EX-10.6



 Exhibit 10.6 

EXECUTION COPY 
 FIFTH
THIRD AUTO TRUST 2014-3 
 AMENDED AND RESTATED TRUST AGREEMENT 

between 
 FIFTH THIRD
HOLDINGS FUNDING, LLC, 
 as the Depositor 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as the Owner Trustee 

Dated as of October 29, 2014 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I        DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1
	 	 Capitalized Terms
	  	 	1	  
	 SECTION 1.2
	 	 Other Interpretive Provisions
	  	 	1	  
		
	 ARTICLE II       ORGANIZATION
	  	 	2	  
			
	 SECTION 2.1
	 	 Name
	  	 	2	  
	 SECTION 2.2
	 	 Office
	  	 	2	  
	 SECTION 2.3
	 	 Purposes and Powers
	  	 	2	  
	 SECTION 2.4
	 	 Appointment of the Owner Trustee
	  	 	3	  
	 SECTION 2.5
	 	 Initial Capital Contribution of Trust Estate
	  	 	3	  
	 SECTION 2.6
	 	 Declaration of Trust
	  	 	3	  
	 SECTION 2.7
	 	 Organizational Expenses; Liabilities of the Holders
	  	 	4	  
	 SECTION 2.8
	 	 Title to the Trust Estate
	  	 	4	  
	 SECTION 2.9
	 	 Representations and Warranties of the Depositor
	  	 	4	  
		
	 ARTICLE III      CERTIFICATES AND TRANSFER OF CERTIFICATES
	  	 	5	  
			
	 SECTION 3.1
	 	 Initial Ownership
	  	 	5	  
	 SECTION 3.2
	 	 Authentication of Certificates
	  	 	5	  
	 SECTION 3.3
	 	 Form of the Certificates
	  	 	5	  
	 SECTION 3.4
	 	 Registration of Certificates
	  	 	6	  
	 SECTION 3.5
	 	 Transfer of Certificates
	  	 	6	  
	 SECTION 3.6
	 	 Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	9	  
	 SECTION 3.7
	 	 Appointment of the Certificate Paying Agent
	  	 	10	  
	 SECTION 3.8
	 	 Maintenance of Office or Agency
	  	 	11	  
		
	 ARTICLE IV      ACTIONS BY OWNER TRUSTEE
	  	 	11	  
			
	 SECTION 4.1
	 	 Prior Notice to Certificateholders with Respect to Certain Matters
	  	 	11	  
	 SECTION 4.2
	 	 Action by Certificateholders with Respect to Certain Matters
	  	 	11	  
	 SECTION 4.3
	 	 Action by Certificateholders with Respect to Bankruptcy
	  	 	12	  
	 SECTION 4.4
	 	 Restrictions on Certificateholders’ Power
	  	 	12	  
	 SECTION 4.5
	 	 Acts of Certificateholders; Majority Control
	  	 	12	  
	 SECTION 4.6
	 	 Compliance with the FDIC Rule
	  	 	13	  
		
	 ARTICLE V       APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	13	  
			
	 SECTION 5.1
	 	 Application of Trust Funds
	  	 	13	  
	 SECTION 5.2
	 	 Sarbanes-Oxley Act
	  	 	14	  
	 SECTION 5.3
	 	 Signature on Returns
	  	 	14	  
	 SECTION 5.4
	 	 Accounting and Reports to Certificateholders, the Internal Revenue Service and Others
	  	 	14	  
	 SECTION 5.5
	 	 Method of Payment
	  	 	14	  
	 SECTION 5.6
	 	 Certificate Distribution Account
	  	 	14	  
		
	 ARTICLE VI      AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	15	  
			
	 SECTION 6.1
	 	 General Authority
	  	 	15	  
	 SECTION 6.2
	 	 General Duties
	  	 	15	  


  

					
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 SECTION 6.3
	 	 Action upon Instruction
	  	 	16	  
	 SECTION 6.4
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 	17	  
	 SECTION 6.5
	 	 No Action Except under Specified Documents or Instructions
	  	 	17	  
	 SECTION 6.6
	 	 Restrictions
	  	 	17	  
	 SECTION 6.7
	 	 Relevant Trustee
	  	 	17	  
	 SECTION 6.8
	 	 Reporting
	  	 	17	  
		
	 ARTICLE VII     CONCERNING OWNER TRUSTEE
	  	 	18	  
			
	 SECTION 7.1
	 	 Acceptance of Trusts and Duties
	  	 	18	  
	 SECTION 7.2
	 	 Preservation of Information; Communications to Certificateholders
	  	 	18	  
	 SECTION 7.3
	 	 Statements to Certificateholders
	  	 	19	  
	 SECTION 7.4
	 	 Notice of Events of Default
	  	 	20	  
	 SECTION 7.5
	 	 Representations and Warranties
	  	 	20	  
	 SECTION 7.6
	 	 Reliance; Advice of Counsel
	  	 	20	  
	 SECTION 7.7
	 	 Not Acting in Individual Capacity
	  	 	21	  
	 SECTION 7.8
	 	 The Owner Trustee May Own Notes
	  	 	21	  
	 SECTION 7.9
	 	 Rule 144A Information
	  	 	21	  
		
	 ARTICLE VIII    COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE
	  	 	22	  
			
	 SECTION 8.1
	 	 The Owner Trustee’s Compensation
	  	 	22	  
	 SECTION 8.2
	 	 Indemnification
	  	 	22	  
	 SECTION 8.3
	 	 Payments to the Owner Trustee
	  	 	23	  
	 SECTION 8.4
	 	 Rights, Protections, Immunities and Indemnities of the Certificate Paying Agent Relevant Trustee and Paying Agent
	  	 	23	  
		
	 ARTICLE IX      TERMINATION OF TRUST AGREEMENT
	  	 	23	  
			
	 SECTION 9.1
	 	 Termination of Trust Agreement
	  	 	23	  
	 SECTION 9.2
	 	 Dissolution of the Issuer
	  	 	24	  
	 SECTION 9.3
	 	 Limitations on Termination
	  	 	24	  
		
	 ARTICLE X       SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 	24	  
			
	 SECTION 10.1
	 	 Eligibility Requirements for the Owner Trustee
	  	 	24	  
	 SECTION 10.2
	 	 Resignation or Removal of the Owner Trustee
	  	 	25	  
	 SECTION 10.3
	 	 Successor Owner Trustee
	  	 	25	  
	 SECTION 10.4
	 	 Merger or Consolidation of the Owner Trustee
	  	 	26	  
	 SECTION 10.5
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	26	  
		
	 ARTICLE XI      MISCELLANEOUS
	  	 	27	  
			
	 SECTION 11.1
	 	 Amendments
	  	 	27	  
	 SECTION 11.2
	 	 No Legal Title to Trust Estate in Certificateholders
	  	 	29	  
	 SECTION 11.3
	 	 Limitations on Rights of Others
	  	 	29	  


  

					
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 SECTION 11.4
	 	 Notices
	  	 	29	  
	 SECTION 11.5
	 	 Severability
	  	 	29	  
	 SECTION 11.6
	 	 Separate Counterparts
	  	 	30	  
	 SECTION 11.7
	 	 Successors and Assigns
	  	 	30	  
	 SECTION 11.8
	 	 No Petition
	  	 	30	  
	 SECTION 11.9
	 	 Headings
	  	 	31	  
	 SECTION 11.10
	 	 Governing Law
	  	 	31	  
	 SECTION 11.11
	 	 Waiver of Jury Trial
	  	 	31	  
	 SECTION 11.12
	 	 Information Requests
	  	 	31	  
	 SECTION 11.13
	 	 Form 10-D and Form 10-K Filings
	  	 	32	  
	 SECTION 11.14
	 	 Form 8-K Filings
	  	 	32	  
	 SECTION 11.15
	 	 Information to Be Provided by the Owner Trustee
	  	 	32	  

  

			
	Exhibit A	  	Form of Certificate
	Exhibit B	  	Form of Certificate Investor Representation Letter
	Exhibit C	  	Form of Notice Requests to Repurchase Receivables
	Exhibit D	  	Form of Registration of Certificate Transfer Direction Letter Pursuant to the Trust Agreement
	Exhibit E	  	Form of Owner Trustee’s Annual Certification Regarding Item 1117 and Item 1119 of Regulation AB


  

					
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 This AMENDED AND RESTATED TRUST AGREEMENT is made as of October 29, 2014 (as amended,
supplemented or otherwise modified and in effect from time to time, this “Agreement”) between FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company, as the depositor (the “Depositor”),
and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as the owner trustee (in such capacity, the “Owner Trustee”). 

