Common use of Satisfaction and Discharge Clause in Contracts

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. Restoration of Rights and Remedies 31 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. SECTION 4.02 Application of Trust Money 25 Section 4.04. SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. ARTICLE V REMEDIES SECTION 5.01 Events of Default 26 Section 5.02. SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 28 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 28 SECTION 5.04 Remedies; Priorities 30 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Receivables 32 SECTION 5.06 Limitation of Suits 31 Section 5.07. 32 SECTION 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08. 33 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 33 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 34 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 35 SECTION 5.15 Action on Note 33 Section 5.16. Notes 35 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 35 ARTICLE VI THE INDENTURE TRUSTEE SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 36 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 39 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders Holders 39 Section 6.07. SECTION 6.07 Compensation and Indemnity 39 Section 6.08. SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ Merger 41 Section 6.10. SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 41 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 42 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. SECTION 6.13 Indenture Trustee as Paying Agent, Note Registrar and Securities Intermediary 43 SECTION 6.14 Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5043

Satisfaction and Discharge. Section 11.01 Satisfaction and Discharge of Indenture 23 105 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 11.02 Application of Trust Money 25 105 Section 4.0412.01 [Reserved] 106 Section 12.02 Notices 106 Section 12.03 Communication by Holders of Notes with Other Holders of Notes 107 Section 12.04 Certificate and Opinion as to Conditions Precedent 108 Section 12.05 Statements Required in Certificate or Opinion 108 Section 12.06 Rules by Trustee and Agents 108 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders 108 Section 12.08 Governing Law; Waiver of Trial by Jury 108 Section 12.09 Jurisdiction 109 Section 12.10 No Adverse Interpretation of Other Agreements 109 Section 12.11 Successors 109 Section 12.12 Severability 109 Section 12.13 Counterpart Originals 109 Section 12.14 Table of Contents, Headings, etc. Repayment 110 Section 12.15 Judgment Currency 110 Section 12.16 FATCA 110 Exhibit A1 FORM OF NOTE Exhibit A2 FORM OF REGULATION S TEMPORARY GLOBAL NOTE Exhibit B FORM OF CERTIFICATE OF TRANSFER Exhibit C FORM OF CERTIFICATE OF EXCHANGE Exhibit D FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR Exhibit E FORM OF NOTATION OF GUARANTEE Exhibit F FORM OF SUPPLEMENTAL INDENTURE INDENTURE dated as of Monies Held by Paying Agent 25 Section 5.01May 8, 2015 among Viking Cruises Ltd, an exempted company incorporated with limited liability organized under the laws of Bermuda (the “Company”), the Guarantors (as defined) party hereto and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (in such capacity, the “Trustee”). Events The Company, the Guarantors and the Trustee agree as follows for the benefit of Default 26 Section 5.02. Acceleration of Maturity; Rescission each other and Annulment 27 Section 5.03. Collection of Indebtedness for the equal and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation ratable benefit of the Trust Estate 30 Section 5.06. Limitation Holders (as defined) of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. Restoration of Rights and Remedies 31 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trusteethe Company’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 506.250% Senior Notes due 2025 (the “Notes”):

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.08 Restoration of Rights and Remedies 31 Section 5.09. 5.09 Rights and Remedies Cumulative 32 31 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.11 Control by Noteholders 32 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 41 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2019-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-A Bank Accounts; General Provisions Regarding Accounts 49 2019-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 67 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 68 SECTION 5.01. Events of Default 26 Section 69 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 71 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 72 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 72 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 73 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 73 SECTION 5.07. Unconditional Rights Limitation on Suits 74 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 74 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0974 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1074 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1175 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 75 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 75 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 75 SECTION 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section Undertaking for Costs 75 SECTION 6.01. Duties of Indenture the Trustee 35 Section 76 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice Defaults 77 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 77 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 79 SECTION 6.05. May Hold Notes 79 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 79 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 79 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 81 SECTION 6.10. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Section 6.10Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 82 SECTION 6.12. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 82

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 22 SECTION 4.02 Application of Trust Money 25 Section 4.04. 23 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 23 SECTION 5.01 Events of Default 26 Section 5.02. 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.04 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 29 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 29 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 30 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 30 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 31 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 32 SECTION 6.02 Rights of Indenture Trustee 34 SECTION 6.03 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights SECTION 6.04 Indenture Trustee’s Disclaimer 36 SECTION 6.05 Notice of Defaults 37 SECTION 6.06 Reports by Indenture Trustee to Holders 37 SECTION 6.07 Compensation and Indemnity 37 SECTION 6.08 Replacement of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 39 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 40 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 41 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations 41 SECTION 7.01 Note Registrar To Furnish Names and Warranties Addresses of Indenture Trustee 43 Section 6.14. Furnishing Noteholders 41 SECTION 7.02 Preservation of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 42 SECTION 7.03 Reports by Issuer 47 Section 7.04. 42 SECTION 7.04 Reports by Indenture Trustee 47 Section 8.01. 42 SECTION 7.05 Indenture Trustee Website 43 SECTION 7.06 Information to be Provided by the Indenture Trustee 43 SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution 43 SECTION 7.08 Asset Review Voting 44 SECTION 8.01 Collection of Money 48 Section 8.02. 45 SECTION 8.02 Accounts 48 Section 8.03. 45 SECTION 8.03 General Provisions Regarding Accounts 49 Section 8.04. 46 SECTION 8.04 Release of Owner Trust Estate 50 Section 8.05. 47 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer 47 SECTION 8.06 Opinion of Counsel 5048

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2015-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 29 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08. 5.08 Restoration of Rights and Remedies 31 Section 5.09. 5.09 Rights and Remedies Cumulative 32 31 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.11 Control by Noteholders 32 31 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost 33 Costs 32 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 32 Section 5.15 Action on Notes 33 Section 5.15. Action on Note 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 37 Section 6.07. 6.07 Compensation and Indemnity 39 37 Section 6.08. 6.08 Replacement of Indenture Trustee 40 38 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 39 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 41 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 41 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 27 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 27 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 Remedies; Priorities 31 Section 5.05. Optional Preservation of the Trust Estate 30 33 Section 5.06. Limitation of Suits 31 33 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08. Restoration of Rights and Remedies 31 34 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11. Control by Noteholders 32 35 Section 5.12. Waiver of Past Default 32 Defaults 35 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 36 Section 5.15. Action on Note 33 Notes 36 Section 5.16. Performance and Enforcement of Certain Obligations 33 36 Section 5.17. Sale of Trust Estate 34 37 Section 6.01. Duties of Indenture Trustee 35 38 Section 6.02. Rights of Indenture Trustee 36 39 Section 6.03. Individual Rights of Indenture Trustee 38 41 Section 6.04. Indenture Trustee’s Disclaimer 38 41 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 41 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 42 Section 6.07. Compensation and Indemnity 39 42 Section 6.08. Replacement of Indenture Trustee 40 43 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 46 Section 6.13. Issuer as Holder of the 2019-B Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 43 46 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 47 Section 6.156.16. Encryption 44 47 Section 7.01. Noteholder List and Noteholder Communications 45 48 Section 7.02. Noteholder Demand for Asset Representations Review 46 49 Section 7.03. Reports by Issuer 47 50 Section 7.04. Reports by Indenture Trustee 47 50 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2019-B Bank Accounts; General Provisions Regarding 2019-B Bank Accounts 49 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2018-B Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-B Bank Accounts; General Provisions Regarding Accounts 49 2018-B Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.2 Application of Trust Money 25 Section 4.04. 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 4.4 Auction of Trust Student Loans 22 SECTION 5.1 Events of Default 26 Section 5.02. 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 29 SECTION 5.6 Limitation of Suits 31 Section 5.07. 29 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 30 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. 30 SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 32 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 33 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 34 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 35 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of 39 SECTION 7.1 Issuer to Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Noteholders 39 SECTION 7.2 Preservation of Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 40 SECTION 7.3 Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. 40 SECTION 8.1 Collection of Money 48 Section 8.02. 41 SECTION 8.2 Trust Accounts 48 Section 8.03. 41 SECTION 8.3 General Provisions Regarding Accounts 49 Section 8.04. 42 SECTION 8.4 Release of Indenture Trust Estate 50 Section 8.05. 43 SECTION 8.5 Opinion of Counsel 5044 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 SECTION 10.1 Redemption 47 SECTION 10.2 Form of Redemption Notice 48 SECTION 10.3 Notes Payable on Redemption Date 48

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2018-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2018-A Bank Accounts; General Provisions Regarding Accounts 49 2018-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 25 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 5.4 Trustee May File Proofs of Claim 29 Section 5.05. Optional Preservation 5.5 Trustee May Enforce Claims Without Possession of the Trust Estate Securities 29 Section 5.6 Application of Money Collected 30 Section 5.06. 5.7 Limitation on Suits 30 Section 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08. 5.9 Restoration of Rights and Remedies 31 Section 5.09. 5.10 Rights and Remedies Cumulative 32 31 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.12 Control by Noteholders 32 Holders of Securities 31 Section 5.12. 5.13 Waiver of Past Default Defaults 32 Section 5.13. 5.14 Undertaking for Cost Costs 32 Section 5.15 Waiver of Stay, Extension or Usury Laws 33 Section 6.1 Certain Duties and Responsibilities 33 Section 5.14. Waiver 6.2 Notice of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate Defaults 34 Section 6.01. Duties 6.3 Certain Rights of Indenture Trustee 35 Section 6.02. Rights 6.4 Not Responsible for Recitals or Issuance of Indenture Trustee Securities 36 Section 6.03. Individual Rights of Indenture 6.5 May Hold Securities 36 Section 6.6 Money Held in Trust 37 Section 6.7 Compensation and Reimbursement 37 Section 6.8 Disqualifications; Conflicting Interests 37 Section 6.9 Corporate Trustee Required; Eligibility 38 Section 6.04. Indenture Trustee’s Disclaimer 6.10 Resignation and Removal; Appointment of Successor 38 Section 6.05. Notice 6.11 Acceptance of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Indenture Trustee to Noteholders Successor 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 6.12 Merger, Conversion, Consolidation or Succession to Business 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 41 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 41

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 28 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 29 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 30 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 31 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5040

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 27 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 27 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 29 Section 5.04. Remedies 29 Remedies; Priorities 31 Section 5.05. Optional Preservation of the Trust Estate 30 33 Section 5.06. Limitation of Suits 31 33 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 34 Section 5.08. Restoration of Rights and Remedies 31 34 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11. Control by Noteholders 32 35 Section 5.12. Waiver of Past Default 32 Defaults 35 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 36 Section 5.15. Action on Note 33 Notes 36 Section 5.16. Performance and Enforcement of Certain Obligations 33 36 Section 5.17. Sale of Trust Estate 34 37 Section 6.01. Duties of Indenture Trustee 35 38 Section 6.02. Rights of Indenture Trustee 36 39 Section 6.03. Individual Rights of Indenture Trustee 38 41 Section 6.04. Indenture Trustee’s Disclaimer 38 41 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 41 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 42 Section 6.07. Compensation and Indemnity 39 42 Section 6.08. Replacement of Indenture Trustee 40 43 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 44 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 44 Section 6.11. Eligibility; Disqualification 43 46 Section 6.12. Preferential Collection of Claims Against Issuer 43 46 Section 6.13. Issuer as Holder of the 2020-A Exchange Note 46 Section 6.14. Representations and Warranties of Indenture Trustee 43 46 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 47 Section 6.156.16. Encryption 44 47 Section 7.01. Noteholder List and Noteholder Communications 45 48 Section 7.02. Noteholder Demand for Asset Representations Review 46 49 Section 7.03. Reports by Issuer 47 50 Section 7.04. Reports by Indenture Trustee 47 50 Section 8.01. Collection of Money 48 52 Section 8.02. Accounts 48 Monthly Investor Report 52 Section 8.03. Disbursement of Funds 52 Section 8.04. 2020-A Bank Accounts; General Provisions Regarding 2020-A Bank Accounts 49 54 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5056

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.08 Restoration of Rights and Remedies 31 32 Section 5.09. 5.09 Rights and Remedies Cumulative 32 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 5.11 Control by Noteholders 32 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. 48 SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0348 SECTION 4.2. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.0149 ARTICLE V REMEDIES 50 SECTION 5.1. Events of Default 26 Section 5.0250 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0351 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0453 SECTION 5.4. Remedies 29 Section 5.05Trustee May File Proofs of Claim 53 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities 55 SECTION 5.6. Application of Money Collected 55 SECTION 5.7. Limitation of on Suits 31 Section 5.0755 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08Interest; Direct Action by Holders of Trust Preferred Securities 56 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.0957 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1057 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1157 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 58 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults 58 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs 59 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws 59 ARTICLE VI THE TRUSTEE 60 SECTION 6.1. Action on Note 33 Section 5.16. Performance Certain Duties and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05Responsibilities 60 SECTION 6.2. Notice of Defaults; Notice Defaults 61 SECTION 6.3. Certain Rights of Repurchase Requests 38 Section 6.06Trustee 61 SECTION 6.4. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07Not Responsible for Recitals or Issuance of Securities 62 SECTION 6.5. May Hold Securities 63 SECTION 6.6. Money Held in Trust 63 SECTION 6.7. Compensation and Indemnity 39 Section 6.08Reimbursement 63 SECTION 6.8. Replacement of Indenture Disqualification; Conflicting Interests 64 SECTION 6.9. Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section Required; Eligibility 64 SECTION 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Section Successor 65 SECTION 6.11. Eligibility; Disqualification 43 Section Acceptance of Appointment by Successor 66 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business 67 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section Corporation 68 SECTION 6.14. Furnishing Appointment of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 68

