# EDGAR Filing Document

**Accession Number:** 0001405332
**File Stem:** 0001193125-23-032759
**Filing Date:** 2023-2
**Character Count:** 1777132
**Document Hash:** 2f8ebca9a477cf130789a5d80840487b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-032759.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001193125-23-032759

**CONFORMED SUBMISSION TYPE**: SF-3/A

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fifth Third Holdings Funding, LLC
- **CENTRAL INDEX KEY:** 0001405332
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 352301537
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267774
- **FILM NUMBER:** 23612902

**BUSINESS ADDRESS:**
- **STREET 1:** 1701 GOLF ROAD, TOWER 1, 9TH FLOOR
- **CITY:** ROLLING MEADOWS
- **STATE:** IL
- **ZIP:** 60008
- **BUSINESS PHONE:** 847-354-7341

**MAIL ADDRESS:**
- **STREET 1:** 1701 GOLF ROAD, TOWER 1, 9TH FLOOR
- **CITY:** ROLLING MEADOWS
- **STATE:** IL
- **ZIP:** 60008

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on February 10, 2023** 

**Registration No. 333-267774** 

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**AMENDMENT NO. 1** 

**TO** 

**FORM SF-3** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## FIFTH THIRD HOLDINGS FUNDING, LLC
**as depositor to the issuing entities described herein** 

**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| **Delaware** | **35-2301537** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**Commission File Number of depositor: 333-267774** 

**Central Index Key Number of depositor: 0001405332** 

**Central Index Key Number of sponsor: 0000035528** 

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## Fifth Third Bank, National Association
**(Exact name of sponsor as specified in its charter)** 

------

**6111 N. River Rd.** 

**Rosemont, Illinois 60018** 

**(847) 354-7341** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Susan B. Zaunbrecher, Esq.** 

**Fifth Third Bancorp** 

**38 Fountain Square Plaza** 

**MD 109053** 

**Cincinnati, Ohio 45263** 

**(800) 972-3030** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

------

***Copies To:***

**Stuart M. Litwin, Esq.**<br> **Mayer Brown LLP**<br> **71 South Wacker Drive**<br> **Chicago, Illinois 60606**<br> **(312) 782-0600**<br>

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**Approximate date of commencement of proposed sale to the public**: From time to time after this registration statement becomes effective, as determined by market conditions.

If any of the securities being registered on this Form SF-3 are to be offered pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☒

If this Form SF-3 is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form SF-3 is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

------

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

------

##### [**Table of Contents**](#toc)
**The information in this preliminary prospectus is not complete and may be changed. We may not sell the notes described in this preliminary prospectus until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these notes nor is it seeking an offer to buy these notes in any state where the offer or sale is not permitted.** 

**Subject to completion, dated [**●**] [**●**], 20[**●**]** 

**PROSPECTUS** 

(Fifth Third Logo)

**$[**●**]** 

**Fifth Third Auto Trust 20[**●**]-[**●**]** 

*Issuing Entity* 

Central Index Key Number: [<u> </u>]

---

| | |
|:---|:---|
| **Fifth Third Holdings Funding, LLC** | **Fifth Third Bank, National Association** |
| *Depositor* | *Sponsor and Servicer* |
| Central Index Key Number: 0001405332 | Central Index Key Number: 0000035528 |

---

**The following notes are being issued by Fifth Third Auto Trust 20[**●**]-[**●**]:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  | **Initial Principal Amount** | **Offered Amount**<sup>(1)</sup> | **Interest Rate**<sup>(2)</sup> | <br> **Final Scheduled<br>Payment Date** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Class A-1 Notes | $[●] | $[●] | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Class A-2[-A] Notes<sup>(3)</sup> |  |  | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; [Class A-2-B Notes<sup>(3)</sup> | $[●] | $[●] | Benchmark + [●]%<sup>(4)</sup><sup>(5)</sup> | [●]] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Class A-3 Notes | $[●] | $[●] | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Class A-4 Notes | $[●] | $[●] | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Class B Notes | $[●] | $[●] | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Total | $[●] | $[●] | [●]% | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  | <br> **Price to Public** | <br> **Underwriting Discount** | <br> **Underwriting Discount** | **Proceeds to the Depositor** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Per Class A-1 Note | **[**●**]**% | [●]% | [●]% | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Per Class A-2[-A] Note | **[**●**]**% | [●]% | [●]% | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; [Per Class A-2-B Note | **[**●**]**% | [●]% | [●]% | [●]%] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Per Class A-3 Note | **[**●**]**% | [●]% | [●]% | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Per Class A-4 Note | **[**●**]**% | [●]% | [●]% | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Per Class B Note | [●]% | [●]% | [●]% | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. | &nbsp;&nbsp;&nbsp; Total | $| $ | $ | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity. |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity.<br> &nbsp;&nbsp;&nbsp;&nbsp;<sup>[(1)</sup>  | The depositor will retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.] | The depositor will retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.] | The depositor will retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.] | The depositor will retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.] | The depositor will retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **You should carefully read the "[risk factors](#tx336412_10)" beginning on page 25 of this prospectus.**<br>The notes are asset backed securities. The notes will be the obligations of the issuing entity only and will not be obligations of or guaranteed by any other person or entity, including Fifth Third Holdings Funding, LLC, Fifth Third Holdings, LLC, Fifth Third Bank, National Association or any of their affiliates (other than the issuing entity).<br>Neither the notes nor the underlying receivables are insured or guaranteed by any governmental entity.<br>&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2</sup><sup>)</sup>  | The interest rate for each class of notes will be a fixed rate[, a floating rate or combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.] | The interest rate for each class of notes will be a fixed rate[, a floating rate or combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.] | The interest rate for each class of notes will be a fixed rate[, a floating rate or combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.] | The interest rate for each class of notes will be a fixed rate[, a floating rate or combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.] | The interest rate for each class of notes will be a fixed rate[, a floating rate or combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.] |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>[(3)</sup>  | The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes].] | The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes].] | The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes].] | The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes].] | The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes].] |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>[(4)</sup>  | If issued, the Class A-2-B notes will accrue interest at a floating rate based on a benchmark, which initially will be [insert applicable Benchmark] plus a spread. The [insert applicable Benchmark] will be determined by the calculation agent using the method described in "*The Notes—Payments of Interest*." If the sum of the [insert applicable Benchmark] + [●**]**% is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest*".][NOTE: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index, which will be an index other than LIBOR, that will be used to determine interest payments for such floating rate tranches.] | If issued, the Class A-2-B notes will accrue interest at a floating rate based on a benchmark, which initially will be [insert applicable Benchmark] plus a spread. The [insert applicable Benchmark] will be determined by the calculation agent using the method described in "*The Notes—Payments of Interest*." If the sum of the [insert applicable Benchmark] + [●**]**% is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest*".][NOTE: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index, which will be an index other than LIBOR, that will be used to determine interest payments for such floating rate tranches.] | If issued, the Class A-2-B notes will accrue interest at a floating rate based on a benchmark, which initially will be [insert applicable Benchmark] plus a spread. The [insert applicable Benchmark] will be determined by the calculation agent using the method described in "*The Notes—Payments of Interest*." If the sum of the [insert applicable Benchmark] + [●**]**% is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest*".][NOTE: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index, which will be an index other than LIBOR, that will be used to determine interest payments for such floating rate tranches.] | If issued, the Class A-2-B notes will accrue interest at a floating rate based on a benchmark, which initially will be [insert applicable Benchmark] plus a spread. The [insert applicable Benchmark] will be determined by the calculation agent using the method described in "*The Notes—Payments of Interest*." If the sum of the [insert applicable Benchmark] + [●**]**% is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest*".][NOTE: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index, which will be an index other than LIBOR, that will be used to determine interest payments for such floating rate tranches.] | If issued, the Class A-2-B notes will accrue interest at a floating rate based on a benchmark, which initially will be [insert applicable Benchmark] plus a spread. The [insert applicable Benchmark] will be determined by the calculation agent using the method described in "*The Notes—Payments of Interest*." If the sum of the [insert applicable Benchmark] + [●**]**% is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest*".][NOTE: If floating rate notes are offered, the applicable prospectus will disclose the terms of the specific index, which will be an index other than LIBOR, that will be used to determine interest payments for such floating rate tranches.] |
| &nbsp;&nbsp;&nbsp;&nbsp;<sup>[(5)</sup>  | If the sum of [insert applicable Benchmark] + **[**●**]**% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2-B notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest.*"] | If the sum of [insert applicable Benchmark] + **[**●**]**% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2-B notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest.*"] | If the sum of [insert applicable Benchmark] + **[**●**]**% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2-B notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest.*"] | If the sum of [insert applicable Benchmark] + **[**●**]**% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2-B notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest.*"] | If the sum of [insert applicable Benchmark] + **[**●**]**% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2-B notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2-B notes, see "*The Notes—Payments of Interest.*"] |

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**Payments on the Notes** 

• The notes are payable solely from the assets of the issuing entity, which consist primarily of receivables which
are motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles [and funds on deposit in the reserve account and the risk retention reserve
account] [and payments due under an interest rate [swap][cap] agreement]. [A portion of the receivables may be acquired by the issuing entity subsequent to the closing date during the funding period described in this prospectus using amounts
deposited in the pre-funding account on the closing date]. [[●] will be the counterparty to the interest rate swap agreement.] [[●] will be the cap provider under the interest rate cap agreement.]

• The issuing entity will pay interest and principal on the notes on the [15<sup>th</sup>] day of each month, or, if the [15<sup>th</sup>] is not a business day, the next business day, starting on [●] [●], 20[●].

• [The issuing entity will not pay principal during the revolving period, which is scheduled to terminate on
[insert date not later than three years after the closing date]. However, if the revolving period terminated early as a result of an early amortization event, principal payments may commence prior to that date.]

**Credit Enhancement** 

• Credit enhancement for the notes offered hereby will consist of a [reserve account with an initial deposit of
approximately $[______],] [excess interest on the receivables,] [a yield supplement account in an initial amount equal to approximately $[______],] [the yield supplement overcollateralization amount,] overcollateralization [(in addition to the yield
supplement overcollateralization amount),] [and, in the case of the Class A notes, subordination of certain payments to the Class B noteholders] [and] [the risk retention reserve account with an initial deposit of $[______]].

• The issuing entity will also issue certificates representing an equity interest in the issuing entity, which
[initially will be held by the depositor or an affiliate of the depositor] and are not being offered hereby.

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

**UNDERWRITERS** 

---

| | | | |
|:---|:---|:---|:---|
| **[**●**]** | **[**●**]** | **[**●**]** | **[**●**]** |

---

The date of this prospectus is [●], 20[●]

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [INCORPORATION BY REFERENCE](#tx336412_1) | 1 |
|  [WHERE YOU CAN FIND MORE INFORMATION](#tx336412_2) | 2 |
|  [CAPITALIZED TERMS](#tx336412_3) | 2 |
|  [REPORTS TO NOTEHOLDERS](#tx336412_4) | 2 |
|  [NOTICE TO RESIDENTS OF THE UNITED KINGDOM](#tx336412_5) | 3 |
|  [NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA](#tx336412_6) | 4 |
|  [SUMMARY OF STRUCTURE AND FLOW OF FUNDS](#tx336412_7) | 5 |
|  [SUMMARY OF TERMS](#tx336412_8) | 7 |
|  [SUMMARY OF RISK FACTORS](#tx336412_9) | 23 |
|  [RISK FACTORS](#tx336412_10) | 25 |
|  [USE OF PROCEEDS](#tx336412_11) | 47 |
|  [THE ISSUING ENTITY](#tx336412_12) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Limited Purpose and Limited Assets](#tx336412_13) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Capitalization and Liabilities of the Issuing Entity](#tx336412_14) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Issuing Entity Property](#tx336412_15) | 48 |
|  [THE TRUSTEES](#tx336412_16) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Owner Trustee](#tx336412_17) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Delaware Trustee](#tx336412_18) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Indenture Trustee](#tx336412_19) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[\[The Calculation Agent\]](#tx336412_20) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Role of the Owner Trustee, the Delaware Trustee and the Indenture Trustee](#tx336412_21) | 51 |
|  [THE DEPOSITOR](#tx336412_22) | 51 |
|  [FIFTH THIRD HOLDINGS, LLC](#tx336412_23) | 52 |
|  [THE SPONSOR](#tx336412_24) | 52 |
|  [THE ORIGINATOR](#tx336412_25) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx336412_26) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Underwriting](#tx336412_27) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Tangible and Electronic Contracting](#tx336412_28) | 54 |
|  [THE SERVICER](#tx336412_29) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicing](#tx336412_30) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Loss Mitigation Policies](#tx336412_31) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Physical Damage and Liability Insurance](#tx336412_33) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Debt Cancellation Agreements](#tx336412_34) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Material Servicing Changes During the Past Three Years](#tx336412_35) | 59 |
|  [CREDIT RISK RETENTION](#tx336412_36) | 59 |
|  [\[THE CAP PROVIDER\] \[THE SWAP COUNTERPARTY\]](#tx336412_37) | 63 |
|  [THE ASSET REPRESENTATIONS REVIEWER](#tx336412_38) | 63 |
|  [AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#tx336412_39) | 64 |
|  [THE RECEIVABLES POOL](#tx336412_40) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Receivables](#tx336412_41) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Receivables Pool](#tx336412_42) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Calculation Methods](#tx336412_43) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Exceptions to Underwriting Criteria](#tx336412_44) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Criteria Applicable to Selection of Receivables](#tx336412_45) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Criteria Applicable to the Selection of Additional Receivables During the Revolving Period\]](#tx336412_46) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Delinquency, Loss and Repossession Information](#tx336412_47) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Delinquency Experience Regarding the \[Statistical\] Pool of Receivables](#tx336412_48) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Static Pool Information About Certain Previous Receivables Pools](#tx336412_49) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Repurchase and Replacements](#tx336412_50) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Review of Pool Assets](#tx336412_51) | 75 |
|  [ASSET LEVEL INFORMATION](#tx336412_52) | 76 |
|  [WEIGHTED AVERAGE LIFE OF THE NOTES](#tx336412_53) | 77 |
|  [MATURITY AND PREPAYMENT CONSIDERATIONS](#tx336412_54) | 78 |

---

i

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  [THE NOTES](#tx336412_55) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [General](#tx336412_56) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Delivery of Notes](#tx336412_57) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Book-Entry Registration](#tx336412_58) | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Definitive Notes](#tx336412_59) | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes Owned by Transaction Parties](#tx336412_60) | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Access to Noteholders Lists](#tx336412_61) | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Noteholder Communication](#tx336412_62) | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements to Noteholders](#tx336412_63) | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payments of Interest](#tx336412_64) | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Payments of Principal](#tx336412_65) | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[The Revolving Period\]](#tx336412_66) | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Interest Rate Swap Agreement\]](#tx336412_67) | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Interest Rate Cap Agreement\]](#tx336412_68) | 93.0 |
|  [THE CERTIFICATES](#tx336412_69) | 95.0 |
|  [THE TRANSACTION DOCUMENTS](#tx336412_70) | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sale and Assignment of Receivables and Related Security Interests](#tx336412_71) | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Asset Representations Review](#tx336412_72) | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dispute Resolution](#tx336412_73) | 99.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Administration Agreement](#tx336412_74) | 99.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Trust Agreement](#tx336412_75) | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Accounts](#tx336412_76) | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Overcollateralization](#tx336412_77) | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Advances](#tx336412_78) | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Priority of Payments](#tx336412_79) | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Excess Interest](#tx336412_80) | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Yield Supplement Overcollateralization Amount](#tx336412_81) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fees and Expenses](#tx336412_82) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Risk Retention](#tx336412_83) | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Indemnification of the Indenture Trustee, \[the Calculation Agent,\] the Owner Trustee and the Delaware Trustee](#tx336412_84) | 106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Optional Redemption](#tx336412_85) | 106.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Collection of Receivable Payments](#tx336412_86) | 107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Realization Upon Defaulted Receivables](#tx336412_87) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicing Compensation and Expenses](#tx336412_88) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicer Replacement Events](#tx336412_89) | 108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Resignation, Removal or Replacement of the Servicer](#tx336412_90) | 109.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Waiver of Past Servicer Replacement Events](#tx336412_91) | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Evidence as to Compliance](#tx336412_92) | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Annual Compliance Statement](#tx336412_93) | 111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amendment Provisions](#tx336412_94) | 111.0 |
|  [THE INDENTURE](#tx336412_95) | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Indenture Trustee's Annual Report](#tx336412_96) | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Material Covenants](#tx336412_97) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Events of Default](#tx336412_98) | 113.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rights Upon Event of Default](#tx336412_99) | 114.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Priority of Payments Will Change Upon Events of Default that Result in Acceleration](#tx336412_100) | 115.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FDIC Rule Covenant](#tx336412_101) | 116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [List of Noteholders](#tx336412_102) | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Documents by Paying Agent to Noteholders](#tx336412_103) | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Satisfaction and Discharge of Indenture](#tx336412_104) | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Modification of the Indenture](#tx336412_105) | 117.0 |
|  [MATERIAL LEGAL ASPECTS OF THE RECEIVABLES](#tx336412_106) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rights in the Receivables](#tx336412_107) | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Security Interests in the Financed Vehicles](#tx336412_108) | 119.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Repossession](#tx336412_109) | 121.0 |