RECITALS 
 WHEREAS, the
Depositor and the Owner Trustee entered into that certain Trust Agreement, dated as of September 8, 2014 (the “Original Trust Agreement”) and filed a certificate of trust with the Secretary of State of the State of Delaware,
pursuant to which the Issuer (as defined below) was created; and 
 WHEREAS, in connection with the issuance of the Notes, the parties have
agreed to amend and restate the Original Trust Agreement; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and
of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement 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”) between the Issuer and the Depositor, which contains rules as
to usage that are applicable herein. 
 SECTION 1.2 Other Interpretive Provisions. All terms defined in this Agreement
shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, 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 State of Delaware 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 or Exhibit are references to Articles, Sections, Schedules 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 such variations thereof) means “including 


  

					
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without limitation”; (f) 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;
(g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

ARTICLE II 

ORGANIZATION 

SECTION 2.1 Name. The trust created under the Original Trust Agreement and continued hereby is known as “Fifth Third Auto
Trust 2014-3” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued. 

SECTION 2.2 Office. The office of the Issuer shall be in care of the Owner Trustee at the applicable Corporate Trust Office or
at such other address as the Owner Trustee may designate by written notice to each Certificateholder, the Depositor and the Administrator. 

SECTION 2.3 Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in
the following activities: 
 (a) to issue the Notes pursuant to the Indenture and to issue the Certificates pursuant
to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of the Notes to the Noteholders and to make distributions to the Certificateholders; 

(b) to acquire the property and assets set forth in the Sale Agreement from the Depositor pursuant to the terms thereof, to
make deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Designated Certificateholder Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer; 

(c) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and
distribute to the Certificateholders any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 

(e) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish
the foregoing or are incidental thereto or connected therewith; and 

  

					
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 (f) subject to compliance with the Transaction Documents, to engage in such other
activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 

The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor the Owner Trustee on behalf of
the Issuer shall 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 other Transaction Documents. 

SECTION 2.4 Appointment of the Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer effective as of
the date hereof, to have all the rights, powers and duties set forth herein. 
 SECTION 2.5 Initial Capital Contribution of Trust
Estate. As of the date of the Original Trust Agreement, the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of such
date, of the foregoing contribution, which shall constitute the initial Trust Estate. 
 SECTION 2.6 Declaration of Trust. The Owner
Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It
is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory trust and that, for United States federal, state and local
income, franchise and value added tax purposes, (i) for so long as the Issuer has, or is deemed to have, but a single beneficial owner, it shall be disregarded as an entity separate from its single beneficial owner and (ii) if the Issuer
has, or is deemed to have, more than one beneficial owner it shall be treated as a partnership that is not a “publicly traded partnership” as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code, and this
Agreement shall be amended to include such provisions as may be required under Subchapter K of the Code. The parties hereto agree that the Issuer will file or cause to be filed annual or other necessary tax returns, reports and other forms
consistent with the foregoing tax characterization of the Issuer, as applicable, unless otherwise required by pertinent tax law. No election shall be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for
United States federal income tax purposes. 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 Act with respect to
accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Act, such filing hereby being ratified and
approved in all respects. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer constitute a “business trust” within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code. 

  

					
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 SECTION 2.7 Organizational Expenses; Liabilities of the Holders. 

(a) The Servicer shall pay organizational expenses of the Issuer as they may arise. 

(b) No Certificateholder (including the Depositor) shall have any personal liability for any liability or obligation of the
Issuer. 
 SECTION 2.8 Title to the Trust Estate. Legal title to all of the Trust Estate shall be vested at all times in the Issuer
as a separate legal entity. 
 SECTION 2.9 Representations and Warranties of the Depositor. The Depositor hereby represents and
warrants to the Owner Trustee that: 
 (a) Existence and Power. The Depositor is a limited liability company validly
existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as now conducted. The Depositor 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 Depositor to perform its obligations under the Transaction Documents. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Depositor of each Transaction
Document to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Depositor and (ii) do not contravene or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and
(C), 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
Depositor’s ability to perform its obligations under, the Transaction Documents to which it is a party). 
 (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 Depositor of any Transaction Document other than (i) UCC filings,
(ii) approvals and authorizations that have previously been obtained and filings which 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
ability of the Depositor to perform its obligations under the Transaction Documents to which it is a party. 
 (d) Binding
Effect. Each Transaction Document to which the Depositor is a party constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor 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 the enforcement of creditors’ rights 

  

					
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generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no Proceedings pending or, to the knowledge of the Depositor, threatened against the
Depositor 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 Depositor of its obligations under this
Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables or (iv) relate to the Depositor that would materially and adversely affect the federal or Applicable Tax State income, excise,
franchise or similar tax attributes of the Notes. 
 (f) Situs of Issuer. The Issuer shall be located in the State of
Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware). 
 ARTICLE III 

CERTIFICATES AND TRANSFER OF CERTIFICATES 

SECTION 3.1 Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Depositor shall be the
sole beneficiary of the Issuer; and upon the issuance of the initial Certificate, the Depositor will no longer be a beneficiary of the Issuer, except to the extent that the Depositor is a Certificateholder. 

SECTION 3.2 Authentication of Certificates. 

(a) Concurrently with the sale of the Transferred Assets to the Issuer pursuant to the Sale Agreement, the Owner Trustee shall
cause the initial Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president, its chief financial officer, its chief accounting
officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Depositor. 

(b) The Certificates shall represent 100% of the beneficial interest in the Issuer and shall, to the fullest extent permitted
by applicable law, be fully paid and nonassessable. 
 SECTION 3.3 Form of the Certificates. The initial Certificate, upon issuance,
will be a typewritten, definitive Certificate substantially in the form of Exhibit A hereto and shall be registered in the name of Fifth Third Holdings Funding, LLC or its nominee as the initial registered owner thereof. 

  

					
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 SECTION 3.4 Registration of Certificates. The Owner Trustee, in its capacity as
“Certificate Registrar” shall maintain at its office referred to in Section 2.2, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register (the
“Certificate Register”) for the registration and transfer of any Certificate, and the Owner Trustee or such agent shall promptly notify the Indenture Trustee of any change in the registered ownership of a Certificate. Prior to the
presentment for registration of transfer of any Certificate, the Owner Trustee and the Indenture Trustee or any agent of the Owner Trustee, the Indenture Trustee and the Depositor may treat the Person in whose name any Certificate is registered (as
of the applicable Record Date) as the owner of such Certificate for the purpose of receiving distributions on such Certificate and for all other purposes whatsoever and unless the Certificate Register is notified of such change in ownership the only
available recourse such transferee shall have shall be to the person in whose name the related Certificate is registered. 
 SECTION 3.5
Transfer of Certificates. 
 (a) Any Certificateholder may assign, convey or otherwise transfer all or any of its
right, title and interest in the related Certificate; provided, that: 
 (i) (a) such transferee is either an
Affiliate of the Depositor or (b) (1) is a Qualified Institutional Buyer, (2) is aware that the sale or resale of the Certificates to it is being made in reliance on the exemption from registration provided by Rule 144A and
(3) is acquiring the Certificates for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion; 

(ii) such transferee understands that the Certificates will bear the applicable legends set forth in
Section 3.5(h); 
 (iii) such transferee understands that the Certificates are being offered only in a
transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Certificates have been or will be registered under the Securities Act, and, if in the future the transferee decides to offer,
resell, pledge or otherwise transfer the Certificates, such Certificates may be offered, resold, pledged or otherwise transferred solely in accordance with this Agreement and the applicable legend on such Certificates set forth below; 

(iv) such transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of
all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Certificates as it deemed necessary or appropriate in order to make an
informed investment decision with respect to its purchase of the Certificates. The transferee has such knowledge and experience in financial and business matters that the transferee is capable of evaluating the merits and risks of its investment in
the Certificates, and 

  

					
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the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder’s or of such investment; 

(v) such transferee will not offer, transfer, pledge, sell or otherwise dispose of the Certificates or any interest in the
Certificates to any Person in any manner, or solicit any offer to buy, transfer, pledge or otherwise dispose of the Certificates or any interest in the Certificates from any Person in any manner, or make any general solicitation by means of general
advertising or in any other manner, or take any other action that would constitute a distribution of the Certificates under the Securities Act or that would render the disposition of the Certificates a violation of Section 5 of the Securities
Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any Person to act on its behalf, in such manner with respect to the Certificates; 

