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 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 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. 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. 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. 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 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 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. 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. 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 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. 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. 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 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. 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 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. 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. 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 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 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. 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. 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 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. 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 4.01. 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. 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 4.1 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. 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. 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. 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 4.1 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. 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 4.01. 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. 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 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 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. 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 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 4.01. 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. 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 2013-B 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 34 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 35 ARTICLE 5 Remedies Section 5.01. Events of Default 26 35 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 36 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 37 Section 5.04. Remedies 29 Trustee May File Proofs of Claim 38 Section 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Securities 38 Section 5.06. Limitation Application of Suits 31 Money Collected 39 Section 5.07. Limitation on Suits 39 Section 5.08. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 and to Convert 40 Section 5.085.09. Restoration of Rights and Remedies 31 40 Section 5.095.10. Rights and Remedies Cumulative 32 40 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 41 Section 5.135.14. Undertaking for Cost 33 Costs 41 Section 5.145.15. Waiver of Usury, 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 41 ARTICLE 6 The Trustee Section 6.01. Certain Duties of Indenture Trustee 35 and Responsibilities 42 Section 6.02. Rights Notice of Indenture Trustee 36 Defaults 42 Section 6.03. Individual Certain Rights of Indenture Trustee 38 43 Section 6.04. Indenture Trustee’s Disclaimer 38 Not Responsible for Recitals or Issuance of Securities 44 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 May Hold Securities and Act as Trustee Under Other Indentures 44 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 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 46 Section 6.11. Eligibility; Disqualification 43 Acceptance of Appointment by Successor 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 49 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 49

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. 25 SECTION 4.02 Application of Trust Money Money. 25 Section 4.04. SECTION 4.03 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 26 Remedies SECTION 5.01 Events of Default 26 Section 5.02. SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04Trustee. 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. Financed Student Loans 35 SECTION 5.06 Limitation of Suits 31 Section 5.07. 35 SECTION 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08. 36 SECTION 5.08 Restoration of Rights and Remedies 31 Section 5.09. 36 SECTION 5.09 Rights and Remedies Cumulative 32 Section 5.10. 36 SECTION 5.10 Delay or Omission Not a Waiver 32 Section 5.11. 36 SECTION 5.11 Control by Noteholders 32 Section 5.12. 37 SECTION 5.12 Waiver of Past Default 32 Section 5.13. Defaults 37 SECTION 5.13 Undertaking for Cost 33 Section 5.14. Costs 37 SECTION 5.14 Waiver of Stay or Extension Law 33 Section 5.15. Laws 38 SECTION 5.15 Action on Note 33 Section 5.16. Notes 38 SECTION 5.16 Performance and Enforcement of Certain Obligations 33 Section 5.17. Sale 38 SECTION 5.17 Notice of Trust Estate 34 Section 6.01. Defaults 39 The Indenture Trustee SECTION 6.01 Duties of Indenture Trustee 35 Section 6.02. 39 SECTION 6.02 Rights of Indenture Trustee 36 Section 6.03. 40 SECTION 6.03 Individual Rights of Indenture Trustee 38 Section 6.04. 41 SECTION 6.04 Indenture Trustee’s Disclaimer 38 Section 6.05. 41 SECTION 6.05 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 42 SECTION 6.06 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 42 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. 42 SECTION 6.08 Replacement of Indenture Trustee 40 Section 6.09. 42 SECTION 6.09 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Merger 43 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 44 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 5045

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 4.01. Satisfaction and Discharge of Indenture 23 Section 4.02. Application of Trust Money 24 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 Page 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 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 Page

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance in Respect of the Notes 24 Section 4.03. any Series of Securities 27 SECTION 4.02 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 28 SECTION 5.01 Events of Default 26 Section 5.02. 28 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. 30 SECTION 5.03 Other 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. SECTION 5.04 Waiver of Past Default Defaults 31 SECTION 5.05 Control by Majority 31 SECTION 5.06 Limitation on Suits 31 SECTION 5.07 Rights of Holders of Securities to Receive Payment 32 Section 5.13. SECTION 5.08 Collection Suit by Trustee 32 SECTION 5.09 Trustee May File Proofs of Claim 32 SECTION 5.10 Priorities 32 SECTION 5.11 Undertaking for Cost Costs 33 Section 5.14. Waiver SECTION 6.01 Certain Duties and Responsibilities 33 SECTION 6.02 Notice of Stay or Extension Law 33 Section 5.15. Action on Note 33 Section 5.16. Performance and Enforcement of Defaults 34 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 34 SECTION 6.04 Not Responsible for Recitals or Issuance of Securities 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. SECTION 6.05 May Hold Securities 36 SECTION 6.06 Money Held in Trust 36 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Reimbursement 36 SECTION 6.08 Disqualification; Conflicting Interests 37 SECTION 6.09 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Required; Eligibility 37 SECTION 6.10 Resignation and Removal; Appointment of Co-Trustee Successor 38 SECTION 6.11 Acceptance of Appointment by Successor 39 SECTION 6.12 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Succession to Business 40 SECTION 6.13 Appointment of Authenticating Agent 41 SECTION 6.14 Preferential Collection of Claims Against Issuer 42 SECTION 7.01 Issuers to Furnish Trustee Names and Addresses of Holders 42 SECTION 7.02 Preservation of Information; Communications to Holders 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. SECTION 7.03 Reports by Issuer 47 Section 7.04. Trustee 44 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 44