---

ii

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notice of Sale; Redemption Rights](#tx336412_110) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Deficiency Judgments and Excess Proceeds](#tx336412_111) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consumer Protection Law](#tx336412_112) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Repurchase Obligation](#tx336412_113) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Servicemembers Civil Relief Act](#tx336412_114) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Limitations](#tx336412_115) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certain Matters Relating to Bankruptcy](#tx336412_116) | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certain Matters Relating to Insolvency](#tx336412_117) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FDIC Rule](#tx336412_118) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dodd-Frank Orderly Liquidation Framework](#tx336412_119) | 129 |
|  [LEGAL INVESTMENT](#tx336412_120) | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [\[Money Market Investment\]](#tx336412_121) | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Certain Volcker Rule Considerations](#tx336412_122) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Requirements for Certain European Regulated Investors, UK Regulated Investors and their Affiliates](#tx336412_123) | 132 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES](#tx336412_124) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [U.S. Federal Income Tax Consequences to U.S. Holders of the Notes](#tx336412_125) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Possible Alternative Treatments of the Notes and the Issuing Entity](#tx336412_126) | 138 |
|  [STATE AND LOCAL TAX CONSEQUENCES](#tx336412_127) | 140 |
|  [CERTAIN CONSIDERATIONS FOR ERISA AND OTHER U.S. BENEFIT PLANS](#tx336412_128) | 140 |
|  [UNDERWRITING](#tx336412_129) | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Offering Restrictions](#tx336412_130) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [United Kingdom](#tx336412_131) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [European Economic Area](#tx336412_132) | 145 |
|  [FORWARD-LOOKING STATEMENTS](#tx336412_133) | 145 |
|  [LEGAL PROCEEDINGS](#tx336412_134) | 145 |
|  [LEGAL MATTERS](#tx336412_135) | 145 |
|  [GLOSSARY](#tx336412_136) | 147 |
|  [INDEX OF PRINCIPAL TERMS](#tx336412_137) | I-1 |
|  [APPENDIX A STATIC POOL INFORMATION REGARDING CERTAIN PREVIOUS RECEIVABLES POOLS](#tx336412_138) | A-1 |

---

iii

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##### [**Table of Contents**](#toc)
**OVERVIEW OF THE INFORMATION IN THIS PROSPECTUS** 

We provide information about your notes in this prospectus, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the type of notes offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain risks relating to an investment in the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of interest payments on and principal payments of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receivables underlying your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the credit enhancement and cash flow enhancement for each class of notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the method of selling the notes.

**WHERE TO FIND INFORMATION IN THIS PROSPECTUS** 

This prospectus provides information about the issuing entity, Fifth Third Auto Trust 20[●]-[●], including terms and conditions that apply to the notes offered by this prospectus.

You should rely only on the information provided in this prospectus, including the information incorporated by reference herein. We have not authorized anyone to provide you with other or different information. If you receive any other information, you should not rely on it. We are not offering the notes in any jurisdiction where the offer is not permitted. We do not claim that the information in this prospectus is accurate on any date other than the date stated on its cover.

We have started with two introductory sections describing the notes and the issuing entity in abbreviated form, followed by a more complete description of the terms of the offering of the notes. The introductory sections are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Summary of Terms* "—provides important information concerning the amounts and the payment
terms of each class of notes and gives a brief introduction to the key structural features of the issuing entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "*Risk Factors* "—briefly describes some of the risks to investors in the notes.

We include cross-references to captions in these materials where you can find additional related information. You can find the page numbers on which these captions are located under the **Table of Contents**. You can also find a listing of the pages where the principal terms are defined under "*Index of Principal Terms*" beginning on page [●].

If you have received a copy of this prospectus in electronic format, and if the legal prospectus delivery period has not expired, you may obtain a paper copy of this prospectus from the depositor or from the underwriters upon request.

In this prospectus, the terms "we," "us" and "our" refer to Fifth Third Holdings Funding, LLC.

**INCORPORATION BY REFERENCE** 

The Securities and Exchange Commission (the "**SEC**") allows us to "incorporate by reference" information we file with the SEC, which means that we can disclose important information to you by referring you to those documents. Such information that we file later with the SEC will automatically update the information in this prospectus. In all cases, you should rely on the most recently filed information rather than contradictory information included in this prospectus. Any information that has been so updated by more recent information shall not, except

------

##### [**Table of Contents**](#toc)
as so updated, constitute part of this prospectus. We incorporate by reference any current report on Form 8-K subsequently filed by us prior to the termination of this offering. Information that will be incorporated by reference will be filed under the name of the issuing entity.

As a recipient of this prospectus, you may request a copy of any document we incorporate by reference, except exhibits to the documents (unless the exhibits are specifically incorporated by reference), at no cost, by writing us at Fifth Third Holdings Funding, LLC, c/o Fifth Third Bank Legal Department, 38 Fountain Square Plaza, MD 10907F, Cincinnati, Ohio 45263 or calling us at (800) 972-3030.

**WHERE YOU CAN FIND MORE INFORMATION** 

Fifth Third Holdings Funding, LLC, as depositor, has filed a registration statement with the SEC relating to the notes. This prospectus is a part of our registration statement. This prospectus does not contain all of the information in our registration statement. For further information, please see our registration statement and the accompanying exhibits which we have filed with the SEC. This prospectus may summarize contracts and/or other documents. For further information, please see the copy of the contract or other document filed as an exhibit to the registration statement. You can obtain copies of the registration statement from the SEC upon payment of the prescribed charges, or you can examine the registration statement free of charge at the SEC's offices. Reports and other information filed with the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, NE, Washington, D.C., 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the material can be obtained from the Public Reference Room of the SEC at 100 F Street, NE., Washington D.C., 20549, at prescribed rates. You can obtain information on the operation of the Public Reference Room by calling 1-800-732-0330. The SEC also maintains a site on the World Wide Web at http://www.sec.gov at which users can view and download copies of reports, proxy and information statements and other information filed electronically through the EDGAR system. Our SEC filings may be located by using the SEC Central Index Key (CIK) for the depositor, 0001405332. For purposes of any electronic version of this prospectus, the preceding uniform resource locator, or URL, is an inactive textual reference only. We have taken steps to ensure that this URL was inactive at the time we created any electronic version of this prospectus.

**CAPITALIZED TERMS** 

The capitalized terms used in this prospectus, unless defined elsewhere in this prospectus, have the meanings set forth in the glossary at the end of this prospectus.

**REPORTS TO NOTEHOLDERS** 

After the notes are issued, unaudited monthly reports containing information concerning the issuing entity, the notes and the receivables will be prepared by Fifth Third Bank, National Association, a national banking association ("**Fifth Third Bank**"), and sent on behalf of the issuing entity to the indenture trustee who will forward or otherwise make available the same to Cede & Co. ("**Cede**"), as nominee of The Depository Trust Company ("**DTC**").

The indenture trustee will also make such reports (and, at its option, any additional files containing the same information in an alternative format) available to noteholders each month via its internet website, which is presently located at [●]. Assistance in using this internet website may be obtained by calling the indenture trustee's customer service desk at [●]. The indenture trustee will notify the noteholders in writing of any changes in the address or means of access to the internet website where the reports are accessible.

The reports do not constitute financial statements prepared in accordance with generally accepted accounting principles. Fifth Third Bank, Fifth Third Holdings, LLC ("**FTH LLC**"), the depositor and the issuing entity do not intend to send any of their financial reports to the beneficial owners of the notes. The issuing entity will file with the SEC all required annual reports on Form 10-K, distribution reports on Form 10-D, monthly asset level data files and related documents on Form ABS-EE and current reports on Form 8-K. Those reports will be filed with the SEC by the depositor under file number 333-[●] and by Fifth Third Auto Trust 20[●]-[●] under file number 333-[●]-[●].

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##### [**Table of Contents**](#toc)
**NOTICE TO RESIDENTS OF THE UNITED KINGDOM** 

THIS PROSPECTUS MAY ONLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED IN THE UNITED KINGDOM (THE "UK") TO PERSONS HAVING PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFYING AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) (INVESTMENT PROFESSIONALS) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED (THE "ORDER"), OR TO PERSONS FALLING WITHIN ARTICLE 49(2)(A)-(D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE ORDER, OR TO ANY OTHER PERSON TO WHOM THIS PROSPECTUS MAY OTHERWISE LAWFULLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED WITHOUT THE NEED FOR SUCH DOCUMENT TO BE APPROVED, MADE OR DIRECTED BY AN "AUTHORISED PERSON" (AS DEFINED BY SECTION 31(2) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000, AS AMENDED (THE "FSMA")) UNDER SECTION 21 OF THE FSMA (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").

NEITHER THIS PROSPECTUS NOR THE NOTES ARE OR WILL BE AVAILABLE IN THE UK TO PERSONS WHO ARE NOT RELEVANT PERSONS AND THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS IN THE UK WHO ARE NOT RELEVANT PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES, INCLUDING THE NOTES, IS AVAILABLE IN THE UK ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS IN THE UK. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UK WHO IS NOT A RELEVANT PERSON IS UNAUTHORIZED AND MAY CONTRAVENE THE FSMA.

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK. FOR THESE PURPOSES, A "UK RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: (I) A RETAIL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2 OF COMMISSION DELEGATED REGULATION (EU) 2017/565 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED, THE "EUWA"); OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FSMA AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA, AS AMENDED (THE "UK PROSPECTUS REGULATION").

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED) AS IT FORMS PART OF THE DOMESTIC LAW OF THE UK BY VIRTUE OF THE EUWA (THE "UK PRIIPS REGULATION") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE UK PROSPECTUS REGULATION.

[THE CLASS A-1 NOTES HAVE NOT BEEN AND WILL NOT BE OFFERED IN THE UK OR TO UK PERSONS AND NO PROCEEDS OF THE CLASS A-1 NOTES WILL BE RECEIVED IN THE UK.]

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**NOTICE TO RESIDENTS OF THE EUROPEAN ECONOMIC AREA** 

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY EU RETAIL INVESTOR IN THE EUROPEAN ECONOMIC AREA (THE "EEA"). FOR THESE PURPOSES, AN "EU RETAIL INVESTOR" MEANS A PERSON WHO IS ONE (OR MORE) OF THE FOLLOWING: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU, AS AMENDED ("MIFID II"); OR (II) A CUSTOMER WITHIN THE MEANING OF DIRECTIVE (EU) 2016/97 (AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF REGULATION (EU) 2017/1129, AS AMENDED (THE "PROSPECTUS REGULATION").

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014, AS AMENDED (THE "PRIIPS REGULATION") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO EU RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY EU RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF THE PROSPECTUS REGULATION.

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**SUMMARY OF STRUCTURE AND FLOW OF FUNDS** 

*This structural summary briefly describes certain major structural components, the relationship among the parties, the flow of funds and certain other material features of the transaction. This structural summary does not contain all of the information that you need to consider in making your investment decision. You should carefully read this entire prospectus to understand all the terms of this offering.* 

**Structural Diagram**![LOGO](g336412dsp012.jpg)

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**\*** The certificates, which represent an equity interest in the issuing entity, will be issued to the depositor and are not being offered hereby. 

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**Flow of Funds Prior to an Acceleration of the Notes<sup>(1)</sup>**![LOGO](g336412g1005021717851.jpg)

<sup>(1)</sup> For further detail, see "*The Notes—Payments of Principal*," "*The Notes—Payments of Interest*" and "*The Transaction Documents—Priority of Payments*." 

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**SUMMARY OF TERMS** 

*This summary provides an overview of selected information from this prospectus and does not contain all of the information that you need to consider in making your investment decision. This summary provides an overview of certain information to aid your understanding. You should carefully read this entire prospectus to understand all of the terms of this offering.* 

**THE PARTIES** 

**Issuing Entity** 

Fifth Third Auto Trust 20[●]-[●], a Delaware statutory trust, will be the "**issuing entity**" of the notes and the certificates. The principal assets of the issuing entity will be a pool of receivables which are primarily motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles [and funds on deposit in the reserve account and the risk retention reserve account][and payments due under an interest rate [swap][cap] agreement].

**Depositor** 

Fifth Third Holdings Funding, LLC, a Delaware limited liability company and a wholly-owned special purpose subsidiary of Fifth Third Holdings, LLC, is the "**depositor**." The depositor will sell the receivables to the issuing entity. [[An affiliate of the depositor] [The depositor] will be the initial holder of the issuing entity's certificates.]

You may contact the depositor by mail at 6111 N. River Rd., Rosemont, Illinois 60018, or by calling (847) 354-7341.

**Fifth Third Holdings, LLC** 

Fifth Third Holdings, LLC, a Delaware limited liability company, known as "**FTH LLC**," is the seller of receivables to the depositor.

**Sponsor/Servicer** 

Fifth Third Bank, National Association a national banking association, known as "**Fifth Third Bank**" or the "**servicer**," will service the receivables held by the issuing entity.

Fifth Third Bank is also the "**sponsor**."

**Originator** 

Fifth Third Bank originated the receivables. We refer to Fifth Third Bank in this capacity as the "**originator**." All receivables will first be sold by the originator to FTH LLC. On the closing date, FTH LLC will sell all of the receivables to be included in the receivables pool to the depositor and the depositor will sell those receivables to the issuing entity.

**Administrator** 

Fifth Third Bank will be the "**administrator**" of the issuing entity, and in such capacity will provide administrative and ministerial services for the issuing entity.

**Trustees** 

[●], a [●], will be the "**indenture trustee**."

[●], a [●], will be the "**owner trustee**."

[[●], a [●], will be the "**Delaware trustee**."]

**[Swap Counterparty]** 

[[●], a [●], will be the "**swap counterparty**." [Insert disclosure required by Item 1115 of Regulation AB.]

**[Cap Provider]** 

[[●], a [●], will be the "**cap provider**."] [Insert disclosure required by Item 1115 of Regulation AB.]

**Asset Representations Reviewer** 

[●], a [●], will be the "**asset representations reviewer**."

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**THE NOTES** 

The issuing entity will issue the following notes:

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| | | | |
|:---|:---|:---|:---|
| **Class<sup>(1)</sup>** | **Initial<br>Principal<br>Amount** | **Interest Rate** | **Final Scheduled**<br>**Payment Date** |
|  Class A-1 Notes | $[●] | **[**●**]**% | [●] |
|  Class A-2[-A] Notes | $[●] | **[**●**]**% | [●] |
|  [Class A-2-B Notes |  | Benchmark Rate + **[**●**]**% | [●]] |
|  Class A-3 Notes | $[●] | **[**●**]**% | [●] |
|  Class A-4 Notes | $[●] | **[**●**]**% | [●] |
|  Class B Notes | $[●] | **[**●**]**% | [●] |

---

---

| | |
|:---|:---|
| <sup>[(1)</sup> | The depositor will initially retain at least [_]% of the initial principal amount of each class of notes. See "*Credit Risk Retention*." The retained notes are not registered under the Securities Act of 1933, as amended, and are not offered hereby. The depositor or an affiliate thereof initially may retain an additional amount or all of one or more classes of notes.]  |

---

[The Class A-2-A notes and the Class A-2-B notes are sometimes referred to as the "**Class A-2 notes**." The Class A-2-A notes rank *pari passu* with the Class A-2-B notes.

The allocation of the principal amount between the Class A-2-A notes and Class A-2-B notes will be determined no later than the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [●]% of the aggregate principal amount of the Class A-2 notes]. Consequently, the allocation of the principal amount between the Class A-2-A notes and Class A-2-B notes may result in any number of possible allocation scenarios, including a scenario in which the entire principal amount of the Class A-2 notes is allocated to the fixed rate Class A-2-A notes and none of the principal amount is allocated to the floating rate Class A-2-B notes [and a scenario in which the entire principal amount of the Class A-2 notes is allocated to the floating rate Class A-2-B notes and none of the principal amount is allocated to the fixed rate Class A-2-A notes].]

The interest rate for each class of notes will be a fixed rate [or a combination of a fixed and floating rate if that class has both a fixed rate tranche and a floating rate tranche]. [For example, the Class A-2 notes are divided into fixed and floating rate tranches, and the Class A-2-A notes are the fixed rate notes and the Class A-2-B notes are the floating rate notes. We refer in this prospectus to notes that bear interest at a floating rate as "**floating rate notes**," and to notes that bear interest at a fixed rate as "**fixed rate notes**."]

For a description of how interest will be calculated on the floating rate notes, see "*The Notes—Payments of Interest*."

The notes are issuable in a minimum denomination of $[1,000] and integral multiples of $[1,000] in excess thereof.

The issuing entity expects to issue the notes on or about [●], 20[●], which we refer to as the "**closing date**."