(vi) the Owner Trustee and the Issuer determine (based on the advice of counsel or such other information as they deem
necessary or advisable) that the transfer complies with the requirements of clauses (d) and (f) of this Section 3.5; 

(vii) such Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan or a governmental,
church, non-U.S. or other plan which is subject to any Similar Law; 
 (viii) unless such transferee is an Affiliate of the
Depositor, the transferee provides a Certificate Investor Representation Letter substantially in the form of Exhibit B; and 

(ix) such transferee acknowledges that the Issuer, the Owner Trustee and others will rely upon the truth and accuracy of the
acknowledgements, representations, warranties and agreements in this Section 3.5 and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of the Certificates are
no longer accurate, the transferee will promptly notify the Issuer and the Owner Trustee. 
 Each Certificateholder will represent and
warrant that it is not (and will not be) a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law and is not (and will not be) accepting or holding such Certificate (or any interest therein) on behalf of
or with assets of a Benefit Plan or a governmental, non-U.S. or church plan which is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in clause (vi) above is met and shall incur
no liability to any Person in the event the Certificateholder does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificates, any Certificateholder may transfer all or any portion of the
Percentage Interest evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by a registered Certificateholder in person or by his attorney duly
authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by (a) a written instrument of transfer in the form of the “Assignment” attached to the Form of Certificate attached hereto as


  

					
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Exhibit A and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require; provided,
however, that the Owner Trustee shall not require the signature of the Depositor to be medallion guaranteed for the transfers from the Depositor to any applicable transferees on the date hereof, (b) an executed direction letter
regarding registration of such transfer in the form attached hereto as Exhibit D, and (c) the documents required by Sections 3.5(a)(viii) and 3.5(f) hereof. Promptly upon the receipt of such documents and receipt by the
Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and issue, execute and deliver to such Certificateholder a
Certificate evidencing such Percentage Interest. In the event a transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor’s new
Percentage Interest and shall issue, execute and deliver to such transferee a new Certificate evidencing such transferee’s Percentage Interest. Subsequent to each transfer of beneficial interest and upon the issuance of the new Certificate or
Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever (other than for purposes of clauses (d) and
(e) of this Section 3.5), the Person in whose name any Certificate is registered as the sole owner of the Percentage Interest evidenced by such Certificate. 

(b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner Trustee may require the payment of
a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless the transferee has certified to the Owner
Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to clauses (d) and (e) of this Section 3.5. The Owner Trustee shall not be liable to any Person
for registering any transfer based on such certifications. 
 (d) No transfer (or purported transfer) of all or any part of a
Certificateholder’s interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab
initio, and no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates. For purposes of determining
whether the Issuer will have more than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for United States federal income tax purposes), a
grantor trust or an S corporation (each such entity, a “flow-through entity”) shall be treated as a Certificateholder, as applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with
qualified tax counsel, that less than substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

  

					
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 (e) No transfer shall be permitted if such transfer is effected through an established
securities market or secondary market (or the substantial equivalent thereof) within the meaning of Code section 7704 and any proposed, temporary or final Treasury regulations thereunder. 

(f) Each transferee (i) shall be required to represent and warrant that it is a United States Tax Person and (ii) shall provide a
certification of non-foreign status, in such form as may be requested by the Seller or the Owner Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of counsel as may be requested
by the Seller or the Owner Trustee). 
 (g) If a Responsible Officer of the Owner Trustee becomes aware that (1) a transfer or
attempted or purported transfer of any Certificate or interest therein was consummated in compliance with the provisions of this Section 3.5 on the basis of a materially incorrect certification from the transferor or purported
transferee, (2) a transferee failed to deliver to the Owner Trustee the certificate required to be delivered under Section 3.5(a)(viii) or (3) the Certificateholder of any Certificate or interest therein is in material breach
of any representation or agreement set forth in any certificate or any deemed representation or agreement of such Certificateholder, the Owner Trustee will direct the Certificate Registrar not to register such attempted or purported transfer and, if
a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a “Disqualified Transferee”) and the last
preceding Certificateholder of such Certificateholder that was not a Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such
Certificateholder. 
 (h) Each Certificate will bear a legend to the following effect: 

“THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A.” 
 SECTION 3.6 Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to
the Owner Trustee or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership 

  

					
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satisfactory to the Owner Trustee together with such security or indemnity on behalf of the Issuer as may be requested by the Owner Trustee to save it harmless, then, in the absence of notice to
the Owner Trustee that such Certificate has been acquired by a protected purchaser, the Owner Trustee shall execute and deliver a new Certificate for the same Percentage Interest in the Issuer as the Certificate so mutilated, destroyed, lost or
stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer
and the Owner Trustee) connected therewith. If, after the delivery of such new Certificate a protected purchaser of the original Certificate in lieu of which such new Certificate was issued presents such original Certificate for transfer or payment,
the Issuer and Owner Trustee shall be entitled to recover such new Certificate from the Person to whom it was delivered or any Person taking title therefrom, except a protected purchaser, and the Issuer and Owner Trustee shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer and Owner Trustee, in connection therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall
constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. The provisions of this Section 3.6 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Certificates. 

SECTION 3.7 Appointment of the Certificate Paying Agent. At any time that a Certificate Distribution Account exists, having been
established in accordance with the terms of the Indenture, the Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.5 and shall report the amounts of such
distributions to the Owner Trustee and the Servicer. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect.
The Certificate Paying Agent shall initially be Wilmington Trust, National Association and any co-paying agent chosen by the Certificate Paying Agent. Wilmington Trust, National Association shall be permitted to resign as Certificate Paying Agent
upon thirty (30) days’ written notice to the Owner Trustee. If Wilmington Trust, National Association shall no longer be the Certificate Paying Agent, the Administrator shall appoint a successor to act as Certificate Paying Agent (which
shall be a bank or a trust company). The Administrator shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Administrator to execute and deliver to the Owner Trustee a written agreement in
which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent shall hold all
sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. Subject to applicable laws with respect to the escheat of
funds, the Certificate Paying Agent shall return all funds that have remained 

  

					
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unclaimed by a Certificateholder for two (2) years to the Owner Trustee. Immediately upon its removal, a Certificate Paying Agent shall return all funds (including any unclaimed funds) in
its possession to the Owner Trustee. The rights, protections and indemnities of the Owner Trustee under Article VII and Sections 8.2 and 9.2 of this Agreement shall apply to the Owner Trustee also in its role as Certificate
Paying Agent for so long as the Owner Trustee shall act as Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any
co-paying agent unless the context requires otherwise. 
 SECTION 3.8 Maintenance of Office or Agency. As long as any of the
Certificates remain Outstanding, the Issuer shall maintain at the applicable Corporate Trust Office, an office or agency where Certificates may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the
Issuer in respect of the Certificates and this Agreement may be served. The Issuer hereby initially appoints the Owner Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Owner Trustee of the
location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Owner Trustee with the address thereof, such surrenders, notices and
demands may be made or served at the applicable Corporate Trust Office, and the Issuer hereby appoints the Owner Trustee as its agent to receive all such surrenders, notices and demands. 

ARTICLE IV 
 ACTIONS BY
OWNER TRUSTEE 
 SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following
matters, unless the Indenture, the Sale Agreement or the Servicing Agreement, as applicable, provides that the consent of the Certificateholders shall not be required, the Owner Trustee shall not take action unless at least thirty (30) days
before the taking of such action (or such shorter notice acceptable to the Certificateholders), the Owner Trustee shall have notified each Certificateholder in writing of the proposed action and each Certificateholder shall not have notified the
Owner Trustee in writing prior to the thirtieth (30th) day (or such shorter notice acceptable to the Certificateholders) after such notice is given that such Certificateholder has withheld
consent or provided alternative direction: 
 (a) the appointment pursuant to the Indenture of a successor Indenture Trustee;

 (b) the appointment pursuant to the Servicing Agreement of a successor Servicer; or 

(c) the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this
Agreement. 
 SECTION 4.2 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power,
except upon the direction of the Majority Certificateholders, to 

  

					
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(a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator
pursuant to Section 8 of the Administration Agreement or (c) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Majority Certificateholders at the time of such action. 
 SECTION 4.3 Action by
Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance of all Notes has been reduced to
zero without the prior written approval of each Certificateholder and the delivery to the Owner Trustee by each Certificateholder of a certification that such Certificateholders reasonably believe that the Issuer is insolvent. 

