Amended & Restated Trust Agreement



 Exhibit 4.1 
 (EXECUTION VERSION) 
  

 AMENDED AND RESTATED 
 TRUST AGREEMENT 
 between 
 UPFC AUTO FINANCING CORPORATION 
 Seller 
 and 
 WELLS FARGO DELAWARE TRUST COMPANY 
 Owner
Trustee 
 Dated as of December 14, 2006 
  








 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE I. Definitions
	  	1
		
	 SECTION 1.1. Capitalized Terms
	  	1
	 SECTION 1.2. Other Definitional Provisions
	  	3
		
	 ARTICLE II. Organization
	  	4
		
	 SECTION 2.1. Name
	  	4
	 SECTION 2.2. Office
	  	4
	 SECTION 2.3. Purposes and Powers
	  	4
	 SECTION 2.4. Appointment of Owner Trustee
	  	5
	 SECTION 2.5. Initial Capital Contribution of the Trust Estate
	  	5
	 SECTION 2.6. Declaration of Trust
	  	5
	 SECTION 2.7. Title to Trust Property
	  	5
	 SECTION 2.8. Situs of Trust
	  	6
	 SECTION 2.9. Representations and Warranties of the Depositor
	  	6
	 SECTION 2.10. Covenants of the Certificateholder
	  	7
	 SECTION 2.11. Federal Income Tax Treatment of the Trust
	  	8
	 SECTION 2.12. [Reserved]
	  	8
		
	 ARTICLE III. Certificate and Transfer of Interest
	  	8
		
	 SECTION 3.1. Initial Ownership
	  	8
	 SECTION 3.2. The Certificate
	  	8
	 SECTION 3.3. Authentication of Certificate
	  	8
	 SECTION 3.4. Registration of Transfer and Exchange of Certificate
	  	9
	 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates
	  	9
	 SECTION 3.6. Persons Deemed Certificateholders
	  	10
	 SECTION 3.7. Maintenance of Office or Agency
	  	10
	 SECTION 3.8. Disposition in Whole But Not in Part
	  	10
	 SECTION 3.9. Transfer Restrictions
	  	10
	 SECTION 3.10. Legending of Certificates
	  	13
		
	 ARTICLE IV. Voting Rights and Other Actions
	  	13
		
	 SECTION 4.1. Prior Notice to Holder With Respect to Certain Matters
	  	13
	 SECTION 4.2. Action by Certificateholder With Respect to Certain Matters
	  	13
	 SECTION 4.3. Restrictions on Certificateholder’s Power
	  	14
	 SECTION 4.4. Rights of Security Insurer
	  	14
	 SECTION 4.5. Action With Respect to Bankruptcy Action
	  	14
	 SECTION 4.6. Covenants and Restrictions on Conduct of Business
	  	15
		
	 ARTICLE V. Authority and Duties of Owner Trustee
	  	17
		
	 SECTION 5.1. General Authority
	  	17
	 SECTION 5.2. General Duties
	  	17
	 SECTION 5.3. Action Upon Instruction
	  	17
	 SECTION 5.4. No Duties Except as Specified in This Agreement or in Instructions
	  	18
	 SECTION 5.5. No Action Except under Specified Documents or Instructions
	  	19
	 SECTION 5.6. Restrictions
	  	19

  

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 TABLE OF CONTENTS (cont.) 
  

			
	 	  	Page
	 ARTICLE VI. Concerning the Owner Trustee
	  	19
		
	 SECTION 6.1. Acceptance of Trusts and Duties
	  	19
	 SECTION 6.2. Furnishing of Documents
	  	20
	 SECTION 6.3. Representations and Warranties
	  	21
	 SECTION 6.4. Reliance; Advice of Counsel
	  	21
	 SECTION 6.5. Not Acting in Individual Capacity
	  	22
	 SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables
	  	22
	 SECTION 6.7. Owner Trustee May Own Notes
	  	22
	 SECTION 6.8. Payments From Owner Trust Estate
	  	22
	 SECTION 6.9. Doing Business in Other Jurisdictions
	  	23
		
	 ARTICLE VII. Compensation of Owner Trustee
	  	23
		
	 SECTION 7.1. Owner Trustee’s Fees and Expenses
	  	23
	 SECTION 7.2. Indemnification
	  	23
	 SECTION 7.3. Payments to the Owner Trustee
	  	24
	 SECTION 7.4. Non-recourse Obligations
	  	24
		
	 ARTICLE VIII. Termination of Trust Agreement
	  	24
		
	 SECTION 8.1. Termination of Trust Agreement
	  	24
		
	 ARTICLE IX. Successor Owner Trustees and Additional Owner Trustees
	  	25
		
	 SECTION 9.1. Eligibility Requirements for Owner Trustee
	  	25
	 SECTION 9.2. Resignation or Removal of Owner Trustee
	  	26
	 SECTION 9.3. Successor Owner Trustee
	  	26
	 SECTION 9.4. Merger or Consolidation of Owner Trustee
	  	27
	 SECTION 9.5. Appointment of Co-Trustee or Separate Trustee
	  	27
		
	 ARTICLE X. Miscellaneous
	  	28
		
	 SECTION 10.1. Supplements and Amendments
	  	28
	 SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder
	  	29
	 SECTION 10.3. Limitations on Rights of Others
	  	30
	 SECTION 10.4. Notices
	  	30
	 SECTION 10.5. Severability
	  	30
	 SECTION 10.6. Separate Counterparts
	  	30
	 SECTION 10.7. Assignments; Security Insurer
	  	31
	 SECTION 10.8. No Recourse
	  	31
	 SECTION 10.9. Headings
	  	31
	 SECTION 10.10. GOVERNING LAW
	  	31
	 SECTION 10.11. Servicer
	  	31
	 SECTION 10.12. Nonpetition Covenants
	  	31
		
	 ARTICLE XI. COMPLIANCE WITH REGULATION AB
	  	32
		
	 SECTION 11.1. Intent of the Parties; Reasonableness
	  	32

 EXHIBITS 
  

			
	Exhibit A	  	Form of Certificate
	Exhibit B	  	Form of Certificate of Trust
	Exhibit C	  	Form of Transferor Certificate
	Exhibit D	  	Form of Transferee Certificate

  

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 This AMENDED AND RESTATED TRUST AGREEMENT dated as of December 14, 2006, between UPFC AUTO FINANCING
CORPORATION, a Texas corporation (the “Seller”), and WELLS FARGO DELAWARE TRUST COMPANY, a Delaware limited purposes trust company, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of
November 17, 2006 between the Seller and the Owner Trustee. 
 ARTICLE I. 
 Definitions 
 SECTION 1.1. Capitalized Terms. For all purposes of this
Agreement, the following terms shall have the meanings set forth below: 
 “Agreement” shall mean this Trust Agreement, as
the same may be amended and supplemented from time to time. 
 “Basic Documents” shall mean this Agreement, the Certificate
of Trust, the Sale and Servicing Agreement, the Spread Account Agreement, the Insurance Agreement, the Indenture, the Sale Agreement and the other documents and certificates delivered in connection therewith. 
 “Benefit Plan” shall have the meaning assigned to such term in SECTION 3.9. 
 “Certificate” means a trust certificate evidencing the beneficial interest of a Certificateholder in the Trust, substantially in the
form of Exhibit A attached hereto. 
 “Certificateholder” or “Holder” shall mean the person in whose name a
Certificate is registered on the Certificate Register, initially the Seller. 
 “Certificate of Trust” shall mean the
Certificate of Trust in the form of Exhibit B filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute on November 17, 2006. 
 “Certificate Register” and “Certificate Registrar” shall mean the register mentioned and the registrar appointed pursuant to SECTION 3.4. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office of the Owner
Trustee located at 919 Market Street, Suite 700, Wilmington, Delaware 19801, Attention: Corporate Trust Administration, or at such other address as the Owner Trustee may designate by notice to the Depositor, or the principal corporate trust office
of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 
 “Depositor”
shall mean the Seller in its capacity as Depositor hereunder. 