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 5.04 Remedies; Priorities 30 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 31 Section 5.06. 5.06 Limitation of Suits 31 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. 5.08 Restoration of Rights and Remedies 31 32 Section 5.09. 5.09 Rights and Remedies Cumulative 32 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 5.11 Control by Noteholders 32 33 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost 33 Costs 34 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. 5.15 Action on Note 33 Notes 34 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 37 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 39 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ Merger 41 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 42 Section 7.01 Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders 43 Section 6.14. Furnishing 7.02 Preservation of Monthly Investor Information; Communications to Noteholders 43 Section 7.03 Reports and Other Documents by Issuing Entity 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. 7.04 Reports by Indenture Trustee 47 44 Section 8.01. 8.01 Collection of Money 48 45 Section 8.02. 8.02 Trust Accounts 48 45 Section 8.03. 8.03 General Provisions Regarding Accounts 49 47 Section 8.04. 8.04 Release of Trust Estate 50 48 Section 8.05. 8.05 Opinion of Counsel 5048

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Majority Noteholders 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Issuer as Holder of the 2021-A Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 43 44 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.156.16. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2021-A Bank Accounts; General Provisions Regarding Accounts 49 2021-A Bank Accounts. 52 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5054

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 Remedies; Priorities 30 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 of the Controlling Class 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 43 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Issuer as Holder of the 2017-A Exchange Note 45 Section 6.14. Representations and Warranties of Indenture Trustee 43 45 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.156.16. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 51 Section 8.02. Accounts 48 Monthly Investor Report 51 Section 8.03. Disbursement of Funds 51 Section 8.04. 2017-A Bank Accounts; General Provisions Regarding Accounts 49 2017-A Bank Accounts. 53 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 17 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Funds; Indemnification 18 Section 4.04. Repayment 4.03 Defeasance and Discharge of Monies Held by Paying Agent 25 Indenture 18 Section 5.01. 4.04 Defeasance of Certain Obligations 19 Section 4.05 Effect of Subordination Provisions 20 Section 5.01 Events of Default 26 20 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. 5.03 Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 22 Section 5.04. Remedies 29 5.04 Trustee May File Proofs of Claim 23 Section 5.05. Optional Preservation 5.05 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 23 Section 5.06. 5.06 Application of Money Collected 23 Section 5.07 Limitation on Suits 24 Section 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 24 Section 5.08. 5.09 Restoration of Rights and Remedies 31 24 Section 5.09. 5.10 Rights and Remedies Cumulative 32 24 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 24 Section 5.11. 5.12 Control by Noteholders 32 Holders 25 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 25 Section 5.13. 5.14 Undertaking for Cost 33 Costs 25 Section 5.14. 5.15 Waiver of Stay or Extension Law 33 Laws 25 Section 5.15. Action on Note 33 6.01 Certain Duties and Responsibilities 26 Section 5.16. Performance and Enforcement 6.02 Notice of Defaults 26 Section 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 27 Section 6.03. 6.04 Not Responsible for Recitals or Issuance of Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Money Held in Trust 28 Section 6.07 Compensation, Reimbursement and Indemnification 28 Section 6.08 Individual Rights of Indenture Rights; Disqualification; Conflicting Interests 29 Section 6.09 Corporate Trustee 38 Required; Eligibility 29 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults6.10 Resignation and Removal; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee Successor 29 Section 6.11 Acceptance of Appointment by Successor 30 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 31 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Issuers 31

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 23 SECTION 5.04 Remedies; Priorities 25 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 27 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 29 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. 30 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 32 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 34 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 34 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 35 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 35 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039 -iii- (NAROT 2023-B Indenture)

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.2 Application of Trust Money 25 Section 4.04. 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 4.4 Auction of Trust Student Loans 22 SECTION 5.1 Events of Default 26 Section 5.02. 23 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 24 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 29 SECTION 5.6 Limitation of Suits 31 Section 5.07. 29 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 30 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. 30 SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 30 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 30 SECTION 5.11 Control by Noteholders 32 Section 5.12. 30 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 31 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 31 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 32 SECTION 5.15 Action on Note 33 Section 5.16. Notes 32 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 32 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 33 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 34 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 35 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 24 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 25 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 26 Section 5.4 Trustee May File Proofs of Claim 27 Section 5.04. Remedies 5.5 Trustee May Enforce Claims Without Possession of Securities 27 Section 5.6 Application of Money Collected 28 Section 5.7 Limitation on Suits 28 Section 5.8 Unconditional Right of Holders to Receive Principal, Premium, and Interest 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.9 Restoration of Rights and Remedies 31 29 Section 5.09. 5.10 Rights and Remedies Cumulative 32 29 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 29 Section 5.11. 5.12 Control by Noteholders 32 Holders 30 Section 5.12. 5.13 Waiver of Past Default Defaults 30 Section 5.14 Undertaking for Costs 30 Section 6.1 Certain Duties and Responsibilities 31 Section 6.2 Notice of Defaults 31 Section 6.3 Certain Rights of Trustee 31 Section 6.4 Not Responsible for Recitals or Issuance of Securities 32 Section 5.13. Undertaking for Cost 6.5 May Hold Securities 32 Section 6.6 Money Held in Trust 33 Section 5.14. Waiver of Stay or Extension Law 6.7 Compensation and Reimbursement 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 6.8 Disqualification; Conflicting Interests 34 Section 6.01. Duties 6.9 Corporate Trustee Required; Eligibility 34 Section 6.10 Resignation and Removal; Appointment of Indenture Trustee Successor 34 Section 6.11 Acceptance of Appointment by Successor 35 Section 6.02. Rights of Indenture Trustee 36 6.12 Merger, Conversion, Consolidation, or Succession to Business 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 37 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing Authenticating Agent 37 NOTE: This table of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand contents shall not, for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection any purpose, be deemed to be part of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50the Indenture.

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 22 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 23 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.04 Remedies; Priorities 26 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 28 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 28 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 29 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 29 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 30 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 30 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 31 SECTION 5.15 Action on Note 33 Section 5.16. Notes 31 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 31 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 35 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 35 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 36 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Trustee 42 Section 6.11Indenture Trustee. 39 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 40 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations 40 -iii- (NAROT 2020-B Indenture) SECTION 7.01 Note Registrar To Furnish Names and Warranties Addresses of Indenture Trustee 43 Section 6.14. Furnishing Noteholders 40 SECTION 7.02 Preservation of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 41 SECTION 7.03 Reports by Issuer 47 Section 7.04. 41 SECTION 7.04 Reports by Indenture Trustee 47 Section 8.01. 42 SECTION 7.05 Indenture Trustee Website 42 SECTION 7.06 Information to be Provided by the Indenture Trustee 42 SECTION 7.07 Noteholder Demand for Repurchase; Dispute Resolution 43 SECTION 7.08 Asset Review Voting 43 SECTION 8.01 Collection of Money 48 Section 8.02. 44 SECTION 8.02 Accounts 48 Section 8.03. 44 SECTION 8.03 General Provisions Regarding Accounts 49 Section 8.04. 45 SECTION 8.04 Release of Owner Trust Estate 50 Section 8.05. 46 SECTION 8.05 Release of Receivables Upon Purchase by the Seller or the Servicer 46 SECTION 8.06 Opinion of Counsel 5047

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by ▇M▇▇▇▇▇ 41 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2012-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 42 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 43 Section 6.156.16. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes Notes. 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment Annulment. 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 28 Section 5.04. Remedies Remedies. 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. Restoration of Rights and Remedies 31 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders of the Controlling Class 32 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note Notes 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee Trustee. 35 Section 6.02. Rights of Indenture Trustee Trustee. 36 Section 6.03. Individual Rights of Indenture Trustee 38 37 Section 6.04. Indenture Trustee’s Disclaimer 38 37 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. Compensation and Indemnity Indemnity. 39 Section 6.08. Replacement of Indenture Trustee 40 Trustee. 39 Section 6.09. Successor Indenture Trustee by M▇▇▇▇▇▇ . 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Trustee. 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Representations and Warranties of Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 43 Section 7.01. Noteholder List and Noteholder Communications 45 44 Section 7.02. Noteholder Demand for Asset Representations Review 46 45 Section 7.03. Reports by Issuer 47 Issuer. 46 Section 7.04. Reports by Indenture Trustee 47 Trustee. 46 Section 8.01. Collection of Money 48 47 Section 8.02. Accounts 48 Accounts. 47 Section 8.03. General Provisions Regarding Accounts 49 Accounts. 48 Section 8.04. Release of Trust Estate 50 Estate. 49 Section 8.05. Opinion of Counsel 5049

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 30 SECTION 4.02 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 31 SECTION 5.01 Events of Default 26 Section 5.02. 32 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 34 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation 35 SECTION 5.04 Trustee May File Proofs of the Trust Estate 30 Section 5.06. Claim 35 SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities 35 SECTION 5.06 Application of Money Collected 36 SECTION 5.07 Limitation on Suits 36 SECTION 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08. 37 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09. 37 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10. 37 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11. 37 SECTION 5.12 Control by Noteholders 32 Section 5.12. Holders 37 SECTION 5.13 Waiver of Past Default 32 Section 5.13. Defaults 37 SECTION 5.14 Undertaking for Cost 33 Section 5.14. Costs 38 SECTION 5.15 Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance Laws 38 SECTION 6.01 Certain Duties and Enforcement Responsibilities 38 SECTION 6.02 Notice of Defaults 39 SECTION 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture 39 SECTION 6.04 Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 40 SECTION 6.05 May Hold Securities 40 SECTION 6.06 Money Held in Trust 40 SECTION 6.07 Compensation and Indemnity 39 Section 6.08Reimbursement. Replacement of Indenture The Company agrees: 40 SECTION 6.08 Disqualification; Conflicting Interests 41 SECTION 6.09 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ Required; Eligibility 41 Section 6.10. SECTION 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 42 SECTION 6.11 Acceptance of Appointment by Successor 43 SECTION 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Succession to Business 44 SECTION 6.13 Eligibility; Disqualification 43 Section 6.12. 44 SECTION 6.14 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 23 Section 5.01. 5.01 Events of Default 26 23 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 29 Section 5.06. 5.06 Limitation of Suits 31 29 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08. 5.08 Restoration of Rights and Remedies 31 30 Section 5.09. 5.09 Rights and Remedies Cumulative 32 31 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.11 Control by Noteholders 32 31 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost 33 Costs 32 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 32 Section 5.15 Action on Notes 33 Section 5.15. Action on Note 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 37 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 37 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 40 Section 6.11. 6.11 Eligibility; Disqualification 43 41 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 42

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 33 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money 25 Fund 34 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01501. Events of Default 26 35 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 37 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 39 Section 5.04504. Remedies 29 Trustee May File Proofs of Claim 40 Section 5.05505. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 41 Section 5.06506. Application of Money Collected 41 Section 507. Limitation of on Suits 31 41 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 42 Section 5.08509. Restoration of Rights and Remedies 31 42 Section 5.09510. Rights and Remedies Cumulative 32 43 Section 5.10511. Delay or Omission Not a Waiver 32 43 Section 5.11512. Control by Noteholders 32 Holders 43 Section 5.12513. Waiver of Past Default 32 Defaults 44 Section 5.13514. Undertaking for Cost 33 Costs 45 Section 5.14601. Waiver of Stay or Extension Law 33 Certain Duties and Responsibilities 45 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05602. Notice of Defaults; Notice Defaults 45 Section 603. Certain Rights of Repurchase Requests 38 Trustee 45 Section 6.06604. Reports and Documents by Indenture Trustee to Noteholders 39 Not Responsible for Recitals or Issuance of Securities 47 Section 6.07605. May Hold Securities 47 Section 606. Money Held in Trust 47 Section 607. Compensation and Indemnity 39 Reimbursement 47 Section 6.08608. Replacement of Indenture Disqualification; Conflicting Interests 48 Section 609. Corporate Trustee 40 Required; Eligibility 48 Section 6.09610. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Resignation and Removal; Appointment of Co-Trustee Successor 48 Section 611. Acceptance of Appointment by Successor 50 Section 612. Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 51 Section 6.11. Eligibility; Disqualification 43 Section 6.12613. Preferential Collection of Claims Against Issuer 43 Company 51 Section 6.13614. Representations Appointment of Authenticating Agent 52 Section 701. Company to Furnish Trustee Names and Warranties Addresses of Indenture Trustee 43 Holders 53 Section 6.14702. Furnishing Preservation of Monthly Investor Reports and Other Documents 44 Information; Communications to Holders 54 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03703. Reports by Issuer 47 the Trustee 54 Section 7.04704. Reports by the Company 54 Section 801. The Company May Consolidate, Etc., Only on Certain Terms 55 Section 802. Successor Substituted 55 Section 901. Supplemental Indentures Without Consent of Holders 56 Section 902. Supplemental Indentures with Consent of Holders 57 Section 903. Execution of Supplemental Indentures 58 Section 904. Effect of Supplemental Indentures 58 Section 905. Conformity with Trust Indenture Act 59 Section 906. Reference in Securities to Supplemental Indentures 59 Section 907. Waiver of Compliance by Holders 59 Section 908. Subordination Unimpaired 59 Section 1001. Payment of Principal, Premium and Interest 59 Section 1002. Maintenance of Office or Agency by the Company 60 Section 1003. Money for Securities Payments to be Held in Trust 60 Section 1004. Statement by Officers as to Default 61 Section 1005. Limitations on Liens on Common Stock of Principal Subsidiaries 62 Section 1101. Applicability of Article 62 Section 1102. Election to Redeem; Notice to Trustee 47 62 Section 8.011103. Collection Selection by Trustee of Securities to Be Redeemed 63 Section 1104. Notice of Redemption 63 Section 1105. Deposit of Redemption Price 64 Section 1106. Securities Payable on Redemption Date 64 Section 1107. Securities Redeemed in Part 64 Section 1201. Company's Option to Effect Defeasance or Covenant Defeasance 65 Section 1202. Defeasance and Discharge 65 Section 1203. Covenant Defeasance 65 Section 1204. Conditions to Defeasance or Covenant Defeasance 66 Section 1205. Deposited Money 48 and U.S. Government Obligations or Foreign Government Obligations to be Held in Trust; Other Miscellaneous Provisions 69 Section 8.021206. Accounts 48 Reinstatement 69 Section 8.031301. General Provisions Regarding Accounts 49 Applicability of Article 70 Section 8.041302. Release Satisfaction of Trust Estate 50 Sinking Fund Payments with Securities 70 Section 8.051303. Opinion Redemption of Counsel 50Securities for Sinking Fund 71

