EX-10.1



 Exhibit 10.1 

 
  
 PURCHASE AGREEMENT 
 dated as of
[            ] 
 between 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION 
 and 
 CHASE AUTO RECEIVABLES LLC 

 
  







 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND USAGE
	  	 	1	  
		
	 SECTION 1.1 Definitions
	  	 	1	  
		
	 SECTION 1.2 Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II PURCHASE
	  	 	2	  
		
	 SECTION 2.1 Agreement to Sell and Contribute on the Closing Date
	  	 	2	  
		
	 SECTION 2.2 Consideration and Payment
	  	 	2	  
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	2	  
		
	 SECTION 3.1 Representations and Warranties of the Bank
	  	 	2	  
		
	 SECTION 3.2 Representations and Warranties of the Bank as to each Receivable
	  	 	3	  
		
	 SECTION 3.3 Repurchase upon Breach
	  	 	4	  
		
	 SECTION 3.4 Protection of Title
	  	 	4	  
		
	 SECTION 3.5 Other Liens or Interests
	  	 	5	  
		
	 SECTION 3.6 Perfection Representations, Warranties and Covenants
	  	 	5	  
		
	 SECTION 3.7 FDIC Rule; Official Record; Compliance
	  	 	5	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	6	  
		
	 SECTION 4.1 Transfers Intended as Sale; Security Interest
	  	 	6	  
		
	 SECTION 4.2 Notices, Etc
	  	 	7	  
		
	 SECTION 4.3 Choice of Law
	  	 	7	  
		
	 SECTION 4.4 Headings
	  	 	7	  
		
	 SECTION 4.5 Counterparts
	  	 	7	  
		
	 SECTION 4.6 Amendment
	  	 	7	  
		
	 SECTION 4.7 Waivers
	  	 	8	  
		
	 SECTION 4.8 Entire Agreement
	  	 	8	  
		
	 SECTION 4.9 Severability of Provisions
	  	 	8	  
		
	 SECTION 4.10 Binding Effect
	  	 	9	  
		
	 SECTION 4.11 Acknowledgment and Agreement
	  	 	9	  
		
	 SECTION 4.12 Cumulative Remedies
	  	 	9	  
		
	 SECTION 4.13 Nonpetition Covenant
	  	 	9	  
		
	 SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial
	  	 	9	  

 EXHIBITS 
  

			
	Exhibit A	  	Form of Assignment Pursuant to Purchase Agreement
	Schedule I	  	Representations and Warranties With Respect to the Receivables
	Schedule II	  	Perfection Representations, Warranties and Covenants


  
 i 








 THIS PURCHASE AGREEMENT is made and entered into as of
[                ] (as amended from time to time, this “Agreement”) by JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association
(the “Bank”), and CHASE AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Purchaser”). 
 WITNESSETH: 
 WHEREAS, the Purchaser desires to purchase from the Bank a portfolio
of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or direct loans that are secured by new and used automobiles and light-duty trucks; and 

WHEREAS, the Bank is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms and
conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth
herein, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND USAGE 
 SECTION 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to
the Sale Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale Agreement”) among Chase Auto Owner Trust 2013-A, and the Purchaser, as seller, which also
contains rules as to usage that are applicable herein. 
 SECTION 1.2 Other Interpretive Provisions. For purposes of this
Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them
under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and
not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection,
clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including
without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references
to any Person include that Person’s successors and assigns. 