**THE CERTIFICATES** 

The issuing entity will also issue one or more non-interest bearing "**certificates**," which are not offered hereby. The certificates represent an equity interest in the issuing entity. The certificates will not be offered by this prospectus. The certificateholders will be entitled on each payment date only to amounts remaining after payments on the notes and payments of issuing entity expenses and other required amounts on such payment date. [[An affiliate of the depositor] [The depositor] will be the initial holder of the issuing entity's certificates.] Information about the certificates is set forth herein solely to provide a better understanding of the notes.

**INTEREST AND PRINCIPAL** 

To the extent of funds available therefor, the issuing entity will pay interest and principal on the notes monthly, on the [15<sup>th</sup>] day of each month (or, if that day is not a business day, on the next business day), which we refer to as the "**payment date**." The first payment date is [●] [●], 20[●]. On each payment date, payments on the notes will be made to holders of record as of the close of business on the business day immediately preceding that payment date (except in limited circumstances where definitive notes are issued), which we refer to as the "**record date**."

**Interest Payments** 

• The issuing entity will pay interest on the Class A-1 notes [and the Class A-2-B notes] on the basis of the actual number of days elapsed during the period for which interest is payable and a 360-day year. This means that the interest due on each payment date for the Class A-1 notes [and the Class A-2-B notes, as applicable,] will be the product of (i) the outstanding principal amount of the related class of notes, (ii) the related interest
rate and (iii) the actual number of days from and including the previous payment date (or, in the case of the first payment date,

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from and including the closing date) to but excluding the current payment date, divided by 360.

• The issuing entity will pay interest on the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the Class B notes on the basis of a 360-day year consisting of twelve 30-day months. This means
that the interest due on each payment date for the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the Class B notes will be the product of (i) the outstanding principal amount of the related class of notes, (ii) the related interest rate and (iii) 30 (or in the case of the
first payment date, [●]), divided by 360.

• [The calculation agent will calculate the [insert applicable Benchmark] for the Class A-2-B notes using the method as described under
" *The Notes* — *Payments of Interest* ". If the administrator has determined prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date have occurred, the administrator
will determine an alternative benchmark in accordance with the benchmark replacement provisions described under "*The Notes* — *Payments of Interest* — *Effect of Benchmark Transition Event* ".]

• [If the sum of the [insert applicable Benchmark] and the applicable spread set forth on the front cover of this prospectus is less than 0.00% for any interest period, then the interest rate for the Class A-2-B notes for such interest period will be deemed to be 0.00%.]

• Interest due and payable on any payment date but not paid on such payment date will be due on the next payment date, together with interest on such unpaid amount at the applicable interest rate (to the extent lawful).

• Interest payments on all Class A notes will have the same priority. Interest payments on the Class B notes will be subordinated to interest payments and, in specified circumstances, principal payments of the
Class A notes.

**Principal Payments** 

• [The issuing entity will not pay principal on the notes on any payment date occurring during the revolving period.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The issuing entity will generally pay principal sequentially to the earliest maturing class of notes monthly on each payment date in accordance with the payment priorities described below under "— *Priority of Payments*."

• The issuing entity will make principal payments of the notes based on the amount of collections and defaults on the receivables during the prior collection period.

• This prospectus describes how available funds and amounts on deposit in the reserve account [and the risk retention reserve account] are allocated to principal payments of the notes.

• On each payment date, prior to the acceleration of the notes following an event of default, which is described below under "— *Events of Default*," the issuing entity will distribute funds available
to pay principal of the notes as follows:

(1) *first*, to the Class A-1 noteholders, until the Class A-1 notes are paid in full;

(2) *second*, to the Class A-2[-A] noteholders [and Class A-2-B noteholders, ratably,] until the Class A-2[-A] notes [and Class A-2-B notes] are paid in full;

(3) *third*, to the Class A-3 noteholders, until the Class A-3 notes are paid in full;

(4) *fourth*, to the Class A-4 noteholders until the Class A-4 notes are paid in full; and

(5) *fifth*, to the Class B noteholders until the Class B notes are paid in full.

All unpaid principal of a class of notes will be due on the final scheduled payment date for that class.

**Interest and Principal Payments after an Event of Default** 

After an event of default under the indenture occurs and the notes are accelerated, the priority of payments of principal and interest will change from the description in "—*Interest Payments*" and "—*Principal Payments*" above.

On each payment date after an event of default under the indenture occurs and the notes are accelerated (other than as the result of the issuing entity's breach of a covenant, representation or warranty), after

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payment of certain amounts to the trustees, the asset representations reviewer[,] [and] the servicer[; provided, however, that the available funds from the risk retention reserve account may not be used to pay the servicer fee so long as the servicer is an affiliate of Fifth Third Bank;] [and the swap counterparty], interest on the notes will be paid ratably to each class of Class A notes and principal payments of each class of notes will be made first to Class A-1 noteholders until the Class A-1 notes are paid in full. Next, the noteholders of all other classes of Class A notes will receive principal payments, ratably, based on the aggregate outstanding principal amount of each remaining class of notes until each such class of notes is paid in full. After interest on and principal of all of the Class A notes are paid in full, interest and principal payments will be made to noteholders of the Class B notes.

On each payment date after an event of default under the indenture occurs and the notes are accelerated as the result of the issuing entity's breach of a covenant, representation or warranty, after payment of certain amounts to the trustees, the servicer and the swap counterparty, interest on the Class A notes will be paid ratably to each class of Class A notes followed by interest on the Class B notes. Principal payments of each class of notes will then be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full. Next, the noteholders of all other classes of Class A notes will receive principal payments, ratably, based on the outstanding principal amount of each remaining class of Class A notes until those other classes of Class A notes are paid in full. Next, the Class B noteholders will receive principal payments until the Class B notes are paid in full. See "*The Indenture—Rights Upon Event of Default.*"

If an event of default has occurred but the notes have not been accelerated, then interest and principal payments will be made in the priority set forth under "*—Priority of Payments*" below.

**Optional Redemption of the Notes** 

The servicer will have the right at its option to exercise a "**clean-up call**" and to purchase (and/or to designate one or more other persons to purchase) the receivables and the other issuing entity property (other than the reserve account [and the risk retention reserve account]) from the issuing entity on any payment date if the following conditions are satisfied: (a) the then-outstanding net pool balance of the receivables as of the last day of the related collection period is less than or equal to [10]% of the net pool balance as of the cut-off date and (b) the sum of the

purchase price for the assets of the issuing entity (other than the reserve account [and the risk retention reserve account]) and available funds for such payment date would be sufficient to pay (x) the amounts required to be paid under clauses *first* through *fifth* and *seventh*, in accordance with "—*Priority of Payments*" set forth below and (y) the outstanding note amount (after giving effect to the payments described in the preceding clause (x)). (We use the term "**net pool balance**" to mean, as of any date, the aggregate outstanding principal balance of all receivables (other than defaulted receivables) of the issuing entity on such date.) If the servicer, or any successor to the servicer, purchases the receivables and other issuing entity property (other than the reserve account [and the risk retention reserve account]) the purchase price will equal the net pool balance plus accrued and unpaid interest on the receivables, [plus all amounts owing to the swap counterparty as of that payment date]. It is expected that at the time this option becomes available to the servicer, or any successor to the servicer, only the [Class A-4 and the Class B notes] will be outstanding.

Additionally, each of the notes is subject to redemption in whole, but not in part, on any payment date on which the sum of the amounts in the reserve account and the remaining available funds after the payments under clauses *first* through *fifth* and *seventh*, set forth in "—*Priority of Payments*" below would be sufficient to pay in full the aggregate unpaid note amount of all of the outstanding notes as determined by the servicer. On the business day prior to such payment date, the indenture trustee upon written direction from the servicer shall transfer all amounts on deposit in the reserve account (other than interest and investment income (net of losses and expenses)) to the collection account and on such payment date the outstanding notes shall be redeemed in whole, but not in part.

Notice of redemption under the indenture must be given by the indenture trustee not later than 10 days prior to the applicable redemption date to each holder of notes. All notices of redemption will state: (i) the redemption date; (ii) the redemption price; (iii) that the record date otherwise applicable to that redemption date is not applicable and that payments will be made only upon presentation and surrender of those notes, and the place where those notes are to be surrendered for payment of the redemption price; (iv) that interest on the notes will cease to accrue on the redemption date; and (v) the CUSIP numbers (if applicable) for the notes.

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**EVENTS OF DEFAULT** 

The occurrence of any one of the following events will be an "**event of default**" under the indenture:

• a default in the payment of any interest on any note of the [controlling class] when the same becomes due and payable, and such default shall continue for a period of five business days or more;

• default in the payment of the principal of any note at the related final scheduled payment date or the redemption date;

• any failure by the issuing entity to duly observe or perform any of its covenants or agreements in the indenture (other than (i) a covenant or agreement, a default in the observance of which is elsewhere
specifically addressed or (ii) a covenant or agreement pursuant to the FDIC Rule Covenant), which failure materially and adversely affects the interests of the noteholders, and which continues unremedied for 90 days after written notice is
given to the issuing entity by the indenture trustee (to the extent a responsible officer of the indenture trustee has received written notice or has actual knowledge thereof) or noteholders evidencing at least a majority of the outstanding
principal amount of the notes of the [controlling class];

• any representation or warranty of the issuing entity made in the indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the
noteholders, and which failure continues unremedied for 90 days after written notice is given to the issuing entity by the indenture trustee (to the extent a responsible officer of the indenture trustee has received written notice or has actual
knowledge thereof) or noteholders evidencing at least a majority of the notes of the [controlling class]; or

• the occurrence of certain events (which, if involuntary, remain unstayed for more than 90 consecutive days) of bankruptcy, insolvency, receivership or liquidation of the issuing entity.

Notwithstanding the foregoing, a delay in or failure of performance referred to under the first four bullet points above for a period of 120 days will not constitute an event of default if that delay or failure was caused by force majeure or other similar occurrence.

The amount of principal required to be paid to noteholders under the indenture generally will be limited to amounts available to make such payments in accordance with the priority of payments. Thus, the failure to pay principal of a class of notes due to a lack of amounts available to make such a payment will not result in the occurrence of an event of default until the final scheduled payment date or redemption date for that class of notes.

**ISSUING ENTITY PROPERTY** 

The primary assets of the issuing entity will be a pool of motor vehicle retail installment sale contracts and/or installment loans secured by a combination of new and used automobiles, light-duty trucks, vans and other motor vehicles [and funds on deposit in the reserve account and the risk retention reserve account][and payments due under an interest rate [swap][cap] agreement]. We refer to these retail installment sales contracts and installment loans as "**receivables**," to the pool of those receivables as the "**receivables pool**" and to the persons who financed their purchases or refinanced existing obligations with these contracts and loans as "**obligors**." The receivables were underwritten in accordance with the originator's underwriting criteria.

The receivables identified on the schedule of receivables delivered by FTH LLC on the closing date will be transferred to the depositor by FTH LLC and then transferred by the depositor to the issuing entity. The issuing entity will grant a security interest in the receivables and the other issuing entity property to the indenture trustee on behalf of the noteholders [and the swap counterparty].

The "**issuing entity property**" will include the following:

• the receivables, including collections on the receivables after the [applicable] cut-off date (the cut-off date for the receivables sold to
the issuing entity on the closing date is the close of business on [●] [●], 20[●], which we refer to as the "[ **initial] cut-off date** ");

• security interests in the vehicles financed by the receivables, which we refer to as the "**financed vehicles** ";

• all receivable files relating to the original motor vehicle retail installment sale contracts and/or installment loans evidencing the receivables;

• any other property securing the receivables;

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• all rights of the originator under agreements with the dealers relating to the receivables;

• all rights of the originator to proceeds under insurance policies that cover the obligors under the receivables or the financed vehicles;

• all rights of the originator to any refunds in connection with extended service agreements relating to the receivables;

• amounts on deposit in the collection account, reserve account, principal distribution account (but not the designated certificateholder account) [, risk retention reserve account] and permitted investments of the
collection account [,][and] reserve account [and the risk retention reserve account];

• all rights of the issuing entity under the sale agreement, all rights of the depositor under the purchase agreement and all rights of FTH LLC under the receivables sale agreement; and

• the proceeds of any and all of the above.

**STATISTICAL INFORMATION** 

The statistical information in this prospectus is based on the receivables in the [statistical] pool of receivables as of [●] [●], 20[●], which we refer to as the "**[statistical] cut-off date**." [The statistical distribution of the characteristics of the actual receivables pool may vary somewhat from the statistical distribution of those characteristics in this prospectus because the actual pool will be selected from the receivables in the statistical pool and other receivables owned by the originator. Any variance between the characteristics of the statistical pool and the actual pool will not be material.]

As of the close of business on the [statistical] cut-off date, the receivables in the [statistical] pool described in this prospectus had:

• an aggregate principal balance of $[●];

• a weighted average contract rate of [●]%;

• a weighted average original maturity of [●] months;

• a weighted average FICO<sup>®</sup> score of [●];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• a weighted average loan-to-value ratio of [●]%; and

• a weighted average remaining maturity of [●] months.

As of the [statistical] cut-off date, the receivables in the [statistical] pool had an aggregate principal balance of $[●]. The receivables sold to the issuing entity on the closing date are expected to have an aggregate principal balance as of the cut-off date of approximately $[●].

For more information about the characteristics of the receivables in the [statistical] pool, see "*The Receivables Pool*" in this prospectus. In connection with the offering of the notes, the depositor has performed a review of the receivables in the pool [as of the initial cut-off date (and will perform such review with respect to any subsequent receivables as of the applicable subsequent cut-off date)] and certain disclosure in this prospectus relating to the receivables, as described under "*The Receivables Pool—Review of Pool Assets*" in this prospectus. Based on its review, the depositor has concluded that [none] of the receivables in the pool were originated with exceptions to Fifth Third Bank's underwriting criteria.

As described under "*The Receivables Pool*," receivables originated under the originator's underwriting guidelines are approved based on either (i) a system driven origination process defined by the originator's credit policy, (ii) a credit underwriter applying the originator's system driven credit policy or (iii) the authority of a credit underwriter. A receivable may be outside the originator's standard credit policy based on certain credit and asset related criteria, including (i) loan to value ratio, (ii) affordability measures, such as payment to income ratio and debt to income ratio, minimum income and maximum payment amount; (iii) amount of cash down payment; and (iv) collateral type and quality , such as vehicle age and mileage. [●] monitors all applications approved by a credit underwriter and actively manages that rate of approval to defined tolerances and limits. As described in "*The Originator Underwriting*" under the originator's origination process, credit applications are evaluated when received and are either automatically approved, automatically rejected or forwarded for review by a credit analyst based on the originator's electronic decisioning model. Applications that are not automatically approved or rejected are ultimately reviewed by a credit analyst with appropriate

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approval authority. See "*The Receivables Pool Exceptions to Underwriting Criteria.*"

[Insert information on the nature of any exceptions made to the underwriting criteria, if any, and provide data regarding the number of such receivables that represent an exception to the underwriting criteria in the asset pool.]

In connection with the offering of the notes, the depositor has performed a review of the receivables in the pool [as of the initial cut-off date (and will perform such review with respect to any subsequent receivables as of the applicable subsequent cut-off date)] and the disclosure regarding those receivables required to be included in this prospectus by Item 1111 of Regulation AB (such disclosure, the "**Rule 193 Information**"). This review was designed and effected to provide the depositor with reasonable assurance that the Rule 193 Information is accurate in all material respects. See "*The Receivables Pool—Review of Pool Assets*."

In addition to the purchase of receivables from the issuing entity in connection with the exercise of the servicer's "clean-up call" option as described above under "*Interest and Principal—Optional Redemption of the Notes,*" receivables may be repurchased from the issuing entity by the originator, in connection with the breach of certain representations and warranties concerning the characteristics of the receivables, and purchased by the servicer, in connection with the breach of certain servicing covenants, as described under "*The Transaction Documents—Sale and Assignment of Receivables and Related Security Interests—Representations and Warranties of the Originator*" and "*The Servicer*."

**[SUBSEQUENT RECEIVABLES]** 

[On the closing date, $[●]of the proceeds from the sale of the notes by the issuing entity will be deposited in an account, which we refer to as the "**pre-funding account**." The amount deposited in the pre-funding account on the closing date represents [●]% of the initial aggregate principal balance of the receivables (including the expected aggregate principal balance of the subsequent receivables). During the funding period, the issuing entity will use the funds, if any, on deposit in the pre-funding account to acquire additional receivables from the depositor, which we refer to as "**subsequent receivables**," for an amount equal to the purchase price for the receivables on each date (no more than once a week) which we refer to as a "**Funding Date**." Subsequent receivables must meet certain eligibility

criteria as described in "*The Receivables Pool—Criteria Applicable to Selection of Receivables*."

The funding period will begin on the closing date and will end on the earliest to occur of:

• [ ] full calendar months following the closing date;

• the date on which the amount in the pre-funding account is $[10,000] or less; or

• the occurrence of an event of default under the indenture.

On the first payment date following the termination of the funding period, the indenture trustee will withdraw any funds remaining on deposit in the pre-funding account (excluding investment earnings) and distribute them to the noteholders. See "*The Transaction Documents—Pre-Funding Account*."]