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 21 Section 4.02. Application of Trust Funds; Indemnification 23 Section 4.03. Defeasance and Discharge of Indenture 23 Section 4.024.04. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent Certain Obligations 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 28 Section 5.04. Remedies Trustee May File Proofs of Claim 29 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate Securities 30 Section 5.06. Limitation Application of Suits 31 Money Collected 30 Section 5.07. Limitation on Suits 30 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.085.09. Restoration of Rights and Remedies 31 Section 5.095.10. Rights and Remedies Cumulative 32 31 Section 5.105.11. Delay or Omission Not a Waiver 32 31 Section 5.115.12. Control by Noteholders 32 Holders 31 Section 5.125.13. Waiver of Past Default Defaults 32 Section 5.135.14. Undertaking for Cost 33 Costs 32 Section 5.145.15. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Certain Duties of Indenture Trustee 35 and Responsibilities 33 TABLE OF CONTENTS (continued) Section 6.02. Rights Notice of Indenture Trustee 36 Defaults 34 Section 6.03. Individual Certain Rights of Indenture Trustee 38 34 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Securities 36 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities 36 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 36 Section 6.07. Compensation Compensation, Reimbursement and Indemnity 39 Indemnification 36 Section 6.08. Replacement of Indenture Trustee 40 Disqualification; Conflicting Interests 37 Section 6.09. Successor Indenture Corporate Trustee by ▇▇▇▇▇▇ 41 Required; Eligibility 37 Section 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 37 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor 39 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 40 Section 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Company or Guarantor 40 Section 7.01. Noteholder List Company to Furnish Trustee Names and Noteholder Communications 45 Addresses of Holders 40 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information; Communications to Holders 41 Section 7.03. Reports by Issuer 47 Trustee 42 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5043

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 25 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 33 Section 5.12. Waiver of Past Default 32 33 Section 5.13. Undertaking for Cost 33 34 Section 5.14. Waiver of Stay or Extension Law 33 34 Section 5.15. Action on Note 33 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 26 Section 4.03. Application of Trust Money 25 27 Section 4.04. Repayment of Monies Held by Paying Agent 25 27 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04. Remedies 29 31 Section 5.05. Optional Preservation of the Trust Estate 30 32 Section 5.06. Limitation of Suits 31 33 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 34 Section 5.11. Control by Noteholders 32 34 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 35 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 35 Section 5.17. Sale of Trust Estate 34 36 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 41 Section 6.07. Compensation and Indemnity 39 42 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 43 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 44 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection of Claims Against Issuer 43 45 Section 6.13. Representations and Warranties of Indenture Trustee 43 45 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 46 Section 6.15. Encryption 44 46 Section 7.01. Noteholder List and Noteholder Communications 45 47 Section 7.02. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 49 Section 7.04. Reports by Indenture Trustee 47 49 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 50 Section 8.03. General Provisions Regarding Accounts 49 51 Section 8.04. Release of Trust Estate 50 52 Section 8.05. Opinion of Counsel 5052

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.08 Restoration of Rights and Remedies 31 Section 5.09. 5.09 Rights and Remedies Cumulative 32 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 5.11 Control by Noteholders 32 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 34 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 37 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 38 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. SECTION 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.02 Application of Trust Money 25 Section 4.04. 21 SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 22 SECTION 5.01 Events of Default 26 Section 5.02. 22 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 23 SECTION 5.04 Remedies; Priorities 25 SECTION 5.05 Optional Preservation of the Trust Estate 30 Section 5.06. Collateral 27 SECTION 5.06 Limitation of Suits 31 Section 5.07. Unconditional 27 SECTION 5.07 Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 28 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 28 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 28 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 29 SECTION 5.11 Control by Noteholders 32 Section 5.12. 29 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 29 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 29 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 30 SECTION 5.15 Action on Note 33 Section 5.16. Notes 30 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 30 SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 31 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 32 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 34 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 34 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 35 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Holders 35 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 35 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 36 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 37 SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 39 SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5039

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.01 Events of Default 26 25 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 5.04 Remedies; Priorities 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate Receivables 30 Section 5.06. 5.06 Limitation of Suits 31 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 5.08 Restoration of Rights and Remedies 31 32 Section 5.09. 5.09 Rights and Remedies Cumulative 32 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 5.11 Control by Noteholders 32 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 33 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note 33 Notes 34 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 35 Section 6.02. 6.02 Rights of Indenture Trustee 36 Section 6.03. 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 38 Section 6.07. 6.07 Compensation and Indemnity 39 Section 6.08. 6.08 Replacement of Indenture Trustee 40 39 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 40 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. 6.11 Eligibility; Disqualification 43 42 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 42 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 42 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder 6.14 Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Demands to Repurchase Receivables 43

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 19 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 20 Section 5.01. Events Event of Default 26 20 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 21 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 22 Section 5.04. Remedies 29 22 Section 5.05. Optional Preservation Indenture Trustee May File Proofs of the Trust Estate 30 Claim 23 Section 5.06. Limitation Indenture Trustee May Enforce Claims Without Possession of Suits 31 Notes 24 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation on Suits 26 Section 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 27 Section 5.085.10. Restoration of Rights and Remedies 31 27 Section 5.095.11. Rights and Remedies Cumulative 32 27 Section 5.105.12. Delay or Omission Not a Waiver 32 28 Section 5.115.13. Control by Noteholders 32 28 Section 5.125.14. Waiver of Past Default 32 Defaults 28 Section 5.135.15. Undertaking for Cost 33 Costs 28 Section 5.145.16. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Laws 29 Section 5.17. Sale of Trust Estate 34 29 Section 5.18. Action on Notes 30 Section 5.19. No Recourse 31 Section 5.20. Application of the Trust Indenture Act 31 Section 6.01. Duties of Indenture Trustee 35 31 Section 6.02. Notice of Default 33 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 33 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 34 Section 6.05. May Hold Notes 35 Section 6.06. Money Held in Trust 35 Section 6.07. Eligibility, Disqualification 35 Section 6.08. Indenture Trustee’s Disclaimer 38 Capital and Surplus 35 Section 6.056.09. Notice Resignation and Removal; Appointment of Defaults; Notice Successor 36 Section 6.10. Acceptance of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Successor Indenture Trustee 37 Section 6.11. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement Business of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 37 Section 6.12. Preferential Collection of Claims Against Issuer 43 Issuing Entity 38 Section 6.13. Representations Co-Indenture Trustees and Warranties of Separate Indenture Trustee 43 Trustees 38 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Authenticating Agents 39 Section 6.15. Encryption 44 Review of Mortgage Files 40 Section 6.16. Indenture Trustee Fees and Expenses Indemnification 40 Section 7.01. Noteholder List Note Registrar to Furnish Indenture Trustee Names and Noteholder Communications 45 Addresses of Noteholders 41 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information: Communications to Noteholders 42 Section 7.03. Reports by Issuer 47 Indenture Trustee. 42 Section 7.04. Reports by Indenture Trustee 47 Issuing Entity 43 Section 8.01. Accounts; Investment; Collection of Money 48 Moneys 43 Section 8.02. Accounts 48 Allocation of Realized Losses. 50 Section 8.03. [Reserved]. 50 Section 8.04. General Provisions Regarding Accounts 49 the Payment Account and Mortgage Loans 51 Section 8.048.05. Releases of Deleted Mortgage Loans 52 Section 8.06. Reports by Indenture Trustee to Noteholders; Access to Certain Information 52 Section 8.07. Release of Trust Estate 50 53 Section 8.058.08. Amendment to Sale and Servicing Agreement 53 Section 8.09. Delivery of the Mortgage Files Pursuant to Sale and Servicing Agreement 53 Section 8.10. Servicer as Agent 53 Section 8.11. Termination of Servicer 54 Section 8.12. Opinion of Counsel 5054 Section 8.13. Appointment of Collateral Agents 54

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 70 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 71 SECTION 5.01. Events of Default 26 Section 71 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 74 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 75 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 76 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 77 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 77 SECTION 5.07. Unconditional Rights Limitation on Suits 77 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 78 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0978 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1078 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1178 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 78 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 79 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 79 SECTION 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section Undertaking for Costs 79 SECTION 6.01. Duties of Indenture the Trustee 35 Section 79 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice Defaults 80 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 80 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 83 SECTION 6.05. May Hold Notes 83 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 83 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 83 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 84 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 84 SECTION 6.10. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Section 6.10Successor 85 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 85 SECTION 6.12. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 86

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 25 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 26 Section 4.03. Application of Trust Money 25 26 Section 4.04. Repayment of Monies Held by Paying Agent 25 26 Section 5.01. Events of Default 26 27 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 28 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 28 Section 5.04. Remedies 29 30 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 40 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Representations and Warranties of Indenture Trustee 43 44 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 49 Section 8.02. Accounts 48 49 Section 8.03. General Provisions Regarding Accounts 49 50 Section 8.04. Release of Trust Estate 50 51 Section 8.05. Opinion of Counsel 5051

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 23 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Majority Noteholders 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 39 Section 6.04. Indenture Trustee’s Disclaimer 38 39 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 40 Section 6.07. Compensation and Indemnity 39 40 Section 6.08. Replacement of Indenture Trustee 40 41 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 44 Section 6.12. Preferential Collection of Claims Against Issuer 43 44 Section 6.13. Issuer as Holder of the 2020-B Exchange Note 44 Section 6.14. Representations and Warranties of Indenture Trustee 43 44 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.156.16. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2020-B Bank Accounts; General Provisions Regarding Accounts 49 2020-B Bank Accounts. 52 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5054

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 38 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 39 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 40 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 41 Section 6.11. Eligibility; Disqualification 43 42 Section 6.12. Preferential Collection of Claims Against Issuer 43 42 Section 6.13. Issuer as Holder of the 2014-A Exchange Note 42 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5044

Satisfaction and Discharge. 28 SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 28 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.0429 SECTION 4.03. Repayment of Monies Moneys Held by Paying Agent 25 Section 29 SECTION 4.04. Release of Collateral 29 ARTICLE V. REMEDIES 29 SECTION 5.01. Events of Default 26 Section 29 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 31 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 32 SECTION 5.04. Remedies 29 Section Remedies; Priorities 34 SECTION 5.05. Optional Preservation of the Trust Estate 30 Section Receivables 36 SECTION 5.06. Limitation of Suits 31 Section 36 SECTION 5.07. Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 37 SECTION 5.08. Restoration of Rights and Remedies 31 Section 37 SECTION 5.09. Rights and Remedies Cumulative 32 Section 38 SECTION 5.10. Delay or Omission Not a Waiver 32 Section 38 SECTION 5.11. Control by Noteholders 32 Section 38 SECTION 5.12. Waiver of Past Default 32 Section Defaults 38 SECTION 5.13. Undertaking for Cost 33 Section Costs 39 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 39 SECTION 5.15. Action on Note 33 Section Notes 39 SECTION 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.1740 ARTICLE VI. Sale of Trust Estate 34 Section THE INDENTURE TRUSTEE 40 SECTION 6.01. Duties of Indenture Trustee 35 Section 40 SECTION 6.02. Rights of Indenture Trustee 36 Section 42 SECTION 6.03. Individual Rights of Indenture Trustee 38 Section 44 SECTION 6.04. Indenture Trustee’s Disclaimer 38 Section 44 SECTION 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section Defaults 44 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Holders 44 SECTION 6.07. Compensation and Indemnity 39 Section 44 SECTION 6.08. Replacement of Indenture Trustee 40 Section 45 SECTION 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section Merger 46 SECTION 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 46 SECTION 6.11. Eligibility; Disqualification 43 Section 48 SECTION 6.12. [Reserved] 48 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.1348 SECTION 6.14. Representations and Warranties Waiver of Setoffs 48 SECTION 6.15. Licenses 48 SECTION 6.16. Additional Duties 48 ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS 48 SECTION 7.01. Issuer To Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section Noteholders 48 SECTION 7.02. Noteholder Demand for Asset Representations Review 46 Section Preservation of Information; Communications to Noteholders 49 SECTION 7.03. Reports by Issuer 47 Section 50 SECTION 7.04. Reports by Indenture Trustee 47 Section 50 ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES 51 SECTION 8.01. Collection of Money 48 Section 51 SECTION 8.02. Trust Accounts 48 Section 51 SECTION 8.03. General Provisions Regarding Accounts 49 Section 52 SECTION 8.04. Release of Trust Estate 50 Section 53 SECTION 8.05. Opinion of Counsel 5053

