure of the information; and (iv) shall, if the Closing does not occur for any reason, promptly return to SELLER (without keeping copies) all Review Items.  

(iii)Except as expressly represented by SELLER herein, BUYER will rely solely on its own investigation of the Property and not on any information provided by SELLER, its agents, or its contractors. SELLER will not be liable or bound in any way by any oral or written statements, representations or information about the Property or its operation furnished by any party purporting to act on SELLER’s behalf.  BUYER further acknowledges and agrees that the compensation to be paid to SELLER for the Property has been decreased to take into account the Property is being sold subject to the disclaimers and waivers contained in this Agreement.

(iv)BUYER acknowledges that the Property may not be in compliance with all regulations, rules, laws and ordinances that may apply to the Property or any part thereof and to the continued ownership, maintenance, management and repair of the Property (“Requirements”). After the Closing, BUYER shall be solely responsible for any and all Requirements, Property Conditions, and all other aspects of the Property, whether the same shall be existing as of the Closing Date or not. From and after the Closing, except as expressly set forth in this Agreement, BUYER hereby waives, releases and forever discharges the SELLER, their respective affiliates, subsidiaries, officers, directors, shareholders, employees, independent contractors, partners, representatives, agents, successors and assigns (collectively, the “Released Parties”), and each of them, from any and all causes of action, claims, assessments, losses, damages (compensatory, punitive or other), liabilities, obligations, reimbursements, costs and expenses of any kind or nature, actual, contingent, present, future, known or unknown, suspected or unsuspected, including, without limitation, interest, penalties, fines, and attorneys’ and experts’ fees and expenses, whether caused by, arising from, or premised, in whole or in part, upon any SELLER’s acts or omissions, and notwithstanding that such acts or omissions are negligent or intentional, or premised in whole or in part on any theory of strict or absolute liability, which BUYER, its successors or assigns or any subsequent purchaser of any of the Property may have or incur in any manner or way connected with, arising from, or related to any of the Property, 
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including without limitation (i) the environmental condition of any of the Property, including the actual or alleged presence of hazardous waste, toxic or other hazardous materials at, on, under or adjacent to the Property or (ii) actual or alleged violations of environmental laws, including the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”)(42 U.S.C. §9601), or regulations in connection with the Property and/or any property conditions.  BUYER agrees, represents and warrants that the matters released herein are not limited to matters which are known, disclosed, suspected or foreseeable, and BUYER hereby waives any and all rights and benefits which it now has, or in the future may have, conferred upon Buyer by virtue of the provisions of any law which would limit or detract from the foregoing general release of known and unknown claims.  BUYER shall indemnify and hold harmless the SELLER’s Indemnified Parties from and against any and all Losses arising from or related to the environmental condition of the Property, the Property Conditions, or actual or alleged violations of environmental laws.    With respect to BUYER’s waiver and release set forth herein, the BUYER represents and warrants to SELLER that: (a) BUYER is not in a significantly disparate bargaining position; (b) BUYER is represented by legal counsel in connection with the sale contemplated by this Agreement and (c) BUYER is knowledgeable and experienced in the purchase, operation, ownership, refurbishing and sale of commercial real estate, and is fully able to evaluate the merits and risks of this transaction. 

(v)The foregoing waivers and releases will be given full force and effect according to each of their express terms and provisions, including those relating to unknown and unsuspected claims, damages and causes of action and strict liability claims.  The foregoing waivers and releases include claims of which BUYER is presently unaware or which BUYER does not presently suspect to exist which, if known by BUYER, would materially affect BUYER’s waiver or release to SELLER.  

(vi)Notwithstanding anything herein to the contrary, all of the terms and provisions of this Section 21.3 shall survive the Closing or a termination of this Agreement.

21.4  Warranty Exceptions.  BUYER and SELLER shall, as applicable, provide the other party with notice at least five (5) business days prior to the Closing Date of any exceptions to the representations and warranties set forth in this section (“Warranty Exceptions”), in which case such Party receiving Notice shall have the right to (i) terminate this Agreement, or (ii) elect to close this transaction notwithstanding such Warranty Exceptions.

22.   Possession.  Possession of the Property will be delivered to BUYER upon completion of the Closing, subject only to the Leaseback Agreement between BUYER and SELLER and to rights of third-parties under any Contracts and any Permitted Exceptions.

23. Destruction/Damage/Taking.  If prior to the Closing Date, any portion of the Property is damaged or destroyed by fire or other casualty or shall become the subject of any proceedings, 
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judicial, administrative, or otherwise, by eminent domain, condemnation, or otherwise, SELLER shall promptly provide BUYER Notice.  In the event that the cost of repair or value of the taking does not exceed $2,500,000.00, SELLER shall assign BUYER at Closing all of SELLER'S Property insurance or condemnation proceeds and BUYER shall close this transaction as provided herein.  

        In the event that the cost of repair or value of the taking exceeds $2,500,000.00, BUYER shall have the right, to terminate this Agreement by giving SELLER written notice, and the Earnest Money shall be immediately returned to BUYER without the requirement of a release or waiver from SELLER. If BUYER elects to proceed with the Closing, this Agreement shall remain in full force and effect and the transaction set forth in this Agreement, less any portion of the Property taken by eminent domain or condemnation or otherwise, shall be completed with no further adjustment or modification, and at the Closing, SELLER shall assign, transfer, and set over to BUYER all the right, title, and interest of SELLER in and to any insurance proceeds resulting from any awards that have been or may thereafter be made for any taking or condemnation. 

24.Assignment. Buyer shall not assign this Agreement to any third party or parties without the prior written consent of SELLER, which consent shall not be unreasonably withheld, conditioned or delayed, provided however, that any such assignment consented to by Seller in writing shall not relieve Buyer of its liabilities and obligations hereunder, unless otherwise agreed to in writing by SELLER. SELLER shall not assign this Agreement.

25.Brokerage Commissions.  Buyer will pay all Brokerage fees, costs, expenses, and all other amounts due to Levy Strange Beffort, LLC (LSB).  BUYER agrees to defend, indemnify, and hold harmless the SELLER from and against any and all claims of LSB, and any other person claiming a brokerage fee or commission under this Agreement. 

26.Further Acts.  Each Party to this Agreement shall perform such further acts and execute and deliver such further agreements and assurances as the other Party may reasonably require to give full effect and meaning to this Agreement.

27.No Third Party Benefit.  The parties do not intend to confer any benefit on any person or entity other than the Parties to this Agreement, except as, and to the extent, otherwise expressly provided in this Agreement.

28.Contingent Agreements.  The Parties agree that this Agreement will be kept confidential by each other, and its agents and disclosed only to such accountants, attorneys, consultants and representatives who need to know the information for purposes of meeting the terms, completion of the conditions precedent and closing this transaction, unless disclosure is otherwise required by law. SELLER shall not enter into any written agreement with any other person or entity for the sale of the Property following the acceptance and execution of this Agreement by the Parties, unless and until this Agreement is terminated.  Further, the Parties agree that this Agreement will be kept confidential by the Parties through the date of Closing, and by their agents, to be disclosed only to such accountants, attorneys, consultants and representatives who need to know 
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the information for purposes of meeting the terms, completion of the conditions precedent and closing this transaction, unless disclosure is otherwise required by law.

29.Prospective Leases.  After the expiration of the Review Period, SELLER shall not enter into any new lease(s), including parking leases, at the Property without the BUYER’s express written approval, which approval shall not be unreasonably withheld, conditioned or delayed.  Provided, however, that SELLER shall be permitted to enter into short term parking agreements after the expiration of the Review Period, without the approval of BUYER, provided such agreements expire or are terminable prior to Closing.  

30.Waiver.  Each Party to this Agreement may waive any default by the other Party of any of the terms or conditions contained in this Agreement, provided however, that such waiver or waivers shall not be deemed or construed as a continuing waiver, and shall not extend to any subsequent default. No waiver shall be implied from any delay or failure by any Party to take action following a default by another Party.  No extension of time for performance of any obligations shall be deemed an extension of the time for performance of any other obligations under this Agreement.

31.Construction.  The administration, interpretation, and legal construction of this Agreement shall be based on the following:

31.1 Time is of the Essence.  Time is of the essence with regard to performance and satisfaction of all terms and conditions of this Agreement. The term “business day” means any day other than a Saturday, Sunday or a day on which state or national banks are not generally open for business in the State of Oklahoma.  If the final date of any period which is set out in any paragraph of this Agreement falls upon a day which is not a business day, then, and in such event, the time of such period will be extended to the next business day.

31.2 Entire Agreement.  This Agreement, together with the Recitals and Exhibits, which are incorporated into and made part of this Agreement, constitutes the entire Agreement between SELLER and BUYER regarding the subject matter contained in this Agreement. This Agreement shall not be amended or supplemented except in a writing signed by an authorized representative of the BUYER and an authorized representative of SELLER. There are no oral agreements between SELLER and BUYER.  All prior written communications, representations, promises, or agreements not expressly included in this Agreement are null and void.

31.3 Mutual Agreement.  This Agreement was negotiated and agreed upon by the Parties and shall not be construed as if it had been prepared only by one Party, but rather that it was mutually prepared by the Parties.

31.4 Binding Effect.  This Agreement is binding upon and shall inure to the benefit of SELLER and BUYER and their respective heirs, personal representatives, successors, and assigns.

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31.5 Severability.  If any term or condition of this Agreement shall, at any time or to any extent, be deemed invalid or unenforceable by a court with competent jurisdiction, the remaining provisions of this Agreement shall not be affected, and each remaining provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

31.6 GOVERNING LAW; JURISDICTION; VENUE. This Agreement, including the making, execution and enforcement of its provisions, shall be governed by, interpreted, and construed in accordance with the laws of the State of Oklahoma applicable to all agreements made and to be performed solely therein, without giving effect to any principles or conflicts of law. Jurisdiction of all claims, disputes or litigation relating to or resulting from the Agreement shall be in the State District Courts of Oklahoma.  Venue shall be in Oklahoma County and all other potential venues are waived by the Parties by Agreement.

31.7 Headings.  The descriptive section and subsection headings contained in this Agreement are convenience only and are not to be used for interpretation of this Agreement.

31.8 Defined Terms.  Capitalized terms in this Agreement set forth in a bold font and within quotation marks are defined by the context of the respective term and shall have the defined meaning when used in a capitalized form elsewhere in this Agreement unless otherwise expressly indicated.

31.9 Notice and Other Written Communications.  “Notice” shall mean a written communication from one Party to another that must be delivered by overnight courier with tracking capabilities, certified mail, return receipt requested, email (followed by delivery via overnight courier), or personal delivery, to, as applicable, SELLER’s Notice Address or BUYER’s Notice Address.  Notice shall be deemed made when delivered or transmitted.  Notices shall be delivered to the Parties at the addresses contained in the first paragraph of this Agreement, to the attention of the following individuals:  for the SELLER, to SandRidge Realty, LLC, Mr. Mike Johnson, Senior Vice President, 123 Robert S. Kerr Ave., Oklahoma City, Oklahoma 73105 Email:mike.johnson@sandridgeenergy.com, with a copy to Tom Regan, 185 Asylum Street, 38th Floor, Hartford, CT 06103, (860)509-6500, tregan@brownrudnick.com and to the BUYER, to Robinson Park, LLC, Mr. Mark Beffort, Chief Executive Officer, 204 N. Robinson, Ste 700, Oklahoma City, Oklahoma 73102, (405) 879-4757, with a copy to Perry E. Kaufman, 701 N. Broadway, Ste 400, Oklahoma City, Oklahoma 73102, Phone: (405) 524-2400, Email: pkaufman@gphglaw.com. Notwithstanding the two preceding sentences, if a Party is represented by counsel, Notice shall be deemed made by delivering the written communication to such counsel by overnight courier with tracking capabilities, certified mail, return receipt requested, email (followed by delivery via overnight courier), or personal delivery.

31.10 Counterparts.  This Agreement may be executed in one or more identical counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.

31.11 Attorneys’ Fees.  In the event of any dispute hereunder or of any action to interpret or enforce this Agreement, any provision hereof or any matter arising herefrom, unless otherwise 
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provided in this Agreement, each Party shall pay its own costs, fees and expenses, including but not limited to witness fees, expert fees, consultant fees, travel, attorney, paralegal and assistant fees, costs and expenses, whether suit be brought or not, trial or settlement.

32.Records and Audits.  SELLER agrees that BUYER shall have the right to examine and audit all non-confidential Records relevant to the execution and performance of this Agreement.  The SELLER agrees to retain Records relative to this Agreement for the duration of this Agreement and for a period of two (2) years following the Closing Date or termination of this Agreement.  If an audit, litigation or other action involving such Records is started before the end of the two (2) year period, the Records are required to be maintained for two (2) years form the date that all issues arising out of the action are resolved, or until the end of the two (2) year retention period, whichever is later. Records includes books, documents, accounting procedures and practices, and other data, regardless of type and regardless of whether such items are in written form, in the form of computer data, or in any other form.  

33.Like Kind Exchange.  SELLER and BUYER (as the case may be, the “requesting party”) agree to cooperate with each other (the “other party”) in the other’s efforts to effectuate an exchange of properties for the Property in accordance with Section 1031 of the Internal Revenue Code, and to execute and deliver any and all documents which a requesting party may reasonably require relating thereto; provided that (i) such documents shall be prepared by the requesting party at its sole cost, (ii) no such documents shall impose on the non-requesting party any obligations greater than those that that would otherwise exist but for such documentation and (iii) under no circumstances shall any requesting party’s rights under this Section result in a delay of the Closing. 
  
