Amended and Restated Trust Agreement dated November 18, 2003



 Exhibit 4.1 
  

CAPITAL ONE AUTO FINANCE TRUST 2003-B 
  
 AMENDED AND RESTATED 
 TRUST AGREEMENT

  
 between 
  
 CAPITAL ONE AUTO RECEIVABLES, LLC, 
 as the Depositor 
  
 and 
  
 WILMINGTON TRUST COMPANY, 
 as the Owner Trustee 
  
 Dated as of November 18, 2003 







 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	  	3
	             SECTION 2.8.
	  	Title to the Trust Estate	  	4
	             SECTION 2.9.
	  	Representations and Warranties of the Seller	  	4
	             SECTION 2.10.
	  	Situs of Issuer	  	5
		
	 ARTICLE III         RESIDUAL INTEREST AND TRANSFER OF
CERTIFICATE
	  	5
	             SECTION 3.1.
	  	Initial Ownership	  	5
	             SECTION 3.2.
	  	Authorization of the Certificates	  	5
	             SECTION 3.3.
	  	Form of the Certificate	  	5
	             SECTION 3.4.
	  	Registration of Certificates	  	5
	             SECTION 3.5.
	  	Transfer of Certificate	  	6
	             SECTION 3.6.
	  	Lost, Stolen, Mutilated or Destroyed Certificates	  	7
		
	 ARTICLE IV         ACTIONS BY OWNER TRUSTEE
	  	8
	             SECTION 4.1.
	  	Prior Notice to Residual Interestholder with Respect to Certain Matters	  	8
	             SECTION 4.2.
	  	Action by Residual Interestholder with Respect to Certain Matters	  	8
	             SECTION 4.3.
	  	Action by Residual Interestholder with Respect to Bankruptcy	  	8
	             SECTION 4.4.
	  	Restrictions on Residual Interestholder’s Power	  	9
	             SECTION 4.5.
	  	Majority Control	  	9
	             SECTION 4.6.
	  	Rights of Note Insurer	  	9
		
	 ARTICLE V         APPLICATION OF TRUST FUNDS; CERTAIN
DUTIES
	  	9
	             SECTION 5.1.
	  	Application of Trust Funds	  	9
	             SECTION 5.2.
	  	Method of Payment	  	9
	             SECTION 5.3.
	  	Sarbanes-Oxley Act	  	9
	             SECTION 5.4.
	  	Signature on Returns	  	10
		
	 ARTICLE VI         AUTHORITY AND DUTIES OF OWNER
TRUSTEE
	  	10

  

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 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	Page


	             SECTION
6.1.         General Authority
	  	10
	             SECTION
6.2.         General Duties
	  	10
	             SECTION
6.3.         Action upon Instruction
	  	10
	             SECTION
6.4.         No Duties Except as Specified in this Agreement or in Instructions
	  	11
	             SECTION
6.5.         No Action Except under Specified Documents or Instructions
	  	12
	             SECTION
6.6.         Restrictions
	  	12
		
	 ARTICLE VII        CONCERNING OWNER TRUSTEE
	  	12
	             SECTION
7.1.         Acceptance of Trusts and Duties
	  	12
	             SECTION
7.2.         Furnishing of Documents
	  	14
	             SECTION
7.3.         Representations and Warranties
	  	14
	             SECTION
7.4.         Reliance; Advice of Counsel
	  	15
	             SECTION
7.5.         Not Acting in Individual Capacity
	  	15
	             SECTION
7.6.         The Owner Trustee May Own Notes
	  	15
		
	 ARTICLE VIII        COMPENSATION OF OWNER TRUSTEE
	  	16
	             SECTION
8.1.         The Owner Trustee’s Compensation
	  	16
	             SECTION
8.2.         Indemnification
	  	16
	             SECTION
8.3.         Payments to the Owner Trustee
	  	16
		
	 ARTICLE IX          TERMINATION OF TRUST
AGREEMENT
	  	17
	             SECTION
9.1.         Termination of Trust Agreement
	  	17
	             SECTION
9.2.         Dissolution of the Issuer
	  	17
	             SECTION
9.3.         Limitations on Termination
	  	17
		