Satisfaction and Discharge. Satisfaction and Discharge of Indenture 23 37 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Notes. 38 Section 4.03. Application of Trust Money 25 39 Section 4.04. Repayment of Monies Held by Paying Agent 25 39 Section 5.01. Events of Default 26 40 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Annulment. 41 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Trustee. 42 Section 5.04. Remedies 29 Remedies. 44 Section 5.05. Optional Preservation of the Trust Estate 30 Receivables 45 Section 5.06. Limitation of Suits 31 45 Section 5.07. Unconditional Rights of Noteholders to Receive Principal and Interest 31 46 Section 5.08. Restoration of Rights and Remedies 31 46 Section 5.09. Rights and Remedies Cumulative 32 46 Section 5.10. Delay or Omission Not a Waiver 32 46 Section 5.11. Control by Noteholders 32 of the Controlling Class 46 Section 5.12. Waiver of Past Default 32 Defaults 47 Section 5.13. Undertaking for Cost 33 Costs 47 Section 5.14. Waiver of Stay or Extension Law 33 Laws 47 Section 5.15. Action on Note 33 Notes 48 Section 5.16. Performance and Enforcement of Certain Obligations 33 Section 5.17Obligations. Sale of Trust Estate 34 48 Section 6.01. Duties of Indenture Trustee 35 Trustee. 50 Section 6.02. Rights of Indenture Trustee 36 Trustee. 51 Section 6.03. Individual Rights of Indenture Trustee 38 52 Section 6.04. Indenture Trustee’s Disclaimer 38 52 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 Defaults 52 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 52 Section 6.07. Compensation and Indemnity 39 Indemnity. 52 Section 6.08. Replacement of Indenture Trustee 40 Trustee. 53 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 ▇. 54 Section 6.10. Appointment of Co-Trustee or Separate Trustee 42 Trustee. 55 Section 6.11. Eligibility; Disqualification 43 56 Section 6.12. Preferential Collection of Claims Against Issuer 43 57 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 57 Section 7.01. Noteholder List Issuer to Furnish Indenture Trustee Names and Noteholder Communications 45 Addresses of Noteholders 58 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information; Communications, Reports and Certain Documents to Noteholders. 58 Section 7.03. Reports by Issuer 47 Issuer. 58 Section 7.04. Reports by Indenture Trustee 47 Trustee. 59 Section 8.01. Collection of Money 48 60 Section 8.02. Accounts 48 Accounts. 60 Section 8.03. General Provisions Regarding Accounts 49 Accounts. 61 Section 8.04. Release of Trust Estate 50 Estate. 61 Section 8.05. Opinion of Counsel 5062

Satisfaction and Discharge. SECTION 4.01. Satisfaction and Discharge of Indenture 23 Section 71 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 72 SECTION 5.01. Events of Default 26 Section 73 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 75 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 76 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 82 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 84 SECTION 6.05. May Hold Notes 84 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 84 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 84 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 85 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 85 SECTION 6.10. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Section 6.10Successor 86 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 86 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 Authenticating Agent 87 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 50Security Documents; Intercreditor Agreements 88

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 73 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. Issuer’s Option to Effect Defeasance or Covenant Defeasance 57 SECTION 8.02 Defeasance and Discharge 57 SECTION 8.03 Covenant Defeasance 57 SECTION 8.04 Conditions to Defeasance 58 SECTION 8.05 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, 59 SECTION 8.06 Survival of Certain Obligations 60 SECTION 8.07 Acknowledgment of Discharge and Defeasance of the Notes 24 Section 4.03. by Trustee 60 SECTION 8.08 Application of Trust Money 25 Section 4.0460 SECTION 8.09 Repayment to Issuer 61 SECTION 8.10 Indemnity for Government Securities 61 SECTION 8.11 Reinstatement 61 SECTION 9.01 Without Consent of Holders 61 SECTION 9.02 With Consent of Holders 63 SECTION 9.03 Effect of Supplemental Indentures 64 SECTION 9.04 Notation on or Exchange of Notes 64 SECTION 9.05 [Reserved] 64 SECTION 9.06 Notice of Amendment or Waiver 64 SECTION 9.07 Trustee to Sign Amendments, Etc. Repayment 64 SECTION 9.08 Additional Voting Terms; Calculation of Monies Held Principal Amount 65 SECTION 10.01 Note Guarantees 65 SECTION 10.02 Subrogation 66 SECTION 10.03 Release of Note Guarantees 67 SECTION 10.04 Limitation and Effectiveness of Note Guarantees 67 SECTION 10.05 Notation Not Required 68 SECTION 10.06 Successors and Assigns 68 SECTION 10.07 No Waiver 68 SECTION 10.08 Modification 68 SECTION 10.09 Limitation on the Italian Guarantor’s Liability 68 SECTION 12.01 Notices 69 SECTION 12.02 Certificate and Opinion as to Conditions Precedent 71 SECTION 12.03 Statements Required in Certificate or Opinion 71 SECTION 12.04 Rules by Trustee, Paying Agent 25 Section 5.01. Events and Registrar 72 SECTION 12.05 [Reserved] 72 SECTION 12.06 Legal Holidays 72 SECTION 12.07 Governing Law 72 SECTION 12.08 Jurisdiction 72 SECTION 12.09 No Recourse Against Others 73 SECTION 12.10 Successors 73 SECTION 12.11 Counterparts 73 SECTION 12.12 Table of Default 26 Section 5.02. Acceleration Contents and Headings 73 SECTION 12.13 Severability 73 SECTION 12.14 Currency Indemnity 74 Schedule I – Guarantors Exhibit A – Form of Maturity; Rescission Note Exhibit B – Form of Transfer Certificate for Transfer from Restricted Global Note to Regulation S Global Note Exhibit C – Form of Transfer Certificate for Transfer from Regulation S Global Note to Restricted Global Note Exhibit D – Form of Supplemental Indenture INDENTURE, dated as of May 21, 2025, among Carnival Corporation, a Panamanian corporation (the “Issuer”), Carnival plc, a company incorporated and Annulment 27 Section 5.03. Collection registered under the laws of Indebtedness England and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation of Wales (“Carnival plc”), the other Guarantors party hereto and U.S. Bank Trust Estate 30 Section 5.06. Limitation of Suits 31 Section 5.07. Unconditional Rights of Noteholders to Receive Company, National Association, as trustee (in such capacity, the “Trustee”), as Principal Paying Agent, as Transfer Agent 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 50as Registrar.