SECTION 4.4 Restrictions on Certificateholders’ Power. No Certificateholder shall 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 Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee
be obligated to follow any such direction, if given. 
 SECTION 4.5 Acts of Certificateholders; Majority Control. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such
action shall become effective when such instrument or instruments are delivered to the Owner Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Certificateholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose
of this Agreement and (subject to Article VI) conclusive in favor of the Owner Trustee and the Issuer, if made in the manner provided in this Section. 

(b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Owner Trustee
deems sufficient. 
 (c) The ownership of Certificates shall be proved by the Certificate Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Certificateholder shall bind the Holder of
every Certificate issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Owner Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Certificate. 

  

					
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 (e) Except as otherwise provided herein, to the extent that there is more than one
Certificateholder, any action which may be taken or consent or instructions which may be given by the Certificateholder under this Agreement may be taken by the Majority Certificateholders at the time of such action. 

SECTION 4.6 Compliance with the FDIC Rule. The Owner Trustee shall (i) perform the covenants set forth in Article XII of
the Indenture applicable to it and (ii) use reasonable efforts to comply with any request of the Depositor or the Servicer to facilitate compliance with Article XII of the Indenture by the Fifth Third Parties. 

ARTICLE V 
 APPLICATION OF
TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.1 Application of Trust Funds. Deposits into the Certificate Distribution Account shall be
made in accordance with the provisions of the Indenture and this Agreement. On each Payment Date, after a Certificate Distribution Account has been established in accordance with the terms of the Indenture, the Certificate Paying Agent shall
withdraw from the Certificate Distribution Account and distribute to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, all funds received in accordance with the provisions of the Indenture and this
Agreement. Subject to the lien of the Indenture, the Certificate Paying Agent shall promptly distribute to the Certificateholders all other amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust
Estate (pro rata based on the Percentage Interest of each such Certificateholder). After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Owner Trustee
on behalf of the Issuer in respect of the Trust Estate in accordance with the provisions of this Agreement. If any withholding tax is imposed on any Issuer payment to, or is imposed on any allocable Issuer income of, a Certificateholder, such tax
shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.1; provided, that, the Owner Trustee shall not have an obligation to withhold any such amount if and for so long as
the Depositor is the sole Certificateholder. The Owner Trustee is hereby authorized and directed to withhold from amounts otherwise allocable or distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed
by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any
withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that
withholding tax is payable with respect to a distribution or income allocation, the Owner Trustee may in its sole discretion withhold such amounts in accordance with this Section 5.1. If a Certificateholder wishes to apply for a refund
of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred. 

  

					
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 SECTION 5.2 Sarbanes-Oxley Act. Notwithstanding anything to the contrary herein or in any
Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange
Act, or any other documents pursuant to the Sarbanes-Oxley Act. 
 SECTION 5.3 Signature on Returns. The Owner Trustee shall prepare
(or cause to be prepared) and shall sign, on behalf of the Issuer, the Issuer’s tax returns, if any, unless applicable law requires a Certificateholder to sign such documents. In the event that the Issuer is required to be treated as a
partnership for United States federal income tax purposes, the Certificateholder that is a United States Tax Person holding the largest Certificate Percentage Interest shall be designated the “tax matters partner” of the Issuer pursuant to
Code section 6231(a)(7)(A) of the Code and shall sign the tax return of the Issuer. In the event that two or more Certificateholders would be described in the preceding sentence then Certificateholder with the alphabetically first name shall be so
designated. 
 SECTION 5.4 Accounting and Reports to Certificateholders, the Internal Revenue Service and Others. The Owner Trustee
shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and
applicable Treasury Regulations, such information as may be required (including, if applicable, Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns, (c) prepare (or cause to be prepared), file (or
cause to be filed) such tax returns relating to the Issuer (including, if applicable, a partnership information return, IRS Form 1065 if the Issuer is treated as a partnership for United States federal income tax purposes) and make such elections as
from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to maintain the Issuer’s applicable tax characterization as described in Section 2.6 hereof,
(d) cause applicable tax returns to be signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.1 with respect to income or distributions
to Certificateholders. 
 SECTION 5.5 Method of Payment. Subject to the Indenture, distributions required to be made to a
Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to a Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to such
Certificateholder by wire transfer, in immediately available funds, to the account of such Certificateholder designated by such Certificateholder to the Owner Trustee in writing. 

SECTION 5.6 Certificate Distribution Account. A Certificate Distribution Account shall be established pursuant to and solely to the
extent required by Section 8.2 of the Indenture. The Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in such Certificate Distribution Account and all proceeds thereof.
Except as otherwise provided herein or in the Indenture, such Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, such Certificate
Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if such Certificate Distribution Account 

  

					
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is not then held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days establish a new Certificate Distribution Account as an Eligible Account and shall transfer
any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.1 General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which
the Issuer is named as a party, and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in
such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, and at the written direction of the Depositor, to execute on behalf of the Issuer and to direct the Indenture Trustee to authenticate
and deliver Class A-1 Notes in the aggregate principal amount of $218,000,000, Class A-2-A Notes in the aggregate principal amount of $170,000,000, Class A-2-B Notes in the aggregate principal amount of $170,000,000, Class A-3
Notes in the aggregate principal amount of $340,000,000 and Class A-4 Notes in the aggregate principal amount of $102,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not
be obligated, to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Depositor, the Administrator or a Majority of the Certificateholders
recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of each Certificateholder for such action. 

SECTION 6.2 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 other Transaction Documents and to administer the Issuer in the interest of the Certificateholders, subject to Transaction 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 Transaction Documents to the extent the Administrator has agreed in the Administration Agreement
to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under
the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation to administer, service or
collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. For the avoidance of doubt, the Owner Trustee shall not be required to perform any of the obligations of the
Issuer under any Transaction Document that are required to be performed by the Bank, the Seller, the Servicer, the Depositor, the Administrator or the Indenture Trustee. 

  

					
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 SECTION 6.3 Action upon Instruction. 

(a) Subject to Article IV, and in accordance with the Transaction Documents, the Certificateholders may, by written
instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV. 

(b) Subject to Section 7.1, the Owner Trustee shall not be required to take any action hereunder or under any
Transaction Document if the Owner Trustee shall have reasonably determined or 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 Transaction
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 Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction 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 shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted or
application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Majority Certificateholders (or, if specifically required, all Certificateholders)
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 ten (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 Transaction Documents, as it shall
deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction. 

(d) 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, at the request, order or direction of any Certificateholder or any other Person, unless such Certificateholder or such Person 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 (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby, including such advances as the Owner Trustee shall reasonably
request. 
 (e) The Owner Trustee shall not be personally liable for any distribution made in accordance with the provisions
set forth in Section 9.1(c). 

  

					
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 SECTION 6.4 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 Trust Estate, or to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Issuer or 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 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction 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 under the Sarbanes-Oxley Act)
for the Issuer or to record this Agreement or any Transaction Document. Wilmington Trust, National Association 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 Trust Estate that result from actions by, or claims against, Wilmington Trust, National Association that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or
liability for or with respect to the genuineness, value, sufficiency or validity of the Trust Estate. 
 SECTION 6.5 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 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 Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

SECTION 6.6 Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer set
forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would for United States federal income, state and local income and franchise tax purposes, (i) affect the treatment of the
Notes as indebtedness, (ii) be deemed to cause a taxable exchange of the Notes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States
federal income, state and local income or franchise and value added tax purposes. No Certificateholder shall direct the Owner Trustee to take action that would violate the provisions of this Section 6.6. 

SECTION 6.7 Relevant Trustee. Following the payment in full of principal and interest on the Notes, the Owner Trustee shall assume the
role of Relevant Trustee for all purposes under the Transaction Documents and shall perform the obligations of the Relevant Trustee under the Indenture. In furtherance of the foregoing, Article 7, Article 8 and Article 12 of the
Indenture are hereby incorporated by reference into this Agreement. 
 SECTION 6.8 Reporting. Upon receipt by the Owner Trustee from
the Depositor of any reports or general loan data, the Owner Trustee will forward such reports in the form received to the Certificateholders; provided, that the Owner Trustee shall not be required to forward any such reports to any
Certificateholder who is the Depositor or an Affiliate of the Depositor. The 

  

					
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Owner Trustee shall have no duty or obligations to review, verify or confirm the reports or any information contained therein, and shall have no liability in connection therewith. Delivery of the
Servicer Certificate to the Owner Trustee, as provided for in the Transaction Documents, is for informational purposes only and the Owner Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Owner Trustee is entitled to rely exclusively on Officer’s Certificates). 