**[THE REVOLVING PERIOD]** 

[The issuing entity will not make payments of principal on the notes on payment dates occurring during the revolving period.

The "**revolving period**" consists of the collection periods from the closing date through [●] and the related payment dates. We refer to the collection periods and the related payment dates following the revolving period as the "**amortization period**."

If an early amortization event occurs, the revolving period will terminate early, and the amortization period will begin. See "*The Notes—The Revolving Period*."

On each payment date related to the revolving period, amounts otherwise available to make principal payments on the notes will be applied to purchase additional receivables from the depositor for the purpose of maintaining the initial aggregate principal balance of the receivables.

The amount of additional receivables will be determined by the amount of cash available from payments and prepayments on existing receivables. [There are no stated limits on the amount of additional receivables allowed to be purchased during the revolving period in terms of either dollars or percentage of the initial aggregate principal balance of the receivables.] [Insert the maximum amount of

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additional assets that may be acquired during the revolving period and the percentage of the asset pool that may be acquired during the revolving period, to the extent applicable, in accordance with Item 1103(a)(5) of Regulation AB.] See "*The Notes—The Revolving Period*."

To the extent that amounts allocated for the purchase of additional receivables are not so used on any payment date occurring during the revolving period, they will be applied on subsequent payment dates occurring during the revolving period to purchase additional receivables from the depositor.

Receivables acquired during the revolving period must meet certain eligibility criteria as described in "*The Receivables Pool—Criteria Applicable to Selection of Receivables*."]

**PRIORITY OF PAYMENTS** 

On each payment date, except after the acceleration of the notes following an event of default, the paying agent will make the following payments and deposits from available funds in the collection account (including funds, if any, deposited into the collection account from the reserve account [and the risk retention reserve account]) as directed by the servicer [and any amounts, if any, paid by the swap counterparty] in the following amounts and order of priority:

• [ *first*, to the servicer, for reimbursement of outstanding advances[, except available funds from the risk retention reserve account may not be used for this purpose so long as the servicer is an affiliate of
Fifth Third Bank]];

• *second*, to the servicer, the servicing fee and all unpaid servicing fees with respect to any prior collection period[, except available funds from the risk retention reserve account may not be used for this
purpose so long as the servicer is an affiliate of Fifth Third Bank];

• [ *third*, to the swap counterparty, the net swap payment;]

• *fourth*, [pro rata, to the swap counterparty, any senior swap termination payment, and] to the Class A noteholders, interest on the Class A notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *fifth*, to the principal distribution account for distribution to the noteholders, the First Allocation of Principal, if any;

• *sixth*, to the Class B noteholders, interest on the Class B notes;

• *seventh*, to the principal distribution account for distribution to the noteholders, the Second Allocation of Principal;

• *eighth*, to the reserve account, until the amount of funds in the reserve account is equal to the specified reserve account balance;

• [ *ninth*, to the swap counterparty, any subordinated swap termination payment and any other amounts payable by the issuing entity to the swap counterparty and not previously paid;]

• *tenth*, to pay to the owner trustee (including as certificate paying agent), the Delaware trustee, the indenture trustee and the asset representations reviewer, accrued and unpaid fees and reasonable expenses
(including indemnification amounts) due and owing under the applicable transaction documents, which have not been previously paid; provided, that with respect to the asset representations reviewer, such fees, expenses and indemnity payments must
have been due and unpaid for more than 60 days; and

• *eleventh*, any remaining funds will be distributed to the designated certificateholder account.

The final distribution to any noteholder will be made only upon presentation and surrender of the physical certificate representing that noteholder's notes (if applicable) at an office or agency of the indenture trustee specified in a notice from the indenture trustee, in the name of and on behalf of the issuing entity. If any notes are not presented and surrendered for cancellation, any funds held by the indenture trustee or any paying agent for the payment of any amount due with respect to any note after the indenture trustee has taken certain measures to locate the related noteholders and those measures have failed, will be distributed to the holders of the issuing entity's certificates.

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Amounts deposited in the principal distribution account will be paid to the noteholders of the notes as described under "*The Notes—Payments of Principal*."

**FEES AND EXPENSES** 

**Servicing Fee** 

The servicer will be entitled to receive a servicing fee for each collection period. The "**servicing fee**" for any payment date will be an amount equal product of (1) [ ]% per annum; (2) [one-twelfth (or, in the case of the first payment date, a fraction, the numerator of which is the number of days from but not including the [initial] cut-off date to and including the last day of the first collection period and the denominator of which is 360] [one-sixth]) and (3) the net pool balance of the receivables as of the first day of the related collection period (or as of the [initial] cut-off date, in the case of the first payment date). As additional compensation, the servicer will be entitled to retain all supplemental servicing fees and investment earnings from amounts on deposit in the collection account and the reserve account. The servicing fee, together with any portion of the servicing fee that remains unpaid from prior payment dates, will be payable on each payment date from funds on deposit in the collection account with respect to the collection period preceding such payment date, including funds, if any, deposited into the collection account from the reserve account[; provided, however, that the available funds from the risk retention reserve account may not be used to pay the servicer so long as the servicer is an affiliate of Fifth Third Bank.]

**Indenture Trustee, Owner Trustee and Delaware Trustee Fees and Expenses** 

Each of the indenture trustee, the owner trustee and the Delaware trustee will be entitled to a fee and reimbursement in the form of indemnity payments in connection with the performance of their duties. [The Calculation Agent will also be entitled to reimbursement in the form of indemnity payments in connection with the performance of its duties.] For a discussion of the indemnity payments, see "*The Transaction Documents—Indemnification of the Indenture Trustee, [the Calculation Agent,] the Owner Trustee and the Delaware Trustee*."

• The indenture trustee will be entitled to an annual fee equal to $[ <u> </u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The owner trustee will be entitled to an annual fee equal to $$[ <u> </u> ].

• The Delaware trustee will be entitled to an annual fee equal to $[ <u> </u> ].

The above expenses will be paid directly by the servicer. However, the fees, expenses and indemnity payments are payable out of available funds in the collection account in the order of priority set forth under "*—Priority of Payments*" above to the extent the servicer fails to make such payments.

**Asset Representations Reviewer Fees and Expenses** 

The asset representations reviewer will be paid [an annual][a monthly][an upfront] fee of $[ ] by the servicer, and to the extent not so paid, as set forth above under "*—Priority of Payments*." The asset representations reviewer will also be entitled to receive a fee of $[ ] for each receivable reviewed and will be entitled to be reimbursed for all costs and expenses incurred in connection with the performance of a review. All fees payable to, and expenses incurred by, the asset representations reviewer in connection with the review will be payable by Fifth Third Bank and, to the extent such fees and expenses remain unpaid after 60 days, they will be payable out of amounts on deposit in the collection account as described above under "*—Priority of Payments*."

See "*The Transaction Documents—Fees and Expenses*" and "*The Transaction Documents—Asset Representations Review—Fees and Expenses for Asset Review*."

**CREDIT ENHANCEMENT** 

The credit enhancement provides protection for the [Class A notes and the Class B] notes against losses and delays in payment or other shortfalls of cash flow. The credit enhancement for the notes will be the [subordination of the certificates,] [the reserve account,] [the risk retention reserve account,] [the yield supplement account,] [the yield supplement overcollateralization amount,] overcollateralization [(in addition to the yield supplement overcollateralization amount)] and the excess interest on the receivables and, for each class of notes, by subordination of all other classes of notes bearing a subsequent designation in alphabetical order. If the credit enhancement is not sufficient to cover all amounts payable on the notes, the notes having a later final scheduled payment date generally will bear

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a greater risk of loss than notes having an earlier final scheduled payment date. See also "*Risk Factors—Risks relating to the nature of the notes and the structure of the transaction—Your share of possible losses may not be proportional*" and "*The Transaction Documents—Priority of Payments*."

The credit enhancement for the notes will be as follows:

---

| | |
|:---|:---|
| Class A notes: | [subordination of principal payments of the Class B notes, subordination of the certificates, the reserve account, the risk retention reserve account, the yield supplement account, the yield supplement overcollateralization amount, overcollateralization (in addition to the yield supplement overcollateralization amount) and the excess interest on the receivables] |
| Class B notes | [subordination of the certificates, the reserve account, the risk retention reserve account, the yield supplement account, the yield supplement overcollateralization amount, overcollateralization (in addition to the yield supplement overcollateralization amount) and the excess interest on the receivables and excess interest on the receivables] |

---

**Subordination of Payments on the Class B Notes** 

As long as the Class A notes remain outstanding, payments of interest on any payment date on the Class B notes will be subordinated to payments of interest on the Class A notes and certain other payments on that payment date (including principal payments of the Class A notes in specified circumstances), and payments of principal of the Class B notes will be subordinated to all payments of principal of and interest on the Class A notes and certain other payments on that payment date. If the notes have been accelerated after an event of default under the indenture the priority of payments may change. For a description of the changes in priority, see "*Interest and Principal—Interest and Principal Payments After an Event of Default*" above and "*The Indenture—Priority of Payments Will Change Upon Events of Default that Result in Acceleration*."

**Certificates** 

The certificates will be subordinated to the notes to provide credit enhancement for the notes because no payments will be made on the certificates on any payment date until all payments on the notes required to be made on that payment date have been paid in full. See "—*Priority of Payments*" above. The certificates are not offered to you under this prospectus.

**Reserve Account** 

On the closing date, the underwriters, at the direction of the depositor, will deposit from the proceeds of the sale of the notes an amount equal to at least [●]% of the initial [adjusted] net pool balance in cash into the reserve account[, plus an amount expected to cover the negative carry with respect to the accrued interest on that portion of the note balance equal to amounts on deposit in the pre-funding account and earnings on funds, if any, on deposit in the pre-funding account]. [(We use the term "**adjusted pool balance**" to mean, as of any date, the net pool balance at that time, minus the yield supplement overcollateralization amount (as described below) as of that date.)] Collections on the receivables and other available funds, to the extent available after payments and deposits of higher priority are made, will be added to the reserve account on each payment date until the amount on deposit in the reserve account is equal to the specified reserve account balance (as described below).

On each payment date, after giving effect to any withdrawals from the reserve account, if the amount of cash on deposit in the reserve account is less than the specified reserve account balance, available funds will be deposited in the reserve account in accordance with the priority of payments described above until the amount on deposit in the reserve account equals the specified reserve account balance. Except as provided in the following proviso, the "**specified reserve account balance**" is, on any payment date, an amount equal to at least [●]% of the initial net pool balance; provided, however, on any payment date after the notes are no longer outstanding following payment in full of principal and interest on the notes, the specified reserve account balance will be $0.

On the business day prior to each payment date, the paying agent at the direction of the servicer pursuant to a monthly servicer report will withdraw funds from the reserve account to cover any shortfalls in the amounts required to be paid on that payment date

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with respect to clauses *first* through *fifth* under "—*Priority of Payments*" above.

On the business day prior to any payment date, if the amount in the reserve account (other than net investment earnings) exceeds the specified reserve account balance, such excess will be transferred to the collection account and distributed on that payment date as available funds. See "*The Transaction Documents—The Accounts—Reserve Account.*"

**[Risk Retention Reserve Account** 

On or prior to the closing date, the issuing entity will establish an eligible horizontal cash reserve account, which we refer to herein as the risk retention reserve account. The risk retention reserve account will be funded on the closing date in an amount equal to $[●]. The risk retention reserve account will be an eligible account held by the indenture trustee, and will be pledged to the indenture trustee for the benefit of the noteholders.

All amounts on deposit in the risk retention reserve account on any payment date serve as credit enhancement since those amounts will be available to make up shortfalls in the amounts payable to the noteholders on such payment date to the extent described herein.

Amounts on deposit in the risk retention reserve account will be invested as provided in the servicing agreement in eligible investments. Any amounts held on deposit in the risk retention reserve account and any investment earnings thereon will be the property of the issuing entity and shall be held by the indenture trustee for the benefit of the noteholders and certificateholder as provided in the servicing agreement.]

**[Yield Supplement Account]** 

[On the closing date, the depositor will deposit a minimum of $[●] into the yield supplement account. No additional deposits will be made to the yield supplement account after the closing date. Funds on deposit in the yield supplement account are intended to supplement the interest collections for each calendar month on those receivables that have relatively low annual contract rates.

On or before each payment date, the indenture trustee will withdraw funds from the yield supplement account and deposit in the collection account a specified amount with respect to that payment date,

which funds will be applied to make the payments described under "*—Priority of Payments*" above.

For a more detailed description of the deposit to and withdrawals from the yield supplement account, you should refer to "*The Transaction Documents—The Accounts—Yield Supplement Account.*"]

**[Yield Supplement Overcollateralization Amount]** 

[The yield supplement overcollateralization amount is equal to the sum of the amount for each receivable equal to the excess, if any, of (x) the scheduled payments due on the receivable for each future collection period discounted to present value as of the end of the preceding collection period at the contract rate of that receivable over (y) the scheduled payments due on the receivable for each future collection period discounted to present value as of the end of the preceding collection period at a discount rate equal to the greater of the contract rate of that receivable and [●]%.

As of the closing date, the yield supplement overcollateralization amount will equal $[●], which is approximately [●]% of the initial adjusted pool balance. The yield supplement overcollateralization amount will decline on each payment date. The yield supplement overcollateralization amount is intended to compensate for low contract rates on some of the receivables and is in addition to the overcollateralization referred to below.

See "*The Transaction Documents—Yield Supplement Overcollateralization Amount*" for more detailed information about the yield supplement overcollateralization amount.]

**Overcollateralization** 

Overcollateralization is the amount by which the net pool balance exceeds the outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses on the receivables. The amount of overcollateralization as a percentage of the net pool balance as of the cut-off date is expected to build from approximately [●]% at the closing date to a target overcollateralization level of [●]% of the net pool balance as of the cut-off date.

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**Excess Interest** 

Because more interest is expected to be paid by the obligors in respect of the receivables than is necessary to pay the related servicing fee and interest on the notes each month, there is expected to be "**excess interest**." Any excess interest will be applied on each payment date as an additional source of available funds for distribution in accordance with the payment priorities described above under "—*Priority of Payments*" and will be applied, in part, to pay principal on the notes more rapidly than the amortization of the underlying receivables in order to reach the target overcollateralization amount.

[Insert financial information for any credit enhancement provider liable or contingently liable to provide payments representing 10% or more of the cash flow supporting the notes in accordance with Item 1114(b) of Regulation AB.]

**[Interest Rate Swap]** 

[On the closing date, the issuing entity will enter into a transaction pursuant to an interest rate swap agreement with [●], as the swap counterparty, to hedge the floating interest rate on the Class [●] notes. The interest rate swap for the Class [●] notes will have an initial notional amount equal to the note balance of the Class [●] notes on the closing date, and that notional amount will decrease by the amount of any principal payments made on the Class [●] notes.

The notional amount under the interest rate swap will at all times be equal to the note balance of the Class [●] notes.

In general, under the interest rate swap agreement on each payment date, the issuing entity will be obligated to pay the swap counterparty a fixed rate payment based on a per annum fixed rate of [ ]% multiplied by the notional amount of the interest rate swap, and the swap counterparty will be obligated to pay a per annum floating interest rate payment based on a floating rate multiplied by the notional amount of the interest rate swap. Payments (other than swap termination payments) on the interest rate swap will be exchanged on a net basis. Any "**net swap payment**" owed by the issuing entity to the swap counterparty on the interest rate swap ranks higher in priority than all payments on the notes.

The interest rate swap agreement may be terminated upon an event of default or other termination event specified in the interest rate swap agreement. If the

interest rate swap agreement is terminated due to an event of default or other termination event, a termination payment may be due to the swap counterparty by the issuing entity out of available funds.

If the issuing entity fails to make a net swap payment due under the interest rate swap agreement, if performance under the interest rate swap agreement would be illegal or if a bankruptcy event occurs with respect to the issuing entity, a "**senior swap termination payment**" may be due that is pro rata with payments of interest on the Class A notes and is higher in priority than payments of principal on the Class A notes and Class B notes. "**Subordinated swap termination payments**," which may be due because of an event of default or termination event under the interest rate swap agreement not involving the issuing entity's failure to make a net swap payment, the illegality of performance under the interest rate swap agreement or a bankruptcy event with respect to the issuing entity, will be subordinate to payments of principal and interest on the Class A notes and Class B notes.

The issuing entity's obligation to pay any net swap payment and any other amounts due under the interest rate swap agreement is secured under the indenture by the issuing entity property.

For a more detailed description of the interest rate swap agreement and the swap counterparty, see "*The Notes—Interest Rate Swap Agreement*" and "*The Swap Counterparty.*"]

**[Interest Rate Cap Agreement]** 

[On the closing date, the issuing entity will enter into a transaction pursuant to an interest rate cap agreement with [●], as the cap provider, to hedge the floating interest rate on the Class [●] notes. The interest rate cap for the Class [●] notes will have an initial notional amount equal to the note balance of the Class [●] notes on the closing date, and that notional amount will decrease by the amount of any principal payments on the Class [●] notes. The notional amount under the interest rate cap will at all times be equal to the note balance of the Class [●] notes.