Satisfaction and Discharge. SECTION 401. Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.031 SECTION 402. Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.011 SECTION 501. Events of Default 26 Section 5.021 SECTION 502. Acceleration of Maturity; Rescission and Annulment 27 Section 5.031 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.041 SECTION 504. Remedies 29 Section 5.05Trustee May File Proofs of Claim 1 SECTION 505. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section 5.06Securities 1 SECTION 506. Application of Money Collected 1 SECTION 507. Limitation of on Suits 31 Section 5.071 SECTION 508. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.081 SECTION 509. Restoration of Rights and Remedies 31 Section 5.091 SECTION 510. Rights and Remedies Cumulative 32 Section 5.101 SECTION 511. Delay or Omission Not a Waiver 32 Section 5.111 SECTION 512. Control by Noteholders 32 Section 5.12Holders 1 SECTION 513. Waiver of Past Default 32 Section 5.13Defaults 1 SECTION 514. Undertaking for Cost 33 Section 5.14Costs 1 SECTION 515. Waiver of Stay or Extension Law 33 Section 5.15Laws 1 SECTION 601. 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 1 SECTION 602. Notice of Defaults; Notice Defaults 1 SECTION 603. Certain Rights of Repurchase Requests 38 Section 6.06Trustee 1 SECTION 604. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07Not Responsible for Recitals or Issuance of Securities 1 SECTION 605. May Hold Securities 1 SECTION 606. Money Held in Trust 1 SECTION 607. Compensation and Indemnity 39 Section 6.08Reimbursement 1 SECTION 608. Replacement Corporate Trustee Required; Eligibility; Conflicting Interests 1 SECTION 609. Resignation and Removal; Appointment of Indenture Trustee 40 Section 6.09Successor 1 SECTION 610. Acceptance of Appointment by Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.101 SECTION 611. Merger, Conversion, Consolidation or Succession to Business 1 SECTION 612. Appointment of Authenticating Agent 1 SECTION 613. 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 501

Satisfaction and Discharge. SECTION 501. Satisfaction and Discharge of Indenture 23 Section 4.02in Respect of Any Series of Securities 43 SECTION 502. Application of Trust Money 44 SECTION 503. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03Securities of Any Series 44 SECTION 504. Application of Trust Money 25 Section 4.04Reinstatement 46 SECTION 505. Repayment of Monies Held by Paying Agent 25 Section 5.01Definitions 46 SECTION 601. Events of Default 26 Section 5.0247 SECTION 602. Acceleration of Maturity; Rescission and Annulment 27 Section 5.0348 SECTION 603. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.0449 SECTION 604. Remedies 29 Section 5.05Trustee May File Proofs of Claim 50 SECTION 605. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section 5.06Securities 51 SECTION 606. Application of Money Collected 51 SECTION 607. Limitation of on Suits 31 Section 5.0751 SECTION 608. Unconditional Rights Right of Noteholders to Holders To Receive Principal Principal, Premium and Interest 31 Section 5.0852 SECTION 609. Restoration of Rights and Remedies 31 Section 5.0952 SECTION 610. Rights and Remedies Cumulative 32 Section 5.1052 SECTION 611. Delay or Omission Not a Waiver 32 Section 5.1153 SECTION 612. Control by Noteholders 32 Section 5.12Holders 53 SECTION 613. Waiver of Past Default 32 Section 5.13Defaults 53 SECTION 614. Undertaking for Cost 33 Section 5.14Costs 54 SECTION 615. Waiver of Stay or Extension Law 33 Section 5.15Laws 54 SECTION 701. 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 54 SECTION 702. Notice of Defaults; Notice Defaults 55 SECTION 703. Certain Rights of Repurchase Requests 38 Section 6.06Trustee 55 SECTION 704. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07Not Responsible for Recitals or Issuance of Securities 56 SECTION 705. May Hold Securities 56 SECTION 706. Money Held in Trust 57 SECTION 707. Compensation and Indemnity 39 Section 6.08Reimbursement 57 SECTION 708. Replacement of Indenture Disqualification; Conflicting Interests 57 SECTION 709. Corporate Trustee 40 Section 6.09Required; Eligibility 58 SECTION 710. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Resignation and Removal; Appointment of Co-Trustee Successor 58 SECTION 711. Acceptance of Appointment by Successor 60 SECTION 712. Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12Succession to Business 61 SECTION 713. Preferential Collection of Claims Against Issuer 43 Company 61 (a) Segregation and Apportionment of Certain Collections by Trustee; Certain Exceptions 61 (b) Certain Creditor Relationships Excluded from Segregation and Apportionment 62 (c) Definitions of Certain Terms Used in This Section 6.1362 SECTION 714. Representations Judgment Currency 64 SECTION 715. Appointment of Authenticating Agent 65 SECTION 801. Company To Furnish Trustee Names and Warranties Addresses of Indenture Trustee 43 Section 6.14Holders 67 SECTION 802. Furnishing 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 7.03to Holders 68 SECTION 803. Reports by Issuer 47 Section 7.04Trustee 69 SECTION 804. 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 70