34.Authority to Bind. The Parties to this Agreement attest that each has the full power and authority to execute and deliver this Agreement, obligate its respective company and carry out its obligations hereunder.

35.Amendments. No modification or amendment of this Agreement shall be effective unless it is in writing signed by all of the Parties.  

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the day and year written below.

						
		SELLER

		
		SANDRIDGE REALTY LLC., 
		an Oklahoma limited liability company
		
		By:   /s/ Carl F. Giesler, Jr           

		Name: Carl F. Giesler, Jr.            

	Title:  CEO                             _
	
	Date executed by SELLER:	
		
	May 15, 2020	

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		BUYER

		
		Robinson Park, LLC
		an Oklahoma limited liability company
		
		/s/ Mark Beffort                    

	Date executed by BUYER	Mark Beffort
		Chief Executive Officer
	May 15, 2020	

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		ESCROW AGENT:

		
		Chicago Title Insurance Company 
		
	Date executed by ESCROW AGENT	By:  /s/ Dawn M. Brooks              

		Name:  Dawn M. Brooks              

	May 15, 2020                                    	

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EXHIBIT “A”

Legal Description

Tract 1: (Broadway/Kerr Parking)
All of Lots 1 through 6, inclusive, a part of Lots 23 through 32, inclusive, Block 9 and the vacated alley adjacent thereto, Original Oklahoma City Addition, Oklahoma City, Oklahoma County, Oklahoma, according to Plat recorded in Book 1 of Plats, page 2 described as follows:
Beginning at the Southwest corner of said Block 9;
THENCE North 89°59'45" East along the South line of said Block 9 a distance of 410 feet to the Southeast corner of Lot 23 of said Block 9;
THENCE due North along the East line of said Lot 23 a distance of 2.87 feet to a point of curvature;
THENCE along a curve to the left, having a radius of 193.49 feet a distance of 167.00 feet to a point, said point being on the center line of the alley;
THENCE South 89°59'45" West along the center line of the alley and the North line of Lot 6 of said Block 9, a distance of 342.30 feet to the Northwest corner of said Lot 6;
THENCE due South along the West line of said Block 9 a distance of 150 feet to a point or place of beginning.
Tract 3: (Sandridge Tower/Park)
All of Block 20 and the vacated east-west and north-south alleys located therein in Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2, otherwise described as and comprised of the following 5 parcels of land:
Parcel 1
The North Half of the vacated east-west alley adjoining Lots 24, 25 and 26, in Block 20, Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2.
Parcel 2
Lots 27 and 28 and the South Half of the vacated east-west alley adjoining said Lots 27 and 28, in Block 20, Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2.
Parcel 3
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Lots 1, 2, 3 and 4 and the East Half of the vacated north-south alley adjoining said Lots 1, 2, 3 and 4, in Block 20, Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2.
Parcel 4
All of Lots 5 through 23, both inclusive and all of Lots 35 through 40, both inclusive, in Block 20, Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2, including the vacated alleys abutting said Lots and being more particularly described as follows:
Beginning at a point that is the Northwest Corner of Lot 23 in said Block 20, as well as the Northeast Corner of Lot 24 in said Block 20, on the Southern right of way line of Northwest Third Street;
THENCE in a Southerly direction along the boundary line between Lot 23 in said Block 20 and Lot 24 in said Block 20, a distance of 150 feet to a point on the centerline of the alley, that is 10 feet South of the Southwest Corner of Lot 23 in said Block 20, as well as 10 feet South of the Southeast Corner of Lot 24 in said Block 20;
THENCE in an Easterly direction along the centerline of the alley a distance of 125 feet to a point that is 10 feet South of the Southwest Corner of Lot 18 in said Block 20, as well as 10 feet North of the Northwest Corner of Lot 35 in said Block 20;
THENCE in a Southerly direction along the boundary line between Lot 34 in said Block 20 and Lot 35 in said Block 20 a distance of 150 feet to a point that is the Southwest Corner of Lot 35 in said Block 20, as well as the Southeast Corner of Lot 34 in said Block 20, on the Northern right of way line of Robert S. Kerr Avenue;
THENCE in an Easterly direction along the Northern right of way line of Robert S. Kerr Avenue a distance of 160 feet to a point on the centerline of the alley, that is 10 feet East of the Southeast Corner of Lot 40 in said Block 20, as well as 10 feet West of the Southwest Corner of Lot 1 in said Block 20.
THENCE in a Northerly direction along the centerline of the alley a distance of 100 feet to a point that is 10 feet West of the Southwest Corner of Lot 5 in said Block 20, as well as 10 feet West of the Northwest Corner of Lot 4 in said Block 20;
THENCE in an Easterly direction along the boundary line between Lot 4 in said Block 20 and Lot 5 in said Block 20 a distance of 150 feet to a point on the West right of way line of Broadway Avenue, that is the Southeast Corner of Lot 5 in said Block 20, as well as the Northeast Corner of Lot 4 in said Block 20;
THENCE in a northerly direction along the West right of way line of Broadway Avenue a distance of 200 feet to a point that is the Northeast Corner of Lot 12 in said Block 20;
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THENCE in a Westerly direction along the Southern right of way of Northwest Third Street a distance of 435 feet to the point of beginning.
Parcel 5
Lots 29, 30, 31, 32, 33 and 34 and the South Half of the vacated east-west alley adjoining said Lots 29, 30, 31, 32, 33 and 34, in Block 20, Original Townsite of Oklahoma City, Oklahoma County, Oklahoma, according to the plat recorded in Book 1 of Plats, page 2.
To be confirmed by the Survey.

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EXHIBIT "B"

ESCROW AGREEMENT
This Escrow Agreement (this “Agreement”) is made as of the ____ day of May, 2020, by and among SANDRIDGE REALTY LLC, an Oklahoma limited liability company (“Seller”), ROBINSON PARK, LLC, an Oklahoma limited liability company (“Buyer”), and CHICAGO TITLE INSURANCE COMPANY, a     (the “Escrow Agent”).
WITNESSETH:
A. Buyer and Seller are party to a Purchase and Sale Agreement dated as of ________________________, 2020 relating to certain property known generally as 123 Robert S. Kerr, Oklahoma City, Oklahoma 73102 (the “Purchase Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Purchase Agreement.
B. The Purchase Agreement contemplates Seller’s making a deposit of Earnest Money (which term, as used herein shall include any portion thereof as the context shall permit or require).  Upon its receipt of the Earnest Money, the Escrow Agent has certain duties with respect to the custody, disbursement and accounting of the Earnest Money.
C. The parties desire that the Escrow Agent serve as the Escrow Agent under the Purchase Agreement pursuant to the Purchase Agreement and the terms hereof.
NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, and for $1.00 and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. The Escrow Agent agrees to serve as the Escrow Agent designated under paragraph 4 of the Purchase Agreement, subject to all of the terms and conditions of this Agreement and the Purchase Agreement.  In doing so, the Escrow Agent undertakes to perform only those duties expressly assigned to the Escrow Agent under the Purchase Agreement, and assumes no other duties. 
2. The Escrow Agent shall be entitled to receive reimbursement of documented reasonable attorneys’ fees and expenses, and other out-of-pocket expenses incurred by it in connection with any legal proceedings arising hereunder.
3. Each of Buyer and Seller agrees to indemnify and hold harmless the Escrow Agent, its officers, partners, employees and agents, against any and all losses, claims, damages, liabilities, costs and expenses (including reasonable costs of investigation, court costs and attorney’s fees) that may be imposed upon the Escrow Agent in connection with its acting as Escrow Agent hereunder (except those arising out of the Escrow Agent’s willful failure to 
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comply with the provisions of this Agreement or the gross negligence or willful misconduct of the Escrow Agent), including any litigation arising from this Agreement, involving the subject matter hereof, or involving the Escrow Agent (or its officers, partners, employees or agents) in connection with this Agreement.
4. Any fees and expenses of the Escrow Agent in the performance of its duties hereunder shall be shared equally by Buyer and Seller.
5. In the event any disagreement between the Buyer and Seller results in conflicting instructions to, or adverse claims or demands upon, the Escrow Agent with respect to the Escrow Agent’s time for or obligation of performance hereunder, the Escrow Agent shall refuse to comply with any such instruction, claim or demand so long as such disagreement shall continue and, in so refusing, the Escrow Agent shall have no obligation to release any Earnest Money except as otherwise expressly provided hereunder.  The Escrow Agent shall not be or become liable in any way for its failure or refusal to comply with any such conflicting instructions or adverse claims or demands, and it shall continue to refrain from acting until such conflicting instructions or adverse claims or demands (a) shall have been resolved by mutual written agreement between Buyer and Seller delivered to the Escrow Agent or (b) shall have finally been determined in a court of competent jurisdiction.  In addition to the foregoing, the Escrow Agent may, but shall not be obligated to (except as provided below), file an action in interpleader with any court of competent jurisdiction for a declaratory judgment for the purpose of having the respective rights of the claimants adjudicated and, in doing so, may deliver to such court the Earnest Money, whereupon the Escrow Agent shall be absolved of any further obligation under this Agreement with respect to the Earnest Money, as applicable, except as otherwise ordered by such court.
6. The Escrow Agent may in its sole discretion resign by giving thirty (30) days’ prior written notice thereof to Buyer and Seller.  The parties shall then furnish to the Escrow Agent mutual written instructions for the disposition of the Earnest Money.  If the Escrow Agent shall not have received such written instructions within such thirty (30) days, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor Escrow Agent and upon such appointment deliver the Earnest Money to such successor.  The other parties hereto reserve the right to remove the Escrow Agent at any time, provided ten (10) days’ prior written notice by Buyer and Seller is given to the Escrow Agent and the Escrow Agent is compensated for all costs and expenses to which it is entitled hereunder prior to the effective time of such removal. 
7. If the Earnest Money is at any time attached, garnished or levied upon under any court order, or if the payment or delivery of the Earnest Money is stayed or enjoined by any court order, or if any order, writ, judgment or decree shall be made or entered by any court affecting the Earnest Money, then the Escrow Agent shall be authorized, in its sole discretion, to rely upon and comply with the order, writ, judgment or decree; provided, however, that the Escrow Agent shall give written notice to Buyer and Seller within five (5) business days after the Escrow Agent is first made aware of any of the foregoing events (the “Events”) and, to the extent the Escrow Agent shall not be in violation of any court order, writ, judgment or 
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decree, the Escrow Agent shall not release any Earnest Money on account of any Events until at least five (5) business days after the Escrow Agent shall have given the foregoing notice.  The Escrow Agent shall not be liable to any of the parties or to any other person, firm or corporation by reason of such compliance even though the order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
8. Upon making disposition of all of the Earnest Money in accordance with this Agreement, the Escrow Agent shall be deemed fully released and discharged from any and all duties and obligations under this Agreement except for any claims raised hereunder, without the need that any other documentation be executed by the parties.
9. The Escrow Agent shall not be responsible for (a) any fluctuations in the interest rate applicable to any cash held by it pursuant to or by virtue of this Agreement or (b) the validity, sufficiency, collectability or legal effect of any instrument deposited with the Escrow Agent.
10. Notwithstanding anything contained in this Agreement to the contrary, at the time of any disbursement of funds hereunder the Escrow Agent has the right (but not the obligation) to require from Buyer and Seller a written release of liability of the Escrow Agent with respect to such disbursement, a written authorization to disburse such funds, or both.
11. The Escrow Agent shall incur no liability whatsoever in connection with its good faith performance under this Agreement or for any delays beyond its control.  The Escrow Agent shall be entitled to rely upon the authenticity of any signature and the genuineness and validity of any writing received by Escrow Agent relating to this Agreement, so long as the Escrow Agent is acting in good faith in relying thereon.
12. Except as otherwise expressly provided herein, the Escrow Agent shall not be bound in any way by any contract or agreement between Buyer and Seller, whether or not it has knowledge of any such contract or agreement or of its terms or conditions, except for the Purchase Agreement, unless the Escrow Agent has agreed to be so bound in writing.
13. The Escrow Agent neither approves nor disapproves of the transaction contemplated under the Purchase Agreement, nor does it recommend for or against it or have or express an opinion hereunder as to the legality or validity of such transaction.
14. Buyer and Seller acknowledge that Federal Deposit Insurance Corporation (“FDIC”) insurance coverage applies only to a cumulative maximum amount of $250,000 for each individual deposit for all depositor’s accounts at the same or related institution.  Buyer and Seller further acknowledge that certain banking instruments such as, but not limited to, repurchase agreements and letters of credit are not covered at all by FDIC insurance.  Buyer and Seller agree that, so long as the Escrow Agent invests the Earnest Money as required by the Purchase Agreement, Escrow Agent assumes no responsibility for, and Buyer and Seller shall not hold Escrow Agent liable for, any loss arising from the fact that the amount of the Earnest Money may cause the aggregate amount of any individual depositor’s accounts to exceed 
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$250,000 and that the excess amount is not insured by the FDIC or that FDIC insurance is not available on certain types of banking instruments. 
15. Buyer and Seller agree to provide to the Escrow Agent all instruments and documents within their respective powers necessary for the Escrow Agent to perform its duties hereunder.
16. Any notice hereunder shall be deemed given if and when given in the manner provided for the giving of notices under paragraph 31.9 of the Purchase Agreement unless otherwise expressly provided herein.
17. If any notice, request or instruction for the release of Earnest Money includes wire instructions, then the Earnest Money shall be so wired by the Escrow Agent at the time of release.  Otherwise, all Earnest Money released hereunder shall be sent to the party to receive the same by check at the address and in any manner provided for the giving of notice hereunder.
18. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns as permitted hereunder.  No person or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto, and the covenants and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto or their respective successors and assigns as permitted hereunder.  No party to this Agreement may assign this Agreement or any rights hereunder without the prior written consent of the parties hereto.
19. This Agreement contains all the terms agreed upon by the parties with respect to the subject matter hereof and supersedes all prior oral or written agreements, commitments or understandings with respect to such matters.  This Agreement may be amended only by a written instrument signed by the party against whom enforcement or any waiver, change, modification, extension or discharge is sought.
20. This Agreement shall be governed by, and construed according to, the laws of the State of Oklahoma (without regard to the choice of law provisions thereof).
21. This Agreement may be signed in any number of counterparts with the same effect as if the signatures on all counterparts are upon the same instrument.
22. In the event of any conflict between the terms of this Agreement and the terms of the Purchase Agreement with respect to the Escrow Agent’s rights or responsibilities, the terms of this Agreement shall control and govern in all respects.  Whenever possible, such terms of this Agreement shall be supplemental to and not inconsistent with such terms of the Purchase Agreement.