 ARTICLE II 
 PURCHASE 
 SECTION 2.1 Agreement to Sell and Contribute on the Closing
Date. On the terms and subject to the conditions set forth in this Agreement, the Bank agrees to transfer, assign, set over, sell and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all
of its right, title and interest in, to and under the Receivables, the Collections on or after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in the assignment in the form of Exhibit A (the
“Assignment”) delivered on the Closing Date (the “Purchased Assets”) having a Net Pool Balance as of the Cut-Off Date equal to
$[                ], which sale shall be effective as of the Cut-Off Date. The sale, transfer, assignment, contribution and conveyance made hereunder does not constitute
and is not intended to result in an assumption by the Purchaser of any obligation of the Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any
agreement, document or instrument related thereto. 
 SECTION 2.2 Consideration and Payment. In consideration of the
transfer of the Purchased Assets conveyed to the Purchaser pursuant to Section 2.1 on the Closing Date, the Purchaser shall pay to the Bank on such date, which shall be paid (a) in cash to the Bank and (b) by a capital
contribution by the Bank of an undivided interest in such Purchased Assets that increases its equity interest in the Purchaser in an amount equal to the excess of the estimated fair market value of the Purchased Assets over the amount of cash paid
by the Purchaser to the Bank. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 3.1 Representations and
Warranties of the Bank. The Bank makes the following representations and warranties as of the Closing Date on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive
the conveyance of the Purchased Assets to the Purchaser pursuant to this Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the
Indenture: 
 (a) Existence and Power. The Bank is a national banking association validly existing and in good standing
under the laws of the United States and has, in all material respects, all power and authority required to carry on its business as now conducted. The Bank has obtained all necessary licenses and approvals in each jurisdiction where the failure to
do so would materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents or the enforceability or collectibility of the Receivables or any other part of the Purchased Assets. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Bank of each Transaction Document to which
it is a party (i) have been duly authorized by all necessary action on the part of the Bank and (ii) do not contravene or constitute a default 

  

					
		  	-2-	  	Purchase Agreement









 
under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its
property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated
by, or the Bank’s ability to perform its obligations under, the Transaction Documents). 
 (c) No Consent Required.
No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Bank of any Transaction Document other than (i) UCC filings, (ii) approvals and
authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or
collectibility of the Receivables or any other part of the Purchased Assets or would not materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents. 

(d) Binding Effect. Each Transaction Document to which the Bank is a party constitutes the legal, valid and binding obligation of
the Bank enforceable against the Bank in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting
creditors’ rights generally and, if applicable, the rights of creditors of national banking associations from time to time in effect or by general principles of equity. 
 (e) No Proceedings. There are no actions, suits or Proceedings pending or, to the knowledge of the Bank, threatened against the Bank before or by any Governmental Authority that (i) assert the
invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other
Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Bank of its obligations under this Agreement or any of the other Transaction Documents, or (iv) relate to the
Bank that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
 (f) Lien Filings. The Bank is not aware of any material judgment, ERISA or tax lien filings against the Bank. 
 SECTION 3.2 Representations and Warranties of the Bank as to each Receivable. The Bank hereby makes the representations and warranties set forth on Schedule I as to the Receivables, sold,
contributed, transferred, assigned, set over and otherwise conveyed to the Purchaser under this Agreement on which such representations and warranties the Purchaser relies in acquiring the Receivables. Such representations and warranties shall
survive the sale of the Receivables to the Issuer under the Sale Agreement, and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement to the contrary contained herein or in any
other Transaction Document, the Bank shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents.


  

					
		  	-3-	  	Purchase Agreement









 SECTION 3.3 Repurchase upon Breach. Upon discovery by or notice to the Purchaser or
the Bank of a breach of any of the representations and warranties set forth in Section 3.2 with respect to any Receivable at the time such representations and warranties were made (without regard to any knowledge qualifier contained in
Schedule I) that materially and adversely affects the interests of the Issuer or the Noteholders in such Receivable, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party;
provided, that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Bank and the Purchaser of such breach; provided, further, that the failure to give such notice shall not
affect any obligation of the Bank hereunder. If the breach materially and adversely affects the interests of the Issuer or the Noteholder in such Receivable, then the Bank shall either (a) correct or cure such breach or (b) repurchase such
Receivable from the Purchaser, in either case on or before the Payment Date following the end of the Collection Period which includes the 60th day (or, if the Bank elects, an earlier date) after the date that the Bank became aware or was notified of
such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such
Receivable. Any such purchase by the Bank shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Bank shall make (or shall cause to be made) a payment to the Purchaser equal to the Repurchase Price by depositing
such amount into the Collection Account prior to 11:00 a.m., New York City time on such date of repurchase. Upon payment of such Repurchase Price by the Bank, the Purchaser shall release and shall execute and deliver such instruments of release,
transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Bank to evidence such release, transfer or assignment or more effectively vest in the Bank or its designee any Receivable and any related
Purchased Assets repurchased pursuant hereto. It is understood and agreed that the obligation of the Bank to repurchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Purchaser. 