	 ARTICLE X            SUCCESSOR OWNER TRUSTEES AND
ADDITIONAL OWNER TRUSTEES
	  	17
	             SECTION
10.1.         Eligibility Requirements for the Owner Trustee
	  	17
	             SECTION
10.2.         Resignation or Removal of the Owner Trustee
	  	18
	             SECTION
10.3.         Successor Owner Trustee
	  	18
	             SECTION
10.4.         Merger or Consolidation of the Owner Trustee
	  	19
	             SECTION
10.5.         Appointment of Co-Trustee or Separate Trustee
	  	19
		
	 ARTICLE XI          MISCELLANEOUS
	  	21
	             SECTION
11.1.         Amendments
	  	21
	             SECTION
11.2.         No Legal Title to Trust Estate in Residual Interestholder
	  	22
	             SECTION
11.3.         Limitations on Rights of Others
	  	22
	             SECTION
11.4.         Notices
	  	22
	             SECTION
11.5.         Severability
	  	23
	             SECTION
11.6.         Separate Counterparts
	  	23
	             SECTION
11.7.         Successors and Assigns
	  	23

  

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 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	Page


	             SECTION
11.8.           No Petition
	  	23
	             SECTION
11.9.           Headings
	  	24
	             SECTION
11.10.         GOVERNING LAW
	  	24
	             SECTION
11.11.         Limitation of Rights
	  	24

  

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 This AMENDED AND RESTATED TRUST AGREEMENT is made as of November 18, 2003 (as from time to time
amended, supplemented or otherwise modified and in effect, this “Agreement”) between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited liability company, as the depositor (the “Seller”), and WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as the owner trustee (the “Owner Trustee”). 
  
 RECITALS 
  
 WHEREAS, the Seller and the Owner Trustee entered into that certain Trust Agreement dated as of October 10, 2003 (the “Original Trust Agreement”), 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 and
Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among the Issuer, the Seller, Capital One Auto Finance, Inc, as
servicer, and JPMorgan Chase Bank, as indenture trustee, as the same may be amended, modified or supplemented from time to time. 
  
 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 generally accepted accounting principles; (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” means “including 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; and (g) references to any Person include that Person’s successors and assigns. 







 ARTICLE II 
  

ORGANIZATION 
  
 SECTION 2.1. Name. The trust created under the Original Trust Agreement shall be known as “Capital One Auto Finance Trust 2003-B” (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 Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Residual Interestholder, the Seller and the Administrator. 
  
 SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Owner Trustee shall have the power and
authority, to engage in the following activities: 
  
 (a) to issue the Notes pursuant to the Indenture and, if so requested by the Residual Interestholder, to issue the Certificate(s), pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificate(s) and to pay
interest on and principal of the Notes and distributions to the Residual Interestholder; 
  
 (b) to enter into and perform its obligations under any interest rate protection agreement or agreements relating to the Notes between the
Issuer and one or more counterparties, including any confirmations, evidencing the transactions thereunder, each of which is an interest rate swap, an interest rate cap, an obligation to enter into any of the foregoing, or any combination of any of
the foregoing; 
  
 (c) to acquire the property
and assets set forth in the Sale and Servicing Agreement from the Seller pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account, the Reserve Account and the Pre-Funding
Account and to pay the organizational, start-up and transactional expenses of the Issuer; 
  
 (d) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute
to the Residual Interestholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 
  
 (e) to enter into and perform its obligations under the Transaction Documents to which it is a party; 
  
 (f) 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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 (g) 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 Residual Interestholder 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 Seller 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 Seller 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 Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited
in the Collection Account. 
  
 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 Residual Interestholder, 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 and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of
the parties hereto that, solely for income and franchise tax purposes, the Issuer will be disregarded as an entity separate from the Seller, the Seller will be disregarded as an entity separate from COAF and the Notes will be characterized as debt.
The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer as an
entity separate from its owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer
as a partnership, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as of the date hereof, the Owner Trustee shall have all rights, powers
and duties set forth herein and 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. 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. 
  
 SECTION 2.7. Organizational
Expenses; Liabilities of the Holders. 
  
 (a)
The Servicer shall pay organizational expenses of the Issuer as they may arise. 
  

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 (b) No Residual Interestholder (including the Seller) 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 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 Seller. The Seller hereby represents and warrants to the Owner Trustee that: 
  
 (a) Existence and Power. The Seller is a Delaware
limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. The Seller has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect
the ability of the Seller to perform its obligations under the Transaction Documents and the Underwriting Agreement. 
  