ARTICLE VII 
 CONCERNING
OWNER TRUSTEE 
 SECTION 7.1 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 Trust Estate upon the terms of the Transaction
Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, 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 7.5 expressly made by Wilmington Trust, National Association in its
individual capacity, (iii) for liabilities arising from the failure of Wilmington Trust, National Association to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) 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) of the foregoing: 

(a) The Owner Trustee shall not be personally liable for any error of judgment made in good faith by any of its officers or
employees unless it is proved that such Persons were grossly negligent in ascertaining the pertinent facts; 
 (b) No
provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder; 

(c) Under no circumstances shall the Owner Trustee be personally liable for any representation, warranty, covenant, obligation
or indebtedness of the Issuer; and 
 (d) The Owner Trustee shall not be personally responsible for or in respect of the
validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee. 
 SECTION 7.2
Preservation of Information; Communications to Certificateholders. 
 (a) The Owner Trustee shall preserve, in as
current a form as is reasonably 

  

					
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practicable, the names and addresses of Certificateholders received by the Owner Trustee in its capacity as the Certificate Registrar; provided, however, that so long as the Owner
Trustee is the Certificate Registrar, no list separate from the Certificate Register shall be required to be preserved or maintained. 

(b) The Certificateholders may communicate with other Certificateholders with respect to their rights under this Agreement or
under the Certificates. Upon receipt by the Owner Trustee of any written request by three or more Certificateholders or by one or more Certificateholders holding in the aggregate more than 25% of the Percentage Interests to receive a copy of the
most current list of Certificateholders together with a copy of the communication that the applicant proposes to send, the Owner Trustee shall distribute such list to the requesting Certificateholders; provided, that the Owner Trustee may
elect not to afford the requesting Certificateholders access to the list of Certificateholders if it agrees to mail the desired communication or proxy, on behalf of and at the expense of the requesting Certificateholders, to all Certificateholders.
Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such
information was derived. 
 SECTION 7.3 Statements to Certificateholders. 

(a) The Owner Trustee shall promptly give notice to each Certificateholder of any change in the Indenture Trustee’s
website pursuant to which the Relevant Trustee’s certificate is made available of which it has been provided notice pursuant to Section 7.4(c) of the Indenture. 

(b) To the extent the Owner Trustee has assumed the role of Relevant Trustee pursuant to the terms of Section 6.7,
the Owner Trustee may make all reports or notices required to be provided by the Owner Trustee under Section 7.4 of the Indenture available via its web-based collaborative internet workspace known as an “eRoom”;
provided, however, that the Owner Trustee shall, if requested by the Administrator, deliver any such reports or notices in writing to the Administrator. Any information that is disseminated in accordance with the provisions of this
Section 7.3 shall not be required to be disseminated in any other form or manner. The Owner Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility
therefor. 
 (c) The Owner Trustee’s eRoom website shall be initially located at
https://cyberservices.wilmingtontrust.com/eRoom/ or at such other address as shall be specified by the Owner Trustee from time to time in writing to the Certificateholders, the Servicer, the Issuer or any Paying Agent. In connection with providing
access to the Owner Trustee’s eRoom, the Owner Trustee may require registration and the acceptance of a disclaimer. The Owner Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Owner Trustee
shall notify Certificateholders in writing of any changes in the address or means of access to the 

  

					
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eRoom where the reports are accessible. Assistance in access to the eRoom can be obtained by calling the Owner Trustee’s customer service desk at 302-636-6286. 

SECTION 7.4 Notice of Events of Default. The Owner Trustee shall promptly give notice to each Certificateholder of any (a) Default
or Event of Default of which it has been provided notice pursuant to Section 6.5 of the Indenture and (b) Servicer Replacement Event of which it has been provided notice pursuant to Section 6.1 of the Servicing
Agreement. 
 SECTION 7.5 Representations and Warranties. Wilmington Trust, National Association hereby represents and warrants to
the Depositor for the benefit of the Certificateholders, that: 
 (a) It is a national banking association formed and validly
existing in good standing under the federal laws of the United States of America and having its principal place of business within 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) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner
Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks
generally and to equitable limitations on the availability of specific remedies. 
 (d) 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 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 by-laws. 

SECTION 7.6 Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution,
request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and 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 

  

					
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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. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this
Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or
misconduct of such agents, custodians, nominees (including Persons acting under a power of attorney) or attorneys selected in good faith and without gross negligence and (ii) may consult with counsel, accountants and other skilled Persons
knowledgeable in the relevant area to be selected in good faith and without gross negligence and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally 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. 
 SECTION 7.7 Not Acting in
Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust, National Association acts solely as the 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 Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 

SECTION 7.8 The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee
of Notes. The Owner Trustee may deal with the Depositor, the Indenture Trustee, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Depositor, the
Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

SECTION 7.9 Rule 144A Information. At any time when the Issuer is not subject to Section 13 or 15(d) of the Securities Exchange
Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the Securities Exchange Act, upon the request of a Certificateholder, the Depositor shall promptly furnish or cause to be furnished Rule 144A Information (as defined below) to
such Certificateholder, to a prospective purchaser of such Certificate designated by such Certificateholder or to the Owner Trustee for delivery to such Certificateholder or a prospective purchaser designated by such Certificateholder, as the case
may be, in order to permit compliance by such Certificateholder and the Issuer with Rule 144A in connection with the resale of such Certificate by such Certificateholder. “Rule 144A Information” shall be such information as is
specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). 

  

					
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 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE 

SECTION 8.1 The Owner Trustee’s Compensation. The Depositor shall cause the Servicer to pay to Wilmington Trust, National
Association pursuant to Section 3.12 of the Servicing Agreement from time to time compensation for all services rendered by the Owner Trustee and the Certificate Paying Agent under this Agreement pursuant to a fee letter between the
Servicer and the Owner Trustee and the Certificate Paying Agent (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Servicer, pursuant to Section 3.12
of the Servicing Agreement and the fee letter between the Servicer and the Owner Trustee, shall reimburse the Owner Trustee and the Certificate Paying Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by
the Owner Trustee and the Certificate Paying Agent in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as the Owner Trustee and the Certificate
Paying Agent may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense as may be attributable to its willful misconduct, gross negligence (other than an error in judgment) or bad
faith. To the extent not paid by the Servicer, such fees and reasonable expenses shall be paid in accordance with Sections 8.5 or 5.4(b) of the Indenture, as applicable. 

SECTION 8.2 Indemnification. The Depositor shall cause the Servicer to agree to indemnify the Owner Trustee and the Certificate Paying
Agent in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and all loss, liability, expense, tax, penalty, action, suit,
cost or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against Wilmington Trust, National Association in its individual capacity and as trustee or
any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of Wilmington Trust, National Association hereunder;
provided, however, that neither the Depositor nor the Servicer shall be liable for or required to indemnify Wilmington Trust, National Association from and against any of the foregoing expenses arising or resulting from
(i) Wilmington Trust, National Association’s own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty expressly made by Wilmington Trust, National Association in its individual
capacity or any representation or warranty made by Wilmington Trust, National Association in accordance with Section 11.13 or Section 11.14, (iii) liabilities arising from the failure of Wilmington Trust, National
Association to perform obligations expressly undertaken by it in the third sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner
Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with Sections 8.5 or 5.4(b) of the Indenture, as applicable. 

  

					
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 SECTION 8.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant
to this Article VIII and Section 8.2(c) of the Indenture shall be deemed not to be a part of the Trust Estate immediately after such payment. 

SECTION 8.4 Rights, Protections, Immunities and Indemnities of the Certificate Paying Agent Relevant Trustee and Paying Agent. The
rights, protections, immunities and indemnities of the Owner Trustee under this Agreement are hereby extended to the Certificate Paying Agent, the Owner Trustee as Relevant Trustee, and the Certificate Paying Agent as Paying Agent under all of the
Transaction Documents. 
 ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 

SECTION 9.1 Termination of Trust Agreement. 