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EXECUTED under seal as of the day and year first above written.
SELLER:

         
SANDRIDGE REALTY LLC., 
an Oklahoma limited liability company

By: ________________________________
Name: _____________________
Title:  ______________________

BUYER:

Robinson Park, LLC
an Oklahoma limited liability company

                                                                  
Mark Beffort
Chief Executive Officer

ESCROW AGENT:

Chicago Title Insurance Company 

                                                                   
By:
Name: 

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Schedule 1(vi)
						
	Inventory	 
	 	 
	Item	Estimated Count
	Servers in the data center	
	Check printing machines	3
	Envelope inserter	
	Metering machine, postage	
	Plotters - Model 6200	8
	Plotters - Model 6100	4
	Plotters - Model 6800	1
	Printers/Copiers	19
	Scanners	20
	Printer (27th floor batcave)
	1
	Printer (17th floor print room) 
	1
	Inserter (17th floor mail room) 
	1
	Desktop scanner (27th floor batcave)
	1
	Computer (27th floor batcave)
	1
	Training room computer equipment on 6th floor
	
	File cabinets in Treasury file room	
	Bloomberg Terminal on 27th floor
	1
	Vehicles (Pool/fleet)	
	Niobrara core/specimens/ends (Stored in BK Garage behind crossfit studio)	
	Art	All
	File storage shelving on 8th and 4th floors	
	Records from storage	

END OF SCHEDULE 1(vi)

63750901 v11
        34 Execution VersionEX-4.1

 Exhibit 4.1 
  

 
  

VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2020-1 

Class A-1 0.29978% Auto Loan Asset Backed Notes 

Class A-2-A 0.93% Auto Loan Asset Backed Notes 

Class A-2-B Floating Rate Auto Loan Asset Backed Notes 

Class A-3 0.98% Auto Loan Asset Backed Notes 

Class A-4 1.26% Auto Loan Asset Backed Notes 

 
  

INDENTURE 
 Dated as of
May 19, 2020 
  
  

Deutsche Bank Trust Company Americas, 

as the Indenture Trustee 
  

 
  

 CROSS REFERENCE TABLE1 

 

					
	 TIA
 Section
	  	 	  	 Indenture
 Section

	310	  	(a) (1)	  	6.11
		  	(a) (2)	  	6.11
		  	(a) (3)	  	6.10; 6.11
		  	(a) (4)	  	N.A.2
		  	(a) (5)	  	6.11
		  	(b)	  	6.8; 6.11
		  	(c)	  	N.A.
	311	  	(a)	  	6.12
		  	(b)	  	6.12
		  	(c)	  	N.A.
	312	  	(a)	  	7.1
		  	(b)	  	7.2
		  	(c)	  	7.2
	313	  	(a)	  	7.3
		  	(b) (1)	  	7.3
		  	(b) (2)	  	7.3
		  	(c)	  	7.3
		  	(d)	  	7.3
	314	  	(a)	  	3.9
		  	(b)	  	3.6; 11.15
		  	(c) (1)	  	11.15
		  	(c) (2)	  	11.1
		  	(c) (3)	  	11.1
		  	(d)	  	11.1
		  	(e)	  	11.1
		  	(f)	  	N.A.
	315	  	(a)	  	6.1(b)
		  	(b)	  	6.5
		  	(c)	  	6.1(a)
		  	(d)	  	6.1(c)
		  	(e)	  	5.13
	316	  	(a) (1) (A)	  	5.11
		  	(a) (1) (B)	  	5.12
		  	(a) (2)	  	N.A.
		  	(b)	  	5.7
		  	(c)	  	5.6(b)
	317	  	(a) (1)	  	5.3(b)
		  	(a) (2)	  	5.3(d)
		  	(b)	  	3.3(c)
	318	  	(a)	  	11.7

  
  

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

	2 	 N.A. means Not Applicable. 

  

					
		 		 	2020-1 Indenture

 TABLE OF CONTENTS 

 

									
	 	  	 	 	 	  	Page	 
		
	 ARTICLE I     DEFINITIONS AND INCORPORATION BY
REFERENCE
	  	 	2	 
				
	     
	  	 SECTION 1.1
	 	Definitions	  	 	2	 
				
		  	 SECTION 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	2	 
				
		  	 SECTION 1.3
	 	Other Interpretive Provisions	  	 	2	 
		
	 ARTICLE II     THE NOTES
	  	 	3	 
				
		  	 SECTION 2.1
	 	Form	  	 	3	 
				
		  	 SECTION 2.2
	 	Execution, Authentication and Delivery	  	 	3	 
				
		  	 SECTION 2.3
	 	Temporary Notes	  	 	4	 
				
		  	 SECTION 2.4
	 	Registration of Transfer and Exchange	  	 	4	 
				
		  	 SECTION 2.5
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	6	 
				
		  	 SECTION 2.6
	 	Persons Deemed Owners	  	 	7	 
				
		  	 SECTION 2.7
	 	Payment of Principal and Interest; Defaulted Interest	  	 	7	 
				
		  	 SECTION 2.8
	 	Cancellation	  	 	8	 
				
		  	 SECTION 2.9
	 	Release of Collateral	  	 	8	 
				
		  	 SECTION 2.10
	 	Book-Entry Notes	  	 	8	 
				
		  	 SECTION 2.11
	 	Notices to Clearing Agency	  	 	9	 
				
		  	 SECTION 2.12
	 	Definitive Notes	  	 	9	 
				
		  	 SECTION 2.13
	 	Authenticating Agents	  	 	10	 
				
		  	 SECTION 2.14
	 	Tax Treatment	  	 	10	 
		
	 ARTICLE III     COVENANTS
	  	 	11	 
				
		  	 SECTION 3.1
	 	Payment of Principal and Interest; Benchmark Determination	  	 	11	 
				
		  	 SECTION 3.2
	 	Maintenance of Office or Agency	  	 	12	 
				
		  	 SECTION 3.3
	 	Money for Payments To Be Held in Trust	  	 	13	 
				
		  	 SECTION 3.4
	 	Existence	  	 	14	 
				
		  	 SECTION 3.5
	 	Protection of Collateral	  	 	14	 
				
		  	 SECTION 3.6
	 	Opinions as to Collateral	  	 	15	 
				
		  	 SECTION 3.7
	 	Performance of Obligations; Servicing of Receivables	  	 	16	 
				
		  	 SECTION 3.8
	 	Negative Covenants	  	 	16	 
				
		  	 SECTION 3.9
	 	Annual Compliance Statement	  	 	17	 
				
		  	 SECTION 3.10
	 	Restrictions on Certain Other Activities	  	 	18	 
				
		  	 SECTION 3.11
	 	Restricted Payments	  	 	18	 
				
		  	 SECTION 3.12
	 	Notice of Events of Default	  	 	18	 

  

					
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 TABLE OF CONTENTS 

(Continued) 
  

									
	 	  	 	 	 	  	Page	 
				
	     
	  	 SECTION 3.13
	 	Further Instruments and Acts	  	 	19	 
				
		  	 SECTION 3.14
	 	Compliance with Laws	  	 	19	 
				
		  	 SECTION 3.15
	 	Removal of Administrator	  	 	19	 
				
		  	 SECTION 3.16
	 	Perfection Representations, Warranties and Covenants	  	 	19	 
				
		  	 SECTION 3.17
	 	Tax Information	  	 	19	 
		
	 ARTICLE IV     SATISFACTION AND DISCHARGE
	  	 	19	 
				
		  	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	19	 
				
		  	 SECTION 4.2
	 	Application of Trust Money	  	 	20	 
				
		  	 SECTION 4.3
	 	Repayment of Monies Held by Paying Agent	  	 	20	 
		
	 ARTICLE V     EVENTS OF DEFAULT; REMEDIES
	  	 	21	 
				
		  	 SECTION 5.1
	 	Events of Default	  	 	21	 
				
		  	 SECTION 5.2
	 	Acceleration of Maturity; Waiver of Event of Default	  	 	21	 
				
		  	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee	  	 	22	 
				
		  	 SECTION 5.4
	 	Remedies; Priorities	  	 	24	 
				
		  	 SECTION 5.5
	 	Optional Preservation of the Collateral	  	 	26	 
				
		  	 SECTION 5.6
	 	Limitation of Suits	  	 	26	 
				
		  	 SECTION 5.7
	 	Rights of Noteholders to Receive Principal and Interest	  	 	27	 
				
		  	 SECTION 5.8
	 	Restoration of Rights and Remedies	  	 	27	 
				
		  	 SECTION 5.9
	 	Rights and Remedies Cumulative	  	 	28	 
				
		  	 SECTION 5.10
	 	Delay or Omission Not a Waiver	  	 	28	 
				
		  	 SECTION 5.11
	 	Control by Noteholders	  	 	28	 
				
		  	 SECTION 5.12
	 	Waiver of Past Defaults	  	 	29	 
				
		  	 SECTION 5.13
	 	Undertaking for Costs	  	 	29	 
				
		  	 SECTION 5.14
	 	Waiver of Stay or Extension Laws	  	 	29	 
				
		  	 SECTION 5.15
	 	Action on Notes	  	 	30	 
				
		  	 SECTION 5.16
	 	Performance and Enforcement of Certain Obligations	  	 	30	 
				
		  	 SECTION 5.17
	 	Sale of Collateral	  	 	30	 
		
	 ARTICLE VI     THE INDENTURE TRUSTEE
	  	 	31	 
				
		  	 SECTION 6.1
	 	Duties of the Indenture Trustee	  	 	31	 
				
		  	 SECTION 6.2
	 	Rights of the Indenture Trustee	  	 	32	 
				
		  	 SECTION 6.3
	 	Individual Rights of the Indenture Trustee	  	 	34	 

  

					
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 TABLE OF CONTENTS 

(Continued) 
  

									
	 	  	 	 	 	  	Page	 
				
	     
	  	 SECTION 6.4
	 	The Indenture Trustee’s Disclaimer	  	 	34	 
				
		  	 SECTION 6.5
	 	Notice of Defaults	  	 	34	 
				
		  	 SECTION 6.6
	 	Reports by the Indenture Trustee to Noteholders	  	 	35	 
				
		  	 SECTION 6.7
	 	Compensation and Indemnity	  	 	35	 
				
		  	 SECTION 6.8
	 	Removal, Resignation and Replacement of the Indenture Trustee	  	 	36	 
				
		  	 SECTION 6.9
	 	Successor Indenture Trustee by Merger	  	 	37	 
				
		  	 SECTION 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	37	 
				
		  	 SECTION 6.11
	 	Eligibility; Disqualification	  	 	38	 
				
		  	 SECTION 6.12
	 	Preferential Collection of Claims Against the Issuer	  	 	38	 
				
		  	 SECTION 6.13
	 	Representations and Warranties	  	 	38	 
		
	 ARTICLE VII     NOTEHOLDERS’ LISTS AND REPORTS
	  	 	39	 
				
		  	 SECTION 7.1
	 	The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders	  	 	39	 
				