If the [insert applicable Benchmark] related to any payment date exceeds the cap rate of [●]%, the cap provider will pay to the issuing entity an amount equal to the product of:

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1. the [insert applicable Benchmark] for the related payment date minus the cap rate of [●]%;

2. the notional amount on the cap on the first day of the interest period related to such payment date; and

3. a fraction, the numerator of which is the actual number of days elapsed from and including the previous payment
date, to but excluding the current payment date, or with respect to the first payment date, from and including the closing date, to but excluding the first payment date, and the denominator of which is 360.

[The obligations of the cap provider under the interest rate cap agreement initially will be unsecured.]

[If the cap provider's long-term senior unsecured debt ceases to be rated at a level acceptable to the hired agencies, the cap provider will be obligated to post collateral or establish other arrangements satisfactory to the hired agencies to secure its obligations under the interest rate cap agreement, if any, or arrange for an eligible substitute cap provider satisfactory to the issuing entity.]

Any amounts received under any interest rate cap agreement will be a source for interest payments on the floating rate notes, if any. [The issuing entity is not expected to be required to make any payments to the cap provider under the interest rate cap agreement other than an upfront payment.]

The issuing entity's rights under the interest rate cap agreement are pledged under the indenture.

For a more detailed description of the interest rate cap agreement and the cap provider, see "*The Notes—Interest Rate Cap Agreement*" and "*The Cap Provider.*"]

**[FDIC RULE AND RISK RETENTION** 

The transaction contemplated by this prospectus is intended to comply with the Federal Deposit Insurance Corporation regulatory safe harbor entitled "Treatment of financial assets transferred in connection with a securitization or participation" (the "**FDIC Rule**"). For more information, see "*Risk Factors—Risks relating to the transaction parties—FDIC receivership or conservatorship of Fifth Third Bank could result in delays in payments or losses on your notes*," "*The Indenture—FDIC Rule Covenant*"

and "*Material Legal Aspects of the Receivables—FDIC Rule.*"]

**REVIEW OF ASSET REPRESENTATIONS** 

As more fully described in "*The Transaction Documents—Asset Representations Review*," if the aggregate amount of delinquent receivables exceeds a certain threshold, then noteholders or beneficial owners of the notes ("**investors**") holding at least 5% of the aggregate outstanding principal amount of all the outstanding notes may elect to initiate a vote to determine whether the asset representations reviewer will conduct a review. Investors representing at least a majority of the voting investors may then, subject to certain conditions, direct the asset representations reviewer to perform a review of the delinquent receivables for compliance with the representations and warranties made by Fifth Third Bank.

**TAX STATUS** 

On the Closing Date, Mayer Brown LLP, special federal tax counsel to the depositor, will deliver an opinion, subject to the assumptions and qualifications therein, to the effect that the issuing entity will not be characterized as an association or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, and the notes (other than such notes beneficially owned by the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes) will be treated as debt for U.S. federal income tax purposes.

Each holder of a note, by acceptance of a note, will agree to treat such note as debt for federal, state and local income and franchise tax purposes.

We encourage you to consult your own tax advisor regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of the notes and the tax consequences arising under the laws of any state or other taxing jurisdiction.

See "*Material U.S. Federal Income Tax Consequences*."

**CERTAIN ERISA CONSIDERATIONS** 

Subject to the considerations disclosed in "*Certain Considerations for ERISA and Other U.S. Benefit Plans*" in this prospectus, the notes may be purchased by employee benefit plans and accounts. An employee benefit plan, any other retirement plan, and any entity deemed to hold "plan assets" of any

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employee benefit plan or other plan should consult with its counsel before purchasing the notes and are urged to review carefully the matters discussed in this prospectus.

**[MONEY MARKET INVESTMENT** 

The Class A-1 notes will be structured to be eligible securities for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. It is the responsibility solely of the money market fund and its advisor to settle those requirements. If you are a money market fund contemplating a purchase of Class A-1 notes, you or your advisor should consider these requirements before making a purchase.]

**CERTAIN VOLCKER RULE CONSIDERATIONS** 

The issuing entity will be relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act contained in Section [●] of the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "**Volcker Rule**" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

**CREDIT RISK RETENTION** 

[Insert disclosure required by Item 1124 of any material change in the depositor's, or an affiliate of the depositor's, interest in the securities resulting from the purchase, sale or other acquisition or disposition of the securities by the depositor or an affiliate of the depositor.]

[Insert description of any retained notes.]

[Insert disclosure required by Items 1104(g), 1108(e) or 1110(a)(3) of any hedges materially related to the credit risk of the securities.]

Pursuant to the SEC's credit risk retention rules, 17 C.F.R. Part 246 ("**Regulation RR**"), Fifth Third Bank is required to retain an economic interest in the

credit risk of the securitized receivables, either directly or through a majority-owned affiliate. Fifth Third Bank intends to satisfy this obligation through [the retention by the depositor, its wholly-owned affiliate, of] [a combination of] an ["eligible vertical interest"] [and an] ["eligible horizontal residual interest"] [and] [the establishment of an "eligible horizontal cash reserve account" in the name of the indenture trustee for the benefit of the noteholders] in an [aggregate] amount equal to at least 5% of [the fair value of] all of the notes and the certificates issued by the issuing entity on the closing date.

[*Retained vertical interest*: The eligible vertical interest retained by the depositor will take the form of [at least [●]% of each class of notes and the certificates issued by the issuing entity][a single vertical security], though the depositor may retain more than [●]% of one or more classes of notes or the certificate. The material terms of the notes are described under "*The Notes*."]

[*Retained horizontal interest*: The eligible horizontal residual interest retained by the depositor will take the form of [depositing an amount equal to $[<u> </u>] into a risk retention reserve account][retaining the issuing entity's certificates [and the Class [B] notes], which Fifth Third Bank expects to have a fair value of [between $[<u> </u>] and] $[<u> </u>], which is [between [<u> </u>]% and] [<u> </u>]% of the fair value of all of the notes and the certificates issued by the issuing entity. For a description of the valuation methodology used to calculate the [range of] fair values of the notes and of the eligible horizontal residual interest set forth in the preceding sentence, see "*Credit Risk Retention.*" The material terms of the notes are described under "*The Notes*." The material terms of the issuing entity's certificates are described under "*The Certificates*."]

[The depositor may transfer all or a portion of [the eligible vertical interest] [and] [the eligible horizontal residual interest] to another majority-owned affiliate of Fifth Third Bank [on or] after the closing date. To the extent the depositor's retained economic interest is intended to satisfy the requirements of Regulation RR, the depositor will not transfer or enter into any hedging transaction with respect to its retained economic interest except as permitted under Regulation RR.]

[*Risk Retention Reserve Account*: On or prior to the closing date, the issuing entity will establish a risk retention reserve account for the benefit of the noteholders. The risk retention reserve account will be funded on the closing date by the retention of a portion of the purchase price for the notes in an

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amount equal to $[●]. To the extent that funds from principal and interest collections on the receivables are not sufficient to pay the amounts that are prior to the deposits into the reserve account as described under "—*Priority of Payments*" above, the amount previously deposited in the risk retention reserve account will provide an additional source of funds for those payments; provided, however that available funds from the risk retention reserve account may not be used to pay the servicer so long as the servicer is an affiliate of Fifth Third Bank. The material terms of the risk retention reserve account are described under "*The Transaction Documents—The Accounts—Risk Retention Reserve Account*."]

**[EU SECURITIZATION REGULATION AND UK SECURITIZATION REGULATION** 

None of FTH LLC, the depositor, the servicer, the sponsor, nor any other party to the transaction described in this prospectus or any of their respective affiliates, will undertake, or intends, to retain or commit to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the requirements of the EU Securitization Regulation or the UK Securitization Regulation.

Furthermore, no such person makes or intends to make any representation or agreement that it or any other party is undertaking or will undertake to take or refrain from taking any action to facilitate or enable compliance by EU Affected Investors with the EU Due Diligence Requirements or by UK Affected Investors with the UK Due Diligence Requirements, or by any person with the requirements of any other law or regulation now or hereafter in effect in the EU, any EEA member state or the UK, in relation to risk retention, due diligence and monitoring, credit granting standards or any other conditions with respect to investments in securitization transactions.

The arrangements as described in "*Credit Risk Retention*" in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation or the UK Securitization Regulation by any person.

Failure by an Affected Investor to comply with the applicable Due Diligence Requirements with respect to an investment in the notes described in this prospectus may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being taken or imposed by the competent authority of such Affected Investor.

Consequently, the notes may not be a suitable investment for Affected Investors. As a result, the price and liquidity of the notes in the secondary market may be adversely affected.

Prospective investors are responsible for analyzing their own regulatory position and should consult with their own legal and investment and legal advisors, regarding the application of the EU Securitization Regulation, the UK Securitization Regulation or other applicable regulations and the suitability of the notes for investment.

The transaction described in this prospectus is structured in a way that is unlikely to allow Affected Investors to comply with their applicable Due Diligence Requirements.]

**RATINGS** 

The depositor expects that the notes will receive credit ratings from one or more credit rating agencies hired by the sponsor to rate the notes (the "**hired agencies**").

Although the hired agencies are not contractually obligated to monitor the ratings on the notes, we believe that the hired agencies will continue to monitor the transaction while the notes are outstanding. The hired agencies' ratings on the notes may be lowered, qualified or withdrawn at any time. In addition, a rating agency not hired by the sponsor to rate the transaction may provide an unsolicited rating that differs from (or is lower than) the ratings provided by the hired agencies. As of the date of this prospectus, we are not aware of any unsolicited ratings on the notes. A rating is based on each rating agency's independent evaluation of the receivables and the availability of any credit enhancement for the notes. A rating, or a change or withdrawal of a rating, by one rating agency will not necessarily correspond to a rating, or a change or a withdrawal of a rating, from any other rating agency. See "*Risk Factors—Risks relating to the nature of the notes and the structure of the transaction—The ratings of the notes may be withdrawn or lowered, or the notes may receive an unsolicited rating, which may have an adverse effect on the liquidity or the market price of the notes*."

**Registration Under the Securities Act** 

The depositor has filed a registration statement relating to the notes with the SEC on Form SF-3. The depositor has met the requirements for

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registration on Form SF-3 contained in General Instruction I.A.1 to Form SF-3.

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**SUMMARY OF RISK FACTORS** 

*The notes are subject to certain risks that you should consider before making a decision to purchase any notes. This summary is included to provide an overview of the principal risks. It does not contain all of the information regarding the risks that you should consider in making your decision to purchase any notes. To understand these risks fully, you should read "Risk Factors" beginning on page [*●*].* 

**Risks relating to the nature of the notes and the structure of the transaction** 

The notes are subject to risks relating to their nature as asset-backed securities and the structure of the transaction, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes.

• Only the issuing entity's assets will be available to make payments on the notes *.* 

• A liquidation of the issuing entity's assets following an event of default may result in a loss or delay in payment on the notes.

• Yield to maturity may be reduced by prepayments or slower than expected prepayments.

• The absence of a secondary market for the notes could limit the ability to resell the notes.

• The Class B notes are subject to a greater risk of loss and the share of losses among classes of notes may not be proportional.

• Sufficient funds may not be available to pay each class of notes in full prior to the final scheduled maturity date, and such failure will not constitute an event of default until maturity.

• Prepayments, potential losses and a change in the order of priority of principal payments may result from an event of default under the indenture.

• The subordinate class of notes may not have the ability to direct the indenture trustee, exercise certain terminations rights or waive servicer replacement events until the more senior class of notes has been paid in
full.

• Book-entry form requires any noteholder's rights to be exercised indirectly through a third-party and, if the notes are in book-entry form, this could result in indirect payments of principal and interest on the
notes.

• An adverse change in the initial ratings of the notes, or the issuance of unsolicited ratings on the notes, may affect resale prices.

• The notes do not have a regular or predictable schedule of payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Retention of notes by the sponsor or an affiliate thereof and the unknown allocation between the Class A-2-A notes and Class A-2-B notes may reduce liquidity of the notes.

• [The characteristics of the receivables sold to the issuing entity of the closing date may differ from the characteristics of the receivables provided in this prospectus.]

• [Distribution of amounts in the pre-funding account may reduce returns on the notes.]

• [Lack of availability of additional receivables during the revolving period could shorten the life of the notes.]

**Risks relating to the characteristics, servicing and performance of the receivables** 

The notes are subject to risks relating to the characteristics, servicing and performance of the receivables, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes.

• Global pandemics, such as COVID-19, could affect the performance of the receivables and result in delays or losses on the notes.

• The servicer's discretion over servicing may impact the performance of the notes.

• The rate of depreciation of the financed vehicles could result in losses on the notes.

• Adverse events in states with significant concentrations of obligors could have a more pronounced effect on the performance of the receivables.

• Varying economic circumstances may adversely affect obligors and result in an inability to make timely payments on the receivables.

• The issuing entity will not be identified as the secured party on the certificate of title related to a financed vehicle.

• The servicer will maintain possession or control of the contracts and, as a result, the issuing entity could face competing interests in the receivables.

• Interests of other persons in the receivables and financed vehicles could be superior to the issuing entity's interest.

• Extensions and deferrals of payments on receivables may increase the average life of the notes.

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• Prepayments on receivables may adversely affect the average life of and return on the notes.

• Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the receivables.

• Excessive prepayments on higher contract rates may reduce the interest payments available for the notes.

**Risks relating to the transaction parties** 

The notes are subject to risks relating to the various transaction parties, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

• Adverse events with respect to Fifth Third Bank or its affiliates could result in servicing disruptions.

• Bankruptcy filings by the seller or the depositor could result in a challenge to the bankruptcy remote structure of the transaction.

• FDIC receivership of Fifth Third Bank could result in an "automatic stay" and delay the exercise of remedies.

• A servicer default may result in additional costs, increased servicing fees or a diminution in servicing performance, including higher delinquencies and defaults.

• Temporary commingling of funds by the servicer exposes the notes to a risk of loss.

• The seller and servicer will be obligated to repurchase from the issuing entity under limited circumstances.

**Risks relating to macroeconomic, regulatory and other external factors** 

The notes are subject to risks relating to the macroeconomic, regulatory and other external factors, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

• Federal financial regulatory legislation could have an adverse effect on the servicer, the

sponsor, the originator, the administrator, FTH LLC, the depositor and the issuing entity.

• Failure to comply with consumer protection laws may result in losses.

• Federal or state bankruptcy or debtor relief laws may impede collection efforts or alter the timing and amount of collections.

• A deterioration of economic conditions could affect the ability of obligors to make payments on the receivables.

• Market factors may reduce the value of used vehicles, which could result in losses on your notes.

• The return on your notes could be reduced by shortfalls due to the application of the Servicemembers Civil Relief Act due to military action, terrorism or similar national concerns.

• Climate related events may cause losses on your notes.

• The notes may not be suitable investment for investors subject to EU Securitization Regulation or the UK Securitization Regulation.

**[Risks relating to the issuance of a floating rate class of notes** 

The notes are subject to risks relating to uncertainty regarding floating rate notes, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

• The use of [insert applicable benchmark] in asset-backed securities transactions is relatively new, and there may be unanticipated problems in the use, calculation or performance of [insert applicable benchmark].

• A negative [insert applicable floating rate benchmark] would reduce the rate of interest on the Class A-2-B notes.

• [The issuing entity will issue floating rate notes, but the issuing entity will not enter into any interest rate swaps and you may suffer losses on your notes if interest rates rise.]

• [You may experience a loss on your notes as a result of payments due [to or] from the [swap][cap] counterparty under the interest rate [swap][cap] agreement.]

• [The rating of [a third party credit enhancement provider] may affect the ratings of the notes.]

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**RISK FACTORS** 

*An investment in the notes involves significant risks. Before you decide to invest, we recommend that you carefully consider the following risk factors.* 

**RISKS RELATING TO THE NATURE OF THE NOTES AND THE STRUCTURE OF THE TRANSACTION** 

**You must rely for repayment only upon the issuing entity's assets, which may not be sufficient to make full payments on your notes.** 

Your notes are secured by the assets of the issuing entity. Your notes will represent an obligation of the issuing entity only and will not represent an obligation of Fifth Third Bancorp, Fifth Third Bank, the depositor or any of their other respective affiliates other than the issuing entity. Fifth Third Bank has limited obligations to repurchase receivables for the breach of certain representations and warranties regarding the characteristics of the receivables as described in this prospectus. Distributions on any class of notes will depend solely on the amount and timing of payments and other collections in respect of the related receivables and any credit enhancement for the notes. We cannot assure you that these amounts will be sufficient to make full and timely distributions on your notes. The notes and the receivables will not be insured or guaranteed, in whole or in part, by the United States or any governmental entity [or, by any provider of credit enhancement or cash flow enhancement]. If delinquencies and losses create shortfalls which exceed the available credit enhancement for your notes, you may experience delays in payments due to you and you could suffer a loss.