(a) The Issuer shall wind up, dissolve and terminate and this Agreement shall terminate (other than provisions hereof which by
their terms survive termination) upon the final distribution by the Certificate Paying Agent of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Servicing Agreement and Article V
of this Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle any such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto. 
 (b) Notice of any dissolution and termination of the Issuer, specifying the Payment Date upon which
Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders, and if the Owner Trustee is notified of a redemption of the
Notes by the Administrator or the Issuer pursuant to Section 10.1(c) of the Indenture, such notice shall be mailed within five (5) Business Days of the Owner Trustee’s receipt of such notice from the Issuer or Administrator.
Each such notice to a Certificateholder shall state (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner Trustee
therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the
Certificates at the office of the Owner Trustee therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of each Certificate, the Certificate Paying Agent shall cause to be distributed to such Certificateholders, subject to Section 3808 of the Delaware Statutory Trust Act, amounts distributable
on such Payment Date pursuant to Article V. 

  

					
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 (c) In the event that any of the Certificateholders shall not surrender their
Certificates 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 remaining Certificateholders to surrender their Certificates for cancellation
and receive the final distribution with respect thereto. If within one year after the second notice any of the Certificates 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 remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable
escheat laws, any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the last Certificateholder of record identified in the Certificate Register for each such remaining
Certificate. 
 SECTION 9.2 Dissolution of the Issuer. Upon dissolution of the Issuer, the Administrator shall wind up the business
and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full
and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made
reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act. At the direction of the Administrator, the Owner Trustee, upon
surrender of the outstanding Certificates or as otherwise provided in Section 9.1(c), shall cause the Certificate Paying Agent to distribute the remaining Trust Estate (if any) in accordance with Section 9.1 hereof and shall
cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate
and this Agreement (other than Article VIII) shall be of no further force or effect. 
 SECTION 9.3 Limitations on
Termination. Except as provided in Section 9.1, neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Issuer. 

ARTICLE X 
 SUCCESSOR OWNER
TRUSTEES AND ADDITIONAL 
 OWNER TRUSTEES 

SECTION 10.1 Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to
exercise corporate trust powers, (ii) having a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank 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. The Owner Trustee shall at all times be an institution satisfying 

  

					
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the provisions of Section 3807(a) of the Statutory Trust Act. 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 10.2. 
 SECTION 10.2 Resignation or
Removal of the 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 Administrator, the Servicer, the Indenture Trustee and each
Certificateholder. Upon receiving such notice of resignation, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 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. If no successor Owner Trustee shall have been so appointed and have accepted appointment
within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such
right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed
such appointment. 
 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of
Section 10.1 and shall fail to resign after written request therefor by the Depositor or the Administrator, 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 or the
Administrator may remove the Owner Trustee. If the Depositor or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, 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 and one copy to the successor Owner Trustee and shall pay 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 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide (or
shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3
Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Depositor, the Administrator 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 the Owner Trustee. 

  

					
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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. 
 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 10.1. 
 Upon acceptance of appointment by a
successor Owner Trustee pursuant to this Section, the Depositor shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee to each Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If
the Depositor shall fail to mail (or cause to be mailed) such notice within ten (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
Depositor. Any successor Owner Trustee appointed pursuant to Section 10.2 shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and the principal place of business of such successor
Owner Trustee in the State of Delaware. 
 SECTION 10.4 Merger or Consolidation of the Owner Trustee. Any Person into which the Owner
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the
corporate trust business of the Owner Trustee, shall, 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, be the successor of the Owner
Trustee hereunder; provided, that such Person shall be eligible pursuant to Section 10.1; and provided, further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by
applicable law, and mail notice of such merger or consolidation to the Depositor, the Administrator and all Certificateholders. 
 SECTION
10.5 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 Trust Estate may at the
time be located, the Depositor 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 to act as co-trustee, jointly with the Owner Trustee,
or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the
Owner Trustee alone 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 10.1 and no notice of
the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 

  

					
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 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 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 Issuer 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 Depositor 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 copies thereof given to the Depositor and the Administrator. 
 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 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. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located.

 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1 Amendments. 

  

					
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 (a) Any term or provision of this Agreement may be amended by the Depositor and
the Owner Trustee, at the direction of the Administrator, without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Issuer or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Depositor delivers an Opinion of Counsel or an 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 Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Note Balance 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 Certificateholders. It will not be necessary for the consent of 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) Prior to the execution of any amendment pursuant to this Section 11.1, the Depositor shall provide written
notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee;
provided, that no amendment pursuant to this Section 11.1 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee without the prior written consent of such Person. 

(d) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and conclusively
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor or the Administrator stating 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 materially and adversely affects the Owner Trustee’s own rights, duties or immunities under
this Agreement. 

  

					
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 (e) Notwithstanding subsections (a) or (b) of this
Section 11.1, this Agreement may only be amended by the Depositor if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Depositor
or an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the consent of Certificateholders 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 Certificateholders provided for in this Agreement) and of evidencing the authorization of the
execution thereof by Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 SECTION 11.2
No Legal Title to Trust Estate in Certificateholders. Neither the Depositor nor any Certificateholder shall have legal title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to
its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the 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 Estate. 

SECTION 11.3 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture 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 Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 11.4 Notices. 

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices 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 or e-mail (if an applicable facsimile number or e-mail address is provided on Schedule
II to the Sale Agreement), and addressed in each case as specified on Schedule II to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto.

 (b) Any notice required or permitted to be given to any Certificateholder shall be given by first-class mail, postage
prepaid, at the address shown in the Certificate Registrar. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice. 

SECTION 11.5 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 

  

					
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such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 11.6 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, regardless of whether delivered in physical or electronic form, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.7 Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
the Depositor, the Owner Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder
shall bind the successors and assigns of such Certificateholder. 
 SECTION 11.8 No Petition. 

(a) To the fullest extent permitted by applicable law, each of the Owner Trustee (in its individual capacity and as the Owner
Trustee by entering into this Agreement), the Depositor, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that
prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the
benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote
Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Without limiting the foregoing, in no event shall the Owner Trustee authorize, institute or join in any
bankruptcy or similar Proceeding described in the preceding sentence other than in accordance with Section 4.3. 

(b) The Depositor’s obligations under this Agreement are obligations solely of the Depositor and will not constitute a
claim against the Depositor to the extent that the Depositor does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as
the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee 

  

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

SECTION 11.9 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 11.10 Governing Law. THIS AGREEMENT SHALL BE 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 11.11 Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably waives all right of trial
by jury in any 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. 

SECTION 11.12 Information Requests. The parties hereto shall provide any information reasonably requested by the Seller, the Servicer,
the Issuer, the Depositor or any of their Affiliates at the expense of the Seller, the Servicer, the Issuer, the Depositor or any of their 

  

					
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Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 

SECTION 11.13 Form 10-D and Form 10-K Filings. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and
until the Depositor notifies the Owner Trustee that such action is no longer required (i) no later than each Payment Date, the Owner Trustee shall notify the Depositor of any Form 10-D Disclosure Item with respect to the Owner Trustee, together
with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor; provided, that, such notification may be electronic so long as there has been no change to such Form 10-D
Disclosure Items from those disclosed on the previous Payment Date, and (ii) on or before March 15 of each calendar year for so long as the Depositor is filing Exchange Act Reports with respect to the Issuer, commencing on March 15,
2015, the Owner Trustee shall deliver to the Depositor the certification substantially in the form attached hereto as Exhibit E or such form as mutually agreed upon by the Depositor and the Owner Trustee regarding any affiliations or
relationships (as contemplated in Item 1119 of Regulation AB) between the Owner Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 

SECTION 11.14 Form 8-K Filings. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and until the
Depositor notifies the Owner Trustee that such action is no longer required, the Owner Trustee shall promptly notify the Depositor, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event described in
clause (e) of the definition thereof with respect to the Owner Trustee of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (e) of the definition thereof
as to which the Depositor or the Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any action by the Owner
Trustee under this Agreement. 
 SECTION 11.15 Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the
Depositor and the Servicer (each, a “Transaction Party” and, collectively, the “Transaction Parties”) with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all
demands communicated to the Owner Trustee for the purchase, repurchase or replacement of any Receivable pursuant to Section 3.8 of the Sale Agreement, Section 3.3 of the Purchase Agreement, Section 3.6 of the
Servicing Agreement or Section 3.3 of the Receivables Sale Agreement, as applicable and (ii) promptly upon reasonable request in writing by a Transaction Party, any other information reasonably requested by a Transaction Party to
facilitate compliance by the Transaction Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15G(a)
of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB with respect to the
transactions contemplated by the Transaction Documents. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 

  

					
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 [Remainder of Page Intentionally Left Blank] 

  

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

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Yvette L. Howell

	Name:	 	Yvette L. Howell
	Title:	 	Assistant Vice President



  