		  	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	39	 
				
		  	 SECTION 7.3
	 	Reports by the Indenture Trustee	  	 	39	 
				
		  	 SECTION 7.4
	 	Noteholder Demand for Repurchase; Dispute Resolution.	  	 	40	 
				
		  	 SECTION 7.5
	 	Asset Review Voting	  	 	40	 
		
	 ARTICLE VIII     ACCOUNTS, DISBURSEMENTS AND RELEASES
	  	 	41	 
				
		  	 SECTION 8.1
	 	Collection of Money	  	 	41	 
				
		  	 SECTION 8.2
	 	Trust Accounts	  	 	42	 
				
		  	 SECTION 8.3
	 	General Provisions Regarding Accounts	  	 	42	 
				
		  	 SECTION 8.4
	 	Release of Collateral	  	 	43	 
				
		  	 SECTION 8.5
	 	Opinion of Counsel	  	 	44	 
		
	 ARTICLE IX     SUPPLEMENTAL INDENTURES
	  	 	44	 
				
		  	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	44	 
				
		  	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	45	 
				
		  	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	46	 
				
		  	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	47	 
				
		  	 SECTION 9.5
	 	Conformity With Trust Indenture Act	  	 	47	 
				
		  	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	47	 

  

					
		 	iii	 	2020-1 Indenture

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	  	 	 	 	  	Page	 
		
	 ARTICLE X     REDEMPTION OF NOTES
	  	 	47	 
				
	     
	  	 SECTION 10.1
	 	Redemption	  	 	47	 
				
		  	 SECTION 10.2
	 	Form of Redemption Notice	  	 	48	 
				
		  	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	48	 
		
	 ARTICLE XI     MISCELLANEOUS
	  	 	48	 
				
		  	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc	  	 	48	 
				
		  	 SECTION 11.2
	 	Form of Documents Delivered to the Indenture Trustee	  	 	50	 
				
		  	 SECTION 11.3
	 	Acts of Noteholders	  	 	51	 
				
		  	 SECTION 11.4
	 	Notices	  	 	51	 
				
		  	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	51	 
				
		  	 SECTION 11.6
	 	Alternate Payment and Notice Provisions	  	 	52	 
				
		  	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	52	 
				
		  	 SECTION 11.8
	 	Effect of Headings and Table of Contents	  	 	52	 
				
		  	 SECTION 11.9
	 	Successors and Assigns	  	 	52	 
				
		  	 SECTION 11.10
	 	Severability	  	 	53	 
				
		  	 SECTION 11.11
	 	Benefits of Indenture	  	 	53	 
				
		  	 SECTION 11.12
	 	Legal Holidays	  	 	53	 
				
		  	 SECTION 11.13
	 	Governing Law	  	 	53	 
				
		  	 SECTION 11.14
	 	Counterparts	  	 	53	 
				
		  	 SECTION 11.15
	 	Recording of Indenture	  	 	53	 
				
		  	 SECTION 11.16
	 	Trust Obligation	  	 	53	 
				
		  	 SECTION 11.17
	 	No Petition	  	 	54	 
				
		  	 SECTION 11.18
	 	Intent	  	 	54	 
				
		  	 SECTION 11.19
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	54	 
				
		  	 SECTION 11.20
	 	Subordination of Claims	  	 	55	 
				
		  	 SECTION 11.21
	 	Limitation of Liability of Owner Trustee	  	 	56	 
				
		  	 SECTION 11.22
	 	Information Requests	  	 	56	 
				
		  	 SECTION 11.23
	 	Electronic Signatures and Transmission.	  	 	56	 

  

			
	Schedule I	  	Perfection Representations, Warranties and Covenants
	Exhibit A	  	Forms of Notes

  

					
		 	iv	 	2020-1 Indenture

 This INDENTURE, dated as of May 19, 2020 (as amended, modified or
supplemented from time to time, this “Indenture”), is between VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2020-1, a Delaware statutory trust (the “Issuer”), and Deutsche Bank
Trust Company Americas, a New York banking corporation, solely as trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer’s Class A-1 0.29978% Auto Loan Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 0.93% Auto Loan Asset Backed Notes (the “Class A-2-A Notes”), Class A-2-B Floating Rate Auto Loan Asset Backed Notes (the
“Class A-2-B Notes” and together with the
Class A-2-A Notes, the “Class A-2 Notes”),
Class A-3 0.98% Auto Loan Asset Backed Notes (the “Class A-3 Notes”) and the
Class A-4 1.26% Auto Loan Asset Backed Notes (the “Class A-4 Notes”; and together with the
Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”). 

GRANTING CLAUSE 
 The
Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the
provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuer’s right, title and interest, whether now owned or hereafter acquired, in, to and
under (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property which at any time constitute all or part
of or are included in the proceeds of any of the Trust Estate (collectively, the “Collateral”). 
 The Indenture Trustee,
on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture. 

The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect
of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein and (ii) compliance with the provisions of this Indenture, each as provided in this Indenture. 

Without limiting the foregoing Grant, any Receivable purchased by the Seller or the Servicer pursuant to Section 2.4
or Section 3.6, respectively, of the Sale and Servicing Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the
Seller or the Servicer, as applicable, of the related Repurchase Price for such Repurchased Receivable. 

  

					
		 		 	2020-1 Indenture

 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as defined in Appendix A to the Sale
and Servicing Agreement, dated as of the date hereof (as amended, modified or supplemented from time to time, the “Sale and Servicing Agreement”), among Volkswagen Auto Lease/Loan Underwritten Funding, LLC, as Seller, the Issuer, VW
Credit, Inc., as Servicer, and the Indenture Trustee. 
 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: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

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

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context
otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP (provided,
that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this
Indenture are used as defined in that Article; (b) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture;
(c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other subdivision
within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including” and all variations thereof means “including without limitation”; (e)
except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (f) references to any Person include that
Person’s successors and assigns. 

  

					
		 	2	 	2020-1 Indenture

 ARTICLE II 

THE NOTES 
 SECTION 2.1
Form. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A hereto are part of the
terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer
by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing
the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Indenture Trustee shall, upon Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $215,000,000,
Class A-2-A Notes for original issue in an aggregate principal amount of $362,000,000,
Class A-2-B Notes for original issue in an aggregate principal amount of $50,000,000, Class A-3 Notes for original
issue in an aggregate principal amount of $471,000,000, and Class A-4 Notes for original issue in an aggregate principal amount of $96,570,000. The Note Balance of
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
Outstanding at any time may not exceed such amounts except as provided in Section 2.5. 
 Each Note shall be dated
the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof (except for one Note of each Class which may be issued in a
denomination other than an integral multiple of $1,000). 
 No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual or electronic signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

  

					
		 	3	 	2020-1 Indenture

 SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer
may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of
which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4 Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be “Note Registrar” for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee
shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding
principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the
same Class and a like aggregate outstanding principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes
which the Noteholder making the exchange is entitled to receive. 

  

					
		 	4	 	2020-1 Indenture

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a
written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact
duly authorized in writing, with such signature guaranteed by an “eligible grantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in a Securities Transfer Agents Medallion
Program (“Stamp”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by
such other documents as the Indenture Trustee may require, including but not limited to the applicable Internal Revenue Service Form W-8 or W-9. 

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Indenture Trustee or Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to
Section 2.3 or Section 9.6 not involving any transfer. 
 The preceding provisions of
this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment
with respect to such Note. 
 By acquiring a Note (or any interest therein), each purchaser and transferee (and its fiduciary, if
applicable) shall be deemed to represent and warrant that either (a) it is not acquiring and will not hold such Note (or any interest therein) with the assets of a Benefit Plan or any plan or retirement arrangement subject to a law that is
substantially similar to the fiduciary and prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”); or (b) (i) such Note is rated at least
“BBB-” or its equivalent by a Rating Agency at the time of purchase or transfer and (ii) the acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a
nonexempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of any Similar Law. 
 The Indenture Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Any Notes beneficially owned by the Issuer or a Person which is considered the same Person as the Issuer
for United States federal income tax purposes may not be transferred to another Person (other than a Person that is considered the same Person as the Issuer for United States federal income tax purposes) unless the Administrator shall cause an
Opinion of Counsel to be 

  

					
		 	5	 	2020-1 Indenture

 
delivered to the Seller and the Indenture Trustee prior to and in connection with such transfer that (x) such Notes will be debt for United States federal income tax purposes or
alternatively that (y) the sale of such Notes to a Person unrelated to the Issuer or Seller shall not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation. With respect to any transfer for
which the Opinion of Counsel provided pursuant to the preceding sentence is as described in clause (y), unless an Opinion of Counsel also provided that such Notes will be debt for United States federal income tax purposes, (i) the sale or
transfer of such Notes must be to a Person who is a U.S. Tax Person, (ii) the transferee of such Notes shall be required to provide to the Indenture Trustee and Seller a certification of non-foreign
status, in such form as may be requested by the Seller or the Indenture Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of counsel as
may be requested by the Seller or the Indenture Trustee) and (iii) by acquiring such Note, the transferee shall be deemed to represent and warrant that it is a Person who is a U.S. Tax Person. In addition, if for tax or other reasons it may be
necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. 

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the
Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture
Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided,
that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been
called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender
thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the
original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section 2.5, the Issuer or the Indenture Trustee may require
the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note
Registrar) connected therewith. 

  

					
		 	6	 	2020-1 Indenture

 Every replacement Note issued pursuant to this Section 2.5 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Notes duly issued hereunder. 
 The provisions of this Section 2.5 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION
2.6 Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered
(as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer,
the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 
 SECTION 2.7
Payment of Principal and Interest; Defaulted Interest. 
 (a) Each Note shall accrue interest at its respective Interest Rate, and
such interest shall be payable on each Payment Date as specified therein, subject to Sections 3.1 and 8.2. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the
Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears
on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially,
such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment
Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by
any such checks returned undelivered shall be held in accordance with Section 3.3. 
 (b) The principal of each
Note shall be payable in installments on each Payment Date as provided in Section 8.2. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not
previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of a majority of the aggregate outstanding principal balance of the Outstanding Notes,
have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal
payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date
preceding the Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be
mailed to Noteholders as provided in Section 10.2. 

  

					
		 	7	 	2020-1 Indenture

 (c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer
shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall
pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date. 
 SECTION 2.8
Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by
the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; provided, that such Issuer
Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee. 
 SECTION 2.9 Release of
Collateral. Subject to Section 11.1, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of
Counsel and, unless the Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer’s obligations under TIA Sections 314(c) and
314(d)(1), subject to Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such
exemptive order. 
 SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, shall be issued in the form of typewritten
notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Note shall be issued with respect to each $500 million in
principal amount of each Class of Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a
Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued
to Note Owners pursuant to Section 2.12: 
 (a) the provisions of this Section shall be in full force and effect;

  

					
		 	8	 	2020-1 Indenture

 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholders of the Notes, and shall have no obligation to the Note Owners;

 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this
Section shall control; 
 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the aggregate outstanding principal balance of the Outstanding Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has
received instructions to such effect from Note Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes
and has delivered such instructions to the Indenture Trustee. 
 SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and
communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

SECTION 2.12 Definitive Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the aggregate
outstanding principal balance of the Outstanding Notes, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in
the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender
to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

  

					
		 	9	 	2020-1 Indenture

 The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by
any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Notwithstanding anything to the contrary set forth in this Section 2.12, with respect to any Notes retained by the
Issuer or a Person which is considered the same Person as the Issuer for United States federal income tax purposes, as contemplated by the final paragraph of Section 2.4, any Note required by the Administrator to be in
definitive registered form shall be issued as a Definitive Note to the applicable Note Owner prior to transfer thereof. 
 SECTION 2.13
Authenticating Agents. (a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one or more Persons (each, an “Authenticating Agent”)
with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.4, 2.5 and 9.6, as
fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent
pursuant to this Section shall be deemed to be the authentication of Notes “by the Indenture Trustee.” The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 

(b) Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. The
Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture
Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer. 
 (d) The
provisions of Section 6.4 shall be applicable to any Authenticating Agent. 
 SECTION 2.14 Tax
Treatment. The Issuer has entered into this Indenture, and the Notes shall be issued, with the intention that, solely for federal, state and local income, franchise and/or value added tax purposes, the Notes shall qualify as indebtedness secured
by the Collateral (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered the same Person as the Issuer for United States federal income tax purposes). The Issuer, by entering into this
Indenture, and each Noteholder, by its acceptance of a Note, agree to treat the Notes for federal, state and local income, franchise and/or value added tax purposes as indebtedness (other than any Notes that are owned during any period of time
either by the Issuer or by a Person that is considered the same Person as the Issuer for United States federal income tax purposes). 

  

					
		 	10	 	2020-1 Indenture

 ARTICLE III 

COVENANTS 
 SECTION 3.1
Payment of Principal and Interest; Benchmark Determination. 
 (a) Payment of Principal and Interest. The Issuer shall duly
and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to Section 8.2, on each Payment Date the Issuer shall
cause to be paid all amounts on deposit in the Collection Account which represent Available Funds for such Payment Date, Advances made on such Payment Date pursuant to Section 4.3(c) of the Sale and Servicing Agreement and the Reserve Account
Draw Amount for such Payment Date. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this
Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal
amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes. 

(b) LIBOR. So long as the Class A-2-B Notes are
Outstanding and the Benchmark is LIBOR, the Indenture Trustee shall obtain LIBOR in accordance with the definition of “LIBOR” on each Benchmark Determination Date and shall promptly provide such rate to the Administrator or such person as
directed by the Administrator. All determinations of LIBOR by the Indenture Trustee in the absence of manifest error shall be conclusive and binding on the Noteholders. After the occurrence of a Benchmark Transition Event, the Administrator, or any
other Person designated by the Administrator to act in such capacity, shall determine the Benchmark. 
 (c) Successor Benchmark. If
the Benchmark is any rate other than LIBOR, on each Benchmark Determination Date, the Administrator shall communicate to the Servicer and the Indenture Trustee the Benchmark for the related Interest Period. All determinations of the Benchmark by the
Administrator, in the absence of manifest error, shall be conclusive and binding on the Noteholders and Note Owners. 
 (d) Effect of
Benchmark Transition Event. 
 (i) If the Administrator determines that a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred prior to the Reference Time of the then-current Benchmark, the Benchmark Replacement determined by the Administrator shall replace the then-current Benchmark for all purposes relating to the Class A-2-B Notes in respect of such determination on such date and all determinations on all subsequent dates. Notwithstanding the foregoing, if the initial Benchmark
Replacement is any rate other than Term SOFR and the Administrator later determines that Term SOFR can be determined, Term SOFR shall become the new Unadjusted Benchmark Replacement and shall, together with a new Benchmark Replacement Adjustment for
Term SOFR, replace the then-current Benchmark on the next Benchmark Determination Date for Term SOFR. 