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. SECTION 4.2 Application of Trust Money 25 Section 4.04. 24 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 24 SECTION 4.4 Auction of Trust Student Loans 24 SECTION 5.1 Events of Default 26 Section 5.02. 25 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 26 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies SECTION 5.4 Remedies; Priorities 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 31 SECTION 5.6 Limitation of Suits 31 Section 5.07. 32 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 32 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. 32 SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 33 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 34 SECTION 5.15 Action on Note 33 Section 5.16. Notes 34 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 38 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 39 SECTION 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Merger 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Trustee. 41 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5042

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 23 Section 4.03. Application of Trust Money 25 24 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 24 Section 5.01. Events of Default 26 25 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 Remedies; Priorities 28 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 30 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. Restoration of Rights and Remedies 31 Section 5.09. Rights and Remedies Cumulative 32 31 Section 5.10. Delay or Omission Not a Waiver 32 31 Section 5.11. Control by Noteholders of the Majority Noteholders 32 Section 5.12. Waiver of Past Default Defaults 32 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law Laws 33 Section 5.15. Action on Note Notes 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders Holders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Issuer as Holder of the 2021-B Exchange Note 43 Section 6.14. Representations and Warranties of Indenture Trustee 43 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.156.16. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts Monthly Investor Report 48 Section 8.03. Disbursement of Funds 48 Section 8.04. 2021-B Bank Accounts; General Provisions Regarding Accounts 49 2021-B Bank Accounts. 51 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5052

Satisfaction and Discharge. Section 4.1. Satisfaction and Discharge of Indenture 23 31 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.034.2. Application of Trust Money 25 32 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.1. Events of Default 26 32 Section 5.025.2. Acceleration of Maturity; Rescission and Annulment 27 33 Section 5.035.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.045.4. Remedies 29 Trustee May File Proofs of Claim 35 Section 5.055.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 36 Section 5.065.6. Application of Money Collected 36 Section 5.7. Limitation of on Suits 31 36 Section 5.075.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 37 Section 5.085.9. Restoration of Rights and Remedies 31 37 Section 5.095.10. Rights and Remedies Cumulative 32 37 Section 5.105.11. Delay or Omission Not a Waiver 32 38 Section 5.115.12. Control by Noteholders 32 Holders 38 Section 5.125.13. Waiver of Past Default 32 Defaults 38 Section 5.135.14. Undertaking for Cost 33 Costs 39 Section 5.145.15. Waiver of Usury, Stay or Extension Law 33 Laws 39 Section 5.156.1. Action on Note 33 Corporate Trustee Required 39 Section 5.166.2. Performance Certain Duties and Enforcement of Certain Obligations 33 Responsibilities 40 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.056.3. Notice of DefaultsDefaults 41 Section 6.4. Certain Rights of Trustee 42 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Notice Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Successor 45 Section 6.066.8. Reports and Documents Acceptance of Appointment by Indenture Trustee Successor 45 Section 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Business 46 Section 6.10. Appointment Not Responsible for Recitals or Issuance of Co-Trustee or Separate Trustee 42 Securities 46 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection Appointment of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review Authenticating Agent 46 Section 7.037.1. Company to Furnish Trustee Names and Addresses of Holders 48 Section 7.2. Preservation of Information, Communications to Holders 48 Section 7.3. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts Company 49 Section 8.048.1. Release of Trust Estate Company May Consolidate, Etc., Only on Certain Terms 50 Section 8.058.2. Opinion of Counsel Successor Company Substituted 50

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 22 SECTION 4.2 Application of Trust Money 25 Section 4.04. 23 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 23 SECTION 4.4 Auction of Trust Student Loans 23 SECTION 5.1 Events of Default 26 Section 5.02. 24 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 25 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 26 SECTION 5.4 Remedies; Priorities 28 SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 31 SECTION 5.6 Limitation of Suits 31 Section 5.07. 32 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 32 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. 33 SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 33 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 33 SECTION 5.11 Control by Noteholders 32 Section 5.12. 33 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 34 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 34 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 34 SECTION 5.15 Action on Note 33 Section 5.16. Notes 34 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 Section 6.01. 35 SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 37 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 37 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests Defaults 38 Section 6.06. SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 38 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 38 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 39 SECTION 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Trustee. 40 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 41 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of 42 SECTION 7.1 Issuer to Furnish Indenture Trustee 43 Section 6.14. Furnishing Names and Addresses of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Noteholders 42 SECTION 7.2 Preservation of Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 42 SECTION 7.3 Reports by Issuer 47 Section 7.04Issuer. Reports by Indenture Trustee 47 Section 8.01. 43 SECTION 8.1 Collection of Money 48 Section 8.02. 43 SECTION 8.2 Trust Accounts 48 Section 8.03. 44 SECTION 8.3 General Provisions Regarding Accounts 49 Section 8.04. 45 SECTION 8.4 Release of Indenture Trust Estate 50 Section 8.05. 46 SECTION 8.5 Opinion of Counsel 5046

Satisfaction and Discharge. SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 67 SECTION 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 68 SECTION 5.01. Events of Default 26 Section 69 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 70 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 72 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 72 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 73 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 73 SECTION 5.07. Unconditional Rights Limitation on Suits 74 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 74 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0974 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1074 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1174 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 75 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 75 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 75 SECTION 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section Undertaking for Costs 75 SECTION 6.01. Duties of Indenture the Trustee 35 Section 76 SECTION 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice Defaults 77 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 77 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 79 SECTION 6.05. May Hold Notes 79 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 79 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 79 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 80 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 80 SECTION 6.10. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Section 6.10Successor 81 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 82 SECTION 6.12. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 82

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 101 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 103 Section 4.04. 4.3 Repayment of Monies Held by Paying Agent 25 103 Section 5.01. 4.4 Limitation on Obligation to Incur Administrative Expenses 103 Section 5.1 Events of Default 26 104 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 106 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 107 Section 5.04. 5.4 Remedies 29 109 Section 5.05. 5.5 Optional Preservation of the Trust Estate 30 Assets 111 Section 5.06. 5.6 Trustee May Enforce Claims without Possession of Notes 113 Section 5.7 Application of Money Collected 113 Section 5.8 Limitation of on Suits 31 113 Section 5.07. 5.9 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 114 Section 5.08. 5.10 Restoration of Rights and Remedies 31 114 Section 5.09. 5.11 Rights and Remedies Cumulative 32 114 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 114 Section 5.11. 5.13 Control by Noteholders 32 Majority of Controlling Class 114 Section 5.12. 5.14 Waiver of Past Default 32 Defaults 115 Section 5.13. 5.15 Undertaking for Cost 33 Costs 115 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws 116 Section 5.15. 5.17 Sale of Assets 116 Section 5.18 Action on Note 33 the Notes 117 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 117 Section 6.2 Notice of Event of Default 119 Section 6.3 Certain Obligations 33 Rights of Trustee 119 Section 5.17. Sale 6.4 Not Responsible for Recitals or Issuance of Notes 122 Section 6.5 May Hold Securities 122 Section 6.6 Money Held in Trust Estate 34 122 Section 6.01. 6.7 Compensation and Reimbursement 122 Section 6.8 Corporate Trustee Required; Eligibility 124 Section 6.9 Resignation and Removal; Appointment of Successor 124 Section 6.10 Acceptance of Appointment by Successor 125 Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee 126 Section 6.12 Co-Trustees 126 Section 6.13 Certain Duties of Indenture Trustee 35 Related to Delayed Payment of Proceeds and the Assets 127 Section 6.02. Rights of Indenture Trustee 36 6.14 Authenticating Agents 128 Section 6.03. Individual Rights of Indenture Trustee 38 6.15 Withholding 128 Section 6.04. Indenture Trustee’s Disclaimer 38 6.16 Fiduciary for Holders Only; Agent for Each Other Secured Party 129 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. 6.17 Representations and Warranties of Indenture Trustee 43 the Bank 129 Section 6.147.1 Payment of Principal and Interest 130 Section 7.2 Maintenance of Office or Agency 130 Section 7.3 Money for Note Payments to Be Held in Trust 131 Section 7.4 Existence of the Issuers 133 Section 7.5 Protection of Assets 134 Section 7.6 Opinions as to Assets 135 Section 7.7 Performance of Obligations 135 Section 7.8 [Reserved] 135 Section 7.9 Negative Covenants 135 Section 7.10 Statement as to Compliance 138 Section 7.11 The Issuer May Consolidate, Etc. Furnishing 139 Section 7.12 Successor Substituted 142 Section 7.13 No Other Business 142 Section 7.14 Annual Rating Review 143 Section 7.15 Reporting 143 Section 7.16 Calculation Agent 143 Section 7.17 Certain Tax Matters 144 Section 7.18 Effective Date; Purchase of Monthly Investor Reports and Other Documents 44 Additional Collateral Obligations 145 Section 6.15. Encryption 44 7.19 Representations Relating to Security Interests in the Assets 148 Section 7.01. Noteholder List and Noteholder Communications 45 7.20 Limitation on Long Dated Obligations 150 Section 7.02. Noteholder Demand for Asset Representations Review 46 7.21 Proceedings 150 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 507.22 Involuntary Bankruptcy Proceedings 151

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Application of Trust Money 23 Section 4.03. Repayment of Monies Held by Paying Agent 24 Section 4.04. Repayment of Monies Held by Paying Agent 24 Section 4.05. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 Collateral 32 Section 5.06. Limitation of Suits 31 32 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 33 Section 5.08. Restoration of Rights and Remedies 31 33 Section 5.09. Rights and Remedies Cumulative 32 33 Section 5.10. Delay or Omission Not a Waiver 32 33 Section 5.11. Control by Noteholders 32 Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 34 Section 5.13. Undertaking for Cost 33 Costs 34 Section 5.14. Waiver of Stay or Extension Law 33 Laws 35 Section 5.15. Action on Note 33 Notes 35 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 37 Section 6.02. Rights of Indenture Trustee 36 38 Section 6.03. Individual Rights of Indenture Trustee 38 40 Section 6.04. Indenture Trustee’s Disclaimer 38 40 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 40 Section 6.06. Reports Report and Documents by Indenture Trustee to Noteholders 39 41 Section 6.07. Compensation and Indemnity 39 41 Section 6.08. Replacement of Indenture Trustee 40 42 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 43 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 43 Section 6.11. Eligibility; Disqualification 43 45 Section 6.12. Preferential Collection Waiver of Claims Against Issuer 43 Setoffs 45 Section 6.13. Indenture Trustee as Securities Intermediary 45 Section 6.14. Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.15. Preferential Collection Claims Against Issuer 46 Section 6.16. Encryption 44 46 Section 7.01. Noteholder List and 47 Section 7.02. Noteholder List Retention; TIA Communication 47 Section 7.03. Noteholder Communications 45 with Indenture Trustee 47 Section 7.027.04. Communications between Noteholders 48 Section 7.05. Noteholder Demand for Asset Representations Review 46 48 Section 7.03. Reports by Issuer 47 Section 7.047.06. Reports by Indenture Trustee 47 49 Section 7.07. Reports by Issuer 50 Section 8.01. Collection of Money 48 51 Section 8.02. Trust Accounts 48 51 Section 8.03. General Provisions Regarding Trust Accounts 49 52 Section 8.04. Release of Trust Estate 50 Collateral 52 Section 8.05. Opinion of Counsel 50and Officer’s Certificate 52 Section 9.01. Supplemental Indentures With Consent of the Noteholders 53 Section 9.02. Supplemental Indentures Without Consent of Noteholders 54 Section 9.03. Execution of Supplemental Indentures 56 Section 9.04. Effect of Supplemental Indentures 56 Section 9.05. Reference in Notes to Supplemental Indentures 56 Section 9.06. Conformity with Trust Indenture Act 56 Section 10.01. Redemption 57 Section 10.02. Form of Redemption Notice 57 Section 10.03. Notes Payable on Redemption Date 58

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money Funds 25 Section 4.04403. Repayment of Monies Held by Paying Agent to the Company 25 Section 5.01404. Survival 25 Section 405. Reinstatement 25 Section 501. Events of Default 26 25 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04504. Remedies Trustee May File Proofs of Claim 28 Section 505. Trustee May Enforce Claims Without Possession of Securities 28 Section 506. Application of Money Collected 28 Section 507. Limitation on Suits 29 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 and Additional Amounts, if Any 29 Section 5.08509. Restoration of Rights and Remedies 31 29 Section 5.09510. Rights and Remedies Cumulative 32 29 Section 5.10511. Delay or Omission Not a Waiver 32 29 Section 5.11512. Control by Noteholders 32 Holders of Securities 30 Section 5.12513. Undertaking for Costs 30 Section 514. Waiver of Past Default 32 Defaults 30 Section 5.13. Undertaking for Cost 33 Section 5.14515. Waiver of Usury, Stay or Extension Law 33 Laws 30 Section 5.15601. Action on Note 33 Notice of Defaults 30 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01602. Duties of Indenture Trustee 35 31 Section 6.02603. Certain Rights of Indenture Trustee 36 31 Section 6.03604. Individual Rights Not Responsible for Recitals or Issuance of Indenture Trustee 38 Securities 33 Section 6.04605. Indenture Trustee’s Disclaimer 38 May Hold Securities 33 Section 6.05606. Notice of Defaults; Notice of Repurchase Requests 38 Money Held in Trust 33 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07607. Compensation and Indemnity 39 Reimbursement 33 Section 6.08608. Replacement Corporate Trustee Required; Eligibility 34 Section 609. Resignation and Removal; Appointment of Indenture Trustee 40 Successor 34 Section 6.09610. Acceptance of Appointment by Successor Indenture Trustee by 35 Section 611. Merger, Conversion, Consolidation or Succession to Business 35 Section 612. Appointment of Authenticating Agent 36 Section 613. Conflicting Interests 36 Section 614. Appointment of ▇▇-▇▇▇▇▇▇▇ 41 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇. Trustee’s Application for Instructions from the Company 37 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12616. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Company 37