 “Distribution Date” shall have the meaning set forth in the Sale and Servicing
Agreement. 
 “ERISA” shall have the meaning assigned to such term in SECTION 3.9. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Expenses” shall have the meaning assigned to such term in SECTION 7.2. 
 “Indemnified Parties” shall have the meaning assigned to such term in SECTION 7.2. 
 “Indenture” shall mean the Indenture dated as of December 1, 2006, between the Trust and Deutsche Bank Trust Company Americas, as
Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
 “Instructing Party”
shall mean the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) or the Certificateholder (if an Insurer Default shall have occurred and be continuing). 
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust
pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the
Sale and Servicing Agreement and the Spread Account Agreement. 
 “Owner Trustee” shall mean Wells Fargo Delaware Trust
Company, a Delaware limited purpose trust company, not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 
 “Record Date” shall mean with respect to any Distribution Date, the close of business on the last Business Day immediately preceding
such Distribution Date. 
 “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the
Corporate Trust Administration office of the Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Sale and Servicing Agreement” shall mean the Sale and
Servicing Agreement dated as of December 1, 2006, among the Trust, the Seller, the Servicer, the Trust Collateral Agent, the Custodian, the Backup Servicer and the Designated Backup Subservicer, as the same may be amended and supplemented from
time to time. 
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 
 “Security Insurer” shall mean Ambac Assurance Corporation, or its successor in interest. 
  

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 “Servicer” shall mean UACC, the initial servicer under the Sale and Servicing Agreement.

 “Spread Account” shall mean the Spread Account established and maintained pursuant to the Spread Account Agreement.

 “Spread Account Agreement” shall mean the Spread Account Agreement dated as of December 14, 2006, among the Trust,
the Security Insurer, the Collateral Agent, the Trustee and the Trust Collateral Agent, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof. 
 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801, et seq.,
as the same may be amended from time to time. 
 “Treasury Regulations” shall mean regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” shall mean the trust established by this Agreement. 
 “Trust Collateral Agent” shall mean, initially, Deutsche Bank Trust Company Americas, in its capacity as collateral agent, including its
successors in interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter “Trust Collateral Agent” shall mean such successor Person. 
 “UACC” shall mean United Auto Credit Corporation. 
 SECTION 1.2. Other Definitional Provisions. 
 (a) Capitalized terms used herein and not otherwise
defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Spread Account Agreement or in the Indenture. 
 (b) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles as in effect on the date of this Agreement or any such certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 
  

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 (d) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement
unless otherwise specified; and the term “including” shall mean “including without limitation.” 
 (e) The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 ARTICLE II. 
 Organization 
 SECTION 2.1. Name. There is hereby formed a trust to be known as “UPFC Auto Receivables Trust 2006-B,” in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder. 
 SECTION 2.3. Purposes and Powers. 
 (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 
 (i) to issue the Notes pursuant to the Indenture and the Certificate pursuant to this Agreement, and to sell the Notes; 
 (ii) with the proceeds of the sale of the Notes to fund the Spread Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement;

 (iii) to acquire from time to time the Owner Trust Estate, to assign, grant, transfer, pledge, mortgage and convey the
Owner Trust Estate to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Security Insurer and the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the Certificateholder pursuant to the
terms of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
 (iv) to enter into and perform its obligations under the Basic Documents to which it is a party; 
 (v) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the
foregoing or are incidental 

  

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thereto or connected therewith (including the sale, from time to time, of Receivables at the direction of the Servicer pursuant to Section 4.3(c) of the
Sale and Servicing Agreement) and the filing of state business licenses (and any renewal thereof) as prepared and instructed by the Certificateholder or Servicer without further consent or instruction from the Instructing Party, including a Sales
Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation;
and 
 (vi) subject to compliance with the Basic Documents, to engage in such other activities as may be required in
connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 
 The Trust is hereby
authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
 SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Trust effective as
of the date hereof, to have all the rights, powers and duties set forth herein. The Owner Trustee hereby accepts such appointment. 
 SECTION
2.5. Initial Capital Contribution of the Trust Estate. The Owner Trustee hereby acknowledges receipt in trust from the Seller of the sum of $1.00, which contribution shall constitute the initial Owner Trust Estate. The Depositor acknowledges
that such contribution has been transferred to, and is being held by, Wells Fargo Bank, National Association, as agent for the Trust in an account established by Wells Fargo Bank, National Association, on behalf of the Trust, which contribution
shall constitute the initial Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise. 
 SECTION 2.6.
Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Holder, subject to the obligations of the Trust under
the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The Owner Trustee shall
file the Certificate of Trust with the Secretary of State. 
 The Holder shall not have any personal liability for any liability or
obligation of the Trust. 
 SECTION 2.7. Title to Trust Property. 
 (a) Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any
jurisdiction requires title to 

  

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any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be. 
 (b) The Holder shall not have legal title to any part of the Trust Property. The Holder
shall be entitled to receive distributions with respect to its undivided ownership interest therein only in accordance with ARTICLE VIII. No transfer, by operation of law or otherwise, of any right, title or interest by the Certificateholder of its
ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property. 
 SECTION 2.8. Situs of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust
shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or without the
State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware. 
 SECTION 2.9. Representations
and Warranties of the Depositor. The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner Trust Estate in trust and issuing the Certificate and upon which the Security Insurer
relies in issuing the Note Policy. 
 (a) Organization and Good Standing. The Depositor is duly organized and validly existing as a
Delaware corporation with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and is proposed to be conducted pursuant to this Agreement and the Basic
Documents. 
 (b) Due Qualification. It is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this Agreement and the Basic Documents requires such qualification.