SECTION 3.4 Protection of Title. 
 (a) The Bank shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables (other than any Related Security with respect thereto, to the extent that the interest of the Purchaser therein cannot be perfected by the
filing of a financing statement). the Bank shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) The Bank will notify the Purchaser in writing within thirty (30) days following the occurrence of (i) any change in the
Bank’s organizational structure as a national banking association, (ii) any change in the Bank’s “location” (within the meaning of Section 9-307 of the UCC of all applicable
jurisdictions) and (iii) any change in the Bank’s name and shall have taken all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to
take such action in advance) reasonably necessary or advisable in the opinion of the Purchaser to amend all previously filed financing statements or continuation statements described in paragraph (a) above. 

  

					
		  	-4-	  	Purchase Agreement









 (c) The Bank shall maintain (or shall cause the Servicer to maintain) its computer systems
so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including archives that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of
the Purchaser) in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related
Receivable shall have been paid in full or repurchased. 
 (d) If at any time the Bank shall propose to sell, grant a security
interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Bank shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the
Purchaser). 
 SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant
to this Agreement and the other Transaction Documents, the Bank shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume or suffer to exist any
Lien (other than Permitted Liens) on any interest therein, and the Bank shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all claims of third parties
claiming through or under the Bank. 
 SECTION 3.6 Perfection Representations, Warranties and Covenants. The Bank hereby
makes the perfection representations, warranties and covenants set forth on Schedule II hereto to the Purchaser and the Purchaser shall be deemed to have relied on such representations, warranties and covenants in acquiring the Purchased
Assets. 
 SECTION 3.7 FDIC Rule; Official Record; Compliance. 

(a) The parties hereto intend that (A) the FDIC Rule shall apply to the transactions contemplated by this Agreement and the other
Transaction Documents, (B) the transactions contemplated by this Agreement and the other Transaction Documents, taken as a whole, constitute a “securitization” within the meaning of the FDIC Rule and (C) the transfer of
Receivables and other property pursuant to this Agreement constitutes a sale, and not a secured borrowing, for accounting purposes as it relates to the FDIC Rule. 
 (b) So long as the Notes remain outstanding, this Agreement shall be treated as an official record of the Bank within the meaning of Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C.
Section 1823(e)). 
 (c) The Bank agrees (i) to perform the covenants set forth in Article XII of the Indenture
applicable to it and (ii) to facilitate compliance with Article XII of the Indenture by the Chase Parties. 

  

					
		  	-5-	  	Purchase Agreement









 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1 Transfers Intended as Sale; Security Interest.

 (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement
are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the
Receivables and related Purchased Assets shall not be treated as part of the Bank’s estate in the event of a bankruptcy or insolvency of the Bank. The sales and transfers by the Bank of the Receivables and related Purchased Assets hereunder are
and shall be without recourse to, or representation or warranty (express or implied) by, the Bank, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Bank are intended to provide a remedy
for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of the Bank, or if for any reason this Agreement is held or deemed to create
indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 

(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC
and the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1
shall be deemed to be a grant by the Bank of, and the Bank hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to
the Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of the Bank hereunder; 
 (iii) The possession by the Purchaser or its agent of the Receivable Files and any other property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be
“possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and

 (iv) Notifications to Persons holding such property, and acknowledgments, receipts or confirmations from
Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such security interest under applicable law.


  

					
		  	-6-	  	Purchase Agreement









 SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be
in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile and addressed in each case as
specified on Schedule III to the Sale Agreement, or if so provided on Schedule III to the Sale Agreement, by electronic transmission, or at such other address as shall be designated by any of the specified addressees in a written
notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon
receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed
within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
 SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES
THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

SECTION 4.4 Headings. The section headings hereof have been inserted for convenience only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 SECTION 4.5 Counterparts. This Agreement may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 4.6 Amendment. 
 (a) Any term or provision of this Agreement may be
amended by the Bank and the Purchaser without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person upon the satisfaction of one of the following conditions: 

(i) the Bank or the Purchaser delivers an Opinion of Counsel or Officer’s Certificate to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii)
the Rating Agency Condition is satisfied with respect to such amendment and the Bank or the Purchaser notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 4.6 shall be effective which materially adversely affects the rights, protections
or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such materially adversely affected Person. 