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 24 Section 4.04. 4.03 Repayment of Monies Moneys Held by Paying Agent 25 24 Section 5.01. 5.01 Events of Default 26 24 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 26 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate Collateral 30 Section 5.06. 5.06 Limitation of Suits 31 30 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and and/or Interest 31 Section 5.08. 5.08 Restoration of Rights and Remedies 31 Section 5.09. 5.09 Rights and Remedies Cumulative 32 31 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.11 Control by Noteholders 32 Section 5.12. 5.12 Waiver of Past Default Defaults 32 Section 5.13. 5.13 Undertaking for Cost Costs 33 Section 5.14. 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. 5.15 Action on Note Notes 33 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. 6.03 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 36 Section 6.05. Notice 6.05 Notices of Defaults; Notice of Repurchase Requests 38 Default 36 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Holders 36 Section 6.07. 6.07 Compensation and Indemnity 39 36 Section 6.08. 6.08 Replacement of Indenture Trustee 40 37 Section 6.09. 6.09 Successor Indenture Trustee by ▇M▇▇▇▇▇ 41 38 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 38 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 506.11 Eligibility 40

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 32 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money 25 33 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01501. Events of Default 26 33 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 34 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.04504. Remedies 29 Trustee May File Proofs of Claim 36 Section 5.05505. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 36 Section 5.06506. Application of Money Collected 37 Section 507. Limitation of on Suits 31 37 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 38 Section 5.08509. Restoration of Rights and Remedies 31 38 Section 5.09510. Rights and Remedies Cumulative 32 38 Section 5.10511. Delay or Omission Not a Waiver 32 38 Section 5.11512. Control by Noteholders 32 Holders 38 Section 5.12513. Waiver of Past Default 32 Defaults 39 Section 5.13514. Undertaking for Cost 33 Costs 39 Section 5.14601. Waiver of Stay or Extension Law 33 Certain Duties and Responsibilities 40 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05602. Notice of Defaults; Notice Defaults 41 Section 603. Certain Rights of Repurchase Requests 38 Trustee 41 Section 6.06604. Reports and Documents by Indenture Trustee to Noteholders 39 Not Responsible for Recitals or Issuance of Securities 42 Section 6.07605. May Hold Securities 42 Section 606. Money Held in Trust 43 Section 607. Compensation and Indemnity 39 Reimbursement 43 Section 6.08608. Replacement of Indenture Disqualification; Conflicting Interests 43 Section 609. Corporate Trustee 40 Required; Eligibility 44 Section 6.09610. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Resignation and Removal; Appointment of Co-Trustee Successor 44 Section 611. Acceptance of Appointment by Successor 45 Section 612. Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 46 Section 6.11. Eligibility; Disqualification 43 Section 6.12613. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review the Company 46 Section 7.03614. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection Appointment of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 47

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 59 Section 4.02. Satisfaction, Discharge and Defeasance 3.1 Termination of the Notes 24 Issuers’ Obligations. 59 Article 4 REMEDIES 60 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 4.1 Events of Default 26 Default. 60 Section 5.024.2 Acceleration. Acceleration 62 Section 4.3 Other Remedies. 62 Section 4.4 Waiver of Maturity; Rescission and Annulment 27 Past Defaults. 63 Section 5.034.5 Control by Majority. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 63 Section 5.044.6 Limitation on Suits. Remedies 29 63 Section 5.05. Optional Preservation of the Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional 4.7 Rights of Noteholders Holders to Receive Principal and Interest 31 Payment. 64 Section 5.084.8 Collection Suit by Trustee. 64 Section 4.9 Trustee May File Proofs of Claim. 64 Section 4.10 Priorities. 65 Section 4.11 Undertaking for Costs. 65 Section 4.12 Restoration of Rights and Remedies 31 Remedies. 65 Article 5 THE TRUSTEE 66 Section 5.095.1 Certain Duties and Responsibilities. Rights and Remedies Cumulative 32 66 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 Section 5.12. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. 5.2 Notice of Defaults; Notice . 67 Section 5.3 Certain Rights of Repurchase Requests 38 Trustee. 67 Section 6.065.4 Not Responsible for Recitals or Issuance of Notes. Reports and Documents by Indenture Trustee to Noteholders 39 69 Section 6.075.5 May Hold Notes. 69 Section 5.6 Money Held in Trust. 69 Section 5.7 Compensation and Indemnity 39 Reimbursement. 70 Section 6.085.8 Disqualifications; Conflicting Interests. Replacement of Indenture 71 Section 5.9 Corporate Trustee 40 Required; Eligibility. 71 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 5.10 Resignation and Removal; Appointment of Co-Successor. 71 Section 5.11 Acceptance of Appointment by Successor. 72 Section 5.12 Merger, Conversion, Consolidation or Succession to Business. 73 Section 5.13 [Reserved]. 73 Section 5.14 Appointment of Authenticating Agent. 73 Article 6 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 74 Section 6.1 Issuers To Furnish Trustee or Separate Trustee 42 Names and Addresses of Holders. 74 Section 6.116.2 Preservation of Information; Communications to Holders. Eligibility; Disqualification 43 75 Article 7 GUARANTEE 75 Section 6.127.1 Notes Guarantee. Preferential Collection 75 Section 7.2 Limitation on Guarantor Liability. 76 Section 7.3 Execution and Delivery of Claims Against Issuer 43 Notes Guarantee. 76 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. 7.4 Release of Trust Estate 50 a Guarantor. 77 Section 8.057.5 Limitation on Guarantor Liability. Opinion 78 Article 8 SUPPLEMENTAL INDENTURE 78 Section 8.1 Without Consent of Counsel 50Holders. 78 Section 8.2 With Consent of Holders. 79 Section 8.3 [Reserved]. 81 Section 8.4 Revocation and Effect of Consents. 81 Section 8.5 Notation on or Exchange of Notes. 81

Satisfaction and Discharge. Section 401. Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03402. Application of Trust Money 25 23 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01501. Events of Default 26 23 Section 5.02502. Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 Section 504. Trustee May File Proofs of Claim 26 Section 505. Trustee May Enforce Claims Without Possession of Debt Securities 27 Section 5.04506. Remedies 29 Application of Money Collected 27 Section 5.05507. Optional Preservation of the Trust Estate 30 Limitations on Suits 28 Section 5.06. Limitation of Suits 31 Section 5.07508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 28 Section 5.08509. Restoration of Rights and Remedies 31 28 Section 5.09510. Rights and Remedies Cumulative 32 29 Section 5.10511. Delay or Omission Not a Waiver 32 29 Section 5.11512. Control by Noteholders 32 Holders 29 Section 5.12513. Waiver of Past Default 32 Defaults 29 Section 5.13514. Undertaking for Cost 33 Costs 30 Section 5.14515. Waiver of Stay or Extension Law 33 Laws 30 Section 5.15601. Action on Note 33 Certain Duties and Responsibilities 30 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05602. Notice of Defaults; Notice Defaults 31 Section 603. Certain Rights of Repurchase Requests 38 Trustee 32 Section 6.06604. Reports and Documents by Indenture Trustee to Noteholders 39 Not Responsible for Recitals or Issuance of Debt Securities 33 Section 6.07605. May Hold Debt Securities 33 Section 606. Money Held in Trust 33 Section 607. Compensation and Indemnity Reimbursement 33 Section 608. Disqualification; Conflicting Interests 34 Section 609. Corporate Trustee Required; Eligibility 39 Section 6.08610. Replacement Resignation and Removal; Appointment of Indenture Trustee Successor 39 Section 611. Acceptance of Appointment by Successor 40 Section 6.09612. Successor Indenture Trustee by ▇▇▇▇▇▇ Merger, Conversion, Consolidation or Succession to Business 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12613. Preferential Collection of Claims Against Issuer 43 Company 42 Section 6.13614. Representations and Warranties Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications Authenticating Agent 45 Section 7.02701. Noteholder Demand for Asset Representations Review 46 Company to Furnish Trustee Names and Addresses of Holders 47 Section 7.03702. Preservation of Information; Communications to Holders 47 Section 703. Reports by Issuer 47 Trustee 48 Section 7.04704. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate Company 50 Section 8.05801. Opinion Company May Consolidate, Etc., Only on Certain Terms 50 Section 802. Successor Corporation Substituted 51 Section 901. Supplemental Indentures without Consent of Counsel 50Holders 51 Section 902. Supplemental Indentures with Consent of Holders 52 Section 903. Execution of Supplemental Indentures 53 Section 904. Effect of Supplemental Indentures 54 Section 905. Conformity with Trust Indenture Act 54 Section 906. Reference in Debt Securities to Supplemental Indentures 54 Section 1001. Payment of Principal, Premium and Interest 54 Section 1002. Maintenance of Office or Agency 54 Section 1003. Money for Debt Securities Payments to Be Held in Trust 55 Section 1004. Statement by Officers as to Default 56 Section 1005. Waiver of Certain Covenants 56 Section 1101. Applicability of Article 56 Section 1102. Election to Redeem; Notice to Trustee 57 Section 1103. Selection by Trustee of Debt Securities to Be Redeemed 57 Section 1104. Notice of Redemption 57 Section 1105. Deposit of Redemption Price 58 Section 1106. Debt Securities Payable on Redemption Date 58 Section 1107. Debt Securities Redeemed in Part 58 Section 1201. Applicability of Article 59 Section 1202. Satisfaction of Sinking Fund Payments with Debt Securities 59 Section 1203. Redemption of Debt Securities for Sinking Fund 59 Section 1301. Exemption from Individual Liability 60 Section 1401. Applicability of Article 60 Section 1402. Defeasance upon Deposit of Moneys or U.S. Government Obligations 60 Section 1403. Deposited Moneys and U.S. Government Obligations to Be Held in Trust 62 Section 1404. Repayment to Company 62 TESTIMONIUM SIGNATURES AND SEALS ACKNOWLEDGEMENTS EXHIBIT A APPENDIX A INDENTURE, dated as of March 1,1986, between LOEWS CORPORATION, a corporation duly organized and existing under the laws of State of Delaware (herein called the (“Company”), having its principal office at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, and THE CHASE MANHATTAN BANK (National Association), a national banking association duly organized and existing under the laws of the United States, as Trustee (herein called the “Trustee”).

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 23 Section 5.01. 5.01 Events of Default 26 23 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.04 Remedies; Priorities 28 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 29 Section 5.06. 5.06 Limitation of Suits 31 29 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08. 5.08 Restoration of Rights and Remedies 31 30 Section 5.09. 5.09 Rights and Remedies Cumulative 32 30 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 30 Section 5.11. 5.11 Control by Noteholders 32 31 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 31 Section 5.13. 5.13 Undertaking for Cost 33 Costs 31 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 32 Section 5.15. 5.15 Action on Note 33 Notes 32 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 32 Section 6.01 Duties of Indenture Trustee 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties 6.02 Rights of Indenture Trustee 35 Section 6.02. 6.03 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. 6.04 Indenture Trustee’s Disclaimer 38 36 Section 6.05. 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 36 Section 6.06. 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 36 Section 6.07. 6.07 Compensation and Indemnity 39 37 Section 6.08. 6.08 Replacement of Indenture Trustee 40 37 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 38 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 39 Section 6.11. 6.11 Eligibility; Disqualification 43 40 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 40 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5040

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of this Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. Repayment of Monies Held by Paying Agent 25 5.01 Early Amortization Events 23 Section 5.01. 5.02 Events of Default 26 23 Section 5.02. 5.03 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.04 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 26 Section 5.04. Remedies 29 5.05 Remedies; Priorities 28 Section 5.05. 5.06 Optional Preservation of the Trust Estate 29 Section 5.07 Limitation on Suits 30 Section 5.06. Limitation of Suits 31 Section 5.07. 5.08 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08. 5.09 Restoration of Rights and Remedies 31 Section 5.09. 5.10 Rights and Remedies Cumulative 32 31 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 31 Section 5.11. 5.12 Control by Noteholders 32 31 Section 5.12. 5.13 Waiver of Past Default Defaults 32 Section 5.13. 5.14 Undertaking for Cost 33 Costs 32 Section 5.14. 5.15 Waiver of Stay or Extension Law Laws 32 Section 5.16 Action on Notes 32 Section 5.17 Sale of Loans 33 Section 5.15. Action on Note 33 Section 5.16. 5.18 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 6.01 Duties of Trust Estate the Indenture Trustee 34 Section 6.01. Duties 6.02 Notice of Indenture Trustee 35 Early Amortization Event or Event of Default 36 Section 6.02. Rights of 6.03 Certain Matters Affecting the Indenture Trustee 36 Section 6.03. Individual Rights 6.04 Not Responsible for Recitals or Issuance of Notes 39 Section 6.05 Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders May Hold Notes 39 Section 6.07. Compensation and Indemnity 6.06 Money Held in Trust 39 Section 6.08. 6.07 Compensation, Reimbursement and Indemnification 39 Section 6.08 Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 42 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. 6.11 Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. 6.12 Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 6.13 Execution of Transaction Document 44 Section 7.01. Noteholder List 6.14 Rule 15Ga-1 Compliance 44 Section 6.15 Performance Support Agreement 45 Section 7.01 Issuer to Furnish Indenture Trustee Names and Noteholder Communications Addresses of Noteholders 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 7.02 Preservation of Information; Communications to Noteholders 45 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. 8.01 Collection of Money 46 Section 8.02 Establishment of the Note Accounts 46 Section 8.03 Collections and Allocations 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 8.04 Rights of Noteholders 49 Section 8.04. 8.05 Release of Trust Estate 50 49 Section 8.05. Opinion 8.06 Application of Counsel 50Available Funds and the Reserve Account Draw Amount 51 Section 8.07 Loan Actions 54 Section 8.08 Optional Redemption of the Notes 55 Section 8.09 Distributions and Payments to Noteholders 56 Section 8.10 Reports and Statements to Noteholders 56 Section 9.01 Supplemental Indentures Without Consent of Noteholders 57 Section 9.02 Supplemental Indentures With Consent of Noteholders 58 Section 9.03 Execution of Supplemental Indentures 59 Section 9.04 Effect of Supplemental Indenture 60 Section 9.05 Reference in Notes to Supplemental Indentures 60 Section 9.06 Modification of Obligations of Owner Trustee 60 Section 10.01 Termination of Indenture 60 Section 10.02 Final Distribution 60