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 74 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Amounts held in Trust Money 25 76 Section 4.04. 4.3 Repayment of Monies Amounts Held by Paying Agent 25 76 Section 5.01. 4.4 Limitation on Obligation to Incur Company Administrative Expenses 77 Section 5.1 Events of Default 26 77 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 79 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 81 Section 5.04. 5.4 Remedies 29 83 Section 5.05. Optional 5.5 Preservation of the Trust Estate 30 Assets 85 Section 5.06. 5.6 Trustee May Enforce Claims Without Possession of Notes 86 Section 5.7 Application of Amounts Collected 87 Section 5.8 Limitation of on Suits 31 87 Section 5.07. 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest 31 88 Section 5.08. 5.10 Restoration of Rights and Remedies 31 88 Section 5.09. 5.11 Rights and Remedies Cumulative 32 88 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 88 Section 5.11. 5.13 Control by Noteholders 32 the Controlling Class 88 Section 5.12. 5.14 Waiver of Past Default 32 Defaults 89 Section 5.13. 5.15 Undertaking for Cost 33 Costs 90 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws 90 Section 5.15. 5.17 Sale of Assets 90 Section 5.18 Action on Note 33 the Notes 91 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 91 Section 6.2 Notice of Default 94 Section 6.3 Certain Obligations 33 Rights of Trustee 94 Section 5.17. Sale 6.4 Not Responsible for Recitals or Issuance of Notes 96 Section 6.5 May Hold Notes 96 Section 6.6 Amounts Held in Trust Estate 34 96 Section 6.01. 6.7 Compensation and Reimbursement 96 Section 6.8 Corporate Trustee Required; Eligibility 98 Section 6.9 Resignation and Removal; Appointment of Successor 98 Section 6.10 Acceptance of Appointment by Successor 100 Section 6.11 Merger, Conversion, Consolidation or Succession to Business of Trustee 100 Section 6.12 Co-Trustees and Separate Trustee 101 Section 6.13 Certain Duties of Indenture Trustee 35 Related to Delayed Payment of Proceeds 102 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. 6.14 Representations and Warranties of Indenture the Trustee 43 102 Section 6.14. Furnishing 6.15 Requests for Consents 103 Section 6.16 Withholding 103 Section 7.1 Payment of Monthly Investor Reports Principal and Interest 104 Section 7.2 Maintenance of Office or Agency 104 Section 7.3 Amounts for Note Payments to be Held in Trust 105 Section 7.4 Existence of the Issuer and Co-Issuer 107 Section 7.5 Protection of Assets 109 Section 7.6 Notice of Any Amendments 110 Section 7.7 Performance of Obligations 110 Section 7.8 Negative Covenants 111 Section 7.9 Statement as to Compliance 114 Section 7.10 Issuer and Co-Issuer May Consolidate or Merge Only on Certain Terms 114 Section 7.11 Successor Substituted 117 Section 7.12 No Other Documents 44 Business 117 Section 6.15. Encryption 44 7.13 Reporting 118 Section 7.01. Noteholder List and Noteholder Communications 45 7.14 Calculation Agent 118 Section 7.02. Noteholder Demand for Asset Representations Review 46 7.15 REIT Status 119 Section 7.03. Reports by Issuer 47 7.16 Permitted Subsidiaries 120 Section 7.04. Reports by Indenture Trustee 47 7.17 Repurchase Requests 121 Section 8.01. Collection 7.18 Purchase of Money 48 Additional Loan Obligations 121 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 507.19 Portfolio Finalization Date Actions 121

Satisfaction and Discharge. 27 SECTION 4.1 Satisfaction and Discharge of Indenture 23 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 27 SECTION 4.2 Application of Trust Money 25 Section 4.04. 28 SECTION 4.3 Repayment of Monies Held by Note Paying Agent 25 Section 5.01. 28 ARTICLE V. Remedies 28 SECTION 5.1 Events of Default 26 Section 5.02. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 28 SECTION 5.2 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. 28 SECTION 5.3 Limitation of Suits 31 Section 5.07. 30 SECTION 5.4 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 Section 5.08. SECTION 5.5 Restoration of Rights and Remedies 31 Section 5.09. SECTION 5.6 Rights and Remedies Cumulative 32 Section 5.10. 31 SECTION 5.7 Delay or Omission Not a Waiver 32 Section 5.11. SECTION 5.8 Control by Noteholders 32 Section 5.12. SECTION 5.9 Waiver of Past Default Defaults 32 Section 5.13. SECTION 5.10 Undertaking for Cost 33 Section 5.14. Costs 32 SECTION 5.11 Waiver of Stay or Extension Law Laws 33 Section 5.15. SECTION 5.12 Action on Note Notes 33 Section 5.16. SECTION 5.13 Performance and Enforcement of Certain Obligations 33 Section 5.17ARTICLE VI. Sale of Trust Estate The Trustee 34 Section 6.01. SECTION 6.1 Duties of Indenture Trustee 35 Section 6.02. 34 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. Indenture 37 SECTION 6.4 Trustee’s 's Disclaimer 38 Section 6.05. 37 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. Holders 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. Merger 40 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 41 SECTION 6.11 Eligibility: Disqualification 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. SECTION 6.12 Preferential Collection of Claims Against Issuer 43 Section 6.13. 42 SECTION 6.13 Representations and Warranties of Indenture the Trustee 42 SECTION 6.14 Waiver of Setoffs 43 Section 6.14. Furnishing SECTION 6.15 No Consent to Certain Acts 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 50Seller 43 ARTICLE VII.