  

					
		 	11	 	2020-1 Indenture

 (ii) In connection with the implementation of a Benchmark Replacement, the
Administrator shall have the right to make Benchmark Replacement Conforming Changes from time to time. 
 (iii) Promptly
following the determination of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes, the Administrator shall notify the Indenture Trustee and the Servicer, and shall provide the Servicer with the relevant
information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and any such Benchmark Replacement Conforming Changes for inclusion in the Servicer’s Certificate. Notwithstanding anything to the contrary in this
Indenture or the other Transaction Documents, upon the delivery of such notice and the inclusion of such information in the Servicer’s Certificate, this Indenture and/or any other relevant Transaction Documents shall be deemed to have been
amended to reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article IX of this Indenture or the amendment
provisions of any other relevant Transaction Document or the consent of any Noteholder. 
 (iv) Any determination, decision
or election that may be made by the Administrator pursuant to this Section 3.1(d) (or pursuant to any capitalized term used in this Section 3.1(d) or in any such capitalized term), including any
determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
shall be conclusive and binding absent manifest error, may be made in the Administrator’s sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, shall become effective without consent from any other party.
None of the Issuer, the Owner Trustee, the Issuer Delaware Trustee, the Indenture Trustee, the Administrator, VCI, as the sponsor, the Seller or the Servicer shall have any liability for any determination made pursuant to, or action or inaction
taken or refrained from being taken by it with respect to, this Section 3.1(d) (or pursuant to, or with respect to, any capitalized term used in this Section 3.1(d) or in any such capitalized term)
or any other matters related to or arising in connection with this Section 3.1(d). Each Noteholder and each Note Owner, by its acceptance of a Note or a beneficial interest in a Note, shall be deemed to waive and release
any and all claims against the Issuer, the Owner Trustee, the Issuer Delaware Trustee, the Indenture Trustee, the Administrator, VCI, as the sponsor, the Seller and the Servicer relating to any such determinations. 

SECTION 3.2 Maintenance of Office or Agency. As long as any of the Notes remain outstanding, the Issuer shall maintain in the Borough
of Manhattan, the City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer
hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency.
If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the
Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

  

					
		 	12	 	2020-1 Indenture

 SECTION 3.3 Money for Payments To Be Held in Trust. 

(a) As provided in Sections 5.4 and 8.2, all payments of amounts due and payable with respect to any Notes that are to be made
from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as
provided in this Section and Section 4.4 of the Sale and Servicing Agreement. 
 (b) On or prior to each Payment Date and Redemption
Date, the Issuer shall deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying Agent shall hold such sum to be held in trust for the benefit of the
Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act. 

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

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

(ii) give the Indenture Trustee written notice of any default by the Issuer (or any other obligor upon the Notes) of which it
has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 

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

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any
applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including retaining any Tax Information received from Persons entitled to payments with respect to the Notes and making any withholdings with respect to the Notes as
required by the Code (including FATCA) based on such Tax Information received, and paying over such withheld amounts to the appropriate governmental authority); and 

  

					
		 	13	 	2020-1 Indenture

 (vi) comply with respect to any applicable reporting requirements in
connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide to the Issuer (A) Tax Information with respect to the Paying Agent and (B) to the extent received, Tax Information with
respect to the Noteholders. 
 (d) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture
or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held
by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e) Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for
the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee to the Issuer upon receipt of an
Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published once, in an Authorized Newspaper,
notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuer. The
Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose
Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of
record for each such Noteholder). 
 SECTION 3.4 Existence. The Issuer shall keep in full effect its existence, rights and franchises
as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer shall keep in
full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the
validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the
Indenture Trustee on behalf of the Noteholders to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the
Noteholders, a first 

  

					
		 	14	 	2020-1 Indenture

 
lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a
financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance
and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to: 

(a) Grant more effectively all or any portion of the Collateral; 

(b) maintain or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(d) enforce any of the Collateral; or 

(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the
claims of all Persons. 
 The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; provided,
however, the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or
maintaining the perfection of any security interest. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any
Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. 
 SECTION 3.6 Opinions as to
Collateral. 
 (a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel
to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the
filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and security interest of this Indenture, and reciting the details of such action, or (ii) no such action is
necessary to make such lien and security interest effective. 
 (b) On or before March
30th of each calendar year, beginning with March 30, 2021, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either
(i) such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to
the filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture, and reciting the details of such actions or (ii) no such action is necessary to maintain
such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite
documents and the filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until March 31 in the following calendar year.

  

					
		 	15	 	2020-1 Indenture

 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the
Administrator, that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination,
termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction Documents or such other
instrument or agreement. 
 (b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and
any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the
Administrator has agreed, to assist the Issuer in performing its duties under this Indenture. 
 (c) The Issuer shall, and shall cause the
Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including
but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in
accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document. 
 SECTION 3.8 Negative Covenants. So long
as any Notes are Outstanding, the Issuer shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and
managing the Receivables and the other Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as
expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer; 

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

  

					
		 	16	 	2020-1 Indenture

 (d) dissolve or liquidate in whole or in part; 

(e) permit (i) the validity or effectiveness of this Indenture to be impaired, (ii) the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, (iii) any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (iv) any Lien (other than
Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (v) the lien of this Indenture not to constitute a valid first
priority (other than with respect to any Permitted Lien) security interest in the Collateral; 
 (f) incur, assume or guarantee any
indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or 
 (g) merge or consolidate with, or transfer
substantially all of its assets to, any other Person. 
 SECTION 3.9 Annual Compliance Statement. 

(a) The Issuer shall deliver to the Indenture Trustee and each Rating Agency, on or before March 30th of each calendar year, beginning with March 30, 2021, an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case of the first such
Officer’s Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied in all material
respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature
and status thereof. 
 (b) The Issuer shall: 

(i) file with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the same with the
Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer may be required
to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1); 

(ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time
by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

  

					
		 	17	 	2020-1 Indenture

 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall
transmit by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission. 

(c) Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which
the Indenture Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (d) Unless the Issuer otherwise determines, the
Issuer shall have the same fiscal year as the Servicer. As of the date hereof, the fiscal year of the Issuer shall end on December 31st. 

SECTION 3.10 Restrictions on Certain Other Activities. The Issuer shall not: (i) engage in any activities other than financing,
acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing
or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets
or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.11 Restricted Payments. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in
or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such
purpose; provided, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as permitted by, and to the extent funds are
available for such purpose under, this Indenture, the Sale and Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer shall not, directly or indirectly, make
distributions from the Trust Accounts. 
 SECTION 3.12 Notice of Events of Default. The Issuer shall promptly deliver to the
Indenture Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is
taking or proposes to take with respect thereto. 

  

					
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 SECTION 3.13 Further Instruments and Acts. Upon request of the Indenture Trustee, the
Issuer shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.14 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction
Document. 
 SECTION 3.15 Removal of Administrator. For so long as any Notes are Outstanding, the Issuer shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith. 
 SECTION 3.16
Perfection Representations, Warranties and Covenants. The perfection representations, warranties and covenants attached hereto as Schedule I shall be deemed to be part of this Indenture for all purposes. 

SECTION 3.17 Tax Information. To the extent the Issuer receives any Noteholder Tax Identification Information other than from the
Indenture Trustee or Paying Agent, the Issuer shall provide such received Noteholder Tax Identification Information to the Indenture Trustee upon request. In order to comply with applicable tax laws, rules and regulations (inclusive of directives,
guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has
agreed to be subject related to the Indenture, the Issuer and each Noteholder (by its acceptance of the Notes) agrees (i) to provide to the Indenture Trustee information about the transaction that is within the possession of such applicable
party and reasonably requested by the Indenture Trustee, to assist the Indenture Trustee in determining whether it has tax related obligations under Applicable Law, and (ii) that the Indenture Trustee shall be entitled to make any withholding
or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law. The terms of this Section 3.17 shall survive the termination of this Indenture. 

ARTICLE IV 
 SATISFACTION
AND DISCHARGE 
 SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest
thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.11, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

  

					
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 (a) either (i) all Notes theretofore authenticated and delivered (other than
(1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) Notes for which payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore
delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year or (3) are to be called for redemption within
one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of clauses (1), (2) or
(3), has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or
Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; 

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

(c) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the
Indenture Trustee and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) a certificate from a firm of certified public accountants, each meeting the applicable requirements of
Section 11.1(a) and, subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with
(and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied (provided, that such Officer’s Certificate need not state that the Rating Agency Condition has been satisfied if all amounts
owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such Officer’s Certificate)). 

SECTION 4.2 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to
Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and Article IV of the Sale and Servicing Agreement. Such monies need not be segregated from other funds
except to the extent required herein, in the Sale and Servicing Agreement or by law. 
 SECTION 4.3 Repayment of Monies Held by Paying
Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes
shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

  

					
		 	20	 	2020-1 Indenture

 ARTICLE V 

EVENTS OF DEFAULT; REMEDIES 

SECTION 5.1 Events of Default. The occurrence and continuation of any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute an
event of default under this Indenture (each, an “Event of Default”): 
 (a) default in the payment of any interest on any
Note when the same becomes due and payable, and such default shall continue for a period of five Business Days; 
 (b) default in the
payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date; 
 (c) any failure by the Issuer to
duly observe or perform in any material respect any of its material covenants or agreements made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically
dealt with), which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of 90 days after there shall have been given, by registered or certified mail, to the Issuer by the
Indenture Trustee or by Noteholders evidencing at least a majority of the aggregate outstanding principal balance of the Outstanding Notes, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; 
 (d) any representation or warranty of the Issuer made in this Indenture proves to have
been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for 90 days after there shall have been given, by registered or certified mail,
to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the aggregate outstanding principal balance of the Outstanding Notes, a written notice specifying such failure and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or 
 (e) a Bankruptcy Event with respect to the Issuer; 

provided, however, that a delay in or failure of performance referred to under clauses (a), (b), (c) or (d) above for
a period of 120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 

SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. (a) Except as set forth in the following sentence, if an Event
of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed by the Noteholders representing not less than a majority of the aggregate outstanding principal balance of the Outstanding Notes, shall
declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of Default specified in Section 5.1(e) occurs, all unpaid principal, together with all accrued and unpaid
interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder. 

  

					
		 	21	 	2020-1 Indenture

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

(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of
and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred and (B) all sums paid or advanced by the Indenture Trustee hereunder
and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any
subsequent default or impair any right consequent thereto. 
 If the Notes have been declared due and payable or have automatically become
due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral and
apply the proceeds from the Collateral pursuant to Section 5.4(b). Any sale of the Collateral by the Indenture Trustee shall be subject to the terms and conditions of Section 5.4. 

SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. (a) The Issuer covenants that if
(i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five Business Days, or (ii) default is made in the payment of the principal of or any
installment of the principal of any Note when the same becomes due and payable, the Issuer shall, upon demand of the Indenture Trustee in writing as directed by Noteholders representing a majority of the aggregate outstanding principal balance of
the Outstanding Notes, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at
such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

  

					
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 (b) In case the Issuer shall fail forthwith to pay the amounts described in clause
(a) above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to
be payable. 
 (c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in
Section 5.4, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person
having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the
Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes
and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and
their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of gross negligence, bad faith
or willful misconduct) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and
regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial Proceedings relative to the Issuer, its creditors and its
property; 

  

					
		 	23	 	2020-1 Indenture

 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby
authorized by each Noteholder to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under Section 6.7. 

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action
or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 

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

SECTION 5.4 Remedies; Priorities. (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do
one or more of the following (subject to Sections 5.2 and 5.5): 
 (i)
institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained,
and collect from the Issuer and any other obligor upon such Notes monies adjudged due; 
 (ii) institute Proceedings from
time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral; 
 (iii) exercise any
other remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv) subject to Section 5.17, after an acceleration of the maturity of the Notes pursuant to
Section 5.2, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; 

  

					
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 provided, however, that the Indenture Trustee may not sell or otherwise liquidate the
Collateral following an Event of Default unless (A) the holders of 100% of the aggregate outstanding principal balance of the Outstanding Notes have consented to such sale or liquidation, (B) the proceeds of such sale or liquidation are
sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes or (C) the default relates to the failure to pay interest or principal when due (a “Payment Default”) and the Indenture Trustee
determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been
declared due and payable; and, in the case of (C) above, the Indenture Trustee obtains the consent of the holders of 66-2/3% of the aggregate outstanding principal balance of the Outstanding Notes. In
determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a
Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient
to pay in full the principal of and accrued interest on the Outstanding Notes. 
 (b) Notwithstanding the provisions of
Section 8.2 of this Indenture or Section 4.4 of the Sale and Servicing Agreement, if the Indenture Trustee collects any money or property pursuant to this Article V and the Notes have been
accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the
Trust Estate) in the following order of priority: 
 (i) first, pro rata, to the Indenture Trustee, the Owner Trustee
and the Issuer Delaware Trustee, any accrued and unpaid fees and reasonable expenses (including indemnification amounts) permitted under the Trust Agreement and this Indenture, as applicable, which have not been previously paid; 

(ii) second, to the Asset Representations Reviewer, any accrued and unpaid fees and reasonable expenses (including
indemnification amounts) permitted under the Asset Representations Review Agreement which have not been previously paid, provided, that the amounts payable pursuant to this clause shall be limited to $250,000 per annum in the aggregate; 

(iii) third, to the Servicer (or any predecessor Servicer, if applicable), for reimbursement of all outstanding
Advances; 
 (iv) fourth, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior
periods; 

  

					
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 (v) fifth, to the Noteholders, for payment to each respective
Class of Noteholders, the Accrued Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Note Interest, the amount available shall be applied to the payment of such interest on
each Class of Notes on a pro rata basis based on the amount of interest payable to each Class of Notes; 
 (vi)
sixth, to the Holders of the Class A-1 Notes in respect of principal thereof until the Class A-1 Notes have been paid in full; 

(vii) seventh, to the Holders of the
Class A-2-A Notes, Class A-2-B Notes,
Class A-3 Notes and Class A-4 Notes, in respect of principal thereon, on a pro rata basis (based on the Note Balance of each Class on such Payment Date),
until all Classes of the Notes have been paid in full; 
 (viii) eighth, pro rata, to the Owner Trustee, the Indenture
Trustee, the Issuer Delaware Trustee and the Asset Representations Reviewer, any accrued and unpaid fees, reasonable expenses and indemnity payments not previously paid; and 

(ix) ninth, any remaining funds shall be distributed to or at the direction of the Certificateholder. 