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 Indenture. 19 ARTICLE V REMEDIES Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 Default. 19 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 Annulment. 20 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee. 21 Section 5.4 Trustee 27 May File Proofs of Claim. 21 Section 5.045.5 Trustee May Enforce Claims Without Possession of Notes. Remedies 29 22 Section 5.055.6 Remedies; Priorities. 22 Section 5.7 Optional Preservation of the Trust Estate 30 Collateral 23 Section 5.06. 5.8 Limitation of Suits 31 Suits. 23 Section 5.07. 5.9 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Interest. 24 Section 5.08. 5.10 Restoration of Rights and Remedies 31 Remedies. 24 Section 5.09. 5.11 Rights and Remedies Cumulative 32 Cumulative. 24 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 Waiver. 25 Section 5.11. 5.13 Control by Noteholders 32 Controlling Class of Noteholders. 25 Section 5.12. 5.14 Waiver of Past Default 32 Defaults and Events of Default. 25 Section 5.13. 5.15 Undertaking for Cost 33 Costs. 25 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws. 26 Section 5.15. Action on Note 33 Section 5.16. 5.17 Performance and Enforcement of Certain Obligations 33 Obligations. 26 ARTICLE VI THE INDENTURE TRUSTEE Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.1 Duties of Indenture Trustee 35 Trustee. 27 Section 6.02. 6.2 Rights of Indenture Trustee 36 Trustee. 27 Section 6.03. 6.3 Individual Rights of Indenture Trustee 38 Trustee. 28 Section 6.04. 6.4 Indenture Trustee’s Disclaimer 38 's Disclaimer. 28 Section 6.05. 6.5 Notice of Defaults; Notice of Repurchase Requests 38 . 28 Section 6.06. 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Trustee. 29 Section 6.07. 6.7 Compensation and Indemnity 39 Indemnity. 30 Section 6.08. 6.8 Replacement of Indenture Trustee 40 Trustee. 31 Section 6.09. 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger. 31 Section 6.10. 6.10 Appointment of Separate Indenture Trustee or Co-Trustee or Separate Trustee 42 Indenture Trustee. 32 Section 6.11. 6.11 Eligibility; Disqualification 43 Disqualification. 33 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuer. 34 Section 6.136.13 Audits of the Indenture Trustee. 34 Section 6.14 Representations and Warranties of the Indenture Trustee 43 34 Section 6.146.15 Duty to Update Disclosure 35 ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS Section 7.1 Names and Addresses of Noteholders. Furnishing 35 Section 7.2 Preservation of Monthly Investor Reports and Other Documents 44 Information; Communications to Noteholders. 36 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. 7.3 Reports by Issuer 47 Issuer. 36 Section 7.04. 7.4 Reports by Indenture Trustee 47 Trustee. 36 ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES Section 8.01. 8.1 Collection of Money 48 37 Section 8.028.2 Trust Accounts; Distributions and Disbursements. Accounts 48 37 Section 8.03. 8.3 General Provisions Regarding Accounts 49 Bank Accounts. 41 Section 8.04. 8.4 Release of Trust Estate 50 Section 8.05Collateral. Opinion of Counsel 5041

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 21 SECTION 4.2 Application of Trust Money 25 Section 4.04. 22 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 23 SECTION 4.4 Auction of Trust Student Loans 23 SECTION 5.1 Events of Default 26 Section 5.02. 24 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 25 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 SECTION 5.4 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. SECTION 5.5 Optional Preservation of the Trust Estate Student Loans 30 Section 5.06. SECTION 5.6 Limitation of Suits 31 Section 5.07. 30 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. SECTION 5.9 Rights and Remedies Cumulative 32 Section 5.10. 31 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 31 SECTION 5.11 Control by Noteholders 32 Section 5.12. 31 SECTION 5.12 Waiver of Past Default Defaults 32 Section 5.13. SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 32 SECTION 5.14 Waiver of Stay or Extension Law Laws 33 Section 5.15. SECTION 5.15 Action on Note Notes 33 Section 5.16. SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 34 SECTION 6.2 Rights of Indenture Trustee 35 Section 6.02. SECTION 6.3 Individual Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 36 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 36 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 36 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 37 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 37 SECTION 6.9 Successor Indenture Trustee by ▇M▇▇▇▇▇ 41 Section 6.10. 38 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 38 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5040

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 24 Section 4.02. Satisfaction, 4.02 Discharge and Defeasance of the Notes 24 25 Section 4.03. 4.03 Covenant Defeasance 26 Section 4.04 Conditions To Defeasance Or Covenant Defeasance 26 Section 4.05 Application of Trust Money 25 Money; Excess Funds 28 Section 4.04. Repayment of Monies Held by 4.06 Paying Agent 25 to Repay Moneys Held 28 Section 5.01. 4.07 Return of Unclaimed Amounts 29 Section 5.01 Events of Default 26 29 Section 5.02. 5.02 Acceleration of Maturity; Rescission Rescission, and Annulment 27 31 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 32 Section 5.04. Remedies 29 5.04 Trustee May File Proofs of Claim 32 Section 5.05. Optional Preservation 5.05 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 33 Section 5.06. 5.06 Application of Money Collected 33 Section 5.07 Limitation on Suits 34 Section 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Securityholders to Receive Principal Principal, Premium, and Interest 31 34 Section 5.08. 5.09 Restoration of Rights and Remedies 31 34 Section 5.09. 5.10 Rights and Remedies Cumulative 32 35 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 35 Section 5.11. 5.12 Control by Noteholders 32 Securityholders 35 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 35 Section 5.13. 5.14 Undertaking for Cost 33 Costs 36 Section 5.14. 5.15 Waiver of Stay or Extension Law 33 Laws 36 Section 5.15. Action on Note 33 Section 5.16. Performance 6.01 Certain Duties and Enforcement Responsibilities of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual 6.02 Notice of Defaults 37 Section 6.03 Certain Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 6.04 Not Responsible for Recitals or Issuance of Securities 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 6.05 May Hold Securities 39 Section 6.07. 6.06 Money Held in Trust 39 Section 6.07 Compensation and Indemnity Reimbursement 39 Section 6.08. Replacement of Indenture Trustee 6.08 Disqualification; Conflicting Interests 40 Section 6.09. 6.09 Corporate Trustee Required; Eligibility 40 Section 6.10 Resignation and Removal; Appointment of Successor Indenture Trustee 40 Section 6.11 Acceptance of Appointment by ▇▇▇▇▇▇ Successor 41 Section 6.10. Appointment of Co-Trustee 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Succession to Business 43

Satisfaction and Discharge. SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 43 SECTION 4.2 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 44 ARTICLE V REMEDIES 45 SECTION 5.1 Events of Default 26 Section 5.02. 45 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 46 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation 47 SECTION 5.4 Trustee May File Proofs of the Trust Estate 30 Section 5.06. Claim 48 SECTION 5.5 Trustee May Enforce Claims Without Possession of Securities 49 SECTION 5.6 Application of Money Collected 49 SECTION 5.7 Limitation on Suits 50 SECTION 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 Section 5.08. and to Convert 50 SECTION 5.9 Restoration of Rights and Remedies 31 Section 5.09. 50 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10. 51 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11. 51 SECTION 5.12 Control by Noteholders 32 Section 5.12. Holders of Securities 51 SECTION 5.13 Waiver of Past Default 32 Section 5.13. Defaults 52 SECTION 5.14 Undertaking for Cost 33 Section 5.14. Costs 52 SECTION 5.15 Waiver of Stay Stay, Usury or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance Laws 52 ARTICLE VI THE TRUSTEE 53 SECTION 6.1 Certain Duties and Enforcement Responsibilities 53 SECTION 6.2 Notice of Defaults 54 SECTION 6.3 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights 54 SECTION 6.4 Not Responsible for Recitals or Issuance of Indenture Securities 56 SECTION 6.5 May Hold Securities, Act as Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. under Other Indentures 56 SECTION 6.6 Money Held in Trust 56 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Reimbursement 56 SECTION 6.8 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Required; Eligibility 57 SECTION 6.9 Resignation and Removal; Appointment of Co-Trustee Successor 58 SECTION 6.10 Acceptance of Appointment by Successor 59 SECTION 6.11 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. EligibilitySuccession to Business 59 SECTION 6.12 Authenticating Agents 60 SECTION 6.13 Disqualification; Disqualification 43 Section 6.12. Conflicting Interests 61 SECTION 6.14 Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations Company 61 ARTICLE VII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 61 SECTION 7.1 Company May Consolidate, Etc 61 SECTION 7.2 Successor Substituted 62 ARTICLE VIII SUPPLEMENTAL INDENTURES 62 SECTION 8.1 Supplemental Indentures Without Consent of Holders of Securities 62 SECTION 8.2 Supplemental Indentures with Consent of Holders of Securities 63 SECTION 8.3 Execution of Supplemental Indentures 64 SECTION 8.4 Effect of Supplemental Indentures 65 SECTION 8.5 Reference in Securities to Supplemental Indentures 65 SECTION 8.6 Notice of Supplemental Indentures 65 ARTICLE IX MEETINGS OF HOLDERS OF SECURITIES 65 SECTION 9.1 Purposes for Which Meetings May Be Called 65 SECTION 9.2 Call, Notice and Warranties Place of Indenture Trustee 43 Section 6.14. Furnishing Meetings 65 SECTION 9.3 Persons Entitled to Vote at Meetings 66 SECTION 9.4 Quorum; Action 66 SECTION 9.5 Determination of Monthly Investor Reports Voting Rights; Conduct and Adjournment of Meetings 67 SECTION 9.6 Counting Votes and Recording Action of Meetings 68 ARTICLE X COVENANTS 68 SECTION 10.1 Payment of Principal and Interest 68 SECTION 10.2 Maintenance of Offices or Agencies 68 SECTION 10.3 Money for Security Payments to Be Held in Trust 69 SECTION 10.4 Existence 70 SECTION 10.5 Payment of Taxes and Other Documents 44 Section 6.15Claims 70 SECTION 10.6 Statement by Officers as to Default 71 SECTION 10.7 Delivery of Certain Information 71 SECTION 10.8 Waiver of Certain Covenants 72 SECTION 10.9 Additional Interest 72 ARTICLE XI REDEMPTION OF SECURITIES 72 SECTION 11.1 Right of Redemption 72 SECTION 11.2 Applicability of Article 73 SECTION 11.3 Election to Redeem; Notice to Trustee 73 SECTION 11.4 Selection by Trustee of Securities to Be Redeemed 73 SECTION 11.5 Notice of Redemption 74 SECTION 11.6 Deposit of Redemption Price 74 SECTION 11.7 Securities Payable on Redemption Date 75 SECTION 11.8 Conversion Arrangement on Call for Redemption 76 ARTICLE XII CONVERSION OF THE SECURITIES 76 SECTION 12.1 Conversion Privilege 76 SECTION 12.2 Conversion Procedure 80 SECTION 12.3 Taxes on Conversion 81 SECTION 12.4 Company to Provide Stock 81 SECTION 12.5 Adjustment of Conversion Price 81 SECTION 12.6 No Adjustment 86 SECTION 12.7 Equivalent Adjustments 87 SECTION 12.8 Adjustment for Tax Purposes 87 SECTION 12.9 Notice of Adjustment 87 SECTION 12.10 Notice of Certain Transactions 87 SECTION 12.11 Effect of Reclassification, Consolidation, Merger, Share Exchange or Sale on Conversion Privilege 88 SECTION 12.12 Trustee’s Disclaimer 89 SECTION 12.13 Voluntary Reduction 90 SECTION 12.14 Conversion Value of Securities Tendered 90 SECTION 12.15 Simultaneous Adjustments 91 ARTICLE XIII REDEMPTION AND REPURCHASES 91 SECTION 13.1 Repurchase of Securities at Option of the Holder on Specified Dates 91 SECTION 13.2 Effect of Repurchase Notice 94 SECTION 13.3 Deposit of Repurchase Price 94 SECTION 13.4 Securities Repurchased in Part 95 SECTION 13.5 Covenant to Comply with Securities Laws upon Repurchase of Securities 95 SECTION 13.6 Repayment to the Company 95 ARTICLE XIV REPURCHASE OF SECURITIES AT THE OPTION OF THE HOLDER 96 SECTION 14.1 Right to Require Repurchase Upon a Fundamental Change 96 SECTION 14.2 Notices; Method of Exercising Repurchase Right, Etc. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5096 SECTION 14.3 Certain Definitions 99