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. 48 SECTION 4.02 Application of Trust Money 25 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.01. 49 SECTION 5.01 Events of Default 26 Section 5.02. 50 SECTION 5.02 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 51 SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. Optional Preservation 53 SECTION 5.04 Trustee May File Proofs of the Trust Estate 30 Section 5.06. Claim 53 SECTION 5.05 Trustee May Enforce Claims Without Possession of Notes 54 SECTION 5.06 Application of Money Collected 54 SECTION 5.07 Limitation on Suits 54 SECTION 5.08 Unconditional Right of Suits 31 Section 5.07. Unconditional Rights of Noteholders Holders to Receive Principal Principal, Premium and Interest 31 Section 5.08. 55 SECTION 5.09 Restoration of Rights and Remedies 31 Section 5.09. 55 SECTION 5.10 Rights and Remedies Cumulative 32 Section 5.10. 55 SECTION 5.11 Delay or Omission Not a Waiver 32 Section 5.11. 55 SECTION 5.12 Control by Noteholders 32 Section 5.12. Holders 56 SECTION 5.13 Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section 5.14. Defaults 56 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. Laws 56 SECTION 5.15 Undertaking for Costs 56 SECTION 6.01 Duties of Indenture the Trustee 35 Section 6.02. 57 SECTION 6.02 Notice of Defaults 58 SECTION 6.03 Certain Rights of Indenture Trustee 36 Section 6.03. Individual Rights 58 SECTION 6.04 Trustee Not Responsible for Recitals or Issuance 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. Notes 59 SECTION 6.05 May Hold Notes 60 SECTION 6.06 Money Held in Trust 60 SECTION 6.07 Compensation and Indemnity 39 Section 6.08. Replacement of Indenture Reimbursement 60 SECTION 6.08 Corporate Trustee 40 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Required; Eligibility 61 SECTION 6.09 Resignation and Removal; Appointment of Co-Trustee Successor 61 SECTION 6.10 Acceptance of Appointment by Successor 62 SECTION 6.11 Merger, Conversion, Consolidation or Separate Trustee 42 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Succession to Business 62 SECTION 6.12 Appointment of Authenticating Agent 63 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 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 5064

Satisfaction and Discharge. Section 4.1 Satisfaction and Discharge of Indenture 23 75 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.2 Application of Amounts held in Trust Money 25 77 Section 4.04. 4.3 Repayment of Monies Amounts Held by Paying Agent 25 77 Section 5.01. 4.4 Limitation on Obligation to Incur Company Administrative Expenses 77 Section 5.1 Events of Default 26 78 Section 5.02. 5.2 Acceleration of Maturity; Rescission and Annulment 27 80 Section 5.03. 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 82 Section 5.04. 5.4 Remedies 29 84 Section 5.05. Optional 5.5 Preservation of the Trust Estate 30 Assets 86 Section 5.06. 5.6 Trustee May Enforce Claims Without Possession of Notes 87 Section 5.7 Application of Amounts Collected 88 Section 5.8 Limitation of on Suits 31 88 Section 5.07. 5.9 Unconditional Rights of Noteholders to Receive Principal and Interest 31 89 Section 5.08. 5.10 Restoration of Rights and Remedies 31 89 Section 5.09. 5.11 Rights and Remedies Cumulative 32 89 Section 5.10. 5.12 Delay or Omission Not a Waiver 32 89 Section 5.11. 5.13 Control by Noteholders 32 the Controlling Class 89 Section 5.12. 5.14 Waiver of Past Default 32 Defaults 90 Section 5.13. 5.15 Undertaking for Cost 33 Costs 90 Section 5.14. 5.16 Waiver of Stay or Extension Law 33 Laws 91 Section 5.15. 5.17 Sale of Assets 91 Section 5.18 Action on Note 33 the Notes 92 Section 5.16. Performance 6.1 Certain Duties and Enforcement Responsibilities 92 Section 6.2 Notice of Default 94 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 95 Section 6.03. Individual Rights 6.4 Not Responsible for Recitals or Issuance of Indenture Trustee 38 Notes 97 Section 6.04. Indenture Trustee’s Disclaimer 38 6.5 May Hold Notes 97 Section 6.05. Notice of Defaults; Notice of Repurchase Requests 38 6.6 Amounts Held in Trust 97 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 6.7 Compensation and Indemnity 39 Reimbursement 97 Section 6.08. Replacement of Indenture 6.8 Corporate Trustee 40 Required; Eligibility 99 Section 6.09. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. 6.9 Resignation and Removal; Appointment of Co-Trustee or Separate Trustee 42 Successor 99 Section 6.11. Eligibility; Disqualification 43 Section 6.12. Preferential Collection 6.10 Acceptance 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 Appointment 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 50Successor 101

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 5.17Obligations. 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 6.11Trustee. 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 4.01. 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. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02Indenture. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0329 SECTION 4.2. Application of Trust Money 25 Section 4.04Money. Repayment of Monies Held by Paying Agent 25 Section 5.0130 REMEDIES SECTION 5.1. Events of Default 26 Section 5.02Default. 31 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03Annulment. 32 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 33 SECTION 5.4. Trustee 27 Section 5.04May File Proofs of Claim. Remedies 29 Section 5.0533 SECTION 5.5. Optional Preservation Trustee May Enforce Claim Without Possession of the Trust Estate 30 Section 5.06Securities. 33 SECTION 5.6. Application of Money Collected. 34 SECTION 5.7. Limitation of Suits 31 Section 5.07on Suits. 34 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. 35 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.09Remedies. 35 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10Cumulative. 35 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11Waiver. 35 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders. 36 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults. 36 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs. 36 SECTION 5.15. Waiver of Usury, Stay or Extension Law 33 Section 5.15Laws. Action on Note 33 Section 5.1637 THE TRUSTEE SECTION 6.1. Performance Corporate Trustee Required. 37 SECTION 6.2. 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 6.0537 SECTION 6.3. Notice of Defaults. 39 SECTION 6.4. Certain Rights of Trustee. 39 SECTION 6.5. May Hold Securities. 41 SECTION 6.6. Compensation; Notice Reimbursement; Indemnity. 41 SECTION 6.7. Resignation and Removal; Appointment of Repurchase Requests 38 Section 6.06Successor. Reports and Documents 42 SECTION 6.8. Acceptance of Appointment by Indenture Trustee Successor. 42 SECTION 6.9. Merger, Conversion, Consolidation or Succession to Noteholders 39 Section 6.07Business. Compensation and Indemnity 39 Section 6.0843 SECTION 6.10. Replacement Not Responsible for Recitals or Issuance of Indenture Trustee 40 Section 6.09Securities. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.1043 SECTION 6.11. Appointment of Co-Trustee or Separate Trustee 42 Section 6.11Authenticating Agent. 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 5043