 (c) Power and Authority. The Depositor has the corporate power and authority to execute and deliver this Agreement and to carry out
its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary
corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary corporate action. 
 (d) No Consent Required. No consent, license, approval or authorization or registration or declaration with, any Person or with any governmental authority, bureau or 

  

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agency is required in connection with the execution, delivery or performance of this Agreement and the Basic Documents, except for such as have been
obtained, effected or made. 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the certificate of incorporation or bylaws of the Depositor, or
any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement
or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
 (f) No
Proceedings. There are no proceedings or investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over it or
its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Certificate or the Notes or the consummation of any of the transactions contemplated by this Agreement
or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or
(D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Certificate. 
 SECTION
2.10. Covenants of the Certificateholder. The Certificateholder agrees: 
 (a) to be bound by the terms and conditions of the
Certificate of which the Holder is the beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all respects as if it were a signatory
hereto. This undertaking is made for the benefit of the Trust, the Owner Trustee and the Security Insurer; and 
 (b) until the completion of
the events specified in SECTION 8.1(d), not to, for any reason, institute proceedings for the Trust to be adjudicated a bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Trust, or file a
petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Trust or a substantial part of its property, or cause or permit the Trust to make any assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or declare or effect a moratorium on
its debt or take any action in furtherance of any such action. 
  

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 SECTION 2.11. Federal Income Tax Treatment of the Trust. 
 (a) For so long as the Trust has a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under
Section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets
owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the Certificateholder will be disregarded. 
 (b) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise,
to classify the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. 
 (c) In the event
that the Trust has two equity owners for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two equity owners, this Agreement will be amended, in accordance with SECTION 10.1 herein, and
appropriate provisions will be added so as to provide for treatment of the Trust as a partnership. 
 SECTION 2.12. [Reserved] 
 ARTICLE III. 
 Certificate and Transfer of
Interest 
 SECTION 3.1. Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to SECTION
2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 
 SECTION 3.2. The Certificate. The Certificate shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. A Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the date of authentication and delivery of such Certificate. A transferee of a Certificate shall become a
Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of such Certificate in such transferee’s name pursuant to SECTION 3.4. 
 SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its
treasurer or any assistant treasurer without further corporate action by the Depositor, in authorized denominations. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall
appear on such 

  

 8 








 
Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or Wells Fargo Delaware Trust
Company as the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated
the date of its authentication. 
 SECTION 3.4. Registration of Transfer and Exchange of Certificate. The Certificate Registrar shall
keep or cause to be kept, at the office or agency maintained pursuant to SECTION 3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of the
Certificate and of transfers and exchanges of the Certificate as herein provided. Wells Fargo Delaware Trust Company shall be the initial Certificate Registrar. 
 The Certificate Registrar shall provide the Trust Collateral Agent with the name and address of the Certificateholder on the Closing Date. Upon any transfers of the Certificate, the Certificate Registrar shall notify
the Trust Collateral Agent of the name and address of the transferee in writing, by facsimile, on the day of such transfer. 
 Upon surrender
for registration of transfer of the Certificate at the office or agency maintained pursuant to SECTION 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause Wells Fargo Delaware Trust Company as its authenticating agent to
authenticate and deliver), in the name of the designated transferee, a new Certificate dated the date of authentication by the Owner Trustee or any authenticating agent. 
 A Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Certificateholder or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include
membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently disposed of by the Owner Trustee in accordance with its customary practice.

 No service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Certificate. 
 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar, the Owner Trustee and (unless an Insurer
Default shall have occurred and be continuing) the Security Insurer, such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, the 

  

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Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or Wells Fargo Delaware Trust Company, as the Owner Trustee’s authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. In connection with the issuance of any new Certificate under
this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this
Section shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
 SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of becoming a Certificateholder in accordance with this Agreement shall be
deemed to be bound by the terms of this Agreement. Prior to due presentation of the Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and the Security Insurer and any agent of the Owner Trustee, the Certificate
Registrar and the Security Insurer, may treat the person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to the Sale and Servicing
Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or the Security Insurer nor any agent of the Owner Trustee, the Certificate Registrar or the Security Insurer shall be bound by any notice to
the contrary. 
 SECTION 3.7. Maintenance of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or
agencies where the Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee initially
designates the Corporate Trust Office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the Certificateholder and (unless an Insurer Default shall have occurred and be continuing) the Security Insurer of any
change in the location of the Certificate Register or any such office or agency. 
 SECTION 3.8. Disposition in Whole But Not in Part.
The Certificate may be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide the ownership of the Owner Trust Estate shall be void. The Certificate is only transferable to another entity with the prior
written consent of the Security Insurer in its sole discretion. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST
AGREEMENT.” 
 SECTION 3.9. Transfer Restrictions. 
 (a) No Certificate may be resold, assigned or transferred (including by pledge or hypothecation) other than the initial registration of the Certificates in the name of UPFC Auto Financing Corporation unless such
resale, assignment or transfer is (i) pursuant to an effective registration statement under the Securities Act and any applicable state securities or “Blue Sky” laws, (ii) pursuant to Rule 144A promulgated under the Securities
Act (“Rule 144A”) or (iii) pursuant to another exemption from the registration requirements of the Securities Act and subject to the receipt by the Certificate Registrar and the Depositor of (A) a certification by both 

  

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the prospective transferor and the prospective transferee of the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Certificate Registrar and the Depositor and (B) an opinion of counsel (which shall not be at the expense of the Depositor, the Certificate Registrar or the Owner Trustee), satisfactory to the Depositor and the Certificate
Registrar, to the effect that the transfer is in compliance with the Securities Act, and, in each case, in compliance with any applicable securities or “Blue Sky” laws of any state of the United States. In addition, each transferee shall
provide to the Certificate Registrar its tax identification number, address, nominee name (if applicable) and wire transfer instructions. Prior to any resale, assignment or transfer of the Certificates described in clause (ii) above, each
prospective purchaser of the Certificates shall have acknowledged, represented and agreed as follows: 
 (i) It is a
“qualified institutional buyer” as defined in Rule 144A (“QIB”) and is acquiring the Certificates for its own institutional account (and not for the account of others) or as a fiduciary or agent for others (which others also are
QIBs). 
 (ii) It acknowledges that the Certificates have not been and will not be registered under the Securities Act or the
securities laws of any jurisdiction. 
 (iii) It is familiar with Rule 144A and is aware that the sale is being made in
reliance on Rule 144A and it is not acquiring the Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act,
and that, if in the future it decides to resell, assign, pledge or otherwise transfer any Certificates, such Certificates may be resold, assigned, pledged or transferred only (A) to the Depositor or any Affiliate thereof, (B) so long as
such Certificate is eligible for resale pursuant to Rule 144A, to a person whom it reasonably believes after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others
also are QIBs) to whom notice is given that the resale, pledge, assignment or transfer is being made in reliance on Rule 144A, (C) pursuant to an effective registration statement under the Securities Act or (D) in a sale, pledge or other
transfer made in a transaction otherwise exempt from the registration requirements of the Securities Act, in which case (1) the Certificate Registrar shall require that both the prospective transferor and the prospective transferee certify to
the Certificate Registrar and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Certificate Registrar and the Depositor and (2) the Certificate Registrar shall
require a written opinion of counsel (which will not be at the expense of the Depositor, the Certificate Registrar or the Owner Trustee) satisfactory to the Depositor and the Certificate Registrar to the effect that such transfer will not violate
the Securities Act, in each case in accordance with any applicable securities or “Blue Sky” laws of any state of the United States. 
 (iv) It is aware that it (or any account for which it is purchasing) may be required to bear the economic risk of an investment in the Certificates for an indefinite period, and it (or such account) is able to bear
such risk for an indefinite period. 
 (v) It understands that the Certificates will bear legends substantially as set forth
in SECTION 3.10. 
  