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 27 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 28 Section 5.01. Events of Default 26 28 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 30 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04. Remedies 29 Trustee May File Proofs of Claim 31 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Debt Securities 32 Section 5.06. Limitation Application of Suits 31 Money Collected 32 Section 5.07. Limitation on Suits 32 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 33 Section 5.085.09. Restoration of Rights and Remedies 31 33 Section 5.095.10. Rights and Remedies Cumulative 32 33 Section 5.105.11. Delay or Omission Not a Waiver 32 34 Section 5.115.12. Control by Noteholders 32 Holders 34 Section 5.125.13. Waiver of Past Defaults or Events of Default 32 34 Section 5.135.14. Undertaking for Cost 33 Costs 34 Section 5.145.15. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Laws 35 Section 6.01. Certain Duties of Indenture Trustee and Responsibilities 35 Section 6.02. Rights Notice of Indenture Trustee Defaults 36 Section 6.03. Individual Certain Rights of Indenture Trustee 38 36 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Debt Securities 37 Section 6.05. Notice of Defaults; Notice of Repurchase Requests May Hold Debt Securities 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 38 Section 6.07. Compensation and Indemnity 39 Reimbursement 38 Section 6.08. Replacement of Indenture Trustee 40 Qualification; Conflicting Interests 38 Section 6.09. Successor Indenture Corporate Trustee by ▇▇▇▇▇▇ 41 Required; Eligibility 39 Section 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 39 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor 40 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 41 Section 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Company 41 Section 6.14. Furnishing Appointment of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Authenticating Agent 41 Section 7.01. Noteholder List Company to Furnish Trustee Names and Noteholder Communications 45 Addresses of Holders 43 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information; Communication to Holders 43 Section 7.03. Reports by Issuer 47 Trustee 44 Section 7.04. Reports by Indenture Trustee 47 Company 46 Section 8.01. Collection Acts of Money 48 Holders 47 Section 8.02. Accounts 48 Proof of Ownership; Proof of Execution of Instruments by Holder 47 Section 8.03. General Provisions Regarding Accounts 49 Persons Deemed Owners 47 Section 8.04. Release Revocation of Trust Estate Consents; Future Holders Bound 48 Section 9.01. Purposes of Meetings 48 Section 9.02. Call of Meetings by Trustee 48 Section 9.03. Call of Meetings by Company or Holders 49 Section 9.04. Qualifications for Voting 49 Section 9.05. Regulations 49 Section 9.06. Voting 49 Section 9.07. No Delay of Rights by Meeting 50 Section 8.0510.01. Opinion of Counsel 50Company May Consolidate, etc., Only on Certain Terms 50 Section 10.02. Successor Corporation Substituted 51

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Securities of any Series 35 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 38 Section 4.03. Satisfaction and Discharge of Senior Indenture 39 Section 4.04. Repayment of Monies Held by Paying Agent 25 Reinstatement 39 ARTICLE FIVE REMEDIES Section 5.01. Events of Default 26 39 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 41 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Senior Trustee 27 42 Section 5.04. Remedies 29 Senior Trustee May File Proofs of Claim 43 Section 5.05. Optional Preservation Senior Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 44 Section 5.06. Limitation Application of Suits 31 Money Collected 44 Section 5.07. Limitation on Suits 45 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal (and Interest 31 Premium, if any) and Interest, if any 45 Section 5.085.09. Restoration of Rights and Remedies 31 46 Section 5.095.10. Rights and Remedies Cumulative 32 46 Section 5.105.11. Delay or Omission Not a Waiver 32 46 Section 5.115.12. Control by Noteholders 32 Holders 46 Section 5.125.13. Waiver of Past Default 32 Defaults 47 Section 5.135.14. Undertaking for Cost 33 Costs 47 Section 5.145.15. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Laws 47 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Judgment Currency 48 ARTICLE SIX THE SENIOR TRUSTEE Section 6.01. Certain Duties of Indenture Trustee 35 and Responsibilities 48 Section 6.02. Rights Notice of Indenture Trustee 36 Default 49 Section 6.03. Individual Certain Rights of Indenture Senior Trustee 38 50 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Securities 51 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities 51 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 52 Section 6.07. Compensation and Indemnity 39 Reimbursement 52 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. EligibilityDisqualification; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Conflicting Interests 53

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 97 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 99 Section 4.04. 4.3 Repayment of Monies Held by Paying Agent 25 99 Section 5.01. 4.4 Limitation on Obligation to Incur Administrative Expenses 99 Section 5.1 Events of Default 26 100 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 101 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 103 Section 5.04. 5.4 Remedies 29 105 Section 5.05. 5.5 Optional Preservation of the Trust Estate 30 Assets 107 Section 5.06. 5.6 Trustee May Enforce Claims without Possession of Notes 108 Section 5.7 Application of Money Collected 109 Section 5.8 Limitation of on Suits 31 109 Section 5.07. 5.9 Unconditional Rights of Noteholders Holders to Receive Principal and Interest 31 110 Section 5.08. 5.10 Restoration of Rights and Remedies 31 110 Section 5.09. 5.11 Rights and Remedies Cumulative 32 110 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 110 Section 5.11. 5.13 Control by Noteholders 32 Majority of Controlling Class 110 Section 5.12. 5.14 Waiver of Past Default 32 Defaults 111 Section 5.13. 5.15 Undertaking for Cost 33 Costs 111 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws 112 Section 5.15. 5.17 Sale of Assets 112 Section 5.18 Action on Note 33 the Notes 113 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 113 Section 6.2 Notice of Event of Default 115 Section 6.3 Certain Obligations 33 Rights of Trustee 115 Section 5.17. Sale 6.4 Not Responsible for Recitals or Issuance of Notes 118 Section 6.5 May Hold Securities 118 Section 6.6 Money Held in Trust Estate 34 118 Section 6.01. 6.7 Compensation and Reimbursement 118 Section 6.8 Corporate Trustee Required; Eligibility 120 Section 6.9 Resignation and Removal; Appointment of Successor 120 Section 6.10 Acceptance of Appointment by Successor 121 Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee 122 Section 6.12 Co-Trustees 122 Section 6.13 Certain Duties of Indenture Trustee 35 Related to Delayed Payment of Proceeds and the Assets 123 Section 6.02. Rights of Indenture Trustee 36 6.14 Authenticating Agents 124 Section 6.03. Individual Rights of Indenture Trustee 38 6.15 Withholding 124 Section 6.04. Indenture Trustee’s Disclaimer 38 6.16 Fiduciary for Holders Only; Agent for Each Other Secured Party 125 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. 6.17 Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50the Bank 125

Satisfaction and Discharge. Section 4.1. Satisfaction and Discharge of Indenture 23 31 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.034.2. Application of Trust Money 25 32 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.1. Events of Default 26 33 Section 5.025.2. Acceleration of Maturity; Rescission and Annulment 27 34 Section 5.035.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.045.4. Remedies 29 Trustee May File Proofs of Claim 35 Section 5.055.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 36 Section 5.065.6. Application of Money Collected 36 Section 5.7. Limitation of on Suits 31 36 Section 5.075.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 37 Section 5.085.9. Restoration of Rights and Remedies 31 37 Section 5.095.10. Rights and Remedies Cumulative 32 37 Section 5.105.11. Delay or Omission Not a Waiver 32 38 Section 5.115.12. Control by Noteholders 32 Holders 38 Section 5.125.13. Waiver of Past Default 32 Defaults 38 Section 5.135.14. Undertaking for Cost 33 Costs 39 Section 5.145.15. Waiver of Usury, Stay or Extension Law 33 Laws 39 Section 5.156.1. Action on Note 33 Corporate Trustee Required 39 Section 5.166.2. Performance Certain Duties and Enforcement of Certain Obligations 33 Responsibilities 40 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.056.3. Notice of DefaultsDefaults 41 Section 6.4. Certain Rights of Trustee 42 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Notice Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Successor 45 Section 6.066.8. Reports and Documents Acceptance of Appointment by Indenture Trustee Successor 45 Section 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Business 46 Section 6.10. Appointment Not Responsible for Recitals or Issuance of Co-Trustee or Separate Trustee 42 Securities 46 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection Appointment of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review Authenticating Agent 46 Section 7.037.1. Company to Furnish Trustee Names and Addresses of Holders 48 Section 7.2. Preservation of Information, Communications to Holders 48 Section 7.3. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts Company 49 Section 8.048.1. Release of Trust Estate 50 Company May Consolidate, Etc., Only on Certain Terms 49 Section 8.058.2. Opinion of Counsel Successor Company Substituted 50

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 22 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Trust Money 25 23 ARTICLE V REMEDIES Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 5.1 Events of Default 26 23 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 24 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 24 TABLE OF CONTENTS (continued) Section 5.04. Remedies 29 5.4 Trustee May File Proofs of Claim 25 Section 5.05. Optional Preservation 5.5 Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 25 Section 5.06. 5.6 Application of Money Collected 26 Section 5.7 Limitation on Suits 26 Section 5.8 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Interest; Direct Action by Holders of Trust Preferred Securities 26 Section 5.08. 5.9 Restoration of Rights and Remedies 31 26 Section 5.09. 5.10 Rights and Remedies Cumulative 32 27 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 27 Section 5.11. 5.12 Control by Noteholders 32 Holders 27 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 27 Section 5.13. 5.14 Undertaking for Cost 33 Costs 27 Section 5.14. 5.15 Waiver of Usury, Stay or Extension Law 33 Laws 28 ARTICLE VI THE TRUSTEE Section 5.15. Action on Note 33 6.1 Certain Duties and Responsibilities 28 Section 5.16. Performance and Enforcement 6.2 Notice of Defaults 29 Section 6.3 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 29 Section 6.03. Individual Rights 6.4 Not Responsible for Recitals or Issuance of Indenture Trustee 38 Securities 30 Section 6.04. Indenture Trustee’s Disclaimer 38 6.5 May Hold Securities 30 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 6.6 Money Held in Trust 30 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.7 Compensation and Indemnity 39 Reimbursement 30 Section 6.08. Replacement of Indenture 6.8 Disqualification; Conflicting Interests 30 Section 6.9 Corporate Trustee 40 Required; Eligibility 30 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 31 Section 6.11 Acceptance of Appointment by Successor 32 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 32 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company 33 Section 6.13. Representations and Warranties 6.14 Appointment of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 33

Satisfaction and Discharge. SECTION 401. Satisfaction and Discharge of Indenture 23 Section 4.02Indenture. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0341 SECTION 402. Application of Trust Money 25 Section 4.04Money. Repayment of Monies Held by Paying Agent 25 Section 5.0142 SECTION 501. Events of Default 26 Section 5.02Default. 42 SECTION 502. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03Annulment. 44 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 45 SECTION 504. Trustee 27 Section 5.04May File Proofs of Claim. Remedies 29 Section 5.0545 SECTION 505. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section 5.06Securities. 46 SECTION 506. Application of Money Collected. 46 SECTION 507. Limitation of Suits 31 Section 5.07on Suits. 46 SECTION 508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08Interest. 47 SECTION 509. Restoration of Rights and Remedies 31 Section 5.09Remedies. 47 SECTION 510. Rights and Remedies Cumulative 32 Section 5.10Cumulative. 48 SECTION 511. Delay or Omission Not a Waiver 32 Section 5.11Waiver. 48 SECTION 512. Control by Noteholders 32 Section 5.12Holders. 48 SECTION 513. Waiver of Past Default 32 Section 5.13Defaults. 48 SECTION 514. Undertaking for Cost 33 Section 5.14Costs. 49 SECTION 515. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws. Action on Note 33 Section 5.1649 SECTION 601. Performance Certain Duties and Enforcement of Certain Obligations 33 Section 5.17Responsibilities. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.0549 SECTION 602. Notice of Defaults; Notice . 49 SECTION 603. Certain Rights of Repurchase Requests 38 Section 6.06Trustee. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.0750 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 51 SECTION 605. May Hold Securities. 51 SECTION 606. Money Held in Trust. 51 SECTION 607. Compensation and Indemnity 39 Section 6.08Reimbursement. Replacement of Indenture 51 SECTION 608. Conflicting Interests. 51 SECTION 609. Corporate Trustee 40 Section 6.09Required; Eligibility. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.1052 SECTION 610. Resignation and Removal; Appointment of Co-Trustee Successor. 52 SECTION 611. Acceptance of Appointment by Successor. 53 SECTION 612. Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11Succession to Business. Eligibility; Disqualification 43 Section 6.1254 SECTION 613. Preferential Collection of Claims Against Issuer 43 Section 6.13Company and Subsidiary Guarantors. Representations and Warranties 55 SECTION 614. Appointment of Indenture Trustee 43 Section 6.14Authenticating Agent. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5055