  

					
		  	-7-	  	Purchase Agreement









 (b) This Agreement may also be amended from time to time by the Bank and the Purchaser, with
the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, voting as a single class, 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; provided, that no such amendment shall reduce the interest rate or principal amount of any Note or change or delay the Final Scheduled Payment Date
of any Note without the consent of each Holder of such Note. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves
the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (c) Promptly after the execution of any such amendment, the Bank shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee. 

SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the Servicer, the Bank, the Issuer or the Indenture Trustee
in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or the Bank in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this
Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder. 
 SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all
prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings.
There are no unwritten agreements among the parties. 
 SECTION 4.9 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or
terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

  

					
		  	-8-	  	Purchase Agreement









 SECTION 4.10 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect
until such time as the parties hereto shall agree. 
 SECTION 4.11 Acknowledgment and Agreement. By execution below, the
Bank expressly acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights of the Purchaser related thereto and under this Agreement by the Purchaser to the Issuer pursuant to the Sale Agreement and the Grant of a
security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In addition, the Bank hereby acknowledges and agrees that for so long as the
Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement in the event that the Purchaser shall fail to exercise the same. 

SECTION 4.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day
after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up
or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section 4.13 shall survive the termination of this Agreement. 
 SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or Proceeding relating to this Agreement or any documents executed
and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern
District of New York and appellate courts from any thereof; 

  

					
		  	-9-	  	Purchase Agreement









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

(c) agrees that service of process in any such action or Proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury
in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

[Remainder of Page Intentionally Left Blank] 

  

					
		  	-10-	  	Purchase Agreement









 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first written above. 
  

			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
	
	CHASE AUTO RECEIVABLES LLC
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	



  

					
		  	S-1	  	Purchase Agreement









 EXHIBIT A 
 FORM OF 
 ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT 

[            ] 

For value received, in accordance with the Purchase Agreement dated as of
[                ] (the “Agreement”), between JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (the “Bank”),
and Chase Auto Receivables LLC, a Delaware limited liability company (the “Purchaser”), on the terms and subject to the conditions set forth in the Agreement, the Bank does hereby transfer, assign, set over, sell and otherwise
convey to the Purchaser on the Closing Date, all of its right, title and interest in, to and under the Receivables set forth on the schedule of Receivables delivered by the Bank to the Purchaser on the date hereof (such schedule, the
“Schedule of Receivables”), the Collections on or after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, which sale shall be effective as of the Cut-Off Date. 

The foregoing sale does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of the
Originator to the Obligors, the Dealers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in
the Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Agreement or if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of [                ], among Chase Auto Owner
Trust [                ] and the Purchaser, as seller. 
 [Remainder of page intentionally left blank] 

  

					
		  	A-1	  	Purchase Agreement









 IN WITNESS HEREOF, the undersigned has caused this assignment to be duly executed as of the
date first above written. 
  

			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	



  

					
		  	A-2	  	Purchase Agreement









 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	(a)	Characteristics of Receivables. Each Receivable: 

  

	 	(i)	has been fully and properly executed or electronically authenticated as defined in the UCC by the Obligor thereto; 


 

	 	(ii)	has been originated or acquired directly by the Originator in accordance with its customary practices; 


 

	 	(iii)	as of the Closing Date, to the best of the Bank’s knowledge, is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of
the Originator, as secured party, or all actions, in accordance with the Bank’s Customary Servicing Practices, have been commenced that would result in a first priority security interest in the Financed Vehicle in favor of the Originator, as
secured party, which security interest, in either case, is assignable and has been so assigned (x) by the Bank to the Purchaser and (y) by the Purchaser to the Issuer; 


 

	 	(iv)	contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the
benefits of the security; 

  

	 	(v)	according to the Bank’s records, provided, at origination, for fully amortizing level periodic payments; provided, that the amount of the first or last
payment may be different than the level monthly payment; 

  

	 	(vi)	provides for interest at the Contract Rate specified in the Schedule of Receivables; and 


 

	 	(vii)	was originated in the United States and denominated in Dollars. 