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 (vi) If it is acquiring any Certificates for the account of one or more qualified
institutional buyers, it represents that it has sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account. 

(vii) It acknowledges that the Owner Trustee, the Certificate Registrar, the Depositor and their Affiliates, and others will rely upon
the truth and accuracy of the foregoing acknowledgments, representations and agreements. 
 Each transferor of the Certificates shall be
required to execute or to have executed a representation letter substantially in the form of Exhibit C, and each transferee (other than the initial transferee) shall be required to execute or to have executed a representation letter substantially in
the form of Exhibit D, or each may deliver such other representations (or an opinion of counsel) as may be approved by the Certificate Registrar and the Depositor, to the effect that such transfer may be made pursuant to an exemption from
registration under the Securities Act and any applicable state securities or “Blue Sky” laws. 
 In addition, such prospective
purchaser shall be responsible for providing additional information or certification, as shall be reasonably requested by the Owner Trustee or the Depositor, to support the truth and accuracy of the foregoing acknowledgments, representations and
agreements, it being understood that such additional information is not intended to create additional restrictions on the transfer of the Certificates. None of the Depositor, the Trust, the Certificate Registrar nor the Owner Trustee shall be
obligated to register the Certificates under the Securities Act or any state securities or “Blue Sky” laws. 
 In determining
compliance with the transfer restrictions contained in this SECTION 3.9, the Owner Trustee, or the Certificate Registrar may rely upon a written opinion of counsel (which may include in-house counsel of the transferor), the cost of obtaining which
shall be an expense of the Holder of the Certificate to be transferred. 
 (b) The Certificates may not be acquired by or for the account of
an employee benefit plan or other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code or any substantially similar
applicable law (“Similar Law”) or an entity whose underlying assets are deemed to be assets of a plan described above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and
holding a Certificate, the Holder thereof and the beneficial owner of the Certificate shall be deemed to have represented and warranted that it is not a Benefit Plan. The Owner Trustee shall have no duty to determine whether the Certificates are
owned by a Benefit Plan. 
 (c) Certificates shall only be transferred to a Person that is a United States Person (within the meaning of
Section 7701(a)(30) of the Code), unless the Trust has received an Opinion of Counsel that such transfer shall not cause the Trust to be subject to United States withholding tax as a consequence of a Non-United States Person holding such
Certificate. 
  

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 SECTION 3.10. Legending of Certificates. Each Certificate shall bear a legend in substantially the
form or the legends set forth in Exhibit A attached hereto, unless the Depositor determines otherwise in accordance with applicable law. 
 ARTICLE IV. 
 Voting Rights and Other Actions 
 SECTION 4.1. Prior Notice to Holder With Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Certificateholder has
withheld consent or provided alternative direction: 
 (a) the election by the Trust to file an amendment to the Certificate of Trust (unless
such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 
 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the
Certificateholder; or 
 (d) except pursuant to Section 12.1(b) of the Sale and Servicing Agreement, the amendment, change or
modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholder. 
 The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note Registrar or Trust Collateral Agent within five Business Days
after receipt of notice thereof. 
 SECTION 4.2. Action by Certificateholder With Respect to Certain Matters. Owner Trustee shall not
have the power, except upon the direction of the Certificateholder or the Security Insurer in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or
(b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder. 
  

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 SECTION 4.3. Restrictions on Certificateholder’s Power. 
 (a) The Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to
any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to SECTION 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 (b) The Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or
proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document, unless the Certificateholder is the Instructing Party pursuant to SECTION 5.3 and unless the Certificateholder previously shall have given to the
Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless Certificateholder shall have made written request upon the Owner Trustee to institute such action, suit or proceeding in its own
name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Owner Trustee, for 30 days
after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or waiver inconsistent with such written request has been
given to the Owner Trustee pursuant to and in compliance with this Section or SECTION 5.3. For the protection and enforcement of the provisions of this Section, the Certificateholder and the Owner Trustee shall be entitled to such relief as can be
given either at law or in equity. 
 SECTION 4.4. Rights of Security Insurer. Notwithstanding anything to the contrary in the Basic
Documents, without the prior written consent of the Security Insurer (so long as no Insurer Default shall have occurred and be continuing), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by
the Trust or compromise any claim, suit or proceeding brought by or against the Trust, other than with respect to the enforcement of any Receivable or any rights of the Trust thereunder, (iii) authorize the merger or consolidation of the Trust
with or into any other statutory trust or other entity (other than in accordance with Section 3.10 of the Indenture) or (iv) amend the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute).

 SECTION 4.5. Action With Respect to Bankruptcy Action. 
 (a) The Trust shall not, without the prior written consent of the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or
insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy
with respect to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, (e) make any assignment for the benefit of
the Trust’s creditors; (f) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (g) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a
“Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the Certificateholders (hereby given, which 

  

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consent the Certificateholders believe to be in the best interests of the Certificateholders and the Trust), shall consider the interest of the Noteholders
and the Security Insurer in addition to the interests of the Trust and whether the Trust is insolvent; provided, however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders or the Security Insurer.
The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Trust) or the Person that requested that such letter be furnished to the
Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any
Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in connection with the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Trust in accordance herewith, or
withholding such consent, in good faith, and neither the Trust nor any Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for giving or withholding its
consent to any such Bankruptcy Action. 
 (b) The parties hereto stipulate and agree that no Certificateholder has power to commence any
Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in SECTION 4.5(a). To the extent permitted by applicable law, the consent of the Security Insurer and
the Trust Collateral Agent shall be obtained prior to taking any Bankruptcy Action by the Trust. 
 (c) The provisions of this Section do not
constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, 11 U.S.C. § 101,
et seq., as amended. 
 SECTION 4.6. Covenants and Restrictions on Conduct of Business. 
 (a) The Owner Trustee on behalf of the Trust agrees to abide by the following restrictions: 
 (i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur any indebtedness; 

(ii) other than as contemplated by the Basic Documents and related documentation, the Trust shall not engage in any dissolution,
liquidation, consolidation, merger or sale of assets; 
 (iii) the Trust shall not engage in any business activity in which it
is not currently engaged other than as contemplated by the Basic Documents and related documentation; and 
 (iv) the Trust
shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset other than as contemplated by the Basic Documents and related documentation. 
  