**You may experience a loss or a delay in receiving payments on the notes if the assets of the issuing entity are liquidated.** 

If certain events of default under the indenture occur and the notes are accelerated, the indenture trustee will, at the direction of the holders of a majority of the outstanding principal amount of the notes, liquidate the assets of the issuing entity. If a liquidation occurs close to the date when any class otherwise would have been paid in full, repayment of that class might be delayed while liquidation of the assets is occurring. The issuing entity cannot predict the length of time that will be required for liquidation of the assets of the issuing entity to be completed. In addition, liquidation proceeds may not be sufficient to repay the notes in full. Even if liquidation proceeds are sufficient to repay the notes in full, any liquidation that causes the outstanding principal balance of a class of notes to be paid before the related final scheduled payment date will involve the prepayment risks described above under "—*Prepayments on the receivables may adversely affect the average life of and rate of return on your notes.*"

**Your yield to maturity may be reduced by prepayments or slower than expected prepayments.** 

The pre-tax yield to maturity is uncertain and will depend on a number of factors including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The rate of return of principal is uncertain*. The amount of payments of principal of your notes and the
time when you receive those payments depends on the amount and times at which obligors make principal payments on the receivables. Those principal payments may be regularly scheduled payments or unscheduled payments resulting from prepayments or
defaults on the receivables. For example, the servicer may engage in marketing practices or promotions, including refinancing, which may indirectly result in faster than expected payments on the receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *You may be unable to reinvest distributions in comparable investments*. Asset-backed notes, like the notes,
usually produce a faster return of principal to investors if market interest rates fall below the interest rates on the related receivables and produce a slower return of principal if market interest rates rise above the interest rates on the
related receivables. As a result, you are likely to receive a greater amount of money on your notes to reinvest at a time when other investments generally are producing a lower yield than that on your notes, and are likely to receive a lesser amount
of money on your notes when other investments generally are producing a higher yield than that on your notes. You will bear the risk that the timing and amount of payments on your notes will prevent you from attaining your desired yield.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *An optional redemption of the notes will shorten the life of your investment, which may reduce your yield to maturity*. If the receivables are sold upon exercise of a "clean-up call," the issuing entity will redeem all notes then outstanding and you will receive the remaining principal amount of your
notes plus accrued interest through the related payment date. Following payment to you of the remaining principal amount of your notes, plus accrued interest, your notes will no longer be outstanding and you will not receive the additional interest
payments that you would have received had the notes remained outstanding. If you bought your notes at a premium, your yield to maturity will be lower than it would have been if the clean-up call had not been
exercised.

**The absence of a secondary market for the notes could limit your ability to resell your notes.** 

The notes will not be listed on any securities exchange. If you want to sell your notes you must locate a purchaser that is willing to purchase those notes. The underwriters intend to make a secondary market for the notes. The underwriters will do so by offering to buy the notes from investors that wish to sell. However, the underwriters will not be obligated to make offers to buy the notes and may stop making offers at any time. In addition, the prices offered, if any, may not reflect prices that other potential purchasers would be willing to pay, were they to be given the opportunity. There have been times in the past where there have been very few buyers of asset-backed securities, and there may be such times again in the future. As a result, you may not be able to sell your notes when you want to do so or you may not be able to obtain the price that you wish to receive.

Additionally, events in the domestic and global financial markets could affect the performance or market value of your notes and your ability to sell your notes in the secondary market. Recent and, in some cases, continuing events in such markets, including the COVID-19 outbreak generally, and the travel and trade restrictions related to the COVID-19 outbreak, have caused periods of reduced liquidity in the secondary market for asset-backed securities. These period of illiquidity may reoccur, and even worsen, and such illiquidity can have a severely adverse effect on the prices of securities that are especially sensitive to prepayment, credit or interest rate risk, such as the notes.

**Because the Class B notes are subordinated to the Class A notes, payments on the Class B notes classes are more sensitive to losses on the receivables.** 

Certain classes of notes are subordinated to other classes of notes, and any notes having a later final scheduled payment date are more likely to suffer the consequences of delinquent payments and defaults on the receivables than the classes of notes having an earlier final scheduled payment date. See "*—Your share of possible losses may not be proportional.*"

If the notes are accelerated following an event of default under the indenture (other than as a result of the issuing entity's breach of a representation, warranty or covenant), interest on the Class A notes will be paid ratably based on the amount of interest payable to each class of Class A notes and principal payments will be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full. Next, the noteholders of the Class A-2 notes, the Class A-3 notes and the Class A-4 notes will receive principal payments ratably based on the aggregate outstanding principal amount of each remaining class of Class A notes. After interest on and principal of all of the Class A notes are paid in full, interest and principal payments will be made to the Class B noteholders.

If the notes are accelerated following an event of default under the indenture as a result of the issuing entity's breach of a representation, warranty or covenant, interest on the Class A notes will be paid ratably based on the amount of interest payable to each class of Class A notes followed by interest on the Class B notes. Principal payments will then be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full. Next, principal will be paid ratably based on the aggregate outstanding principal amount of each remaining class of Class A notes to the Class A-2 notes, the Class A-3 notes and the Class A-4 notes until each such class is paid in full. Next, the Class B notes will receive principal payments until the Class B notes are paid in full. Therefore, if there are insufficient amounts available to pay all classes of notes the amounts they are owed on any payment date or following an acceleration of the notes, delays in payments or losses will be suffered by the most junior outstanding class or classes of notes even as payment is made in full to more senior classes of notes.

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**Your share of possible losses may not be proportional.** 

Principal payments on the notes generally will be made to the holders of the notes sequentially so that no principal will be paid on any class of notes until each class of notes with an earlier final scheduled payment date has been paid in full. As a result, a class of notes with a later maturity date may absorb more losses than a class of notes with an earlier maturity date.

**The failure to make principal payments on any notes will generally not result in an event of default under the indenture until the applicable final scheduled payment date.** 

The amount of principal required to be paid on any class of notes prior to the applicable final scheduled payment date generally will be limited to amounts available for those purposes. Therefore, the failure to pay principal on any class of notes generally will not result in an event of default under the indenture until the applicable final scheduled payment date for that class of notes.

**Prepayments, potential losses and a change in the order of priority of principal payments may result from an event of default under the indenture.** 

An event of default under the indenture may result in payments on your notes being accelerated. As a result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may suffer losses on your notes if the assets of the issuing entity are insufficient to pay the amounts owed
on your notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your notes may be repaid earlier than scheduled, which may require you to reinvest your principal at a lower rate
of return.

**You may suffer losses because you have limited control over the actions of the issuing entity and conflicts between the Class A noteholders and Class B noteholders may occur.** 

Under certain circumstances, a portion of the holders of the Class A notes will have the right to control the issuing entity's actions. For example, if an event of default should occur and be continuing with respect to notes, the indenture trustee or holders of a majority in principal amount of the ["controlling class"] may declare the principal on those notes to be immediately due and payable. The ["controlling class"] of notes will be the Class A notes as long as they are outstanding, and after they have been paid in full, the Class B notes will become the [controlling class], so long as they are outstanding (excluding, in each case, notes held by the issuing entity, the depositor, FTH LLC, the servicer or any affiliate of any of the foregoing). Furthermore, following certain events of default relating to the failure to pay interest or principal when due and under certain circumstances, the consent of the holders of 66<sup>2</sup>/<sub>3</sub>% of the aggregate outstanding amount of the [controlling class] will be required before the indenture trustee may sell the receivables of the issuing entity. The holders of the Class B notes will not have any right to participate in those determinations for so long as any Class A note is outstanding, and the Class B notes may be adversely affected by determinations made by the [controlling class]. Furthermore, the holders of a majority of the aggregate outstanding amount of the [controlling class], under certain circumstances, have the right to waive servicer replacement events and holders of 66<sup>2</sup>/<sub>3</sub>% of the aggregate outstanding amount of the [controlling class] have the right to direct the indenture trustee to terminate the servicer as the servicer of the receivables, and such noteholder direction will be without consideration of the effect such waiver or termination would have on the holders of the Class B notes. The holders of the Class B notes will not have the ability to waive servicer replacement events or to remove the servicer until the Class A notes have been paid in full. In exercising any rights or remedies under the indenture, the holders of the [controlling class] may be expected to act solely in their own interests.

See "*The Indenture—Rights Upon Event of Default*", "*The Transaction Documents—Resignation, Removal or Replacement of the Servicer*" and "*—Waiver of Past Servicer Replacement Events*."

**The Class A noteholders control removal of the servicer upon a default on its servicing obligations.** 

Generally, the holders of 66<sup>2</sup>⁄<sub>3</sub>% of the issuing entity's Class A notes (or the indenture trustee acting on their behalf) (excluding notes held by the issuing entity, FTH LLC, the depositor, the servicer or any affiliate of any of the foregoing) can remove the servicer if the servicer—

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not deliver to the indenture trustee the available funds for application to a required payment after a grace
period after notice or discovery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• defaults on a servicing obligation which materially and adversely affects the issuing entity or the noteholders
after a grace period after notice.

The holders of a majority of the Class A notes (excluding notes held by the issuing entity, FTH LLC, the depositor, the servicer or affiliate of any of the foregoing) may waive a default by the servicer. The Class B noteholders do not have any rights to participate in such determinations for so long as any of the Class A notes are outstanding, and the Class B noteholders may be adversely affected by determinations made by the more senior classes.

See "*The Transaction Documents—Servicer Replacement Events*", "*—Resignation, Removal or Replacement of the Servicer*" and "*—Waiver of Past Servicer Replacement Events*."

**If your notes are in book-entry form, your rights can only be exercised indirectly.** 

If your notes are initially issued in book-entry form, you will be required to hold your interest in your notes through DTC in the United States, or Clearstream Banking Luxembourg S.A. ("**Clearstream**") or Euroclear Bank S.A./NV as operator of the Euroclear System in Europe or Asia ("**Euroclear**"). Transfers of interests in the notes within DTC, Clearstream or Euroclear must be made in accordance with the usual rules and operating procedures of those systems. So long as the notes are in book-entry form, you will not be entitled to receive a definitive note representing your interest. The notes will remain in book-entry form except in the limited circumstances described under the caption "*The Notes—Definitive Notes*" in this prospectus. Unless and until the notes cease to be held in book-entry form, the related transaction parties will not recognize you as a holder of the related notes except in the limited circumstances relating to an investor vote with respect to an asset representations review as described under "*The Transaction Documents—Asset Representations Review*," a request that the originator repurchase any of the receivables as described under "*The Transaction Documents—Dispute Resolution*," and a request to the depositor to communicate with other noteholders as described under "*The Notes—Noteholder Communication*."

As a result, you will only be able to exercise your rights as a noteholder indirectly through DTC (if in the United States) and its participating organizations, or Clearstream and Euroclear (in Europe or Asia) and their participating organizations. Holding the notes in book-entry form could also limit your ability to pledge or transfer your notes to persons or entities that do not participate in DTC, Clearstream or Euroclear. In addition, having the notes in book-entry form may reduce their liquidity in the secondary market since certain potential investors may be unwilling to purchase notes for which they cannot obtain physical notes.

Interest and principal on the notes will be paid by the issuing entity to DTC as the record holder of those notes while they are held in book-entry form. DTC will credit payments received from the issuing entity to the accounts of its participants which, in turn, will credit those amounts to noteholders either directly or indirectly through indirect participants. This process may delay your receipt of payments from the issuing entity.

**Book-entry system for the notes may decrease liquidity and delay payment.** 

Because transactions in the notes generally can be effected only through DTC, participants and indirect participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your ability to pledge your beneficial interest in notes to someone who does not participate in the DTC system,
or to otherwise take action relating to your beneficial interest in notes, may be limited due to the lack of a physical note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may experience delays in your receipt of payments with respect to your beneficial interest in the notes
because payments will be made by the indenture trustee to Cede, as nominee for DTC, rather than directly to you; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may experience delays in your receipt of payments with respect to your beneficial interest in the notes in
the event of misapplication of payments by DTC, participants or indirect participants

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or bankruptcy or insolvency of those entities and your recourse will be limited to your remedies against those entities.

**The ratings of the notes may be withdrawn or lowered, or the notes may receive an unsolicited rating, which may have an adverse effect on the liquidity or the market price of the notes.** 

Security ratings are not recommendations to buy, sell or hold the notes. Rather, ratings are an assessment by the applicable rating agency of the likelihood that any interest on a class of notes will be paid on a timely basis and that a class of notes will be paid in full by its final scheduled payment date. There can be no assurance that the notes will perform as expected, and rating agencies do not guarantee their assessments. Ratings do not consider the extent to which the notes will be subject to prepayment or the principal of any class of notes will be paid prior to the final scheduled payment date for that class of notes, nor do the ratings consider the prices of the notes or their suitability to a particular investor. A rating agency may revise or withdraw the ratings at any time in its sole discretion, including as a result of a failure by the sponsor to comply with its obligation to post information provided to the hired agencies on a website that is accessible by a rating agency that is not a hired agency. The ratings of any notes may be lowered by a rating agency (including the hired agencies) following the initial issuance of the notes as a result of losses on the related receivables in excess of the levels contemplated by a rating agency at the time of its initial rating analysis. None of the depositor, the sponsor or any of their respective affiliates will have any obligation to replace or supplement any credit support, or to take any other action to maintain any ratings of the notes.

Accordingly, there is no assurance that the ratings assigned to any note on the date on which the note is originally issued will not be lowered or withdrawn by any rating agency at any time thereafter. If any rating with respect to the notes is revised or withdrawn, the liquidity or the market value of your notes may be adversely affected.

It is possible that other rating agencies not hired by the sponsor may provide an unsolicited rating that differs from (or is lower than) the rating provided by the hired agencies. As of the date of this prospectus, the depositor was not aware of the existence of any unsolicited rating provided (or to be provided at a future time) by any rating agency not hired to rate the transaction. However, there can be no assurance that an unsolicited rating will not be issued prior to or after the closing date, and none of the sponsor, FTH LLC, the depositor or any underwriter is obligated to inform investors (or potential investors) in the notes if an unsolicited rating is issued after the date of this prospectus. Consequently, if you intend to purchase notes, you should monitor whether an unsolicited rating of the notes has been issued by a non-hired rating agency and should consult with your financial and legal advisors regarding the impact of an unsolicited rating on a class of notes. If any non-hired rating agency provides an unsolicited rating that differs from (or is lower than) the rating provided by the hired agencies, the liquidity or the market value of your notes may be adversely affected.

**Potential rating agency conflict of interest may affect the market value of your notes.** 

It may be perceived that the hired agencies have a conflict of interest that may have affected the ratings assigned to the notes where, as is the industry standard and the case with the ratings of the notes, the sponsor, the depositor or the issuing entity pays the fees charged by the rating agencies for their rating services. This potential conflict of interest may in turn have an adverse effect on the market value of your notes and your ability to resell your notes.

**The notes may not be a suitable investment for you.** 

The notes are not a suitable investment for you if you require a regular or predictable schedule of payments or payment on any specific date. The notes are complex investments that should be considered only by investors who, either alone or with their financial, tax and legal advisors, have the expertise to analyze the prepayment, reinvestment, default and market risks, the tax consequences of an investment in the notes and the interaction of these factors.

**[Retention of some or all of one or more classes of notes by the depositor or an affiliate of the depositor may reduce the liquidity of the notes.]** 

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[Some or all of one or more classes of notes may be retained by the depositor or an affiliate of the depositor. Accordingly, the market for such a retained class of notes may be less liquid than would otherwise be the case. In addition, if any retained notes are subsequently sold in the secondary market, demand and market price for notes already in the market could be adversely affected. Additionally, if any retained notes are subsequently sold in the secondary market, the voting power of the noteholders of the outstanding notes may be diluted.]

**[Risks associated with unknown allocation of Class A-2 notes.]** 

[The allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes may not be known until the day of pricing[, although the principal amount of the Class A-2-B notes may not exceed [•]% of the aggregate principal amount of the Class A-2 notes]. Consequently, the allocation of the principal amount between the Class A-2-A notes and the Class A-2-B notes may result in any number of possible allocation scenarios, including a scenario in which the entire principal amount of the Class A-2 notes is allocated to the fixed rate Class A-2-A notes and none of the principal amount is allocated to the floating rate Class A-2-B notes [and a scenario in which the entire principal amount of the Class A-2 notes is allocated to the floating rate Class A-2-B notes and none of the principal amount is allocated to the fixed rate Class A-2-A notes].

As the allocated principal amount of the floating rate Class A-2-B notes is increased (relative to the corresponding Class A-2-A fixed rate notes), there will be a greater amount of floating rate securities issued by the issuing entity, and therefore the issuing entity will have a greater exposure to increases in the floating rate payable on the floating rate notes. For more information on the risks associated with the issuance of floating rate notes, please see "—*The issuing entity will issue floating rate notes, but the issuing entity will not enter into any interest rate hedge agreements and you may suffer losses on your notes if interest rates rise*" below.

In addition, because the aggregate amount of Class A-2 notes is fixed as set forth on the cover of this prospectus, the division of the aggregate Class A-2 note principal amount between the Class A-2-A notes and the Class A-2-B notes may result in one of such classes being issued in only a very small principal amount, which may reduce the liquidity of such class of notes.]