  

	(b)	Individual Characteristics. Each Receivable has the following individual characteristics as of the Cut-Off Date: 


 

	 	(i)	To the best of the Bank’s knowledge, each Receivable is secured by a new or used automobile or light-duty truck; 


 

	 	(ii)	each Receivable has a Contract Rate of no less than [        ]% and not more than
[        ]%; 

  

	 	(iii)	each Receivable had an original term to maturity of not more than [        ] months and not less than
[        ] months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not less than [        ] months; 


  

					
		  	Schedule I-1	  	Schedule I to the Purchase Agreement










	 	(iv)	each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $[        ];


  

	 	(v)	no Receivable has a scheduled maturity date later than [        ]; 


 

	 	(vi)	no Receivable was more than 30 days delinquent as of the Cut-Off Date; 

  

	 	(vii)	as of the Cut-Off Date, no Receivable was identified on the Bank’s servicing systems as being the subject of any pending bankruptcy or insolvency Proceeding;


  

	 	(viii)	no Receivable is subject to a force-placed Insurance Policy on the related Financed Vehicle; 


 

	 	(ix)	each Receivable is a Simple Interest Receivable; and 

  

	 	(x)	each Receivable was selected using selection procedures that were not known or intended by the Bank to be adverse to the Purchaser. 


	(c)	Schedule of Receivables. The information with respect to a Receivable transferred on the Closing Date set forth in the Schedule of Receivables was correct and
accurate in all material respects as of the Cut-Off Date. 

  

	(d)	Compliance with Law. The Receivable complied at the time it was originated or made, in all material respects with all requirements of applicable federal, state
and local laws, and regulations thereunder, including, to the extent applicable, usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Fair Debt
Collection Practices Act, the Fair Credit Billing Act, the Magnuson-Moss Warranty Act, Consumer Financial Protection Bureau Regulations B and Z, the Servicemembers Civil Relief Act of 2003, state adaptations of the National Consumer Act and of the
Uniform Consumer Credit Code and any other consumer credit, equal opportunity and disclosure laws applicable to that Receivable. 

  

	(e)	Binding Obligation. To the best of the Bank’s knowledge, the Receivable constitutes the legal, valid and binding payment obligation in writing of the
Obligor, enforceable in all respects by the holder thereof in accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or
affecting the enforcement of creditors’ rights generally. 

  

	(f)	Receivable in Force. The Receivable has not been satisfied, subordinated or rescinded nor has the related Financed Vehicle been released from the lien granted by
the Receivable in whole or in part. 

  

	(g)	No Waiver. As of the Cut-Off Date, no provision of a Receivable has been waived. 


 

	(h)	No Default. Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not
disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default,
breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date. 


  

					
		  	Schedule I-2	  	Schedule I to the Purchase Agreement










	(i)	Insurance. The Receivable requires the Obligor thereunder to insure the Financed Vehicle under a physical damage insurance policy. 


 

	(j)	No Government Obligor. The Obligor on the Receivable is not the United States of America or any state thereof or any local government, or any agency, department,
political subdivision or instrumentality of the United States of America or any state thereof or any local government. 

  

	(k)	Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, conveyance or pledge
of such Receivable would be unlawful, void, or voidable. The Bank has not entered into any agreement with any Obligor that prohibits, restricts or conditions the assignment of the related Receivable. 


 

	(l)	Good Title. It is the intention of the Bank that the sale, contribution, transfer, assignment and conveyance herein contemplated constitute an absolute sale,
transfer, assignment and conveyance of the Receivables and that the Receivables not be part of the Bank’s estate in the event of the filing of a bankruptcy petition by or against the Bank under any bankruptcy law. As of the Closing Date, no
Receivable has been sold, transferred, assigned, conveyed or pledged to any Person other than pursuant to the Transaction Documents. As of the Closing Date, and immediately prior to the sale and transfer herein contemplated, the Bank had good and
marketable title to each Receivable free and clear of all Liens (except any Lien which will be released prior to the sale and transfer of such Receivable to the Purchaser), and, immediately upon the sale and transfer thereof, the Purchaser will have
good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens). 