 (b) Authorization and No Contravention. The execution, delivery and performance by the Seller of the Underwriting Agreement and
each Transaction Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Seller and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational
instruments or (C) any material indenture or material agreement or instrument to which the Seller is a party or by which it its properties are bound (other than violations of such laws, rules, regulations, indenture or agreements 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 Seller’s ability to perform its obligations
under, the Transaction Documents to which it is a party). 
  
 (c) No Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Seller of any
Transaction Document other than UCC filings and other than (i) approvals and authorizations that have previously been obtained and filings which have previously been made and (ii) approvals, authorizations or filings which, if not obtained or made,
would not have a material adverse effect on the ability of the Seller to perform its obligations under the Underwriting Agreement or the Transaction Documents to which it is a party. 
  
 (d) Binding Effect. The Underwriting Agreement and each Transaction Document to which the Seller is a
party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable the rights of creditors of limited liability companies from time to time in effect or by general principles of equity or other similar
laws of general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
  

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 (e) No Proceedings. There are no actions, orders, suits or proceedings pending or,
to the knowledge of the Seller, threatened against the Seller 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 or (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller
of its obligations under this Agreement or any of the other Transaction Documents. 
  
 SECTION 2.10. Situs of Issuer. The Issuer shall be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the State of
Delaware or the State of New York. The Issuer shall not have any employees in any state; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.
Payments will be received by the Issuer only in Delaware or New York and payments will be made by the Issuer only from Delaware or New York. 
  
 ARTICLE III 
  
 RESIDUAL INTEREST AND TRANSFER OF CERTIFICATE 
  
 SECTION 3.1. Initial Ownership. As of the Closing Date, the Residual Interest shall be an uncertificated interest. Until the issuance of one or
more Certificates pursuant to Section 3.2, the Seller as the initial Residual Interestholder shall be the sole beneficiary of the Issuer. The Seller shall only sell, assign, pledge, or otherwise transfer the Residual Interest if the Residual
Interest is in certificate form. 
  
 SECTION 3.2. Authorization
of the Certificates. The Seller, in its sole discretion, may request the Owner Trustee to issue a Certificate or Certificates to represent the Residual Interest. Upon request by the Seller pursuant to this Section 3.2, the Owner Trustee
shall cause the Certificate or Certificates to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Seller, 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 Seller. The Certificate or Certificates shall represent 100% of the beneficial interest
in the Issuer and shall be fully paid and nonassessable. 
  
 SECTION 3.3. Form of the Certificate. Each Certificate, upon issuance, will be issued in the form of a typewritten Certificate representing a definitive Certificate and shall be registered in the name of “Capital One Auto
Receivables, LLC” as the registered owner thereof. 
  
 SECTION 3.4. Registration of Certificates. The Owner Trustee 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 Residual Interestholder at the time of
such appointment, a register for the registration and transfer of any Certificate. 
  

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 SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or otherwise
transfer all or any of its right, title and interest in the Certificate; provided, that (i) the Rating Agency Condition is satisfied, (ii) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such
counsel, such transfer will not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, and (iii) the Certificate is not acquired by or for the account of or with the assets of (A) an employee benefit plan
(as defined in Section 3(3) of ERISA) that is subject to the provision of Title I of ERISA (B) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan’s investment in
the entity. Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer 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 the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee
accompanied by a written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. 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 of beneficial interest in the Issuer in the Certificate register and issue,
execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue,
to such transferor a new Certificate evidencing such transferor’s new percentage of beneficial interest in the issuer. Subsequent to a transfer 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 the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer 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 each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein. The Owner Trustee shall not be liable to any
Person for registering any transfer based on such certifications. 
  