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. 22 SECTION 4.2 Application of Trust Money 25 Section 4.04. 23 SECTION 4.3 Repayment of Monies Held by Note Paying Agent 25 Section 5.01. 23 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 Receivables 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. Controlling Class 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 37 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 37 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 ▇▇▇▇▇▇ 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 50Merger 39 TABLE OF CONTENTS (continued)

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 60 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 61 SECTION 5.01. Events of Default 26 Section 62 SECTION 5.02. Acceleration of Maturity; : Rescission and Annulment 27 Section 64 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 65 SECTION 5.04. Remedies 29 Section Trustee May File Proofs of Claim 65 SECTION 5.05. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section Notes 66 SECTION 5.06. Limitation Application of Suits 31 Section Money Collected 66 SECTION 5.07. Unconditional Rights Limitation on Suits 66 SECTION 5.08. Right of Noteholders Holders to Receive Principal and Interest 31 Section 5.08Bring Suit for Payment 67 SECTION 5.09. Restoration of Rights and Remedies 31 Section 5.0967 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.1067 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.1167 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders 67 SECTION 5.13. Waiver of Past Default 32 Section 5.13. Undertaking for Cost 33 Section Defaults 68 SECTION 5.14. Waiver of Stay or Extension Law 33 Section Laws 68 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 68 SECTION 6.01. Duties of Indenture the Trustee 35 Section 68 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 69 SECTION 6.03. Certain Rights of Repurchase Requests 38 Section Trustee 70 SECTION 6.04. Trustee Not Responsible for Recitals or Issuance of Notes 71 SECTION 6.05. May Hold Notes 72 SECTION 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Section Money Held in Trust 72 SECTION 6.07. Compensation and Indemnity 39 Section Reimbursement 72 SECTION 6.08. Replacement of Indenture Corporate Trustee 40 Section Required; Eligibility 73 SECTION 6.09. Resignation and Removal; Appointment of Successor Indenture Trustee 73 SECTION 6.10. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Section 6.10Successor 74 SECTION 6.11. Merger, Conversion, Consolidation or Succession to Business 74 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 74

Satisfaction and Discharge. Section 4.01 Satisfaction and Discharge of Indenture 23 26 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.03. 4.02 Application of Trust Money 25 27 Section 4.04. 4.03 Repayment of Monies Moneys Held by Paying Agent 25 27 Section 5.01. 4.04 Release of Collateral 27 ARTICLE V. REMEDIES Section 5.01 Events of Default 26 28 Section 5.02. 5.02 Acceleration of Maturity; Rescission and Annulment 27 29 Section 5.03. 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 30 Section 5.04. Remedies 29 5.04 Remedies; Priorities 32 Section 5.05. 5.05 Optional Preservation of the Trust Estate 30 Receivables 35 Section 5.06. 5.06 Limitation of Suits 31 35 Section 5.07. 5.07 Unconditional Rights of Noteholders to To Receive Principal and Interest 31 36 Section 5.08. 5.08 Restoration of Rights and Remedies 31 36 Section 5.09. 5.09 Rights and Remedies Cumulative 32 36 Section 5.10. 5.10 Delay or Omission Not a Waiver 32 36 Section 5.11. 5.11 Control by the Controlling Class of Noteholders 32 36 Section 5.12. 5.12 Waiver of Past Default 32 Defaults 37 Section 5.13. 5.13 Undertaking for Cost 33 Costs 37 Section 5.14. 5.14 Waiver of Stay or Extension Law 33 Laws 38 Section 5.15. 5.15 Action on Note 33 Notes 38 Section 5.16. 5.16 Performance and Enforcement of Certain Obligations 33 38 ARTICLE VI. THE INDENTURE TRUSTEE Section 5.17. Sale of Trust Estate 34 Section 6.01. 6.01 Duties of Indenture Trustee 35 39 Section 6.02. 6.02 Representations and Warranties of the Indenture Trustee 40 Section 6.03 Rights of Indenture Trustee 36 41 Section 6.03. 6.04 Individual Rights of Indenture Trustee 38 42 Section 6.04. 6.05 Indenture Trustee’s Disclaimer 38 43 Section 6.05. 6.06 Notice of Defaults; Notice of Repurchase Requests 38 Defaults 43 Section 6.06. 6.07 Reports and Documents by Indenture Trustee to Noteholders 39 Holders 43 Section 6.07. 6.08 Compensation and Indemnity 39 43 Section 6.08. 6.09 Replacement of Indenture Trustee 40 44 Section 6.09. 6.10 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Merger 45 Section 6.10. 6.11 Appointment of Co-Indenture Trustee or Separate Indenture Trustee 42 45 Section 6.11. 6.12 Eligibility; Disqualification 43 46 Section 6.12. 6.13 [Reserved] 47 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 7.046.15 Waiver of Setoffs 47 -ii- (2013-A Indenture) ARTICLE VII. 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 50NOTEHOLDERS’ LISTS AND REPORTS