The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before
such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this
Article V, such amounts shall be deposited into the Collection Account and distributed in accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2 hereof. 

SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been declared or are automatically due and payable under
Section 5.2 following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to
maintain possession of the Trust Estate and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with Section 5.4(b). It is the intent of the parties
hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of
the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose. 
 SECTION 5.6 Limitation of Suits.
(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

  

					
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 (ii) the Holders of not less than 25% of the aggregate outstanding principal
balance of the Outstanding Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder; 

(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs,
expenses and liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction
inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the aggregate outstanding principal balance of the Outstanding Notes.

 No Noteholder or group of Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner
herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more
groups of Noteholders, each representing less than a majority of the aggregate outstanding principal balance of the Outstanding Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding
any other provisions of this Indenture. 
 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and
the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may
set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 

SECTION 5.7 Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder. 

SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined 

  

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

SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the
Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article
V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections 5.4, 5.6, 6.2(d) and
6.2(e), Noteholders holding not less than a majority of the aggregate outstanding principal balance of the Outstanding Notes, shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to
the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; provided, that 

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

(b) any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be effective only to the extent the
Indenture Trustee is permitted to take such action pursuant to Section 5.4(a); 
 (c) if the
conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less
than 100% of the aggregate outstanding principal balance of the Outstanding Notes to sell or liquidate the Trust Estate shall be of no force and effect; 

(d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such
direction, applicable law and the terms of this Indenture; and 
 (e) such direction shall be in writing; 

  

					
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 provided, further, that, subject to Section 6.1, the Indenture
Trustee need not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 

SECTION 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.2, the Holders of Notes of not less than a majority of the aggregate outstanding principal balance of the Outstanding Notes, may waive any past Default or Event of Default and its consequences except a Default
(a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with
respect to the Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto. 
 Upon any such waiver, such Default or Event of Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any
prior, subsequent or other Default or Event of Default or impair any right consequent thereto. 
 SECTION 5.13 Undertaking for Costs.
All parties to this Indenture agree, and each Noteholder by such Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate outstanding
principal balance of the Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture
(or, in the case of redemption, on or after the Redemption Date). 
 SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay
or impede the execution of any power herein granted to the Indenture Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

  

					
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 SECTION 5.15 Action on Notes. The Indenture Trustee’s right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b), if the maturity of the Notes has been accelerated pursuant to Section 5.2, or Section 4.4 of the
Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity of the Notes has not been accelerated. 

SECTION 5.16 Performance and Enforcement of Certain Obligations. (a) Promptly following a request from the Indenture Trustee to do
so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in
connection with the Sale and Servicing Agreement, or (ii) by the Seller or VCI, as applicable, of each of their obligations under or in connection with the Purchase Agreement, in each case, in accordance with the terms thereof, and to exercise
any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement and the Purchase Agreement, as the case may be, to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Servicer or VCI thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the
Servicer of each of their obligations under the Sale and Servicing Agreement or by the Seller or VCI, as applicable, of each of their obligations under or in connection with the Purchase Agreement. 

(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in
writing) of the Holders of a majority of the aggregate outstanding principal balance of the Outstanding Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection
with the Sale and Servicing Agreement or against the Seller or VCI under the Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer or VCI of each of their
obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Purchase Agreement, as applicable, and any right of the Issuer to take such action
shall be suspended. 
 SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof,
pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which
shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such
terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give
notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a
conservator, receiver or trustee in bankruptcy of the Issuer that the terms and 

  

					
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manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this
Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the
Notes shall have been paid. 
 ARTICLE VI 

THE INDENTURE TRUSTEE 

SECTION 6.1 Duties of the Indenture Trustee. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee
shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

 (b) Prior to the occurrence of an Event of Default: 

(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and 

(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Indenture Trustee shall not be
relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

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

(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it
is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee
shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 

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

  

					
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 (e) The Indenture Trustee shall not be liable for interest on any money received by it
except as the Indenture Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (g)
No provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the
exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. 

(h) Every provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording
protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 (i) The
Indenture Trustee shall take all actions required to be taken by the Indenture Trustee under the Sale and Servicing Agreement. 
 SECTION
6.2 Rights of the Indenture Trustee. Subject to the provisions of Section 6.1: 
 (a) The Indenture Trustee
may conclusively rely on and shall be protected in acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document.

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

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture
Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in accordance with the provisions of
Section 6.10, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be
authorized or within discretion or rights or powers conferred upon it by this Indenture; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such counsel. 

  

					
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 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents
and its counsel in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be deemed to have notice of any Default
or Event of Default unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Indenture Trustee at the Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and
this Indenture. 
 (h) In no event shall the Indenture Trustee be responsible or liable for special, indirect, punitive or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, epidemics or pandemics, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 (j) The Indenture
Trustee is authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic means from any Person purporting to be an Authorized Officer of a Person authorized to send such instructions,
directions, reports, notices or other communications. The Indenture Trustee shall not have any duty or obligation to verify or confirm that the Person sending any such instructions, directions, reports, notices or other communications or information
by electronic means is, in fact, an Authorized Officer of the Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the Person purporting to send such electronic transmission.
The Indenture Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any Person as a result of Indenture Trustee’s good faith reliance upon or compliance with such instructions, directions,
reports, notices or other communications or information to the Indenture Trustee, including, without limitation, the risk of the Indenture Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the
risk of interception and misuse by third parties. 

  

					
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 (k) The rights, privileges, protections, immunities and benefits given to the Indenture
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder and under the Transaction Documents, and each agent, custodian and other
Person employed to act hereunder and under the Transaction Documents. 
 (l) The Indenture Trustee shall have no (i) responsibility or
liability for designating or selecting any substitute for LIBOR or any other Benchmark (including any modifier thereto) as a successor or replacement to LIBOR (including whether any such rate meets the requirements specified in the Sale and
Servicing Agreement or whether the conditions to the designation of such rate or the adoption of the Benchmark Replacement or any Benchmark Replacement Conforming Changes have been satisfied) and shall be entitled to rely upon any designation of
such a rate (and any modifier) and Benchmark Replacement Conforming Changes by the Administrator, (ii) obligation to determine or select any methodology or conventions for calculation of the Benchmark (which, for example, may include
operational, administrative or technical parameters for compounding such Benchmark) or for whether a Benchmark Transition Event has occurred, or (iii) liability for any failure or delay in performing its duties under this Indenture or the other
Transaction Documents as a result of the unavailability of LIBOR or any other reference rate described herein, including as a result of any inability, delay, error or inaccuracy on the part of any other party to the Transaction Documents, including
without limitation, the Administrator, in providing reasonable prior written notice of a Benchmark Replacement, any Benchmark Replacement Conforming Changes or any direction, instruction, notice or information required or contemplated by the terms
of this Indenture and reasonably required for the performance of such duties. In connection with the foregoing, the Indenture Trustee shall be entitled to conclusively rely on any determinations made by the Administrator, and the Indenture Trustee
shall not have any liability in connection therewith. 
 SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to TIA
Section 310, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Issuer Delaware Trustee, the Administrator and their respective
Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Issuer Delaware Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and
investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with Section 6.11. 

SECTION 6.4 The Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer’s use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any
document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If a Default occurs and is continuing and if it is either actually known by a Responsible Officer of
the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the Administrator notice of the Default within 90 days
after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the
notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Noteholders. 

  

					
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 SECTION 6.6 Reports by the Indenture Trustee to Noteholders. Within a reasonable
period of time after the end of each calendar year during the term of the Issuer, but not later than the latest date permitted by applicable law, the Indenture Trustee or Paying Agent, at the expense of the Issuer, shall deliver to each Noteholder,
such information as may be required by law to enable such Holder to prepare its federal and state income tax returns. 
 SECTION 6.7
Compensation and Indemnity. The Issuer shall cause the Servicer pursuant to the Sale and Servicing Agreement to, (i) pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from
time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances
and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability or expense (including
reasonable attorneys’ fees) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall
not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to,
pay the fees and expenses of such counsel. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller or the Servicer against any loss, liability or expense incurred by it through its own willful misconduct,
negligence or bad faith, except that the Indenture Trustee shall not be liable (i) for any error of judgment made by it in good faith unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts,
(ii) with respect to any action it takes or omits to take in good faith in accordance with a direction received by it from the Noteholders in accordance with the terms of this Indenture and (iii) for interest on any money received by it
except as the Indenture Trustee and the Issuer may agree in writing. 
 The compensation and indemnity obligations to the Indenture Trustee
pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in Section 5.1(e) with respect to the Issuer, the
expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law. 

To the extent not paid by the Servicer, any amounts payable by the Issuer to the Indenture Trustee pursuant to this
Section 6.7 shall be paid in accordance with Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of this Indenture, as applicable. 

  

					
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 SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee. The
Indenture Trustee may resign at any time by so notifying the Issuer, the Administrator and the Servicer. The Holders of a majority of the aggregate outstanding principal balance of the Outstanding Notes may remove the Indenture Trustee without cause
upon 30 days’ prior written notice to the Indenture Trustee and the Issuer and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

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

(b) a Bankruptcy Event occurs with respect to the Indenture Trustee; 

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

(d) the Indenture Trustee otherwise becomes incapable of acting. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in Section 6.11. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer.
Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee
under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the
Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 60 days after the
retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the aggregate outstanding principal balance of the Outstanding Notes may petition any court of competent jurisdiction, at
the expense of the Issuer, for the appointment of a successor Indenture Trustee. 
 If the Indenture Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this
Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and payment of all fees and expenses owed to the outgoing Indenture Trustee. 

Notwithstanding the resignation or removal of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s
obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 
 The Indenture
Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee. 

  

					
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 SECTION 6.9 Successor Indenture Trustee by Merger. Subject to
Section 6.11, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting,
surviving or transferee corporation without any further act shall be the successor Indenture Trustee, provided, that such corporation or banking association shall be otherwise qualified and eligible under
Section 6.11. The Indenture Trustee shall provide the Administrator prior written notice of any such transaction. 

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

 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.
(a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the
time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust
Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment
of any co-trustee or separate trustee shall be required under Section 6.8. 

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

(ii) no separate trustee or co-trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

  

					
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 (iii) the Indenture Trustee and the Administrator may at any time accept the
resignation of or, acting jointly, remove any separate trustee or co-trustee. 
 (c) Any notice,
request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the separate trustees and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy
thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and
trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate
trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture. 

SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of investment grade or better by each
Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee. 

SECTION 6.12 Preferential Collection of Claims Against the Issuer. The Indenture Trustee shall comply with TIA Section 311(a),
excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 6.13 Representations and Warranties. The Indenture Trustee hereby makes the following representations and warranties on which
the Issuer and the Noteholders shall rely: 
 (i) the Indenture Trustee is a New York banking corporation duly organized,
validly existing and in good standing under the laws of the State of New York; and 
 (ii) the Indenture Trustee has full
power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

  

					
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 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders. The Issuer shall furnish or cause to be
furnished to the Indenture Trustee (a) not more than five days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at
such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as (i) the Indenture Trustee is the Note Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 

SECTION 7.2 Preservation of Information; Communications to Noteholders. (a) The Indenture Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders
received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained. 

(b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this
Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the aggregate outstanding principal balance of the Outstanding
Notes to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and
a copy of the list of Noteholders produced in response thereto. 
 (c) The Issuer, the Indenture Trustee and Note Registrar shall have the
protection of TIA Section 312(c). 
 SECTION 7.3 Reports by the Indenture Trustee . If required by TIA
Section 313(a), within 60 days after each March 31, beginning with March 31, 2021, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any,
on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

  

					
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 SECTION 7.4 Noteholder Demand for Repurchase; Dispute Resolution. 