 (d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of any Certificate (or any economic interest therein, including any contract described in Treasury Regulation section
1.7704-1(a)(2)(i)(B)) shall be effective, and any such transfer (or purported transfer) shall be void ab initio, if after such transfer (or purported transfer) there would be more than 50 Certificateholders (where, for 

  

 6 








 
purposes of determining the number of Certificateholders, a person (beneficial owner) owning an interest in a partnership, grantor trust, or S corporation
(“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the Issuer, is treated as a Certificateholder if more than 50 percent of the value of such beneficial owner’s interest in the
flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) or such transfer would otherwise cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes;

  
 (e) No transfer (or purported transfer) of a
Certificate (or 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, and none of the Issuer, the Owner Trustee or any of the Certificateholders will recognize such transfer (or purported transfer), unless the transferee has first represented and warranted in writing to the Issuer and the
Certificateholders that: 
  
 (i) it is acquiring
the Certificates for its own account and is the sole beneficial owner of such Certificates; 
  
 (ii) the transfer is not being effected on or through (x) an “established securities market” within the meaning of Section
7704(a)(1) of the Code, including without limitation, an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations or (y) a “secondary market” or “substantial equivalent
thereof” within the meaning of Section 7704(a)(2) of the Code and any proposed, temporary or final Treasury regulations thereunder; and 
  
 (iii) such transfer will not cause the Issuer to be classified as a publicly traded partnership for U.S. federal income tax purposes, and
such purchaser or transferee will not take any action, including any subsequent disposition of such Certificates or economic interest therein, that would cause the Issuer to be treated as a publicly traded partnership for U.S. federal income tax
purposes. 
  
 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 satisfactory
to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial 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. 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. 
  

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 ARTICLE IV 
  

ACTIONS BY OWNER TRUSTEE 
  
 SECTION 4.1. Prior Notice to Residual Interestholder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Residual Interestholder in writing of the proposed action and the Residual Interestholder shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that the Residual Interestholder has withheld consent or provided alternative direction: 
  
 (a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

  
 (b) the amendment of the Indenture by a
supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Residual Interestholder; 
  
 (c) the amendment, change or modification of the Sale and Servicing Agreement, or the Administration
Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Residual Interestholder; or 
  
 (d) the appointment pursuant to the Indenture of a successor
Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
  
 SECTION 4.2. Action by Residual Interestholder with Respect to Certain Matters. The Owner Trustee shall not have the
power, except upon the direction of the Residual Interestholder, to (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
under the Administration Agreement pursuant to Section 8 thereof 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 Residual Interestholder. 
  
 SECTION 4.3. Action by Residual Interestholder 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 Outstanding Amount of all the Notes has been reduced to zero and all amounts owed to the Note Insurer and the Swap Counterparty under the Transaction Documents have been paid without the prior written approval of the Residual
Interestholder and the delivery to the Owner Trustee by the Residual Interestholder of a certificate certifying that the Residual Interestholder reasonably believes that the Issuer is insolvent. 
  

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 SECTION 4.4. Restrictions on Residual Interestholder’s Power. The Residual Interestholder
shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the 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. Majority Control. To the extent that there is more than one Residual Interestholder, any action which may be taken or consent or
instructions which may be given by the Residual Interestholder under this Agreement may be taken by Residual Interestholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the beneficial
interest in the Issuer at the time of such action. 
  
 SECTION
4.6. Rights of Note Insurer. Notwithstanding anything to the contrary in the Transaction Documents, without the prior written consent of the Note Insurer (unless a Note Insurer Default shall have occurred and be continuing or the Notes are no
longer outstanding), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Issuer or compromise any claim, suit or proceeding brought by or against the Issuer, other than with respect to the
enforcement of any Receivable or any rights of the Issuer thereunder or (iii) authorize the merger or consolidation of the Issuer with or into any other statutory trust or other entity. 
  
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  
 SECTION 5.1. Application of Trust Funds. Distributions on the Residual Interest shall be made in accordance with the provisions of the Indenture and the Sale and Servicing Agreement. Subject to the Lien of the Indenture, the Owner
Trustee shall promptly distribute to the Residual Interestholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust Estate. After the termination of the Indenture in accordance with its terms, the Owner
Trustee shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Residual Interestholder. 
  
 SECTION 5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Residual
Interestholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Residual Interestholder pursuant to this Agreement or any other Transaction Document shall be made to the
Residual Interestholder by wire transfer, in immediately available funds, to the account of the Residual Interestholder designated by the Residual Interestholder to the Owner Trustee and Indenture Trustee in writing. 
  
 SECTION 5.3. 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. 
  

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 SECTION 5.4. Signature on Returns. Subject to Section 2.6, the Residual Interestholder
shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Residual
Interestholder. 
  