					
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	FIFTH THIRD HOLDINGS FUNDING, LLC
		
	By:	 	 /s/ Neil J. Prendergast

	Name:	 	Neil J. Prendergast
	Title:	 	Senior Vice President and Secretary



  

					
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 EXHIBIT A 

FORM OF CERTIFICATE 
  

			
	NUMBER	  	    % PERCENTAGE INTEREST
	R-    	  	CUSIP NO.             
		  	ISIN             

 FIFTH THIRD AUTO TRUST 2014-3 

CERTIFICATE 
 Evidencing the
    % Percentage Interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are
secured by new and used automobiles, light-duty trucks and vans. 
 (This Certificate does not represent an interest in or obligation of
Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, Fifth Third Bank or any of their respective Affiliates, except to the extent described below.) 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A. 
 NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A
TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF
ERISA, (B) A “PLAN” AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE
FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN THE ENTITY (EACH A “BENEFIT 

  

					
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PLAN”) OR (D) A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE (ANY SUCH FEDERAL, STATE OR LOCAL LAW, (A “SIMILAR LAW”)). 
 THIS CERTIFIES THAT
                                         is the
registered owner of a     % nonassessable, fully-paid, Percentage Interest in the Trust Estate of FIFTH THIRD AUTO TRUST 2014-3, a Delaware statutory trust (the “Issuer”) formed by Fifth Third Holdings Funding,
LLC, a Delaware limited liability company, as depositor (the “Depositor”). 
 The Issuer was created pursuant to a Trust
Agreement, dated as of September 8, 2014 (as amended and restated as of October 29, 2014) (the “Trust Agreement”), between the Depositor and Wilmington Trust, National Association, as owner trustee (the “Owner
Trustee”), a summary of 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 Appendix A to the Sale
Agreement, dated as of October 29, 2014, between the Depositor and the Issuer as the same may be amended or supplemented from time to time. 

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 provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein. 

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 Indenture, the Servicing Agreement and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE 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. 
 By
accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such Person shall not authorize such 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 any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person


  

					
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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.

 By accepting and holding this Certificate (or any interest herein), the Holder hereof shall be deemed to have represented and warranted
that it is not a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law and is not purchasing on behalf of a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar
Law, and that the Holder is a United States Person as defined in Code Section 7701(a)(30). 
 It is the intention of the parties to the
Trust Agreement that, solely for purposes of United States federal income or state and local income, franchise and value added tax purposes, (1) for so long as the Issuer has, or is deemed to have, but a single beneficial owner, including a
single beneficial owner of the Certificates, it shall be disregarded as an entity separate from its single beneficial owner and (2) if the Issuer has, or is deemed to have, more than one beneficial owner, including more than one beneficial
owner of its Certificates, it shall be treated as a partnership that is not a “publicly traded partnership” as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code. No election shall be made by or on behalf of
the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax
treatment. 
 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a Percentage Interest only
and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 
 Each
Certificateholder, by acceptance of this Certificate, acknowledges and agrees that the purpose of Article XII of the Indenture is to facilitate compliance with the FDIC Rule by the Bank, the Depositor, the Servicer, FTH LLC and the Issuer
(collectively, the “Fifth Third Parties”) and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the
asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in Article XII of the Indenture shall have the effect and meanings that are appropriate under the FDIC Rule as such effect and meanings
change over time on the basis of evolving interpretations of the FDIC Rule. 

  

					
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Trust Agreement (2014-3)










 IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly executed. 

 

									
		 		 		 	FIFTH THIRD AUTO TRUST 2014-3
					
		 		 		 	By:	 	Wilmington Trust, National Association,
not in its individual capacity,
but solely as Owner Trustee
					
	Dated:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	


  

					
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Trust Agreement (2014-3)










 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity
but solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	



  

					
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 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, (Asset Backed Certificate No. R-[    ] issued by Fifth Third Auto Trust 2014-3), 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:             , [            ]

  

			
	[TRANSFEROR]
		
	By:	 	  

	Name:	 	
	Title:	 	



  

					
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 EXHIBIT B 

FORM OF CERTIFICATE INVESTOR REPRESENTATION LETTER 

Relating to the 
 Fifth Third Auto
Trust 2014-3 Asset Backed Certificates 
  

			
	 Fifth Third Auto Trust 2014-3, as Issuer
 c/o
Wilmington Trust, National Association
 Rodney Square North

1100 North Market Street
 Wilmington, DE 19890-0001

Attention: Corporate Trust Administration
	  	 Wilmington Trust, National Association, as

Owner Trustee
 Rodney Square North

1100 North Market Street
 Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administration

		
	 [Transferor]
 [Address]
	  	

 Ladies and Gentlemen: 

In connection with the purchase or acquisition of one or more certificates issued by Fifth Third Auto Trust 2014-3 (the
“Certificates”) pursuant to the Amended and Restated Trust Agreement, dated as of October 29, 2014 (the “Trust Agreement”), between Fifth Third Holdings Funding, LLC, a Delaware limited liability
company, as the depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as the owner trustee (the “Owner Trustee”), the transferee named below (the
“Transferee”) hereby represents, warrants, covenants and agrees as follows (terms used but not defined herein have the respective meanings given to such terms in the Trust Agreement): 

 

	 	1.	The Transferee understands that the Certificates are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act of 1933, as amended (the
“Act”), none of the certificates have been or will be registered under the Act and if in the future, the Transferee decides to offer, resell, pledge or otherwise transfer the certificates, such certificates may be offered,
resold, pledged or otherwise transferred solely in accordance with the Trust Agreement and the legend set forth in paragraph 11 below. 

  

	 	2.	The Transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. 


 

	 	3.	The Transferee has such knowledge and experience in financial and business matters that the Transferee is capable of evaluating the merits and risks of investments in the Certificates, and the Transferee and any
accounts for which it is acting are each able to bear the economic risk of the holder’s or of its investment. 


  

					
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	 	4.	The Transferee has had access to such financial and other information concerning the Issuer and the Certificates as it deemed necessary or appropriate in order to make an informed investment decision with respect to its
purchase of the Certificates. 

  

	 	5.	The Transferee will not offer, transfer, pledge, sell or otherwise dispose of the Certificates or any interest in the Certificates to any person in any manner, or solicit any offer to buy, transfer, pledge or otherwise
dispose of the Certificates or any interest in the Certificates from any person in any manner, or make any general solicitation by means of general advertising or in any other manner, or take any other action that would constitute a distribution of
the Certificates under the Act or that would render the disposition of the Certificates a violation of Section 5 of the Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any person to
act on its behalf, in such manner with respect to the Certificates. 

  

	 	6.	The Transferee is either (a) an affiliate of the Depositor or (b) (i) a “qualified institutional buyer” as that term is defined in Rule 144A under the Act (a “Qualified Institutional
Buyer”), (ii) aware that the sale or resale of the Certificates to it is being made in reliance on the exemption from registration provided by Rule 144A under the Act, and (iii) is acquiring the Certificates for its own
account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which it exercises sole investment discretion. 

  

	 	7.	Unless such person is an Affiliate of the Depositor, the Transferee agrees that it will not offer or sell, or otherwise transfer the Certificates to any person unless the transferee of the Certificates has executed a
Certificate Investor Representation Letter. 

  

	 	8.	The Transferee acknowledges and agrees that the Owner Trustee shall not be obligated to register any transfer of the Certificates unless the transferee has certified to the Owner Trustee that such transfer does not
violate any of the transfer restrictions stated in the Trust Agreement, and that the Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 


 

	 	9.	The Transferee acknowledges and agrees that no transfer (or purported transfer) of any Certificate shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and no person shall
otherwise become a Certificateholder, if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates. For purposes of determining whether the Issuer will have more
than 95 holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for United States federal income tax purposes), a grantor trust or an S corporation
(each such entity, a “flow-through entity”) shall be treated as a Certificateholder, as applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than
substantially all of the value of the beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 


  

					
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	 	10.	The Transferee acknowledges and agrees that no transfer of any Certificate shall be permitted if such transfer is effected through an established securities market or secondary market (or the substantial equivalent
thereof) within the meaning of Section 7704 of the Code and any proposed, temporary or final United States Treasury regulations thereunder. 