Satisfaction and Discharge. Section 4.01. Satisfaction and Discharge of Indenture 23 18 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 23 Section 5.07. Application of Money Collected 24 Section 5.08. Limitation on Suits 25 Section 5.09. Unconditional Rights of Noteholders to Receive Principal and Interest 31 25 Section 5.085.10. Restoration of Rights and Remedies 31 26 Section 5.095.11. Rights and Remedies Cumulative 32 26 Section 5.105.12. Delay or Omission Not a Waiver 32 26 Section 5.115.13. Control by Noteholders 32 26 Section 5.125.14. Waiver of Past Default 32 Defaults 27 Section 5.135.15. Undertaking for Cost 33 Costs 27 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 27 Section 5.17. Sale of Trust Estate 34 27 Section 5.18. Action on Notes 29 Section 5.19. No Recourse 29 Section 5.20. Application of the Trust Indenture Act 29 Section 6.01. Duties of Indenture Trustee 35 29 Section 6.02. Notice of Default 31 Section 6.03. Rights of Indenture Trustee 36 Section 6.03. Individual Rights of Indenture Trustee 38 32 Section 6.04. Not Responsible for Recitals, Issuance of Notes or Mortgage Loans 33 Section 6.05. May Hold Notes 33 Section 6.06. Money Held in Trust 33 Section 6.07. Eligibility, Disqualification 34 Section 6.08. Indenture Trustee’s Disclaimer 38 Capital and Surplus 34 Section 6.056.09. Notice Resignation and Removal; Appointment of Defaults; Notice Successor 34 Section 6.10. Acceptance of Repurchase Requests 38 Section 6.06. Reports and Documents Appointment by Successor Indenture Trustee 35 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 36 Section 6.12. Preferential Collection of Claims Against Issuer 43 Issuing Entity 36 Section 6.13. Representations Co-Indenture Trustees and Warranties of Separate Indenture Trustee 43 Trustees 36 Section 6.14. Furnishing of Monthly Investor Reports and Other Documents 44 Authenticating Agents 37 Section 6.15. Encryption 44 Review of Mortgage Files 38 Section 6.16. Indenture Trustee Expenses Indemnification 39 Section 7.01. Noteholder List Note Registrar to Furnish Indenture Trustee Names and Noteholder Communications 45 Addresses of Noteholders 39 Section 7.02. Noteholder Demand for Asset Representations Review 46 Preservation of Information: Communications to Noteholders 40 Section 7.03. Reports by Issuer 47 Indenture Trustee. 40 Section 7.04. Reports by Indenture Trustee 47 Issuing Entity 41 Section 8.01. Accounts; Investment; Collection of Money 48 Moneys 42 Section 8.02. Accounts 48 Allocation of Realized Losses. 47 Section 8.03. General Provisions Regarding Accounts 49 Section 8.04[Reserved]. Release of Trust Estate 50 Section 8.05. Opinion of Counsel 5048

Satisfaction and Discharge. Section 4.1. Satisfaction and Discharge of Indenture 23 30 Section 4.02. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.034.2. Application of Trust Money 25 31 Section 4.04. Repayment of Monies Held by Paying Agent 25 Section 5.015.1. Events of Default 26 31 Section 5.025.2. Acceleration of Maturity; Rescission and Annulment 27 32 Section 5.035.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 33 Section 5.4. Trustee 27 May File Proofs of Claim 34 Section 5.045.5. Remedies 29 Trustee May Enforce Claim Without Possession of Securities 34 Section 5.055.6. Optional Preservation Application of the Trust Estate 30 Money Collected 35 Section 5.065.7. Limitation of on Suits 31 35 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 36 Section 5.085.9. Restoration of Rights and Remedies 31 36 Section 5.095.10. Rights and Remedies Cumulative 32 36 Section 5.105.11. Delay or Omission Not a Waiver 32 36 Section 5.115.12. Control by Noteholders 32 Holders 37 Section 5.125.13. Waiver of Past Default 32 Defaults 37 Section 5.135.14. Undertaking for Cost 33 Costs 37 Section 5.145.15. Waiver of Usury, 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 Laws 38 Section 6.046.1. Indenture Trustee’s Disclaimer Corporate Trustee Required 38 Section 6.056.2. Certain Duties and Responsibilities 38 Section 6.3. Notice of Defaults; Notice Defaults 40 Section 6.4. Certain Rights 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 6.096.5. May Hold Securities 42 Section 6.6. Compensation; Reimbursement; Indemnity 42 Section 6.7. Resignation and Removal; Appointment of Successor Indenture Trustee 43 Section 6.8. Acceptance of Appointment by ▇▇▇▇▇▇ 41 Successor 44 Section 6.9. Merger, Conversion, Consolidation or Succession to Business 45 Section 6.10. Appointment Not Responsible for Recitals or Issuance of Co-Trustee or Separate Trustee 42 Securities 45 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 45