Satisfaction and Discharge. Section 4.1. Satisfaction and Discharge of Indenture 23 32 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.034.2. Application of Trust Money 25 33 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.1. Events of Default 26 33 Section 5.025.2. Acceleration of Maturity; Rescission and Annulment 27 34 Section 5.035.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 35 Section 5.045.4. Remedies 29 Trustee May File Proofs of Claim 36 Section 5.055.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Securities 36 Section 5.065.6. Application of Money Collected 37 Section 5.7. Limitation of on Suits 31 37 Section 5.075.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, if any, and Interest 31 Interest; Direct Action by Holders of Preferred Securities 38 Section 5.085.9. Restoration of Rights and Remedies 31 38 Section 5.095.10. Rights and Remedies Cumulative 32 38 Section 5.105.11. Delay or Omission Not a Waiver 32 38 Section 5.115.12. Control by Noteholders 32 Holders 39 Section 5.125.13. Waiver of Past Default 32 Defaults 39 Section 5.135.14. Undertaking for Cost 33 Costs 39 Section 5.145.15. Waiver of Usury, Stay or Extension Law 33 Laws 40 Section 5.156.1. Action on Note 33 Corporate Trustee Required 40 Section 5.166.2. Performance Certain Duties and Enforcement of Certain Obligations 33 Responsibilities 40 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.056.3. Notice of DefaultsDefaults 42 Section 6.4. Certain Rights of Trustee 42 Section 6.5. May Hold Securities 44 Section 6.6. Compensation; Notice Reimbursement; Indemnity 44 Section 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Successor 45 Section 6.066.8. Reports and Documents Acceptance of Appointment by Indenture Trustee Successor 46 Section 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Business 47 Section 6.10. Appointment Not Responsible for Recitals or Issuance of Co-Trustee or Separate Trustee 42 Securities 47 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection Appointment of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 47

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 17 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 Funds; Indemnification 18 Section 4.04. Repayment 4.03 Defeasance and Discharge of Monies Held by Paying Agent 25 Indenture 18 Section 5.01. 4.04 Defeasance of Certain Obligations 20 Section 5.01 Events of Default 26 20 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 22 Section 5.03. 5.03 Collection of Indebtedness and Suits for For Enforcement by Indenture By Trustee 27 22 Section 5.04. Remedies 29 5.04 Trustee May File Proofs of Claim 23 Section 5.05. Optional Preservation 5.05 Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 23 Section 5.06. 5.06 Application of Money Collected 24 Section 5.07 Limitation on Suits 24 Section 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 24 Section 5.08. 5.09 Restoration of Rights and Remedies 31 24 Section 5.09. 5.10 Rights and Remedies Cumulative 32 25 Section 5.10. 5.11 Delay or Omission Not a Waiver 32 25 Section 5.11. 5.12 Control by Noteholders 32 Holders 25 Section 5.12. 5.13 Waiver of Past Default 32 Defaults 25 Section 5.13. 5.14 Undertaking for Cost 33 Costs 25 Section 5.14. 5.15 Waiver of Stay or Extension Law 33 Laws 26 Section 5.15. Action on Note 33 6.01 Certain Duties and Responsibilities 26 Section 5.16. Performance and Enforcement 6.02 Notice of Defaults 27 Section 6.03 Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Section 6.01. Duties of Indenture Trustee 35 Section 6.02. Rights of Indenture Trustee 36 27 Section 6.03. Individual Rights 6.04 Not Responsible for Recitals or Issuance of Indenture Securities 28 Section 6.05 May Hold Securities 28 Section 6.06 Money Held in Trust 28 Section 6.07 Compensation, Reimbursement and Indemnification 28 Section 6.08 Disqualification; Conflicting Interests 29 Section 6.09 Corporate Trustee 38 Required; Eligibility 29 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults6.10 Resignation and Removal; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee Successor 29 Section 6.11 Acceptance of Appointment by Successor 31 Section 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Succession to Business 31 Section 6.11. Eligibility; Disqualification 43 Section 6.12. 6.13 Preferential Collection of Claims Against Issuer 43 Company or Guarantor 31 Section 6.13. Representations and Warranties 7.02 Preservation of Indenture Trustee 43 Information; Communications to Holders 32 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. 7.03 Reports by Issuer 47 Trustee 33 Section 7.04. 7.04 Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5033

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 21 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 23 Section 4.04. 4.03 Repayment of Monies Held by Paying Agent 25 23 Section 5.01. 5.01 Events of Default 26 23 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 25 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 25 Section 5.04 Remedies; Priorities 27 Section 5.04. Remedies 29 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 28 Section 5.06. 5.06 Limitation of Suits 31 29 Section 5.07. 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest 31 30 Section 5.08. 5.08 Restoration of Rights and Remedies 31 30 Section 5.09. 5.09 Rights and Remedies Cumulative 32 30 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 30 Section 5.11. 5.11 Control by Noteholders 32 30 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 31 Section 5.13. 5.13 Undertaking for Cost 33 Costs 31 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 31 Section 5.15. 5.15 Action on Note 33 Notes 32 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 32 Section 6.01 Duties of Indenture Trustee 33 Section 5.17. Sale 6.02 Rights of Trust Estate Indenture Trustee 34 Section 6.01. Duties 6.03 Individual Rights of Indenture Trustee 35 Section 6.02. Rights 6.04 Indenture Trustee’s Disclaimer 35 Section 6.05 Notice of Defaults 36 Section 6.06 Reports by Indenture Trustee 36 Section 6.03. Individual Rights 6.07 Compensation and Indemnity 37 Section 6.08 Replacement of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 39 Section 6.10. 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 39 Section 6.11. 6.11 Eligibility; Disqualification 43 40 Section 6.12. 6.12 Preferential Collection of Claims Against Issuer 43 Issuing Entity 40 Section 6.13. 6.13 Representations and Warranties of the Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5041

Satisfaction and Discharge. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0333 SECTION 4.2. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.0135 SECTION 5.1. Events of Default 26 Section 5.0235 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0336 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0437 SECTION 5.4. Remedies 29 Section 5.05Trustee May File Proofs of Claim 38 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities 38 SECTION 5.6. Application of Money Collected 39 SECTION 5.7. Limitation of on Suits 31 Section 5.0739 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08Interest; Direct Action by Holders of Preferred Securities 40 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.0940 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1040 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1141 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 41 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults 41 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs 42 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws 42 SECTION 6.1. Action Corporate Trustee Required 42 SECTION 6.2. Certain Duties and Responsibilities 43 SECTION 6.3. Notice of Defaults 44 SECTION 6.4. Certain Rights of Trustee 44 SECTION 6.5. May Hold Securities 46 SECTION 6.6. Compensation; Reimbursement; Indemnity 46 SECTION 6.7. Resignation and Removal; Appointment of Successor 47 SECTION 6.8. Acceptance of Appointment by Successor 48 SECTION 6.9. Merger, Conversion, Consolidation or Succession to Business 48 SECTION 6.10. Not Responsible for Recitals or Issuance of Securities 49 SECTION 6.11. Appointment of Authenticating Agent 49 SECTION 7.1. Company to Furnish Trustee Names and Addresses of Holders 50 SECTION 7.2. Preservation of Information, Communications to Holders 51 SECTION 7.3. Reports by Company 51 SECTION 8.1. Company May Consolidate, Etc., Only on Note 33 Section 5.16Certain Terms 52 SECTION 8.2. Performance Successor Company Substituted 53 SECTION 9.1. Supplemental Indentures without Consent of Holders 54 SECTION 9.2. Supplemental Indentures with Consent of Holders 54 SECTION 9.3. Execution of Supplemental Indentures 55 SECTION 9.4. Effect of Supplemental Indentures 55 SECTION 9.5. Reference in Securities to Supplemental Indentures 56 SECTION 10.1. Payment of Principal, Premium and Enforcement Interest 56 SECTION 10.2. Money for Security Payments to be Held in Trust 56 SECTION 10.3. Statement as to Compliance 57 SECTION 10.4. Calculation Agent 57 SECTION 10.5. Additional Tax Sums 58 SECTION 10.6. Additional Covenants 59 SECTION 10.7. Waiver of Certain Obligations 33 Section 5.17Covenants 60 SECTION 10.8. Sale Treatment of Trust Estate 34 Section 6.01Securities 60 SECTION 11.1. Duties Optional Redemption 60 SECTION 11.2. Special Event Redemption 60 SECTION 11.3. Election to Redeem; Notice to Trustee 61 SECTION 11.4. Selection of Indenture Securities to be Redeemed 61 SECTION 11.5. Notice of Redemption 61 SECTION 11.6. Deposit of Redemption Price 62 SECTION 11.7. Payment of Securities Called for Redemption 62 SECTION 12.1. Securities Subordinate to Senior Debt 63 SECTION 12.2. No Payment When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc 63 SECTION 12.3. Payment Permitted If No Default 65 SECTION 12.4. Subrogation to Rights of Holders of Senior Debt 65 SECTION 12.5. Provisions Solely to Define Relative Rights 65 SECTION 12.6. Trustee 35 Section 6.02to Effectuate Subordination 66 SECTION 12.7. No Waiver of Subordination Provisions 66 SECTION 12.8. Notice to Trustee 66 SECTION 12.9. Reliance on Judicial Order or Certificate of Liquidating Agent 67 SECTION 12.10. Trustee Not Fiduciary for Holders of Senior Debt 67 SECTION 12.11. Rights of Indenture Trustee 36 Section 6.03. Individual Rights as Holder of Indenture Trustee 38 Section 6.04. Indenture Senior Debt; Preservation of Trustee’s Disclaimer 38 Rights 67 SECTION 12.12. Article Applicable to Paying Agents 68 Schedule A Determination of LIBOR Exhibit A Form of Officer’s Certificate Exhibit B Form of Officer’s Certificate pursuant to Section 6.0510.3 JUNIOR SUBORDINATED INDENTURE, dated as of March 30, 2006, between SMITHTOWN BANCORP, INC., a New York corporation (the “Company”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Trustee (in such capacity, the “Trustee”). Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50RECITALS OF THE COMPANY

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 23 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Note Paying Agent 25 Section 5.01. Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies Remedies; Priorities 29 Section 5.05. Optional Preservation of the Trust Estate 30 31 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 32 Section 5.08. Restoration of Rights and Remedies 31 32 Section 5.09. Rights and Remedies Cumulative 32 Section 5.10. Delay or Omission Not a Waiver 32 Section 5.11. Control by Noteholders 32 of the Controlling Class 33 Section 5.12. Waiver of Past Default 32 Defaults 33 Section 5.13. Undertaking for Cost Costs 33 Section 5.14. Waiver of Stay or Extension Law 33 Laws 34 Section 5.15. Action on Note 33 Notes 34 Section 5.16. Performance and Enforcement of Certain Obligations 33 34 Section 5.17. Sale of Trust Estate 34 35 Section 6.01. Duties of Indenture Trustee 35 36 Section 6.02. Rights of Indenture Trustee 36 37 Section 6.03. Individual Rights of Indenture Trustee 38 Section 6.04. Indenture Trustee’s Disclaimer 38 Section 6.05. Notice of Defaults; Notice of Defaults and Repurchase Requests 38 39 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders Holders 39 Section 6.07. Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection of Claims Against Issuer 43 Section 6.13. Issuer as Holder of the 2016-A Exchange Note 43 Section 6.14. Representations and Warranties of Indenture Trustee 43 44 Section 6.146.15. Furnishing of Monthly Investor Reports and Other Documents 44 45 Section 6.156.16. Encryption 44 45 Section 7.01. Noteholder List and Noteholder Communications 45 46 Section 7.02. Noteholder Demand for Asset Representations Review 46 47 Section 7.03. Reports by Issuer 47 48 Section 7.04. Reports by Indenture Trustee 47 48 Section 8.01. Collection of Money 48 50 Section 8.02. Accounts 48 Monthly Investor Report 50 Section 8.03. Disbursement of Funds 50 Section 8.04. 2016-A Bank Accounts; General Provisions Regarding Accounts 49 2016-A Bank Accounts. 52 Section 8.048.05. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5054

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 32 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 33 ARTICLE 5 REMEDIES Section 5.01. Events of Default 26 33 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 35 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 36 Section 5.04. Remedies 29 Trustee May File Proofs of Claim 37 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 37 Section 5.06. Limitation Application of Suits 31 Money Collected 38 Section 5.07. Limitation on Suits 38 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal and Principal, Premium And Interest 31 39 Section 5.085.09. Restoration of Rights and Remedies 31 39 Section 5.095.10. Rights and Remedies Cumulative 32 39 Section 5.105.11. Delay or Omission Not a Waiver 32 40 Section 5.115.12. Control by Noteholders 32 Holders 40 Section 5.125.13. Waiver of Past Default 32 Defaults 40 Section 5.135.14. Undertaking for Cost 33 Section 5.14. Waiver of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale of Trust Estate 34 Costs 40 ARTICLE 6 THE TRUSTEE Section 6.01. Certain Duties and Responsibilities of Indenture the Trustee 35 41 Section 6.02. Rights Notice of Indenture Trustee 36 Defaults 41 Section 6.03. Individual Certain Rights of Indenture Trustee 38 41 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Securities 43 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities 43 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Money Held in Trust 44 Section 6.07. Compensation and Indemnity 39 Reimbursement 44 Section 6.08. Replacement of Indenture Trustee 40 Disqualification; Conflicting Interests 45 Section 6.09. Successor Indenture Corporate Trustee by ▇▇▇▇▇▇ 41 Required; Eligibility 45 Section 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 45 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor or Additional Trustees 47 Section 6.12. Merger, Conversion, Consolidation or Succession to Business 48 Section 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13. Representations and Warranties of Indenture Trustee 43 Company 48 Section 6.14. Furnishing Appointment of Monthly Investor Reports and Other Documents 44 Section 6.15. Encryption 44 Section 7.01. Noteholder List and Noteholder Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. Collection of Money 48 Section 8.02. Accounts 48 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 50Authenticating Agent 48