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 (b) The Owner Trustee on behalf of the Trust shall: 
 (i) maintain books and records separate from any other person or entity; 
 (ii) maintain its office and bank accounts separate from any other person or entity; 
 (iii) not commingle its assets with those of any other person or entity; 
 (iv) conduct its own business in its own name and use stationery or other business forms under its own name and not that of any
Certificateholder or any Affiliate; 
 (v) other than as contemplated by the Basic Documents and related documentation, pay
its own liabilities and expenses only out of its own funds; 
 (vi) observe all formalities required under the Statutory Trust
Statute; 
 (vii) not guarantee or become obligated for the debts of any other person or entity; 
 (viii) not hold out its credit as being available to satisfy the obligation of any other person or entity; 
 (ix) not acquire the obligations or securities of its Certificateholders or its Affiliates; 
 (x) other than as contemplated by the Basic Documents and related documentation, not make loans to any other person or entity or buy or
hold evidence of indebtedness issued by any other person or entity; 
 (xi) other than as contemplated by the Basic Documents
and related documentation, not pledge its assets for the benefit of any other person or entity; 
 (xii) hold itself out as a
separate entity from each Certificateholder and not conduct any business in the name of any Certificateholder; 
 (xiii)
correct any known misunderstanding regarding its separate identity; 
 (xiv) not identify itself as a division of any other
person or entity; and 
 (xv) except as required or specifically provided in the Trust Agreement, the Trust will conduct
business with the Certificateholders or any Affiliate thereof on an arm’s length basis. 
  

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 (c) So long as the Notes or any other amounts owed under the Indenture remain outstanding, the Trust
shall not amend this SECTION 4.6 unless the Rating Agency Condition has been satisfied and without the prior written consent of the Security Insurer. 
 ARTICLE V. 
 Authority and Duties of Owner Trustee 
 SECTION 5.1. General Authority. 
 (a)
The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party, each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is
named as a party and any amendment thereto and on behalf of the Trust, each state business license (and any renewal thereof) prepared by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with
the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve
as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf of the Trust, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $55,000,000, Class A-2
Notes in the aggregate principal amount of $96,000,000 and Class A-3 Notes in the aggregate principal amount of $99,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Instructing Party recommends with respect to the Basic Documents so long as such activities are consistent with the
terms of the Basic Documents. 
 (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax returns of the Trust, unless
applicable law requires a Certificateholder to sign such documents. 
 SECTION 5.2. General Duties. It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject to the Basic Documents and
in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer or the
Depositor has agreed in the Sale and Servicing Agreement to perform any act or to discharge any duty of the Trust or the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the
Servicer to carry out its obligations under the Sale and Servicing Agreement. 
 SECTION 5.3. Action Upon Instruction. 
 (a) Subject to ARTICLE IV and the terms of the Spread Account Agreement, the Security Insurer (so long as an Insurer Default shall not have occurred and
be continuing) or the Certificateholder (if an Insurer Default shall have occurred and be continuing) (the 

  

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“Instructing Party”) shall have the exclusive right to direct the actions of the Owner Trustee in the management of the Trust, so long as
such instructions are not inconsistent with the express terms set forth herein or in any Basic Document, provided, however, that the Owner Trustee shall be permitted to treat the Security Insurer as the Instructing Party until such
time as the Owner Trustee has received written notice that the Security Insurer is no longer the Instructing Party as a result of the occurrence and continuance of an Insurer Default. The Instructing Party shall not instruct the Owner Trustee in a
manner inconsistent with this Agreement or the Basic Documents. 
 (b) The Owner Trustee shall not be required to take any action hereunder
or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Basic Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Instructing Party requesting instruction as to the course
of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Instructing Party received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner
Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no
duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or
inaction. 
 (d) In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document
or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as
to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the circumstances) to the Instructing Party requesting
instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the
Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under
no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or
inaction. 
 SECTION 5.4. No Duties Except as Specified in This Agreement or in Instructions. The Owner Trustee shall not have any
duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust 

  

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Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a
party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to SECTION 5.3; and no implied duties or obligations shall be read into this Agreement or any Basic
Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to prepare or file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or any
Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims
against, the Owner Trustee (solely in its individual capacity) and that are not related to the ownership or the administration of the Owner Trust Estate. 
 SECTION 5.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except
(i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered
to the Owner Trustee pursuant to SECTION 5.3. 
 SECTION 5.6. Restrictions. The Owner Trustee shall not take any action (a) that
is inconsistent with the purposes of the Trust set forth in SECTION 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. The
Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 
 ARTICLE VI.

 Concerning the Owner Trustee 
 SECTION 6.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee
also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic
Document under any circumstances, except (i) for its own willful misconduct, bad faith or gross negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in SECTION 6.3 expressly made by the Owner Trustee,
(iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of SECTION 5.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch or
affiliate thereof in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to
the exceptions set forth in the preceding sentence): 
 (a) the Owner Trustee shall not be liable for any error of judgment made by a
Responsible Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or gross negligence); 
  

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 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it
in accordance with the instructions of the Instructing Party, the Servicer or the Certificateholder; 
 (c) no provision of this Agreement or
any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the
Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the
Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Security Insurer, Trustee, Trust Collateral Agent, the Collateral Agent, any Noteholder or to any Certificateholder, other than as
expressly provided for herein and in the Basic Documents; 
 (f) the Owner Trustee shall not be liable for the default or misconduct of the
Security Insurer, the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this Agreement or the Basic
Documents that are required to be performed by the Trustee under the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement; and 
 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in
relation to this Agreement or any Basic Document, at the request, order or direction of the Instructing Party or the Certificateholder, unless such Instructing Party or Certificateholder has offered to the Owner Trustee security or indemnity
satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall
not be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act. 
 SECTION 6.2. Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request
therefor, duplicates or copies of all 

  

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reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents.

 SECTION 6.3. Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, the Holder and the
Security Insurer (which shall have relied on such representations and warranties in issuing the Note Policy), that: 
 (a) It is a Delaware
limited purpose trust company, duly organized and validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) Neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware state law,
governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or
instrument to which it is a party or by which any of its properties may be bound. 
 (d) The Agreement has been, or, when executed and
delivered will have been, duly authorized, validly executed and delivered by the Owner Trustee and constitutes, a valid and binding agreement of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, except to the
extent that enforceability may (A) be subject to insolvency, reorganization, moratorium, or other similar laws, regulations or procedures of general applicability now or hereinafter in effect relating to or affecting creditor’s rights
generally and (B) be limited by general principles of equity (whether considered in a proceeding at law or in equity). 
 SECTION 6.4.
Reliance; Advice of Counsel. 
 (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other
authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
  

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 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and
obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the conduct
or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable
care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons and according to such
opinion not contrary to this Agreement or any Basic Document. 
 SECTION 6.5. Not Acting in Individual Capacity. Except as provided in
this ARTICLE VI, in accepting the trust hereby created Wells Fargo Delaware Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables. The recitals contained herein and in the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) shall be taken as the
statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Certificate
(other than the signature and countersignature of the Owner Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership
of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation made under any Basic Document or in
any related document or the accuracy of any such warranty or representation or any action of the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 
 SECTION 6.7. Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes
and may deal with the Depositor, the Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
 SECTION 6.8. Payments From Owner Trust Estate. All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or 

  