 ARTICLE VI 
  
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  
 SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver (i) the Transaction Documents to which the Issuer is named as a party, and (ii) 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, including, without limitation, the Fee Letter (as defined in the Insurance Agreement), in each case, in such form as the Seller shall approve, as evidenced conclusively by the Owner
Trustee’s execution thereof, and at the written direction of the Seller, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $198,000,000, Class A-2 Notes in the aggregate principal
amount of $262,000,000, Class A-3 Notes in the aggregate principal amount of $305,000,000, and Class A-4 Notes in the aggregate principal amount of $235,000,000. 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 Seller, the Administrator, the Residual Interestholder or the Note
Insurer recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Residual Interestholder or the Note Insurer 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 Residual Interestholder, 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. 
  
 SECTION 6.3. Action upon Instruction. (a) Subject to Article
IV, and in accordance with the Transaction Documents, the Note Insurer (unless a Note Insurer Default has occurred and is continuing or the Notes are no longer outstanding) or the Residual Interestholder 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 Note Insurer or Residual Interestholder, as applicable, pursuant to Article IV. The Note Insurer shall provide prior
notice 

  

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to the Residual Interestholder of any instruction the Note Insurer provides to the Owner Trustee as provided above. In the event that instructions given by
the Note Insurer under this Section 6.3 conflict with instructions given by the Residual Interestholder under this Section 6.3, the instructions of the Note Insurer shall govern. 
  
 (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 Residual Interestholder 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 Residual Interestholder 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 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 Residual Interestholder, and shall have no liability to any Person for such action or inaction. 
  

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 Company 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 Company that are not related to the ownership or the administration of the Trust Estate. Notwithstanding anything 

  

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contained herein to the contrary, with respect to the Note Insurer, the Owner Trustee undertakes to perform or observe only such of the covenants and
obligations of the Owner Trustee as are expressly set forth in this Agreement, and no implied covenants or obligations with respect to the Note Insurer shall be read into this Agreement against the Owner Trustee. The Owner Trustee shall not be
deemed to owe any fiduciary duty to the Note Insurer and shall not be liable to any such person other than as expressly set forth in the third sentence of Section 7.1 of this Agreement. 
  
 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 (i) affect the treatment of the Notes as indebtedness for federal income, state and local income and franchise tax purposes, (ii) be deemed
to cause a taxable exchange of the Notes for federal income or state income or franchise tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for
federal income, state and local income or franchise tax purposes. Neither the Residual Interestholder nor the Note Insurer shall direct the Owner Trustee to take action that would violate the provisions of this Section. 
  
 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 7.3 expressly made by Wilmington
Trust Company in its individual capacity, (iii) for liabilities arising from the failure of Wilmington Trust Company to perform obligations expressly undertaken by it in the last 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 exemptions set forth in the preceding sentence): 
  
 (a) The Owner Trustee shall not be liable for any error of
judgment made in good faith by any officer of the Owner Trustee. 
  

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 (b) Under no circumstances shall the Owner Trustee be personally liable hereunder for any
indebtedness of the Issuer. 
  
 (c) The Owner
Trustee shall not be personally liable for the payment of any tax imposed on the Issuer or amounts that are includable in the federal gross income of the Residual Interestholder. 
  
 (d) No provision of this Agreement shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of the Owner Trustee’s duties or powers hereunder, if the Owner Trustee believes or is advised by its legal counsel that repayment of such funds or adequate indemnity against such risk or
liability is not assured or provided to its reasonable satisfaction. 
  
 (e) Under no circumstance shall the Owner Trustee be liable for any representation, warranty, covenant, or obligation or indebtedness of the Issuer hereunder or under the Transaction Documents or any other agreement,
document or certificate contemplated by the foregoing. 
  
 (f) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by the Note Insurer, the Administrator, the Indenture Trustee or the Servicer and the Owner Trustee shall not be liable for performing or
supervising the performance of any obligations or duties under this Agreement, the Administration Agreement, the Sale and Servicing Agreement or the Indenture, or under any other document contemplated hereby or thereby, which are to be performed by
the Administrator, the Indenture Trustee or the Servicer or any other Person under such documents. 
  
 (g) The Owner Trustee shall not be responsible for or in respect of the recitals herein, the validity or sufficiency of this Agreement, or
for the due execution hereof by the Seller or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Transaction Documents or any other document
contemplated thereby to which the Owner Trustee is not a party. 
  