(a) If an Investor becomes aware of a breach of VCI’s representations and warranties in Section 3.3 of the Purchase Agreement or of
the Seller’s representations and warranties in Section 2.3 of the Sale and Servicing Agreement that would require VCI or the Seller, as applicable, to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement or
Section 2.4 of the Sale and Servicing Agreement, as applicable, such Investor (the “Requesting Investor”) may, by written notice to the Indenture Trustee, direct the Indenture Trustee to notify VCI or the Seller, as applicable,
of such breach and request that VCI or the Seller, as applicable, repurchase the related Receivable. Any such written notice to the Indenture Trustee shall identify the Receivable, as well as the related breach of representation or warranty. If the
Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies with the requirements of this
Section 7.4, the Indenture Trustee shall forward such written notice to VCI or the Seller, as applicable, and request that VCI or the Seller, as applicable, repurchase the related Receivable pursuant to Section 3.4 of
the Purchase Agreement or Section 2.4 of the Sale and Servicing Agreement, as applicable. For avoidance of doubt, following delivery of such notice and request to VCI or the Seller, the Indenture Trustee shall have no responsibility or
liability for the decision by VCI or the Seller to repurchase or not to repurchase the related Receivable. 
 (b) If a Requesting Investor
directs the Indenture Trustee to request the repurchase of a Receivable pursuant to clause (a) above, and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor
within 180 days of the receipt of notice of the request by VCI or the Seller, the Indenture Trustee shall, at the direction of such Requesting Investor, refer the matter to either mediation or arbitration pursuant to Section 9.24 of the Sale
and Servicing Agreement. The Requesting Investor shall instruct the Indenture Trustee as to the selection of mediation or arbitration as the means of dispute resolution. 

SECTION 7.5 Asset Review Voting. 

(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Investors holding at least 5% of the
aggregate Outstanding Note Balance (the “Instituting Noteholders”) may elect to initiate a vote to determine whether the Asset Representations Reviewer shall conduct an Asset Review by giving written notice to the Indenture Trustee
of their desire to institute such a vote within 90 days from the filing of the Form 10-D that discloses that the Delinquency Percentage exceeded the Delinquency Trigger; provided, however, that
the failure of any Investor to institute such a vote shall not preclude such Investor from pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. If any of the Instituting Noteholders is not a Noteholder
as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a
vote as described in clause (a), the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Book-Entry Notes, and the Issuer shall notify Investors by
the filing of a Form 10-D for the related Collection Period for which a vote has been called. The Indenture Trustee 

  

					
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may set a Record Date for purposes of determining the identity of Investors entitled to vote in accordance with TIA Section 316(c). The vote will remain open until the 150th day after the filing of the Form 10-D that discloses that the Delinquency Percentage exceeded the Delinquency Trigger. VCI shall be responsible for any
expenses incurred in connection with such disclosure, the voting process and reimbursing any expenses incurred by the Indenture Trustee in connection therewith. Abstaining from, voting in favor of, or voting against causing the Asset Representations
Reviewer to conduct an Asset Review shall not preclude any Investor from pursuing dispute resolution pursuant to Section 9.24 of the Sale and Servicing Agreement. The “Noteholder Direction” shall be deemed to have occurred
if Investors representing at least a majority of the voting Investors vote in favor of directing an Asset Review of the Subject Receivables by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Issuer shall disclose whether or not a Noteholder Direction has occurred. 
 (b) Within
five Business Days of the date of the Noteholder Direction, the Indenture Trustee shall send a Review Notice to VCI, the Seller, the Servicer and the Asset Representations Reviewer directing the Asset Representations Reviewer to conduct an Asset
Review of the Subject Receivables and specifying the date the Review Conditions are satisfied. 
 (c) Notwithstanding clauses
(a) and (b) of this Section 7.5, an Investor need not direct an Asset Review be performed prior to (i) notifying (or directing the Indenture Trustee to notify) VCI or the Seller, as applicable, of a
breach of VCI’s representations and warranties in Section 3.3 of the Purchase Agreement or of the Seller’s representations and warranties in Section 2.3 of the Sale and Servicing Agreement that would require VCI or the Seller, as
applicable, to repurchase a Receivable pursuant to Section 3.4 of the Purchase Agreement or Section 2.4 of the Sale and Servicing Agreement, as applicable, or (ii) referring the matter, at its discretion, to either mediation or
arbitration pursuant to Section 9.24 of the Sale and Servicing Agreement. 
 ARTICLE VIII 

ACCOUNTS, DISBURSEMENTS AND RELEASES 

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or
delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution
of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 

  

					
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 SECTION 8.2 Trust Accounts. (a) On or prior to the Closing Date, the Issuer
shall cause the Servicer to establish, in the name of Indenture Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing Agreement. 

(b) On or before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and Advances and (ii) the
Servicer, the Seller or VCI, as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account as provided in the Sale and Servicing Agreement. On or before each Payment Date,
all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to Section 4.3 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited
to the Collection Account (in accordance with the Servicer’s Certificate). 
 (c) Prior to the acceleration of the Notes pursuant to
Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the
Notes to the extent of the funds therein in the following order of priority: 
 (i) first, to the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full; 

(ii) second, pro rata to the Holders of the
Class A-2-A Notes and the Class A-2-B Notes, until the Class A-2-A Notes and the Class A-2-B Notes are paid in full; 

(iii) third, to the Holders of the Class A-3 Notes, until the Class A-3 Notes are paid in full; and 
 (iv) fourth, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full. 

SECTION 8.3 General Provisions Regarding Accounts. 

(a) The funds on deposit in the Trust Accounts shall be invested in Permitted Investments in accordance with and subject to
Section 4.1(b) of the Sale and Servicing Agreement and all interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account and the Principal Distribution Account shall be distributed
in accordance with the provisions of Section 3.7 of the Sale and Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with the provisions of Sections 4.3(b) and (d) of the Sale and Servicing
Agreement. The Indenture Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected
in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the
Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

  

					
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 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in
any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any
such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

(c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with Section 4.1(b) of the Sale
and Servicing Agreement for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day, (ii) a
Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) if the Notes shall have been
declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with Section 5.4 as if there had not been such a declaration, then the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer. 

SECTION 8.4 Release of Collateral. (a) Subject to the payment of its fees and expenses pursuant to
Section 6.7, the Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture or such other document. No party relying upon an instrument executed by the
Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 

(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to the Indenture Trustee pursuant to
Section 6.7 have been paid (as certified by an Authorized Officer of the Issuer in an Officer’s Certificate delivered to the Indenture Trustee), release any remaining portion of the Collateral that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include release of the lien of this Indenture and transfer of dominion and control
over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. 

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that
from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold to (i) the Seller in accordance
with Section 2.3 of the Sale and Servicing Agreement, (ii) to the Servicer in accordance with Section 3.6 of the Sale and Servicing Agreement and (iii) to VCI in accordance with Section 3.3 of the Purchase Agreement. 

  

					
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 SECTION 8.5 Opinion of Counsel. The Indenture Trustee shall receive at least seven
days’ notice (or such shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture
Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and
concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of
this Indenture; provided, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent
investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. (a) Without the consent of the Noteholders
or any other Person, the Issuer and the Indenture Trustee (when authorized by an Issuer Order) but with prior notice from the Issuer to each Rating Agency, at any time and from time to time, may enter into one or more indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture subject to the
satisfaction of the following conditions: 
 (i) (a) the Issuer delivers an Opinion of Counsel to the Indenture Trustee
to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; (b) the Issuer delivers an Officer’s Certificate to the Indenture Trustee to the effect that such supplemental
indenture will not materially and adversely affect the interests of the Noteholders; or (c) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies the Indenture Trustee in writing that the Rating Agency
Condition is satisfied with respect to such amendment; and 
 (ii) such action shall not, as evidenced by an Opinion of
Counsel delivered to the Indenture Trustee, (A) affect the treatment of the Notes as debt for United States federal income tax purposes or (B) be deemed to cause a taxable exchange of the Notes for United States federal income tax
purposes. 
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained. 
 (b) Prior to the execution of any such supplemental indenture, the
Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such
supplemental indenture to each Rating Agency, the Owner Trustee 

  

					
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and the Indenture Trustee; provided, that no supplemental indenture pursuant to this Section 9.1 shall be effective which affects the rights, protections or
duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed). 

(c) Notwithstanding anything in this Section 9.1, in Section 9.2 or in any
Transaction Document to the contrary, following the determination of a Benchmark Replacement, this Indenture may be amended by the Issuer without the consent of the Indenture Trustee, the Noteholders or any other Person and without satisfying any
other amendment provisions of this Indenture or any other Transaction Document in connection with any Benchmark Replacement, to make any Benchmark Replacement Conforming Changes; provided, that the Issuer has delivered notice of such
amendment to the Rating Agencies on or prior to the date such amendment is executed. For the avoidance of doubt, any Benchmark Replacement Conforming Changes in any amendment to this Indenture may be retroactive (including retroactive to the
Benchmark Replacement Date) and this Indenture may be amended more than once in connection with any Benchmark Replacement Conforming Changes. 

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the aggregate outstanding principal balance of the Outstanding Notes, by Act of such Holders delivered to
the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Noteholders under this Indenture; provided, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i) subject to the deemed effectiveness of any determination, decision or election made in connection with a Benchmark
Transition Event or a Benchmark Replacement as set forth in Section 3.1(d), change the Final Scheduled Payment Date of any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with
respect thereto, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

(ii) reduce the percentage of the aggregate outstanding principal balance of the Outstanding Notes, the consent of the Holders
of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in
this Indenture; 
 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 

  

					
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 (iv) reduce the percentage of the aggregate outstanding principal balance of
the Outstanding Notes required to direct the Indenture Trustee to sell or liquidate the Trust Estate pursuant to Section 5.4 if the proceeds of such sale would be insufficient to pay the aggregate outstanding
principal balance of the Outstanding Notes plus accrued but unpaid interest on the Notes; 
 (v) modify any provision of this
Section in any respect adverse to the interests of the Noteholders except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected thereby; 
 (vi) modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the
rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; 

(vii) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part
of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the
lien of this Indenture; or 
 (viii) impair the right to institute suit for the enforcement of payment as provided in
Section 5.7. 
 It shall not be necessary for any Act of Noteholders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after
the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by
the Issuer and at the Issuer’s expense) setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be
entitled to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and all
conditions precedent to such execution have been complied with. The Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or
immunities under this Indenture or otherwise. 

  

					
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 SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties,
liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. No Supplemental Indenture or amendment or modification hereto that materially and adversely
affects the Owner Trustee shall be effective without the prior written consent of the Owner Trustee. 
 SECTION 9.5 Conformity With Trust
Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall
then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1 Redemption. (a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of VCI, as
Servicer, pursuant to Section 8.1 of the Sale and Servicing Agreement, on any Payment Date on which VCI exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to said
Section 8.1, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer into the Collection Account on the Redemption Date. 

(b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve
Account and the remaining Available Funds after the payments under clauses first through fifth of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the aggregate unpaid Note Balance of
all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection Account and
(ii) the Outstanding Notes shall be redeemed in whole, but not in part. 

  

					
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 (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or 10.1(b),
the Administrator or the Issuer shall provide at least 20 days’ prior notice of the redemption of the Notes to the Indenture Trustee and the Owner Trustee and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the
applicable Redemption Date) notice thereof to the Noteholders. 
 SECTION 10.2 Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on
the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register. 

All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only
upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2); 
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date; and

 (v) the CUSIP numbers (if applicable) for such Notes. 

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the
Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note. 

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that

  

					
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satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate or
opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished. 
 Every certificate or opinion in accordance with TIA Section 314(e) with respect to
compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory
of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of each such signatory, such
signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within 90 days of such deposit) to the Issuer of the Collateral or other property
or securities to be so deposited. 
 (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value in
accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the
Issuer, as set forth in the certificates delivered pursuant to clause (i) and this clause (ii), is 10% or more of the aggregate outstanding principal balance of the Outstanding Notes, but such a certificate need not be furnished
with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the aggregate outstanding principal balance of the
Outstanding Notes. 
 (iii) Other than as contemplated by Section 11.1(b)(v), whenever any property or securities
are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days
of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 

  

					
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 (iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the
fair value of the property or securities and of all other property other than Repurchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates
required by clause (iii) above and this clause (iv), equals 10% or more of the aggregate outstanding principal balance of the Outstanding Notes, but such certificate need not be furnished in the case of any release of property or
securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the then aggregate outstanding principal balance of the Outstanding Notes. 

(v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate,
sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the
Transaction Documents. 
 SECTION 11.2 Form of Documents Delivered to the Indenture Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the
Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable
care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or
at the 

  

					
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effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in
any such document as provided in Article VI. 
 SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by
agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner
provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any
manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is
made upon such Note. 
 SECTION 11.4 Notices. All demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, by facsimile or by electronic mail, and addressed in each case as
specified on Schedule II to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or
reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

  

					
		 	51	 	2020-1 Indenture

 Where this Indenture provides for notice in any manner, such notice may be waived in writing
by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular
mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of
giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this
Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default. 

SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture for
such payments or notices, provided, that such methods are reasonable and acceptable to the applicable depository. The Indenture Trustee shall acknowledge receipt of any instructions from the Issuer regarding any alternate method of notice or
payment as described in the preceding sentence. The Issuer shall furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee shall cause payments to be made and notices to be given in accordance with such agreements.

 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 11.8 Effect of Headings and Table of Contents. The article and section headings herein and the Table of Contents have been
inserted for convenience of reference only and shall not affect the affect the meaning, construction or effect of this Indenture. 
 SECTION
11.9 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind
its successors. 