 22 








 
the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trust shall have
received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wells Fargo Delaware Trust Company, or any successor thereto, in its individual capacity, shall not be liable for any amounts payable
under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 
 SECTION 6.9. Doing Business in
Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wells Fargo Delaware Trust Company or any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the
State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with SECTION 9.5 hereof, (i) require the consent or approval or authorization or order of or the giving of notice
to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge
under the laws of the State of Delaware becoming payable by Wells Fargo Delaware Trust Company (or any successor thereto); or (iii) subject Wells Fargo Delaware Trust Company (or any successor thereto) to personal jurisdiction in any
jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wells Fargo Delaware Trust Company (or any successor thereto) or the Owner Trustee, as the case may be,
contemplated hereby. 
 ARTICLE VII. 
 Compensation of Owner Trustee 
 SECTION 7.1. Owner Trustee’s Fees and Expenses. The Trust shall pay to the Owner
Trustee, pursuant to and as limited by Section 5.7(b) of the Sale and Servicing Agreement, as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between UACC and the Owner Trustee, and
such other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its
rights and its duties hereunder and under the Basic Documents. The Seller shall be jointly and severally liable for the fees and expenses owing to the Owner Trustee under this SECTION 7.1. 
 SECTION 7.2. Indemnification. UACC shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors,
successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in
any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that UACC shall not be liable for
or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of 

  

 23 








 
SECTION 6.1. The indemnities contained in this Section and the rights under SECTION 7.1 shall survive the resignation or termination of the Owner Trustee or
the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of UACC which approval
shall not be unreasonably withheld. The Seller shall be jointly and severally liable for the indemnification duties and obligations of UACC which are described in this SECTION 7.2. 
 SECTION 7.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this ARTICLE VII shall be deemed not to be a part of
the Owner Trust Estate immediately after such payment. 
 SECTION 7.4. Non-recourse Obligations. Notwithstanding anything in this
Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be
with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder. 
 ARTICLE VIII.

 Termination of Trust Agreement 
 SECTION 8.1. Termination of Trust Agreement. 
 (a) This Agreement and the Trust shall terminate in accordance with
Section 3808 of the Statutory Trust Statute and be of no further force or effect upon the latest of (i) the maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by the Seller at its
option of the corpus of the Trust as described in Section 10.1 of the Sale and Servicing Agreement) and the subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents, or (ii) the payment to the
Certificateholder of all amounts required to be paid to it pursuant to this Agreement and the payment to the Security Insurer of all amounts payable or reimbursable to it pursuant to the Sale and Servicing Agreement or the Insurance Agreement;
provided, however, that the rights to indemnification under SECTION 7.2 and the rights under SECTION 7.1 shall survive the termination of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee and the Security
Insurer of any prospective termination pursuant to this Section. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder, shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle the
Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto. 
 (b) Neither the Depositor nor the Certificateholder shall be entitled to revoke
or terminate the Trust. 
 (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder
shall surrender the Certificate to the Trust Collateral Agent for 

  

 24 








 
payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days
of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Certificate shall be
made upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein specified and (iv) interest will cease to accrue on the Certificate. The Owner Trustee shall give
such notice to the Trust Collateral Agent and the Security Insurer at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Trust Collateral Agent shall cause to be distributed to the
Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement. 
 In the
event that the Certificateholder shall not surrender the Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the Certificateholder to
surrender the Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificate shall not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this
Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed, subject to applicable escheat laws, by the Owner Trustee to the Holder. 
 (d) Upon the completion of the winding up of the Trust in accordance with Section 3808 of the Statutory Trust Statute and its termination, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 
 ARTICLE IX. 
 Successor Owner Trustees and
Additional Owner Trustees 
 SECTION 9.1. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a
corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000 and subject to
supervision or examination by Federal or State authorities; and (iv) acceptable to the Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such corporation shall publish reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in SECTION 9.2. 
  

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 SECTION 9.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and
be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Security Insurer and the Servicer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee, provided that the Depositor shall have received written confirmation from each of the
Rating Agencies that the proposed appointment will not result in an increased capital charge to the Security Insurer by either of the Rating Agencies. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30
days after the giving of such notice of resignation, the resigning Owner Trustee or the Security Insurer may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of SECTION 9.1 and shall fail to resign after written
request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall
take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor with the consent of the Security Insurer (so long as an Insurer Default shall not have
occurred and be continuing) may remove the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed, one copy to the Security Insurer and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner
Trustee. 
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to SECTION 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 9.3. Successor Owner Trustee. Any successor
Owner Trustee appointed pursuant to SECTION 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Security Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and
thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations
of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the
successor Owner Trustee all such rights, powers, duties and obligations. 
  

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 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of
such acceptance such successor Owner Trustee shall be eligible pursuant to SECTION 9.1. 
 Upon acceptance of appointment by a successor
Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of such Owner Trustee to the Certificateholder, the Trustee, the Noteholders, the Security Insurer and the Rating Agencies. If the Servicer shall fail to mail
such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 
 SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to SECTION 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies and the Security Insurer. 
 SECTION 9.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose
of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Owner Trustee and the Security Insurer to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust
Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may
consider necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee subject, unless an Insurer Default shall have occurred and be continuing, to
the approval of the Security Insurer (which approval shall not be unreasonably withheld) shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to SECTION 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to SECTION 9.3. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or
performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in 

  

 27 








 
which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the
Owner Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any
other trustee under this Agreement; and 
 (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this
Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument
shall be filed with the Owner Trustee and a copy thereof given to the Servicer and the Security Insurer. 
 Any separate trustee or
co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee. 
 ARTICLE X. 
 Miscellaneous 
 SECTION 10.1. Supplements and Amendments. 
 (a) This Agreement may be amended by the Depositor and the Owner Trustee, with the prior written consent of the Security Insurer (so long as an Insurer
Default shall not have occurred and be continuing) and with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct,
supplement or modify any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel which may be based upon a certificate of the Servicer, adversely affect in any material respect
the interests of any Noteholder or Certificateholder. 
 (b) This Agreement may also be amended from time to time, with the prior written
consent of the Security Insurer (so long as an Insurer Default shall not have occurred and 

  

 28 








 
be continuing) by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, to the extent such amendment materially and
adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which consent of any Holder of a
Certificate or Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, however, that subject to the express rights of the Security Insurer under the Basic Documents, no such
amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the
Certificateholder or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and the
Certificateholder. 
 (c) In order to comply with any rules adopted by the Commission, this Agreement may be amended from time to time by the
parties hereto and with the consent of the Insurer, which consent shall not be unreasonably withheld, without the consent of any of the Noteholders or the Trustee, as may be necessary, in the judgment of the Depositor and its counsel, pursuant to
Section 11.4 of the Sale and Servicing Agreement, to comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission. 
 Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or
consent to the Certificateholder, the Trustee and each of the Rating Agencies. 
 It shall not be necessary for the consent of
Certificateholder, the Noteholders or the Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of the Certificateholder provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholder shall be subject to such reasonable
requirements as the Owner Trustee may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
 Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder. The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to
receive distributions in accordance with ARTICLE VIII. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to 

  