 (h) Notwithstanding anything contained herein or in any of the Transaction Documents to the contrary, the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware
if the taking of such action will (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware
becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by the
Owner Trustee contemplated hereby. 
  

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 (i) The Owner Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in accordance with the instructions of the Residual Interestholder, the Note Insurer, the Servicer or the Administrator. 
  
 (j) The Owner Trustee shall be under no duty to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or written direction of the Residual Interestholder or the Note Insurer, unless such Residual
Interestholder or the Note Insurer has offered to provide to the Owner Trustee, to the extent requested by the Owner Trustee, security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner
Trustee therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be answerable for other than its gross negligence, bad faith or willful misconduct in
the performance of any such act. 
  
 (k) All
funds deposited with the Owner Trustee hereunder may be held in a non-interest bearing account and the Owner Trustee shall not be liable for any interest thereon or for any loss as a result of the investment thereof at the direction of the Residual
Interestholder. 
  
 SECTION 7.2. Furnishing of Documents.
The Owner Trustee shall furnish to the Residual Interestholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Transaction Documents. 
  
 SECTION 7.3. Representations and Warranties. Wilmington Trust Company hereby represents and warrants to the Seller for the benefit of the Residual Interestholder, that: 
  
 (a) It is a banking corporation duly incorporated and validly existing in good standing under the laws of
Delaware and having an office 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 

  

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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 7.4. 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 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 with reasonable care and (ii) may consult with counsel,
accountants and other skilled persons knowledgeable in the relevant area to be selected with reasonable care 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 7.5. Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, Wilmington Trust
Company 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 7.6. 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 Seller, 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 Seller, the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial
banking relationships with the Owner Trustee and its Affiliates. 
  

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 ARTICLE VIII 
  
 COMPENSATION OF OWNER TRUSTEE 
  

SECTION 8.1. The Owner Trustee’s Compensation. The Issuer shall cause the Servicer to pay to Wilmington Trust Company pursuant to
Section 3.11 of the Sale and Servicing Agreement from time to time compensation for all services rendered by Wilmington Trust Company under this Agreement pursuant to a fee letter between the Servicer and the Owner Trustee (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 3.11 of the Sale and Servicing Agreement and the fee letter between the Servicer and the Owner
Trustee, shall reimburse Wilmington Trust Company upon its request for all reasonable expenses, disbursements and advances incurred or made by Wilmington Trust Company in accordance with any provision of this Agreement (including the reasonable
compensation, expenses and disbursements of such agents, experts and counsel as Wilmington Trust Company may employ in connection with the exercise and performance of its rights and its duties hereunder), except any such expense 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 Section 4.4 of the Sale and Servicing
Agreement. 
  
 SECTION 8.2. Indemnification. The Seller
shall cause the Servicer to indemnify Wilmington Trust Company 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 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 Company 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 Company
hereunder; provided, however, that neither the Seller nor the Servicer shall be liable for or required to indemnify Wilmington Trust Company from and against any of the foregoing expenses arising or resulting from (i) its own willful
misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by Wilmington Trust Company in its individual capacity, (iii) liabilities arising from the failure of
Wilmington Trust Company to perform obligations expressly undertaken by it in the last 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 Section 4.4 of the Sale and Servicing Agreement. 
  

SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII and the Sale and
Servicing Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 
  

 16 








 ARTICLE IX 
  

TERMINATION OF TRUST AGREEMENT 
  
 SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement (other than Article VIII) shall terminate,
upon the later of (a) the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V and (b) the
discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Residual Interestholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y)
entitle the Residual Interestholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect
the rights, obligations and liabilities of the parties hereto. 
  
 SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee 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 Owner Trustee, in the absence of actual knowledge of any other claim against the Issuer and at the written direction of the Residual Interestholder, 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 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 Seller nor the Residual Interestholder 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 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. 
  

 17 








 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 Note Insurer, the Seller, the Administrator, the Servicer, the Indenture Trustee and the Residual Interestholder. Upon receiving such notice of
resignation, the Seller and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing) 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 (with a copy to the Note Insurer). If no
successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a
successor Owner Trustee reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing); 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 Seller 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
Seller or the Administrator with notice to the Note Insurer may remove the Owner Trustee. If the Seller or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Seller and the Administrator,
acting jointly, shall promptly appoint a successor Owner Trustee reasonably acceptable to the Note Insurer (unless a Note Insurer Default has occurred and is continuing) 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 (with a copy to the Note Insurer) 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 Seller shall provide
(or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies and the Note Insurer. 
  
 SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver
to the Seller, the Administrator, the Note Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee, without any further act, deed 

  

 18 








 
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. 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 Seller 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 Seller shall mail (or shall cause to be mailed) notice of the
successor of such Owner Trustee to the Residual Interestholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Seller shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of appointment
by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Seller. 
  
 SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner
Trustee, shall, 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
corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Seller, the Administrator and the Rating Agencies. 
  
 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 Seller 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 Seller and the
Owner Trustee may consider necessary or desirable. If the Seller shall not have joined in such appointment within 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 Seller 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 Seller 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. 
  

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 ARTICLE XI 
  

MISCELLANEOUS 
  
 SECTION 11.1. Amendments. 
  
 (a) Any term or provision of this Agreement may be amended by the parties hereto, with the written consent of the Note Insurer (so long as
the Note Insurer is the Controlling Party), but without the consent of any Noteholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with changes in the Code, to comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement;
provided that such amendment shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of any Noteholder; provided, further, that
such amendment shall be deemed not to materially and adversely affect the interests of any Noteholder, and no Opinion of Counsel shall be required, if the Rating Agency Condition is satisfied with respect to such amendment; provided,
further, that if the Note Insurer is not the Controlling Party, such amendment shall not materially and adversely affect the interests of the Note Insurer without the prior written consent of the Note Insurer. 
  
 (b) This Agreement may also be amended from time to time by
the parties hereto, with the consent of the Controlling Party, 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 Note Insurer; provided, that if the Note Insurer is not the Controlling Party, no amendment pursuant to this Section 11.1(b) shall materially and adversely affect the interests of the Note Insurer without the prior written
consent of the Note Insurer. It will not be necessary to obtain 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 such amendment, the Seller shall provide written notification of the substance of such amendment to each
Rating Agency, the Note Insurer and the Owner Trustee; and promptly after the execution of any such amendment or consent, the Seller shall furnish a copy of such amendment or consent to each Rating Agency, the Owner Trustee and the Indenture
Trustee. 
  
 (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 

  

 21 








 
Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement. 
  
 (e) Notwithstanding the language set forth in this Section 11.1, the consent of the Note Insurer shall be required at all times with
respect to any amendment of Section 4.6 of this Agreement. 
  
 SECTION 11.2. No Legal Title to Trust Estate in Residual Interestholder. The Residual Interestholder shall not have legal title to any part of the Trust Estate. The Residual Interestholder 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 the Residual Interestholder 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 Seller, the Administrator, the Residual Interestholder 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 deemed given by telecopy with receipt acknowledged by the recipient thereof or upon receipt personally delivered, delivered by overnight courier or mailed certified mail,
return receipt requested or via facsimile, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Seller, addressed to 1680 McLean, Virginia 22102 (Tel: (703) 720-1000; Fax: (703) 720-2121), Attention: Manager of Securitization
with a copy to 1680 McLean, Virginia 22102 (Tel: (703) 720-1000; Fax: (703) 720-2227), Attention: Legal; if to the Administrator, addressed to 3901 Dallas Parkway, Plano, Texas 79503 (Tel: (703) 720-1000; Fax: (703) 720-2121), Attention: Manager of
Securitization with a copy to 3901 Dallas Parkway, Plano, Texas 79503 (Tel: (703) 720-1000; Fax: (703) 720-2227), Attention: Legal; if to the Note Insurer, addressed to 113 King Street, Armonk, New York 10504, (Fax: (914) 765-3810), Attn: Insured
Portfolio Management – Structured Finance; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Residual Interestholder shall be given by first-class
mail, postage prepaid, at the address of such Residual Interestholder as shall be designated by such party in a written notice to each other party. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to
have been duly given, whether or not the Residual Interestholder receives such notice. 
  

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 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 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, 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 Seller, the Owner Trustee and its successors and the Residual Interestholder and its
successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Residual Interestholder shall bind the successors and assigns of the Residual Interestholder. 

 
 SECTION 11.8. No Petition. 
  