  

					
		 	52	 	2020-1 Indenture

 SECTION 11.10 Severability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other
than (i) the parties hereto and their successors hereunder, (ii) the Owner Trustee and the Issuer Delaware Trustee, (iii) the Noteholders and (iv) any other Person with an ownership interest in any part of the Trust Estate, any
benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal Holidays. In any case where the
date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.13 Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 11.14
Counterparts. This Indenture may be executed in any number of counterparts, including in counterparts executed via electronic signature, each of which so executed shall be deemed to be an original, but all of such counterparts shall together
constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 
 SECTION 11.16 Trust Obligation. Each
Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Owner Trustee, the Issuer Delaware Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee, the Owner Trustee or the Issuer Delaware Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the
Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may
have 

  

					
		 	53	 	2020-1 Indenture

 
expressly agreed (it being understood that the Indenture Trustee, the Owner Trustee and the Issuer Delaware Trustee have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.17 No Petition. Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by
accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect
of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding
seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an
administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy
Remote Party and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or
statute now or hereafter in effect in any jurisdiction. 
 SECTION 11.18 Intent. 

(a) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each
purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial accounting purposes. 

(b) It is the intent of the Issuer that the Notes constitute indebtedness for all tax purposes and the Issuer agrees and each purchaser of a
Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all federal, state and local income and franchise and/or value added tax purposes (other than any Notes
that are owned during any period of time either by the Issuer or by a Person that is considered the same Person as the Issuer for United States federal income tax purposes). 

SECTION 11.19 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any legal action or Proceeding relating to this Indenture or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 

  

					
		 	54	 	2020-1 Indenture

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

(c) agrees that service of process in any such action or Proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 11.4 of this Indenture; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by jury in any
action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.20 Subordination of Claims. The Issuer’s obligations under this Indenture are obligations solely of the
Issuer and shall not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this
Indenture, and each Noteholder and each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder, each Note Owner or the Certificateholder either (i) asserts an interest or claim to, or benefit
from, Other Assets or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of
Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be
expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
secured by such Other Assets (whether or not any such 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 Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, and each Noteholder or Note
Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section 11.20 may be enforced by an action for specific
performance. The provisions of this Section 11.20 shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of this Indenture. 

  

					
		 	55	 	2020-1 Indenture

 SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly
understood and agreed by and between the parties hereto that (i) this Indenture is executed and delivered by Citibank, N.A., not in its individual capacity but solely as Owner Trustee of the Issuer in the exercise of the power and authority
conferred and vested in it as such Owner Trustee, (ii) each of the representations, undertakings and agreements made herein by the Issuer are not personal representations, undertakings and agreements of Citibank, N.A., but are binding only on
the Issuer, (iii) nothing contained herein shall be construed as creating any liability on Citibank, N.A. individually or personally, to perform any covenant of the Issuer, either expressed or implied, contained herein, all such liability, if
any, being expressly waived by the parties hereto and by any Person claiming by, through or under any such party, (iv) Citibank, N.A. has made no investigation into the accuracy or completeness of any representations and warranties made by the
Issuer in this Indenture and (v) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuer under this Indenture. 
 SECTION 11.22 Information Requests. The parties hereto
shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or
principle. 
 SECTION 11.23 Electronic Signatures and Transmission. 

(a) For purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term “electronic signature” shall mean any electronic symbol or process attached to, or associated
with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Indenture, any addendum or amendment hereto or any other document necessary
for the consummation of the transactions contemplated by this Indenture may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any
applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm
that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or
information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such
reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices,
reports or other communications or information, and the risk of interception and misuse by third parties. 

  

					
		 	56	 	2020-1 Indenture

 (b) Any requirement in this Agreement or the Notes that a document, including this Agreement
and the Notes, is to be signed or authenticated by “manual signature” or similar language shall not be deemed to prohibit signature by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by electronic
transmission. 
 [Remainder of Page Intentionally Left Blank] 

  

					
		 	57	 	2020-1 Indenture

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

			
	VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2020-1
	
	By: Citibank, N.A., not in its individual capacity but solely as Owner Trustee

 
			
		
	By:	 	/s/ Louis Piscitelli

 
			
	Name:	 	Louis Piscitelli
	Title:	 	Senior Trust Officer

  

					
		 	S-1	 	2020-1 Indenture

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Indenture Trustee

 
			
		
	By:	 	/s/ Ronaldo Reyes

 
			
	Name:	 	Ronaldo Reyes
	Title:	 	Vice President

 
			
		
	By:	 	/s/ Cynthia Valverde

 
			
	Name:	 	Cynthia Valverde
	Title:	 	Assistant Vice President

 Agreed to with respect to Section 7.5(a) hereof: 

 

			
	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, as Seller

			
		
	By:	 	/s/ David Rands

			
	Name:	 	David Rands
	Title:	 	Chief Financial Officer

			
		
	By:	 	/s/ Jens Schreiber

			
	Name:	 	Jens Schreiber
	Title:	 	Treasurer

  

					
		 	S-2	 	2020-1 Indenture

 Agreed to with respect to Section 7.5(a) hereof: 

 

			
	VW CREDIT, INC.
		
	By:	 	/s/ David Rands
	Name:	 	David Rands
	Title:	 	Executive Vice President and Chief Financial Officer
		
	By:	 	/s/ Jens Schreiber
	Name:	 	Jens Schreiber
	Title:	 	Treasurer

  

					
		 	S-3	 	2020-1 Indenture

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants, and covenants
to the Indenture Trustee as follows on the Closing Date: 
 General 

1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Issuer. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible chattel paper”)
“accounts,” “instruments,” or “general intangibles,” within the meaning of the UCC. 
 3. Immediately prior to
the pledge thereof pursuant to this Indenture, each Receivable was secured by a first priority validly perfected security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary
actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party. 

4. Each Trust Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC. 

Creation 
 5.
Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale,
transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien. 

Perfection 
 6. The
Issuer has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest in the Receivables granted to the Indenture Trustee hereunder; and the Servicer has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and
all financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party.” 

  

					
		 	I - 1	 	

 7. With respect to Receivables that constitute instruments or tangible chattel paper,
either: 
 (i) all original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee;
or 
 (ii) such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written
acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee as pledgee of the Issuer; or 

(iii) the Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written
acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee as pledgee of the Issuer. 
 8. With
respect to the Trust Accounts that constitute deposit accounts, either: 
 (i) the Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the
Issuer; or 
 (ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust
Accounts. 
 9. With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either: 

(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to
comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or 

(ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the
Person having a security entitlement against the securities intermediary in each of such Trust Accounts. 
 Priority 

10. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by VCI to the Seller under the Purchase Agreement, (ii) relating to the conveyance of the Receivables by the Seller to
the Issuer under the Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 

  

					
		 	I - 2	 	

 11. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the
Issuer. 
 12. Neither the Issuer or a custodian holding any Receivable that is electronic chattel paper has communicated an authoritative
copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 13. Neither VCI nor a
custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any
loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 14. None of the instruments, tangible
chattel paper nor electronic chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Issuer or the Indenture Trustee.

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

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

Survival of Perfection Representations 

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

No Waiver 
 18. The
Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive
a breach of any of such perfection representations, warranties or covenants. 
 Issuer to Maintain Perfection and Priority 

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

  

					
		 	I - 3	 	

 Exhibit A 

FORMS OF NOTES 

  

					
		 		 	2020-1 Indenture

 FORM OF CLASS [A-1]
[A-2-A] [A-2-B]
[A-3][A-4] NOTES 
  

			
	REGISTERED	  	$______________ 1
	No. R-________	  	CUSIP NO. ______________
		  	ISIN. ______________

 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 BY
ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER AND TRANSFEREE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING AND WILL NOT HOLD THE NOTE (OR ANY INTEREST THEREIN) WITH THE ASSETS OF (I) AN
“EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED BY
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF ANY EMPLOYEE
BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH OF (I), (II) AND (III) REFERRED TO AS “BENEFIT PLAN INVESTORS”) OR (IV) ANY PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR
TO THE FIDUCIARY AND PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B)(I) THE NOTE IS RATED AT LEAST “BBB-” OR ITS EQUIVALENT BY A
NATIONALLY RECOGNIZED STATISTICAL RATING AGENCY AT THE TIME OF PURCHASE OR TRANSFER AND (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. 
  

 

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

  

					
		 	A-1	 	2020-1 Indenture

 VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2020-1

 [CLASS A-1 [    ]%] [CLASS A-2-A [    ]%] [CLASS A-2-B FLOATING RATE] [CLASS A-3 

[    ]%] [CLASS A-4 [    ]%] 

AUTO LOAN ASSET BACKED NOTES 

Volkswagen Auto Loan Enhanced Trust 2020-1, a statutory trust organized and existing under the laws of
the State of Delaware (including any successor, the “Issuer”), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the 20th of each month,
or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on June 22, 2020 (each, a “Payment Date”) until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class [A-1]
[A-2-A][A-2-B] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate
per annum shown on the reverse of this Note (the “Interest Rate”), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of
the Sale and Servicing Agreement; provided, however, that the entire Class [A-1] [A-2-A][A-2-B] [A-3] [A-4] Note Balance shall be due and payable on the earliest of (i) [___] (the “Final
Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to Section 5.2 of the
Indenture. Interest on this Note will accrue for each Payment Date from and including [the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date]2 [the 20th day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the
20th day of the calendar month in which such Payment Date occurs].3 Interest will be computed on the basis of [actual days elapsed and a 360-day year]4 [a 360-day year of twelve 30-day months].5 [The Issuer shall pay interest on this Class A-2-B Note at a rate based on the Benchmark determined in accordance
with the terms of the Indenture for the related Interest Period plus [    ]% per annum on each Payment Date; provided, that, if the sum of Benchmark plus [    ]% is less than 0.00% for any Interest
Period, then the per annum rate at which interest will accrue on this Note for such Interest Period shall be deemed to be 0.00%.]6 Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United
States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of
this Note. 
  
  

	2 	 The Class A-1 Notes and the Class A-2-B Notes. 

	3 	 The Class A-2-A, the Class A-3 Notes and the Class A-4 Notes. 

	4 	 The Class A-1 Notes and the Class A-2-B Notes. 

	5 	 The Class A-2-A, the Class A-3 Notes and the Class A-4 Notes. 

	6 	 Insert for the Class A-2-B
Notes. 

  

					
		 	A-2	 	2020-1 Indenture

 Reference is made to the further provisions of this Note set forth on the reverse hereof,
which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has
been executed by the Indenture Trustee the name of which appears below by manual or electronic signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

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

Dated: __________, 2020 
  

			
	VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2020-1
	
	By: Citibank, N.A., not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
		 	A-3	 	2020-1 Indenture

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: ____________, 2020 
  

			
	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee
		
	By:	 	 
		 	Authorized Signatory

  

					
		 	A-4	 	2020-1 Indenture

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1
[    ]%] [Class A-2-A [    ]%] [Class A-2-B
Floating Rate] [Class A-3 [    ]%] [Class A-4 [    ]%] Auto Loan Asset-Backed Notes (herein called the “Class [A-1] [A-2-A] [A-2-B]
[A-3] [A-4] Notes” or the “Notes”), all issued under an Indenture dated as of May 19, 2020 (such Indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, a New York banking corporation, not in its individual capacity but solely as trustee (the “Indenture Trustee”), which term includes any
successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture and the Sale and Servicing Agreement. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale and Servicing Agreement shall
have the meanings assigned to them in the Indenture or in Appendix A of the Sale and Servicing Agreement. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes. 

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing
Agreement. As described above, the entire Class [A-1] [A-2-A]
[A-2-B] [A-3] [A-4] Note Balance shall be due and payable on the earliest of (i) [___]
(the “Final Scheduled Payment Date”), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] Noteholders entitled thereto. 

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check
mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one
or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent appointed for such purposes located in The City of
New York. 

  

					
		 	A-5	 	2020-1 Indenture

 Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee, the Issuer Delaware Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or the Issuer Delaware Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee, the Owner Trustee or the
Issuer Delaware Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Issuer Delaware Trustee or the Indenture Trustee or of any successor or assign of the Seller, the
Servicer, the Indenture Trustee, the Owner Trustee or the Issuer Delaware Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Owner Trustee and the Issuer
Delaware Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 It is the intent of the Seller, the Servicer, the
Noteholders, the Note Owners and the Issuer that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuer and each purchaser of a Note (by acceptance of such Note or an interest therein) agree to treat, and to
take no action inconsistent with the treatment of, the Notes as indebtedness for all financial accounting and tax purposes (other than any Notes that are owned during any period of time either by the Issuer or by a Person that is considered the same
Person as the Issuer for United States federal income tax purposes). 
 Each Noteholder or Note Owner, by acceptance of a Note, or, in the
case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or
other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver,
liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in any
involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction. 

  

					
		 	A-6	 	2020-1 Indenture

 This Note and the Indenture shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions other than Sections 5-1401 and 5-1402 of the New York General Obligations Law, and the obligations, rights
and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

  

					
		 	A-7	 	2020-1 Indenture

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee _____________________________________________________
___________________________________ ___________________________________________________________________________ 
 FOR VALUE RECEIVED, the undersigned
hereby
sells,                                        
                                         
    
 assigns and transfers unto ___________________________________________________________________________ 

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

Dated: _____________         _______________________________ */ 

 

	
	 Signature Guaranteed:

	
	 
	Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

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

  

					
		 	A-8	 	2020-1 Indenture

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