Satisfaction and Discharge. SECTION 4.1. Satisfaction and Discharge of Indenture 23 Section 4.02Indenture. Satisfaction, Discharge and Defeasance of the Notes 24 Section 4.0329 SECTION 4.2. Application of Trust Money 25 Section 4.04Money. Repayment 30 SECTION 4.3. Defeasance and Discharge of Monies Held by Paying Agent 25 Section 5.01Securities of any Series. 30 SECTION 4.4. Reinstatement. 31 REMEDIES SECTION 5.1. Events of Default 26 Section 5.02Default. 32 SECTION 5.2. Acceleration of Maturity; Rescission and Annulment 27 Section 5.03Annulment. 33 SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 33 SECTION 5.4. Trustee 27 Section 5.04May File Proof of Claim. Remedies 29 Section 5.0534 SECTION 5.5. Optional Preservation Trustee May Enforce Claims Without Possession of the Trust Estate 30 Section 5.06Securities. 34 SECTION 5.6. Application of Money Collected. 34 SECTION 5.7. Limitation of Suits 31 Section 5.07on Suits. 35 SECTION 5.8. Unconditional Rights Right of Noteholders Holders to Receive Principal Principal, Premium, Interest and Interest 31 Section 5.08Additional Amounts. 35 SECTION 5.9. Restoration of Rights and Remedies 31 Section 5.09Remedies. 35 SECTION 5.10. Rights and Remedies Cumulative 32 Section 5.10Cumulative. 36 SECTION 5.11. Delay or Omission Not a Waiver 32 Section 5.11Waiver. 36 SECTION 5.12. Control by Noteholders 32 Section 5.12Holders. 36 SECTION 5.13. Waiver of Past Default 32 Section 5.13Defaults. 36 SECTION 5.14. Undertaking for Cost 33 Section 5.14Costs. 37 SECTION 5.15. Waiver of Stay or Extension Law 33 Section 5.15Laws. Action on Note 33 Section 5.1637 THE TRUSTEE SECTION 6.1. 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 6.0537 SECTION 6.2. Notice of Defaults; Notice . 38 SECTION 6.3. Certain Rights of Repurchase Requests 38 Section 6.06Trustee. Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07SECTION 6.4. Not Responsible for Recitals or Issuance of Securities. 41 SECTION 6.5. May Hold Securities. 41 SECTION 6.6. Money Held in Trust. 41 SECTION 6.7. Compensation and Indemnity 39 Section 6.08Reimbursement. Replacement of Indenture 41 SECTION 6.8. Conflicting Interests. 42 SECTION 6.9. Corporate Trustee 40 Section 6.09Required; Eligibility. Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 42 SECTION 6.10. Resignation and Removal; Appointment of Co-Trustee or Separate Trustee Successor. 42 Section SECTION 6.11. Eligibility; Disqualification 43 Section Acceptance of Appointment by Successor. 44 SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business. 45 SECTION 6.13. Preferential Collection of Claims Against Issuer 43 Section 6.13or Guarantor. 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 5045

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. 20 SECTION 4.2 Application of Trust Money 25 Section 4.04. 21 SECTION 4.3 Repayment of Monies Moneys Held by Paying Agent 25 Section 5.01. 21 SECTION 4.4 Auction of Trust Student Loans 21 SECTION 5.1 Events of Default 26 Section 5.02. 22 SECTION 5.2 Acceleration of Maturity; Rescission and Annulment 27 Section 5.03. 23 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 27 Section 5.04. Remedies 29 Section 5.05. 24 SECTION 5.4 Remedies; Priorities 26 SECTION 5.5 Optional Preservation of the Trust Estate 30 Section 5.06. Student Loans 28 SECTION 5.6 Limitation of Suits 31 Section 5.07. 28 SECTION 5.7 Unconditional Rights of Noteholders to Receive Principal and Interest 31 Section 5.08. 29 SECTION 5.8 Restoration of Rights and Remedies 31 Section 5.09. 29 SECTION 5.9 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 6.1 Duties of Indenture Trustee 35 Section 6.02. 32 SECTION 6.2 Rights of Indenture Trustee 36 Section 6.03. 33 SECTION 6.3 Individual Rights of Indenture Trustee 38 Section 6.04. 34 SECTION 6.4 Indenture Trustee’s Disclaimer 38 Section 6.05. 34 SECTION 6.5 Notice of Defaults; Notice of Repurchase Requests 38 Section 6.06. Defaults 34 SECTION 6.6 Reports and Documents by Indenture Trustee to Noteholders 39 Section 6.07. 34 SECTION 6.7 Compensation and Indemnity 39 Section 6.08. 34 SECTION 6.8 Replacement of Indenture Trustee 40 Section 6.09. 35 SECTION 6.9 Successor Indenture Trustee by ▇▇▇▇▇▇ 41 Section 6.10. Merger 36 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee 42 Section 6.11. 36 SECTION 6.11 Eligibility; Disqualification 43 Section 6.12. 38 SECTION 6.12 Preferential Collection of Claims Against the Issuer 43 Section 6.13. Representations and Warranties of 38 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 38 SECTION 7.2 Preservation of Information; Communications 45 Section 7.02. Noteholder Demand for Asset Representations Review 46 Section 7.03. to Noteholders 38 SECTION 7.3 Reports by Issuer 47 Section 7.04. Reports by Indenture Trustee 47 Section 8.01. 39 SECTION 8.1 Collection of Money 48 Section 8.02. 39 SECTION 8.2 Trust Accounts 48 Section 8.03. 40 SECTION 8.3 General Provisions Regarding Accounts 49 Section 8.04. 40 SECTION 8.4 Release of Indenture Trust Estate 50 Section 8.05. 41 SECTION 8.5 Opinion of Counsel 5042 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders 42 SECTION 9.2 Supplemental Indentures With Consent of Noteholders 43 SECTION 9.3 Execution of Supplemental Indentures 45 SECTION 9.4 Effect of Supplemental Indenture 45 SECTION 9.5 Conformity with Trust Indenture Act 45 SECTION 9.6 Reference in Notes to Supplemental Indentures 45 SECTION 10.1 Redemption 45 SECTION 10.2 Form of Redemption Notice 46 SECTION 10.3 Notes Payable on Redemption Date 46

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 4.044.03. Repayment of Monies Held by Paying Agent 25 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 Receivables 33 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 34 Section 5.09. Rights and Remedies Cumulative 32 34 Section 5.10. Delay or Omission Not a Waiver 32 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 Section 5.14. Waiver of Stay or Extension Law 33 Laws Section 5.15. Action on Note 33 Notes 36 Section 5.16. Performance and Enforcement of Certain Obligations 33 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 Defaults 40 Section 6.06. Reports and Documents by Indenture Trustee to Noteholders 39 Holders 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 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 45 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 50Trustee