**[This prospectus provides information regarding the characteristics of the receivables in the statistical pool as of the statistical cut-off date, which may differ from the characteristics of the receivables as of the [initial] cut-off date that will be sold to the issuing entity on the closing date.** 

This prospectus describes the characteristics of the receivables only as of the statistical cut-off date. The receivables to be sold to the issuing entity on the closing date may have characteristics that differ somewhat from the characteristics of the receivables as of the statistical cut-off date described in this prospectus. The characteristics of the receivables as of the cut-off date are not expected to differ materially from the characteristics of the receivables as of the statistical cut-off date, and each automobile loan contract must satisfy the eligibility criteria described in "*The Receivables Pool*." If you purchase a note, you must not assume that the characteristics of the receivables will be identical to the characteristics of the receivables as of the statistical cut-off date disclosed in this prospectus.]

**[You may experience reduced returns on your notes resulting from distribution of amounts in the pre-funding account.]** 

[On one or more occasions following the closing date, the issuing entity may purchase receivables from the depositor, which, in turn, will acquire these receivables from FTH LLC, which, in turn, will acquire these receivables from Fifth Third Bank, with funds on deposit in the pre-funding account.

You will receive as a prepayment of principal any amounts remaining in the pre-funding account (excluding investment earnings) that have not been used to purchase receivables by the end of the funding period. See "*The Transaction Documents—The Accounts—Pre-Funding Account*" in this prospectus. This prepayment of principal could have the effect of shortening the weighted average life of your notes. The inability of the depositor to obtain receivables meeting the requirements for sale to the issuing entity will increase the likelihood of a prepayment of principal. In addition, you will bear the risk that you may be unable to reinvest any principal prepayment at yields at least equal to the yield on your notes.]

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**[Lack of availability of additional receivables during the revolving period could shorten the average life of your notes.]** 

[During the revolving period, the issuing entity will not make payments of principal on the notes. Instead, the issuing entity will purchase additional receivables from the depositor. The purchase of additional receivables by the issuing entity will lengthen the average life of the notes compared to a transaction without a revolving period. However, an unexpectedly high rate of collections on the receivables during the revolving period, a significant decline in the number of receivables available for purchase or the inability of the depositor to acquire new receivables could affect the ability of the issuing entity to purchase additional receivables. If the issuing entity is unable to reinvest available funds by the end of the revolving period, then the average life of the notes may be less than anticipated.

A variety of unpredictable economic, social and other factors may influence the availability of additional receivables. You will bear all reinvestment risk resulting from a longer or shorter than anticipated average life of the notes.]

**RISKS RELATING TO THE CHARACTERISTICS, SERVICING AND PERFORMANCE OF THE RECEIVABLES POOL** 

**Adverse events related to the Coronavirus outbreak could have an adverse effect on the performance of the receivables and the related vehicles, which could result in delays in payments and/or losses on your notes.** 

Outbreaks of the Coronavirus Disease 2019 ("**COVID-19**") have spread throughout the world, including to the United States. COVID-19 was declared to be a public health emergency of international concern by the World Health Organization, and the President of the United States made an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. A vast majority of state governments made emergency declarations related to COVID-19 and have attempted to slow community spread of the virus by providing social distancing guidelines, including issuing orders to suspend repossession activities, issuing stay-at-home orders and mandating the closure of certain non-essential businesses. The outbreak of COVID-19 has led, and may again lead, to periods of disruption in global financial markets and the economies of many nations and result in adverse impacts on the economy of the United States (which include a general curtailment of business activity, a significant increase in unemployment and supply chain disruptions) and the global economy in general.

The long-term impacts of social, economic and financial disruptions caused by COVID-19 are unknown. The United States economy experienced a recession as a result of COVID-19, and it is unclear if, or when, the economy will fully recover. Further, it is unclear whether or how many obligors have been or will be adversely affected by the outbreak and related efforts by the federal government and the state governments to slow the spread of COVID-19. As discussed under "—*The return on your notes may be reduced due to varying economic circumstances and recent economic developments*," these occurrences could have a negative impact on the ability of obligors to make timely payments on the receivables.

Additionally, the continued spread of COVID-19, including in the event of continuing or additional waves of infections or new variants may ultimately result in periods of staffing problems in various industries and with third-party suppliers and businesses as portions of the workforce across the industry are unable to work effectively as a result of the COVID-19 pandemic, including because of illness, facility closures, ineffective remote work arrangements or technology failures or limitations. Consequently, the ability of Fifth Third Bank, as servicer, or other transaction parties to perform their respective obligations under the transaction documents could be diminished by regulatory action related to COVID-19 and disruptions in the economy and financial markets. Further, federal, state or local governments could enact, and in some cases have enacted, laws, regulations, executive orders or other guidance that allow obligors to forgo making scheduled payments for some period of time or preclude creditors from exercising certain rights or taking certain actions with respect to the collateral, including repossession or liquidation of the financed vehicles. The ability of Fifth Third Bank, as servicer, to perform its obligations under the transaction documents could be diminished by disruptions in the economy and the financial markets due to COVID-19. The decreased servicing, manufacture, sale or distribution of financed vehicles could adversely affect the business of Fifth Third Bank as discussed under "—*Adverse events with respect to Fifth Third Bank or its affiliates or third-*

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 *party providers to whom Fifth Third Bank outsources its activities could affect the timing of payments on your notes or have other adverse effects on your notes*" below.

Furthermore, it is unclear how many obligors have been or will be adversely affected by the outbreak and whether related efforts by the Federal, state and local governments will be effective in mitigating the spread of COVID-19 throughout the nation. In response to the initial COVID-19 outbreak, the servicer modified its collections activities, including the temporarily suspension of involuntary repossession activities nationwide. The servicer has resumed repossession activity where permitted by state and local law but may elect to suspend such activity at any time in the future.

**The servicer's discretion over the servicing of the receivables may impact the amount and timing of funds available to make payments on the notes.** 

The servicer is obligated to service the receivables in accordance with its customary practices. The servicer has discretion in servicing the receivables including the ability to grant payment extensions and to determine the timing and method of collection and liquidation procedures. In addition, the servicer's customary practices may change from time to time and those changes could reduce collections on the receivables. The servicer also may offer obligors other programs, consistent with its customary practices, that permit extensions or deferrals of payments due on receivables following natural disasters in certain geographic areas or public health emergencies affecting a large group of obligors. Although the servicer's customary practices at any time will apply to all receivables serviced by the servicer, without regard to whether a receivable has been sold to the issuing entity, the servicer is not obligated to maximize collections from receivables. Consequently, the manner in which the servicer exercises its servicing discretion or changes its customary practices could have an impact on the amount and timing of collections on the receivables, which may impact the amount and timing of funds available to make payments on the notes.

**The rate of depreciation of the financed vehicles could exceed the amortization of the outstanding principal amount of the related receivables, which may result in losses.** 

There can be no assurance that the value of any financed vehicle will be greater than the outstanding principal amount of the related receivable. For example, new vehicles normally experience an immediate decline in value after purchase because they are no longer considered new. As a result, it is highly likely that the principal amount of a receivable will exceed the value of the related financed vehicle during the early years of a receivable's term. The lack of any significant equity in their vehicles may make it more likely that those obligors will default in their payment obligations if their personal financial conditions change. Defaults during these earlier years are likely to result in losses because the proceeds from liquidating the related financed vehicle are less likely to pay the full amount of interest and principal owed on the related receivable. Further, the frequency and amount of losses may be greater for receivables with longer terms, because these receivables tend to have a somewhat greater frequency of delinquencies and defaults and because the slower rate of amortization of the principal balance of a longer term receivable may result in a longer period during which the value of the related financed vehicle is less than the remaining principal balance of the receivable. Additionally, although the frequency of delinquencies and defaults tends to be greater for receivables secured by used vehicles, loss severity tends to be greater with respect to receivables secured by new vehicles because of the higher rate of depreciation described above and the decline in used vehicle prices. Furthermore, specific makes, models and vehicle types may experience a higher rate of depreciation and a greater than anticipated decline in used vehicle prices under certain market conditions including, but not limited to, the discontinuation of a brand by a manufacturer or the termination of dealer franchises by a manufacturer.

The pricing of used vehicles is affected by the supply and demand for those vehicles, which, in turn, is affected by consumer tastes, economic factors (including the price of gasoline), the introduction and pricing of new vehicle models and other factors. Decisions by a manufacturer with respect to new vehicle production, pricing and incentives may affect used vehicle prices, particularly those for the same or similar models. Further, the insolvency of a manufacturer or a manufacturer recall may negatively affect used vehicle prices for vehicles manufactured by that company. An increase in the supply or a decrease in the demand for used vehicles may impact the resale value of the financed vehicles securing the receivables. Decreases in the value of those vehicles may, in turn, reduce the incentive of obligors to make payments on the receivables and decrease the proceeds realized by the issuing entity from repossessions of financed vehicles. Additionally, the COVID-19 pandemic and related economic and financial disruption have recently had an adverse effect on the supply and demand of both new and used vehicles. In any of

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the foregoing cases, the delinquency, repossession and credit loss figures, shown in the tables appearing under "*The Receivables Pool*" in this prospectus, might be a less reliable indicator of the rates of delinquencies, repossessions and losses that could occur on the receivables than would otherwise be the case.

**The geographic concentration of the obligors in the receivables pool and varying economic circumstances may increase the risk of losses or reduce the return on your notes.** 

The concentration of the receivables in specific geographic areas may increase the risk of loss. A deterioration in economic conditions in the states where obligors reside could adversely affect the ability and willingness of obligors to meet their payment obligations under the receivables and may consequently affect the delinquency, default, loss and repossession experience of the issuing entity with respect to the receivables. As a result, you may experience payment delays and losses on your notes. An improvement in economic conditions could result in prepayments by the obligors of their payment obligations under the receivables. As a result, you may receive principal payments of your notes earlier than anticipated. No prediction can be made and no assurance can be given as to the effect of an economic downturn or economic growth on the rate of delinquencies, prepayments and/or losses on the receivables. See "—*Your yield to maturity may be reduced by prepayments or slower than expected prepayments*" below.

As of the [statistical] cut-off date, the FTH LLC's records indicate that the billing addresses of the obligors on the receivables in the pool were concentrated in the following states:

---

| | |
|:---|:---|
| **State** | **Percentage of <br>Outstanding Aggregate<br>Principal Balance** |
| [●]<br> [●]<br> [●]<br> [●] | [●]%<br>[●]%<br>[●]%<br>[●]% |

---

No other state accounts for more than 5.0% of the principal balance of the receivables as of the cut-off date. Economic factors such as unemployment, interest rates, the price of gasoline, the rate of inflation and consumer perceptions of the economy may affect the rate of prepayment and defaults on the receivables. Further, the effect of natural disasters, such as hurricanes and floods, and pandemics, such as COVID-19, on the performance of the receivables is unclear, but there may be a significant adverse effect on general economic conditions, consumer confidence and general market liquidity. Because of the concentration of the obligors in certain states, any adverse economic factors, natural disasters or pandemics in those states may have a greater effect on the performance of the notes than if the concentration did not exist.

[If 10% or more of the receivables are located in any one state, by billing addresses of the obligors, describe any economic or other factors specific to such state that may materially impact the receivables or cash flows pursuant to Item 1111(b)(14) of Regulation AB.]

Additionally, during periods of economic slowdown or recession, delinquencies, defaults, repossessions and losses generally increase. These periods may also be accompanied by decreased consumer demand for new and used automobiles, light-duty trucks, vans or other motor vehicles and declining values of automobiles securing outstanding automobile loan contracts, which weakens collateral coverage and increases the amount of a loss in the event of default by an obligor. Significant increases in the inventory of used automobiles during periods of economic slowdown or recession may also depress the prices at which repossessed automobiles may be sold or delay the timing of these sales. An improvement in economic conditions could result in prepayments by the obligors on their payment obligations under the receivables. Although there has been a recent recovery in the prices of used vehicles, such prices may continue to fluctuate in the future and could decline again. All of these factors could result in losses on your notes.

**The return on your notes may be reduced due to varying economic circumstances.** 

A deterioration in economic conditions could adversely affect the ability and willingness of obligors to meet their payment obligations under the receivables. The economic conditions could deteriorate in connection with

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an economic recession or could be due to events such as rising oil prices, housing price declines, terrorist events, extreme weather conditions, governmental restrictions or an increase of an obligor's payment obligations under other indebtedness incurred by the obligor. As a result, you may experience payment delays and losses on your notes. An improvement in economic conditions could result in prepayments by the obligors of their payment obligations under the receivables. As a result, you may receive principal payments of your notes earlier than anticipated. No prediction or assurance can be made as to the effect of an economic downturn or economic growth on the rate of delinquencies, prepayments and/or losses on the receivables.

**The issuing entity's security interest in the financed vehicles will not be noted on the certificates of title, which may cause losses on your notes.** 

Upon the origination of a receivable, the originator [or its predecessor in interest, as applicable,] takes a security interest in the financed vehicle by placing a lien on the title to the financed vehicle. In connection with each sale of receivables to the depositor, the originator will assign its security interests in the financed vehicles to FTH LLC, which will assign its security interests in the financed vehicles to the depositor, which will further assign its security interests in the financed vehicles to the issuing entity. Finally, the issuing entity will pledge its security interests in the financed vehicles as collateral for the notes. The lien certificates or certificates of title relating to the financed vehicles will not be amended or reissued to identify the issuing entity as the new secured party. In the absence of an amendment or reissuance, the issuing entity may not have a perfected security interest in the financed vehicles securing the receivables in some states. Fifth Third Bank is obligated to repurchase any receivable sold to the issuing entity which did not have a perfected security interest in the name of the originator in the financed vehicle.

Fifth Third Bank may be required to repurchase any receivable sold to the issuing entity as to which it failed to obtain or maintain a perfected security interest in the financed vehicle securing the receivable. All of these repurchases are limited to failures that affect the ability of the issuing entity to receive and retain payment in full on such receivable. If the issuing entity has failed to obtain or maintain a perfected security interest in a financed vehicle, its security interest would be subordinate to, among others, a bankruptcy trustee of the obligor, a subsequent purchaser of the financed vehicle or a holder of a perfected security interest in the financed vehicle or a bankruptcy trustee of such holder. If the issuing entity elects to attempt to repossess the related financed vehicle, it might not be able to realize any liquidation proceeds on the financed vehicle and, as a result, you may suffer a loss on your investment in the notes.

**The issuing entity's interest in the receivables could be defeated because the contracts will not be delivered to the issuing entity.** 

To the extent that contracts exist for any receivable, the servicer, in its capacity as custodian, will maintain possession of the original contracts in tangible form or "control" of the authoritative copies of the contracts in electronic form for each of the receivables and the original contracts will not be segregated or marked as belonging to the issuing entity. If the servicer sells or pledges and delivers original contracts for the receivables to another party in violation of its obligations under the agreements for the notes, this party could acquire an interest in the receivables having a priority over the issuing entity's interest.

In addition, another person could acquire an interest in a receivable that is superior to the issuing entity's interest in the receivable if the receivable is evidenced by an electronic contract and the servicer loses control over the authoritative copy of the contract and another party purchases the receivable evidenced by the contract without knowledge of the issuing entity's interest. If the servicer loses control over the contract through fraud, forgery, negligence or error, or as a result of a computer virus or a hacker's actions or otherwise, a person other than the issuing entity may be able to modify or duplicate the authoritative copy of the contract.

As a result of any of the above events, the issuing entity may not have a perfected security interest in certain receivables. The possibility that the issuing entity may not have a perfected security interest in the receivables may affect the issuing entity's ability to repossess and sell the underlying financed vehicles. Therefore, you may be subject to delays in payment and may incur losses on your investment in the notes.

Furthermore, if the servicer becomes the subject of an insolvency proceeding, competing claims to ownership or security interests in the receivables could arise. These claims, even if unsuccessful, could result in

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delays in payments on the notes. If successful, the attempt could result in losses or delays in payments to you or an acceleration of the repayment of the notes.

**Interests of other persons in the receivables and financed vehicles could be superior to the issuing entity's interest, which may result in reduced payments on your notes.** 

If another person acquires an interest in a receivable that is superior to the issuing entity's interest in the receivable, the proceeds of that receivable may not be available to make payments on the notes. The issuing entity could lose the priority of its security interest in a financed vehicle due to, among other things, liens for repairs or storage of a financed vehicle or for unpaid taxes of an obligor. Generally, no action will be taken to perfect the rights of the issuing entity in proceeds of any insurance policies covering individual financed vehicles or obligors. Therefore, the rights of a third party with an interest in the proceeds could prevail against the rights of the issuing entity prior to the time the proceeds are deposited by the servicer into the collection account. See "*Material Legal Aspects of the Receivables—Security Interests in the Financed Vehicles*."

Furthermore, a creditor of a dealer that originated a receivable in electronic form may have an interest in that receivable that is prior to the interest of the issuing entity if the methods by which the authoritative copy of that electronic contract was assigned to the originator and by which the servicer maintains control over such authoritative copy are not sufficient under the applicable provisions of the UCC to perfect the assignment of such electronic contract to the originator.