  

	(m)	Filings. All filings (including, without limitation, UCC filings) necessary in any jurisdiction to give the Issuer a first priority, validly perfected ownership
interest in the Receivables (other than the Related Security with respect thereto), to the extent that an ownership interest therein can be perfected by the filing of a financing statement, and to give the Indenture Trustee a first priority
perfected security interest therein, will be made within ten days of the Closing Date. 

  

	(n)	 Priority. As of the Cut-Off Date, the Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other
than pursuant to the Transaction Documents. The Bank has not authorized the filing of and is not aware of any financing statements against the Bank or the Purchaser that include a description of collateral covering the Receivables other than any
financing statement relating to security interests granted under the Transaction Documents or that have been terminated. The Purchase Agreement creates a valid and continuing security interest in the Receivable (other than the Related Security with
respect thereto) in favor of the Purchaser which security 



  

					
		  	Schedule I-3	  	Schedule I to the Purchase Agreement









 
interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Purchaser. 

 

	(o)	Characterization of Receivables. Each Receivable constitutes either “tangible chattel paper,” an “account,” a “promissory note,” or
a “payment intangible,” each as defined in the UCC. 

  

	(p)	One Original. With respect to any Receivable constituting electronic chattel paper, there is only one “authoritative copy” (as such term is used in
Section 9-105 of the UCC) of the Receivable or with respect to any Receivable constituting tangible chattel paper for which an original executed copy exists, there is no more than one original executed copy of such Receivable and none of the
instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than to a party to the
Transaction Documents. 

  

	(q)	No Defenses. The Bank has no knowledge either of any facts which would give rise to any right of rescission, set-off, counterclaim or defense, or of the same
being asserted or threatened, with respect to any Receivable. 

  

	(r)	No Repossession. As of the Cut-Off Date, no Financed Vehicle shall have been repossessed. 


  

					
		  	Schedule I-4	  	Schedule I to the Purchase Agreement









 SCHEDULE II 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Agreement, the Bank hereby represents, warrants and covenants to the Purchaser as follows on the Closing Date: 
 General 
 1. This Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in the Receivables and the other Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the
Bank. 
 2. The Receivables constitute “chattel paper” (including “electronic chattel paper” and
“tangible chattel paper”), “accounts,” “instruments” or “general intangibles,” within the meaning of the applicable UCC. 
 3. Immediately prior to the sale, assignment and transfer thereof pursuant to this Agreement, to the best of the Bank’s knowledge, each Receivable was secured by a first priority validly perfected
security interest in the related Financed Vehicle in favor of the applicable Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the
related Financed Vehicle in favor of the applicable Originator, as secured party. 
 Creation 

4. Immediately prior to the sale, transfer, assignment and conveyance of a Receivable by the Bank to the Purchaser, the Bank owned and
had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Purchaser, the Purchaser will have good and marketable title to such Receivable
free and clear of any Lien. 
 5. The Originator has received all consents and approvals to the sale of the Receivables hereunder
to the Purchaser required by the terms of the Receivables that constitute instruments. 
 Perfection 

6. The Bank has caused or will have caused, within ten days after the effective date of this Agreement, the filing of all appropriate UCC
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Bank to the Purchaser, and the security interest in the Receivables granted to the
Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all UCC financing statements referred to in
this paragraph contain a statement that: 

  

					
		  	Schedule II-1	  	Schedule II to the Purchase Agreement









 
“A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser.” 

 

	 	7.	With respect to Receivables that constitute instruments or tangible chattel paper, either: 


 

	 	a.	all original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or 


 

	 	b.	such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that
the Servicer (in its capacity as custodian) is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee as pledgee of the Issuer; or 


 

	 	c.	the Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the
Servicer is acting solely as agent of the Indenture Trustee as pledgee of the Issuer. 

 Priority

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

9. The Bank is not aware of any material judgment, ERISA or tax lien filings against the Bank. 

10. Neither the Bank nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

11. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables has any marks
or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser, the Issuer or the Indenture Trustee. 
 Survival of Perfection Representations 
 12. Notwithstanding any
other provision of this Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all
obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 

  

					
		  	Schedule II-2	  	Schedule II to the Purchase Agreement









 No Waiver 

13. The Bank shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations,
warranties and covenants contained in this Schedule II, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 

  

					
		  	Schedule II-3	  	Schedule II to the Purchase Agreement