 (a) Each of the Owner Trustee (in its individual capacity
and as the Owner Trustee), by entering into this Agreement, the Seller, the Residual Interestholder, by accepting the Residual Interest, 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 without the prior written approval of the Residual Interestholder and the delivery to the Owner Trustee of a certificate certifying that the Residual
Interestholder reasonably believes that the Issuer is insolvent. 
  
 (b) The Seller’s obligations under this Agreement are obligations solely of the Seller and will not constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make
payment of such obligations. In furtherance of and not 

  

 23 








 
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 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 Seller. 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 the 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 Seller), 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. Limitation of Rights.  
  
 (a) All of the rights of the Note Insurer in, to and under this Agreement (including, but not limited to, all of the Note Insurer’s
rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Insurance Agreement in accordance with the terms thereof and the payment in full of all amounts
owing to the Note Insurer. 
  

 24 








 (b) All of the rights of the Swap Counterparty in, to and under this Agreement
(including, but not limited to, all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder) shall terminate upon the termination of the Interest Rate Swap Agreement in
accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 25 








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

	 WILMINGTON TRUST COMPANY

		
	 By:
	 	 /s/ Joann A. Rozell


	 Name:
	 	       Joann A. Rozell

	 Title:
	 	       Financial Services Officer



  

 S-1 









	 CAPITAL ONE AUTO RECEIVABLES, LLC

		
	 By:
	 	 /s/ Al Ciafre


	 Name:
	 	       Al Ciafre

	 Title:
	 	       Assistant Vice President



  

 S-2 








 EXHIBIT A 
  
 FORM OF CERTIFICATE 
  

	 NUMBER
	 	 	 	100% BENEFICIAL INTEREST
	 R-1
	 	 	 	 

  
 CAPITAL ONE AUTO
FINANCE TRUST 2003-B 
  
 CERTIFICATE 
  
 Evidencing the 100% beneficial 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 and light-duty trucks. 
  
 (This Certificate does not represent an interest in or obligation of
Capital One Auto Receivables, LLC, Capital One Auto Finance, Inc. or any of their respective Affiliates, except to the extent described below.) 
  
 THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER
JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. 
  
 THIS
CERTIFIES THAT [                    ] is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in the Trust Estate of CAPITAL
ONE AUTO FINANCE TRUST 2003-B, a Delaware statutory trust (the “Issuer”) formed by Capital One Auto Receivables, LLC, a Delaware limited liability company, as depositor (the “Seller”). 
  
 The Issuer was created pursuant to a Trust Agreement dated as of October 10,
2003 (as amended and restated as of November 18, 2003, the “Trust Agreement”), between the Seller and Wilmington Trust Company, 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 the Sale and Servicing Agreement, dated as of November 18, 2003, among the Seller, the
Issuer, JPMorgan Chase Bank, as indenture trustee, and Capital One Auto Finance, Inc., as servicer, 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. 
  

 A-1 








 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, the Note Insurer and the Swap Counterparty as described in the Indenture, the Sale and 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 the Bankruptcy Remote Parties (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 in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 
  
 This Certificate may not be acquired by or for the account of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title I of ERISA, (b) a plan described in Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Benefit
Plan”). By accepting and holding this Certificate, the holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan and is not purchasing on behalf of a Benefit Plan. 
  
 It is the intention of the parties to the Trust Agreement that, solely for
income and franchise tax purposes, the Issuer will be disregarded as an entity separate from the Seller, the Seller will be disregarded as an entity separate from COAF and the Notes will be characterized as debt. 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 beneficial interest in the Issuer only and does not
represent interests in or obligations of the Seller, 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. 
  

 A-2 








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

	 	 	 	 	 CAPITAL ONE AUTO FINANCE TRUST 2003-B

				
	 	 	 	 	 	 	 By: Wilmington Trust Company, not in its
 individual capacity, but solely as Owner Trustee

					
	 Dated:
	 	  

	 	 	 	 By:
	 	


  

 A-3 








 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is the Certificate referred to in the within-mentioned Trust Agreement.

  

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

					
	 	 	 	 	 	 	 By:
	 	  


	 	 	 	 	 	 	 	 	 Authenticating Agent

					
	 	 	 	 	 	 	 By:
	 	  


	 	 	 	 	 	 	 	 	 Authorized Signatory


  

 A-4