 29 








 
and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 SECTION 10.3. Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to the extent expressly provided herein, the Security Insurer, the Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein. 
 SECTION 10.4. Notices. 
 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first
class mail or certified mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to UPFC Auto Financing
Corporation, 2990 Westerly Place, Suite 200, Newport Beach, California 92660, Attention: Arash A. Khazei; if to United Auto Credit Corporation, 2990 Westerly Place, Suite 200, Newport Beach, California 92660, Attention: Arash A. Khazei; if to the
Security Insurer, addressed to Security Insurer, Ambac Assurance Corporation, One State Street Plaza, 19th Floor, New York, NY 10004, Attention: UPFC Auto Receivables Trust 2006-B, Facsimile No.: 212-208-3547, Confirmation: 212-668-0340 (in each
case in which notice or other communication to the Security Insurer refers to an Event of Default, a claim on the Note Policy or with respect to which failure on the part of the Security Insurer to respond shall be deemed to constitute consent or
acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel “URGENT MATERIAL ENCLOSED”); or, as to each party, at such other address as shall be designated by such party
in a written notice to each other party. 
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by
first-class mail, postage prepaid, at the address of the Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 SECTION 10.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 SECTION 10.6. Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

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 SECTION 10.7. Assignments; Security Insurer. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and the Security Insurer and their respective successors and permitted assigns. The Security Insurer shall be an express third party beneficiary of this Agreement, entitled to enforce the provisions hereof as if a
party hereto. 
 SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate
represents a beneficial interest in the Trust only and do not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents. 
 SECTION 10.9. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be prepared, execute and deliver on behalf of the Trust and all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. Upon written request, the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing the
Servicer the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver all such documents, reports, filings, instruments, certificates and opinions. 
 SECTION 10.12. Nonpetition Covenants. Notwithstanding any prior termination of this Agreement, the Certificateholder shall not, prior to the date
which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the Trust. 
  

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 ARTICLE XI. 
 COMPLIANCE WITH REGULATION AB 
 SECTION 11.1. Intent of the Parties; Reasonableness.

 (a) Intent of the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of Article
Eleven of this Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. 
 Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with
the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection therewith, the Owner Trustee shall
cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information necessary in the good faith determination
of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order
to effect such compliance. 
 [Remainder of page intentionally left blank.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed by their
respective officers hereunto duly authorized as of the day and year first above written. 
  

			
	 WELLS FARGO DELAWARE TRUST COMPANY,
 as Owner
Trustee

		
	By:	 	  
	Name:	 	
	Title:	 	


  

			
	UPFC AUTO FINANCING CORPORATION
		
	By:	 	  
	Name:	 	David J. Carlton
	Title:	 	Senior Vice President


  

			
	ACKNOWLEDGED AND AGREED TO:
	
	 UNITED AUTO CREDIT CORPORATION
 Solely with
respect to SECTION 7.1 and
 SECTION 7.2

		
	By:	 	  
	Name:	 	Mario Radrigan
	Title:	 	Executive Vice President

 [Signature Page to Amended and Restated Trust Agreement] 
  

 33 








 EXHIBIT A 
 NUMBER 
 R-1 
 SEE REVERSE FOR CERTAIN
DEFINITIONS 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN
EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS
THE CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
(“QIB”) ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) IF SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND OTHER SECURITIES OR “BLUE SKY” LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS
SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE
OWNER TRUSTEE AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, OR IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN
CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL PURPOSES. 
 NO INTEREST IN THIS TRUST CERTIFICATES MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”) OR SECTION 4975 OF THE 

  

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CODE OR ANY SUBSTANTIALLY SIMILAR APPLICABLE LAW (“SIMILAR LAW”) OR AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED
ABOVE BY REASON OF SUCH PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN”). BY ACCEPTING AND HOLDING THIS CERTIFICATE, THE HOLDER HEREOF AND THE CERTIFICATE OWNER SHALL EACH BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS
NOT A BENEFIT PLAN. 
  

 ASSET BACKED CERTIFICATE 
 evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below, the property of
which includes a pool of retail installment sale contracts secured by new or used automobiles, vans or light duty trucks and sold to the Trust by UPFC Auto Financing Corporation 
 (This Certificate does not represent an interest in or obligation of UPFC Auto Financing Corporation or any of its Affiliates, except to the extent described below.) 
 THIS CERTIFIES THAT UPFC AUTO FINANCING CORPORATION is the registered owner of a nonassessable, fully-paid, beneficial ownership interest in certain
distributions of UPFC Auto Receivables Trust 2006-B (the “Trust”) formed by UPFC Auto Financing Corporation, a Texas corporation (the “Seller”). 
 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is the Certificate referred to
in the within-mentioned Trust Agreement. 
  

			
	 WELLS FARGO DELAWARE TRUST
 COMPANY not in
its individual
 capacity but solely as
 Owner
Trustee

		
	by:	 	  
	Authenticating Agent
		
	by:	 	  

 The Trust was created pursuant to a Trust Agreement dated as of November 17, 2006, as amended
and restated as of December 14, 2006 (the “Trust Agreement”), between the Seller and Wells Fargo Delaware Trust Company, as owner trustee (the “Owner Trustee”), a summary of 

  

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certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Trust Agreement. 
 This is the duly authorized Certificate designated as “Asset Backed
Certificate” (herein called the “Certificate”). Also issued under the Indenture, dated as of December 1, 2006, among the Trust, Deutsche Bank Trust Company Americas, as indenture trustee and trust collateral agent, are
three classes of Notes designated as “Class A-1 5.34% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 5.15% Asset Backed Notes” (the “Class A-2 Notes”) and “Class
A-3 5.01% Asset Backed Notes” (the “Class A-3 Notes” and together with the Class A-1 Notes and the Class A-2 Notes, the “Notes”). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment
sale contracts secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the security interests in the vehicles financed thereby, certain bank accounts and the proceeds
thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, to and interest of the Seller in and to the Sale Agreement dated as of December 1,
2006 among United Auto Credit Corporation and the Seller and all proceeds of the foregoing. 
 The holder of this Certificate acknowledges
and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 

Distributions on this Certificate will be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Corporate Trust Office.

 Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
 THIS CERTIFICATE SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

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 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has
caused this Certificate to be duly executed. 
  

									
		 		 	UPFC AUTO RECEIVABLES TRUST 2006-B
					
		 		 		 	By:	 	 WELLS FARGO DELAWARE TRUST
 COMPANY not in its individual
capacity
 but solely as Owner Trustee

				
	Date: December     , 2006	 		 	By:	 	  

  

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 (Reverse of Certificate) 
 The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of any of them and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of
payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined during
normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written request. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the
Owner Trustee with the consent of the Security Insurer (so long as an Insurer Default has not occurred or is continuing), the Note Majority and the Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 
 As provided in the
Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Owner Trustee in the Corporate Trust Office, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such
holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement
is Wells Fargo Delaware Trust Company. No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental
charge payable in connection therewith. 
 The Owner Trustee, the Security Insurer and any agent of the Owner Trustee or the Security Insurer
may treat the person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Security Insurer nor any such agent shall be affected by any notice to the contrary. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust. The Seller or the Servicer of the Receivables may at its
option purchase the corpus of the Trust at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect 

  

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early retirement of the Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of any
Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance. 
 The Certificate may not be acquired by an
employee benefit plan or other retirement arrangement that is subject to Section 406 of ERISA or Section 4975 of the Code or any substantially similar applicable law or any entity whose underlying assets include assets of a plan described
in (a) above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and holding this Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a
Benefit Plan. 
 The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may be, and the
Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or of any Receivable or related document. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual or facsimile signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  

 A-6 








 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 
 OF ASSIGNEE 
  

	
	  
	  
	(Please print or type name and address, including postal zip code, of assignee)

  

	
	  
	  
	the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

                                       
              Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
  

					
			
	Dated:	 		 	*
		 		 	Signature
			
	Guaranteed:	 		 	*



	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 


 

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 EXHIBIT B 
 FORM OF 
 CERTIFICATE OF TRUST 
 OF 
 UPFC AUTO RECEIVABLES TRUST 2006-B 
 THIS Certificate of Trust of UPFC AUTO RECEIVABLES TRUST 2006-B (the “Trust”) is being duly executed and filed on behalf of the Trust by
the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801, et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed by this Certificate of Trust is “UPFC Auto Receivables Trust 2006-B.” 