  

	 	11.	The Transferee understands that if Responsible Officer of Owner Trustee becomes aware that (a) a transfer or attempted or purported transfer of any Certificate or interest therein was consummated in compliance with
the provisions of the Trust Agreement on the basis of a materially incorrect certification from the transferor or purported transferee, (b) a transferee failed to deliver to the Owner Trustee a Certificate Investor Representation Letter or
(c) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any certificate or any deemed representation or agreement of such Certificateholder, the Owner Trustee will
direct the Certificate Registrar not to register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall not operate to transfer any rights to the
purported transferee (such purported transferee, a “Disqualified Transferee”) and the last preceding Certificateholder of such Certificateholder that was not a Disqualified Transferee shall be restored to all rights as a
Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder. 

  

	 	12.	The Transferee understands that the Certificates bear a legend to the following effect: 


“THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS AND ONLY PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A (A “QIB”), PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A.” 
  

	 	13.	 The Transferee is not purchasing or holding the Certificates (or any interest therein) by or for the account of or with the assets of (a) an
“employee benefit plan” (as defined in Section 3(3) of ERISA), which is subject to Title I of ERISA, (b) a “plan” as described by Section 4975(e)(1) of the Code, which is subject to Section 4975 of the Code,
(c) any entity deemed to hold the assets of any of the foregoing by reason of such 



  

					
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employee benefit plan’s or plan’s investment in the entity or (d) a governmental, church, non-U.S. or other plan that is subject to any federal, state, local or other law that is
substantially similar to Title I of ERISA or Section 4975 of the Code. 

  

	 	14.	The Transferee is a person who is a United States Tax Person and has provided to the Owner Trustee, the Administrator and the Certificate Paying Agent two properly completed and duly executed originals of U.S. Internal
Revenue Service Form W-9 (or applicable successor form) certifying that it is not subject to backup withholding. 

  

	 	15.	The Transferee acknowledges that the Issuer, the Owner Trustee and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations, warranties and agreements and agrees that if any of the
acknowledgments, representations, warranties or agreements made by it in connection with its purchase of the Certificates are no longer accurate, the Transferee will promptly notify the Issuer and the Owner Trustee. 


 

	 	16.	The Transferee hereby acknowledges and agrees that its purchase or acquisition of the Certificates is subject to the confidentiality terms set forth in a confidentiality agreement in a form acceptable to the Depositor
and the Bank to be attached hereto. 

 This letter is not a commitment by the Transferee to purchase any Certificate or a commitment to
sell any Certificate to the Transferee. 
 You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

[Signature Page Follows] 

  

					
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 Any photocopy, facsimile or other copy of this letter shall be deemed of equal effect as a signed
original. 
  

			
	Executed by
	
	  

	Name of Transferee
		
	By:	 	  

	Name:	 	
	Title:	 	


  

					
	Transferee’s Address:	 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
	Telephone:    	 	  
	 	
			
	Facsimile:    	 	  
	 	


  

					
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 EXHIBIT C 

FORM OF NOTICE OF REQUESTS TO REPURCHASE RECEIVABLES 

                        
        [            ], 2014 
 [Depositor] 

[Servicer] 
  

	 	Re:	Fifth Third Auto Trust 2014-3 – Notice of Requests to Repurchase Receivables 

 Reference
is hereby made to the Amended and Restated Trust Agreement, dated as of October 29, 2014 (the “Trust Agreement”), between Fifth Third Holdings Funding, LLC, as depositor (the “Depositor”), and Wilmington Trust, National
Association, as owner trustee (the “Owner Trustee”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned such terms in the Trust Agreement. This Notice is being delivered pursuant to
Section 11.15 of the Trust Agreement. 
 The Owner Trustee hereby certifies as to the checked option below: 

[    ] During the period from and including [            ] to
but excluding [            ], the Owner Trustee received no requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be
repurchased with respect to such Notes or Certificates. 
 [    ] During the period from and including
[            ] to but excluding [            ], the Owner Trustee received one or more requests from the holders of any of the
Notes or Certificates outstanding during that period requesting that any Receivables be repurchased with respect to such Notes or Certificates. Copies of such requests received in writing are attached hereto, and details of any such requests
received orally are as set forth below: 
 Date of Request 

Number of Receivables 
 Aggregate
Principal Balance of Receivables Subject to Request 
 [REMINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  

					
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	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 not in its individual capacity
 but
solely as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	



  

					
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 EXHIBIT D 

FORM OF REGISTRATION OF CERTIFICATE TRANSFER DIRECTION LETTER 

PURSUANT TO THE TRUST AGREEMENT 

[            ], 2014 

Wilmington Trust, National Association 
 as Certificate Registrar
and Owner Trustee 
 of Fifth Third Auto Trust 2014-3 
 Rodney
Square North 
 1100 North Market Street 
 Wilmington, DE
19890-0001 
 Attention: Corporate Trust Administration 

Reference is hereby made to the Amended and Restated Trust Agreement, dated as of October 29, 2014 (the “Trust
Agreement”), between Fifth Third Holdings Funding, LLC, as Depositor (the “Depositor”), and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), governing Fifth Third Auto Trust
2014-3 (the “Issuer”). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Trust Agreement. 

You are hereby notified that [name of Transferor] (the “Transferor”) has transferred its [    ]%
beneficial interest in the Issuer evidenced by Certificate No.     . Enclosed, please find the following documentation as required by the Trust Agreement: 
  

	 	1.	Original Certificate No. R-[    ] for cancellation; 

  

	 	2.	Written instrument of transfer executed by Transferor with signature medallion guaranteed;1 


 

	 	3.	Incumbency certificate of Transferor certified by an officer of the Transferor; 

  

	 	4.	Certificate Investor Representation Letter executed by Transferee; 

  

	 	5.	[FormW-9][applicable successor form] of Transferee. 

 You are hereby directed, as Owner Trustee and Certificate
Registrar, to take the following actions to register the certificate transfer in the order enumerated below: 
  

	 	(a)	cancel and dispose of, in accordance with the customary practices of the Owner Trustee, the Certificate representing [    ] Percentage Interest in the Issuer, bearing certificate number
R-[    ], registered in the name of the Transferor; 

  

	1 	[Please use form of Assignment attached to the back of the Form of Certificate on Exhibit A of the Trust Agreement.] 


  

					
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	 	(b)	execute and authenticate one or more Certificates, as specified in Schedule A hereto, representing the relevant Percentage Interest in the Issuer specified in Schedule A hereto, bearing such appropriate
certificate number as determined by the Certificate Registrar and to register said Certificate in the name of the Transferee specified in the corresponding column on Schedule A hereto; and 


 

	 	(c)	to deliver said authenticated Certificates to the addresses specified in the corresponding column on Schedule A hereto. 


The wire instructions of each Certificateholder are set forth on Schedule A hereto. 

The undersigned Transferee hereby certifies to the Owner Trustee that the transfer requested hereby does not violate any of the transfer
restrictions stated in the Trust Agreement, including but not limited to clauses (d) and (e) of Section 3.5 thereof. 

[Signature Page Follows] 

  

					
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Trust Agreement (2014-3)










 
			
	[TRANSFEROR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[TRANSFEREE]
		
	By:	 	  

	Name:	 	
	Title:	 	



  

					
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Trust Agreement (2014-3)










 SCHEDULE A 

[To be updated] 
  

									
	 Name of

Transferee
	  	 Tax ID Number

of Transferee
	  	 Percentage

Interest2
	  	 Delivery

Address
	  	 Wire

Instructions

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	2 	Aggregate Percentage Interest of new Certificates must match the Percentage Interest of the transferred Certificate being cancelled pursuant to (a) above. 


  

					
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 EXHIBIT E 

FORM OF OWNER TRUSTEE’S ANNUAL CERTIFICATION 

REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB 

Reference is made to the Form 10-K of Fifth Third Auto Trust 2014-3 (the “Form 10-K”) for the fiscal year ended
December 31, 20[    ]. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Form 10-K. 

Wilmington Trust, National Association, a national banking association (“WTNA”), does hereby certify to the Sponsor, the
Depositor and the Issuing Entity that: 
 1. As of the date of the Form 10-K, there are no pending legal Proceedings against WTNA or
Proceedings known to be contemplated by governmental authorities against WTNA that would be material to the investors in the Notes. 
 2. As
of the date of the Form 10-K, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between WTNA and any of Fifth Third Bank, Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, Deutsche Bank Trust Company
Americas (the “Indenture Trustee”) and the Issuing Entity, or any affiliates of such parties. 
 IN WITNESS WHEREOF, WTNA
has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized. 
 Dated:
            , 20[    ] 
  

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	



  

					
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