2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wells Fargo Delaware Trust Company,
919 Market Street, Wilmington, Delaware 19801. 
 3. Effective Date. This Certificate of Trust shall be effective upon filing.

 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

  

			
	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as trustee of the Trust
		
	By:	 	  
		 	Name:
		 	Title:









 EXHIBIT C 
 FORM OF TRANSFEROR CERTIFICATE 
 [Date] 
 UPFC Auto Receivables Trust 2006-B, 
     as Trust 
 c/o Wells Fargo Delaware Trust Company 
     as
Certificate Registrar 
 Corporate Trust Services 
 919 North
Market Street., Suite 700 
 Wilmington, Delaware 19801 
 Attention: Corporate Trust Office 
 Ladies and Gentlemen: 
 In connection with our proposed sale of the Asset Backed Certificates (the “Certificate”) of UPFC Auto Receivables Trust 2006-B (the “Trust”), a Delaware statutory trust formed by UPFC Auto
Financing Corporation (the “Depositor” or “Seller”), we confirm that: 
 (a) The Transferor is the lawful
owner of the Certificate with the full right to transfer the Certificate free from any and all claims and encumbrances whatsoever. 
 (b) Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Certificates, any interest in the Certificate or any other similar security to any person in any
manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Certificate, any interest in the Certificate or any other similar security from any person in any manner, (c) otherwise approached or
negotiated with respect to the Certificate, any interest in the Certificate or any other similar security with any person in any manner, (d) made any general solicitation with respect to the Certificate, any interest in the Certificate or any
other similar security be means of general advertising or in any manner, or (e) taken any other action with respect to the Certificate, any interest in the Certificate or any other similar security, which (in the case of any of the acts
described in clauses (a) through (e) hereof) would constitute a distribution under the Securities Act of 1933 (the “Securities Act”), or would render the disposition of the Certificate a violation of Section 5 of the
Securities Act or any state securities laws, or would require registration or qualification of the Certificate pursuant to the Securities Act or any state securities laws. 
 (c) The Transferor and any person acting on behalf of the Transferor in this matter reasonably believe that the Transferee is either
(a) a “qualified institutional buyer” (as that term is defined in Rule 144A (“Rule 144A”) under the Securities Act) purchasing for its own account or (b) either (i) an “accredited investor” within the
meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the Securities Act or (ii) an entity in which all the equity owners are “accredited investors” within the meaning of paragraph (1), (2), (3) or (7) of
Rule 501(a) under the Securities Act, and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Certificate. 
  

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 (d) Unless the Transferee is either (a) an “accredited investor” within
the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (b) an entity in which all the equity owners are “accredited investors” within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a)
under the Securities Act that is furnishing a Transferee Certificate in the form of Exhibit C to the Trust Agreement, the Transferor or a person acting on its behalf has taken reasonable steps to ensure that the Transferee is aware that the
Transferor is relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. 
 (e) The Transferor or a person acting on its behalf has furnished, or caused to be furnished, to the Transferee all information regarding (a) the Certificates and distributions thereon, (b) the Sale and Servicing Agreement, and
(c) any credit enhancement mechanism associated with the Certificates, that the Transferee has requested. 
  

			
	Very truly yours,
	
	Print Name of Transferor
	
	  
	By:	 	



			
	
	  
	Name:	 	



			
	
	  
	Title:	 	



			
	
	  


  

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 EXHIBIT D 
 FORM OF TRANSFEREE CERTIFICATE 
 [Date] 
 UPFC Auto Receivables Trust 2006-B, 
     as Trust 
 c/o Wells Fargo Delaware Trust Company 
     as
Certificate Registrar 
 Corporate Trust Services 
 919 North
Market Street., Suite 700 
 Wilmington, Delaware 19801 
 Ladies
and Gentlemen: 
 In connection with our proposed purchase of the 100% Asset Backed Certificates (the “Certificates”) of UPFC Auto
Receivables Trust 2006-B (the “Trust”), a Delaware statutory trust formed by UPFC Auto Financing Corporation (the “Depositor” or “Seller”), we confirm that: 
 (a) We are a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and are acquiring the Certificate for its
own institutional account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs); 
 (b) We acknowledge that the Certificates have not been and will not be registered under the Securities Act or the securities laws of any jurisdiction; 
 (c) We are familiar with Rule 144A and are aware that the sale is being made in reliance on Rule 144A and we are not acquiring the
Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act, and that, if in the future we decide to resell,
assign, pledge or otherwise transfer any Certificates, such Certificates may be resold, assigned, pledged or transferred only (i) to the Depositor or any Affiliate thereof, (ii) so long as such Certificate is eligible for resale pursuant
to Rule 144A, to a person whom we reasonably believe after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the
resale, pledge, assignment or transfer is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities Act or (iv) in a sale, pledge or other transfer made in a transaction otherwise
exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee will require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Depositor in writing the
facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor and (B) the Owner Trustee will require a written opinion of counsel (which will not be at the expense of the
Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable securities or “Blue Sky” laws of any
state of the United States; 
  

 D-1 








 (d) No Certificate may be acquired by or for the account of an employee benefit plan or
other retirement arrangement subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code or any substantially similar applicable law (“Similar Law”) or
an entity whose underlying assets are deemed to be assets of a plan described above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). Each Person who acquires any Certificate or interest therein will certify
that the foregoing conditions are satisfied; 
 (e) We are aware that we (or any account for which we are purchasing) may be
required to bear the economic risk of an investment in the Certificates for an indefinite period, and we (or such account) are able to bear such risk for an indefinite period; 
 (f) We understand that the Certificates will bear legends substantially as set forth in Section 3.12 of the Trust Agreement;

 (g) If we are acquiring any Certificates for the account of one or more qualified institutional buyers, we represent that
we have sole investment discretion with respect to each such account and that we have full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account; 
 (h) We acknowledge that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the
foregoing acknowledgments, representations and agreements; and 
 (i) We acknowledge that we have been notified of the
transfer restrictions and related provisions applicable to the Certificates set forth in the Trust Agreement and agree to be bound by such restrictions and provisions. 
 You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to
the matters covered hereby. 
  

			
	Very truly yours,
		
	By:	 	  
		 	Name:
		 	Title:


  

 D-2