In addition, after the transfer of receivables to the issuing entity, the servicer will retain possession of the paper contracts on behalf of the issuing entity and the servicer will maintain control over the authoritative copies of the electronic contracts on behalf of the issuing entity. A purchaser of the receivables who gives new value and is able to take possession of the paper contracts and/or obtain control over the electronic contracts in the ordinary course of its business will have priority over the issuing entity's interest in the receivables if that purchaser acted in good faith without knowledge that the purchase of the receivables violated the rights of a third party. A purchaser could obtain possession of the paper contracts or control over the electronic contracts through the fraud, forgery, negligence or error of other parties.

None of the servicer, the sponsor, the originator, FTH LLC, the depositor or their affiliates will have any obligation to purchase or repurchase, as applicable, a receivable if these liens result in the loss of the priority of the security interest in the financed vehicle after the issuance of notes by the issuing entity.

**Extensions and deferrals of payments on receivables could increase the average life of the notes.** 

In some circumstances, the servicer may permit an extension on payments due on receivables on a case-by-case basis. In addition, the servicer may from time to time offer obligors an opportunity to defer payments. As part of the servicer's global health crisis relief program designed to provide assistance to customers who have been impacted by COVID-19, the servicer offered extensions for certain obligors.

Any of these extensions or deferrals may extend the maturity of the receivables and increase the weighted average life of the notes. The weighted average life and yield on your notes may be adversely affected by extensions and deferrals on the receivables. However, the servicer will be required to purchase a receivable from the issuing entity if it extends the term of the receivable beyond the final scheduled payment date of the latest maturing class of notes.

**Prepayments on the receivables may adversely affect the average life of and rate of return on your notes.** 

Faster than expected prepayments on the receivables will cause the issuing entity to make payments on the notes earlier than expected. You may not be able to reinvest the principal repaid to you at a rate of return that is equal to or greater than the rate of return on your notes. We cannot predict the effect of prepayments on the average life of your notes.

All the receivables by their terms may be prepaid at any time. Prepayments include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepayments in whole or in part by the obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidations due to default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partial payments with proceeds from physical damage, credit life and disability insurance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• required purchases of receivables by the servicer or repurchases of receivables by the originator for specified
breaches of its representations or covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an optional repurchase of the issuing entity's receivables as described under "*The Transaction Documents—Optional Redemption*."

A variety of economic, social and other factors will influence the rate of optional prepayments on the receivables and defaults, including the recent COVID-19 outbreak.

The final payment of each class of notes is expected to occur prior to its final scheduled payment date because of the prepayment and purchase considerations set forth above. If sufficient funds are not available to pay any class of notes in full on its final payment date, an event of default will occur and final payment of such class of notes will occur later than such date.

For more information regarding the timing of repayments of the notes, see "*Maturity and Prepayment Considerations*."

**Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the receivables.** 

Information regarding credit scores for the obligors obtained at the time of acquisition from the originating dealer of their contracts is presented in "*The Receivables Pool*" in this prospectus. A credit score purports only to be a measurement of the relative degree of risk a borrower represents to a lender, i.e., that a borrower with a higher score is statistically expected to be less likely to default in payment than a borrower with a lower score. Further, the credit score models were built prior to the global outbreak of COVID-19, and consequently were not designed to take into account the social, economic and financial disruptions caused by the pandemic. None of the depositor, FTH LLC, the sponsor nor any other party makes any representations or warranties as to any obligor's current credit score or actual performance of any motor vehicle receivable or that a particular credit score should be relied upon as a basis for an expectation that a receivable will be paid in accordance with its terms.

Additionally, historical loss and delinquency information set forth in this prospectus under "*The Receivables Pool*" was affected by several variables, including general economic conditions and market interest rates, that are expected to differ in the immediate future and are likely to differ in the longer term future. Therefore, there can be no assurance that the net loss experience calculated and presented in this prospectus with respect to Fifth Third Bank's managed portfolio of contracts will reflect actual experience with respect to the receivables in the receivables pool. There can be no assurance that the future delinquency or loss experience of the servicer with respect to the receivables will be better or worse than that set forth in this prospectus with respect to Fifth Third Bank's managed portfolio. Unlike the servicer's relief options offered for natural disasters, the COVID-19 outbreak is impacting obligors nationwide and is expected to have a materially more significant impact on portfolio performance (including the performance of the receivables pool) than even the most severe historical natural disasters during the years reflected in the historical loss and delinquency information set forth in this prospectus.

**[You may suffer losses due to receivables with low contract rates.** 

The receivables pool may include receivables that have contract rates that are less than the interest rates on your notes. Interest paid on the higher contract rate receivables compensates for the lower contract rate receivables and to the extent such interest causes there to be excess interest during any collection period that excess interest may be paid by the issuing entity as principal on your notes and additional overcollateralization may be created. Excessive prepayments on the higher contract rate receivables may adversely impact your notes by reducing the interest payments available.]

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**RISKS RELATING TO THE TRANSACTION PARTIES** 

**Adverse events with respect to Fifth Third Bank or its affiliates or third-party providers to whom Fifth Third Bank outsources its activities could affect the timing of payments on your notes or have other adverse effects on your notes.** 

Adverse events with respect to Fifth Third Bank or any of its affiliates or a third-party provider to whom Fifth Third Bank or its affiliates outsource their activities could result in servicing disruptions or reduce the market value of your notes. In the event of a termination and replacement of Fifth Third Bank, as the servicer, there may be some disruption of the collection activity with respect to loans and therefore delinquencies and credit losses could increase. Further, servicing disruptions could result from unanticipated events beyond Fifth Third Banks's control, such as natural disasters, power outages, civil unrest, political instability (such as increased tensions between Ukraine and Russia), public health emergencies (including epidemics and pandemics) and economic disruptions, particularly to the extent such events affected Fifth Third Bank's business or operations. For example, if the originator or the servicer becomes unable to repurchase the receivables which do not comply with representations and warranties about the receivables made by the originator in the receivables sale agreement (for example, representations relating to the compliance of the receivables with applicable laws), then investors could suffer losses. In addition, adverse corporate developments with respect to servicers of asset-backed securities or their affiliates have in some cases also resulted in a reduction in the market value of the related asset-backed securities.

Further, Fifth Third Bank relies upon its ability to sell securities in the asset backed securities market and upon its ability to access various credit facilities to fund its operations. As discussed under "*—Adverse events related to the Coronavirus outbreak could have an adverse effect on the performance of the receivables and the related vehicles, which could result in delays in payments and/or losses on your notes*," the global credit and financial markets have recently experienced, and may continue to experience, significant disruption and volatility. Recent government and regulatory actions may not be successful in mitigating the adverse economic effects of COVID-19. Sustained adverse economic effects from the pandemic may also result in downgrades in the credit ratings of the sponsor or adversely affect the interest rate environment. Fifth Third Bank cannot predict how the COVID-19 outbreak and the legal and regulatory responses to the COVID-19 outbreak and related economic disruptions will affect its businesses, including its liquidity or ability to access the capital markets. If Fifth Third Bank's access to funding is reduced or if Fifth Third Bank's costs to obtain such funding significantly increase, Fifth Third Bank's business, financial condition and results of operations could be materially and adversely affected, which could adversely affect Fifth Third Bank's ability to perform its obligations under the transaction documents and the liquidity and market value of your notes.

**A FTH LLC or depositor bankruptcy could delay or limit payments to you.** 

Following a bankruptcy or insolvency of FTH LLC or the depositor, a court could conclude that the receivables are owned by FTH LLC or the depositor, instead of the issuing entity. This conclusion could be either because the court concluded that any transfer of the receivables was not a true sale or because the court concluded that the depositor or the issuing entity should be treated as the same entity as FTH LLC or the depositor for bankruptcy purposes. If this were to occur, you could experience delays in payments due to you or you may not ultimately receive all amounts due to you as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the automatic stay, which prevents a secured creditor from exercising remedies against a debtor in bankruptcy
without permission from the court, and provisions of the United States Bankruptcy Code that permit substitution of collateral in limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax or government liens on FTH LLC's or the depositor's property (that arose prior to the transfer of
the receivables to the issuing entity) having a prior claim on collections before the collections are used to make payments on the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that the issuing entity and the indenture trustee may not have a perfected security interest in any cash
collections of the receivables held by the servicer at the time that a bankruptcy proceeding begins.

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For a discussion of how a bankruptcy proceeding of FTH LLC or the depositor may affect the issuing entity and the notes, you should refer to "*Material Legal Aspects of the Receivables—Certain Matters Relating to Bankruptcy*" in this prospectus.

**FDIC receivership or conservatorship of Fifth Third Bank could result in delays in payments or losses on your notes.** 

Fifth Third Bank is a national banking association and its deposits are insured by the Federal Deposit Insurance Corporation ("**FDIC**"). If Fifth Third Bank were to become insolvent or were to violate applicable regulations, or if other similar circumstances were to occur, the FDIC could be appointed receiver or conservator of Fifth Third Bank. As receiver or conservator, the FDIC would have various powers under the Federal Deposit Insurance Act, including the repudiation and automatic stay powers described under "*Material Legal Aspects of the Receivables—Certain Matters Relating to Insolvency*" in this prospectus. To limit the FDIC's potential use of any of these powers, Fifth Third Bank has structured this transaction to take advantage of a special regulatory safe harbor that the FDIC has created, entitled "Treatment of financial assets transferred in connection with a securitization or participation." This FDIC regulatory safe harbor, which we refer to as the "**FDIC Rule**," contains four separate safe harbors for transactions; in this prospectus, we describe the safe harbors applicable to securitizations that do not qualify for sale accounting treatment and securitizations that do satisfy the requirements for sale accounting treatment. See "*Material Legal Aspects of the Receivables—FDIC Rule*." [In this transaction, the certificates initially will be held by the depositor or an affiliate of the depositor.] The FDIC Rule limits the rights of the FDIC, as conservator or receiver, to delay or prevent payments to noteholders in securitization transactions. If the depositor were to sell all or nearly all of the certificates, then the sponsor would record the transfer of receivables as a sale under generally accepted accounting principles at the time of such sale. Consequently, we also describe the safe harbor applicable to securitizations that qualify for sale accounting treatment in this prospectus. For a description of the FDIC Rule's requirements and effects, including the uncertainty regarding its application and interpretation, see "*Material Legal Aspects of the Receivables—FDIC Rule*."

If the FDIC were to successfully assert that this transaction does not comply with the FDIC Rule and that the transfer of receivables under the receivables sale agreement was not a legal true sale, then FTH LLC would be treated as having made a loan to Fifth Third Bank, secured by the transferred receivables. If the FDIC repudiated that loan, the amount of compensation that the FDIC would be required to pay would be limited to "actual direct compensatory damages," as discussed under "*Material Legal Aspects of the Receivables—Certain Matters Relating to Insolvency*."

If the FDIC were appointed as conservator or receiver for Fifth Third Bank, the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the issuing entity, as assignee of the depositor, to go through an administrative claims procedure to
establish its rights to payments collected on the receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against
Fifth Third Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repudiate without compensation Fifth Third Bank's ongoing servicing obligations under the servicing
agreement, such as its duty to collect and remit payments or otherwise service the receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• argue that the automatic stay prevents the indenture trustee and other transaction parties from exercising their
rights, remedies and interests for up to 90 days.

If the FDIC, as conservator or receiver for Fifth Third Bank, were to take any of the actions described above, payments and/or distributions of principal and interest on the notes issued by the issuing entity could be delayed or reduced. See "*Material Legal Aspects of the Receivables—Certain Matters Relating to Insolvency*."

Additionally, Fifth Third Bank's accounting treatment of the transfer of receivables may also affect whether the issuing entity would be a covered subsidiary of Fifth Third Bancorp under the Orderly Liquidation Authority created pursuant to the Dodd-Frank Act and thus potentially subject to an FDIC receivership under that statute in addition to potentially being a debtor in a case under the Bankruptcy Code. See "—*Federal financial regulatory reform could have a significant impact on the servicer, the sponsor, the originator, the administrator,* 

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 *FTH LLC, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes*" above and "*Material Legal Aspects of the Receivables—Certain Matters Relating to Insolvency*."

**Risk of loss or delay in payment may result from delays in the transfer of servicing due to the servicing fee structure and upon the occurrence of a servicer replacement event and termination of the servicer.** 

Upon the occurrence of a servicer replacement event, the indenture trustee will, at the direction of holders of notes evidencing not less than a majority of the outstanding principal amount of the notes, terminate the servicer. In addition, the holders of notes evidencing not less than a majority of the outstanding principal amount of the notes have the ability to waive any servicer replacement event.

In addition, during the pendency of any servicing transfer or for some time thereafter, obligors may delay making their monthly payments or may inadvertently continue making payments to the predecessor servicer, potentially resulting in delays in payments on the notes. Delays in payments on the notes and possible reductions in the amount of such payments could occur with respect to any cash collections held by the servicer at the time that the servicer becomes the subject of a bankruptcy or similar proceeding.

Because the servicing fee is structured as a percentage of the net pool balance of the receivables, the amount of the servicing fee payable to the servicer may be considered insufficient by potential replacement servicers if servicing is required to be transferred at a time when much of the net pool balance of the receivables has been repaid. Due to the reduction in servicing fee as described in the foregoing, it may be difficult to find a replacement servicer. Consequently, the time it takes to effect the transfer of servicing to a replacement servicer under such circumstances may result in delays and/or reductions in the interest and principal payments on your notes.

**The servicer's commingling of funds with its own funds could result in a loss.** 

To the extent specified and subject to the satisfaction of certain conditions set forth in "*The Transaction Documents—The Accounts—The Collection Account*," the servicer may be able to commingle funds, such as collections from the loans and proceeds from the disposition of any repossessed financed vehicles, with its own funds for up to two business days following receipt thereof. Commingled funds may be used or invested by the servicer at its own risk and for its own benefit. If the servicer were unable to remit those funds or the servicer were to become a debtor under any insolvency laws, delays or reductions in distributions to you may occur.

**The sponsor, FTH LLC, the servicer and the depositor have limited obligations to the issuing entity and will not make payments on the notes.** 

The sponsor, FTH LLC, the servicer, the depositor and their affiliates, other than the issuing entity, are not obligated to make any payments to you on your notes. The sponsor, FTH LLC, the servicer, the depositor and their affiliates do not guarantee payments on the receivables or your notes. However, the originator will make representations and warranties about the characteristics of the receivables. Furthermore, the originator and the servicer will enter into covenants with respect to the receivables.

If a representation or warranty made by the originator with respect to a receivable is untrue, then the originator may be required to repurchase that receivable. If the originator fails to repurchase that receivable, you might experience delays and/or reductions in payments on your notes. In addition, if the servicer breaches certain covenants with respect to a receivable, then the servicer may be required to purchase the receivable. If the servicer fails to purchase the receivable, you might experience delays and/or reductions in payments on your notes. However, absent a breach of an eligibility representation or warranty or a breach of a specific servicing covenant (but, in each case, only if such breach is not cured and materially and adversely affects the interests of the issuing entity or noteholders), Fifth Third Bank will have no obligation to repurchase receivables for which the related obligor was adversely affected by the outbreak of COVID-19 (including receivables extended or modified after the cut-off date in accordance with the transaction documents).

See "*The Transaction Documents—Sale and Assignment of Receivables and Related Security Interests—Representations and Warranties of the Originator*" and "*The Servicer.*"

**RISKS RELATING TO MACROECONOMIC, REGULATORY AND OTHER EXTERNAL FACTORS** 

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**Federal financial regulatory reform could have a significant impact on the servicer, the sponsor, the originator, the administrator, FTH LLC, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.** 

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") became effective on July 22, 2010. The Dodd-Frank Act is extensive and significant legislation that, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• created a framework for the liquidation of certain bank holding companies and other nonbank financial companies,
determined to be "covered financial companies," in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in
the United States, and also for the liquidation of certain of their respective subsidiaries, defined as "covered subsidiaries," in the event such a subsidiary is also determined to be a "covered financial company" because it is,
among other things, in default or in danger of default and the liquidation of such subsidiary would avoid or mitigate serious adverse effects on the financial stability or economic conditions of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• created a new framework for the regulation of over-the-counter derivatives activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expanded the regulatory oversight of securities and capital markets activities by the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• created the Consumer Financial Protection Bureau ()"**CFPB** "), an agency responsible for, among
other things, administering and enforcing the laws and regulations for consumer financial products and services and conducting examinations of certain non-banks and large banks and their affiliates for
purposes of assessing compliance with the requirements of consumer financial laws.

The CFPB has successfully asserted the power to investigate and bring enforcement actions directly against securitization vehicles. On December 13, 2021, in an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by a securitization trust by holding that the trust is a "covered person" under the Dodd-Frank Act because it engages in the servicing of loans, even if through servicers and subservicers. CFPB v. Nat'l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.). While the court did not decide whether the trust could be held liable for the conduct of the servicer at this stage of the case, the CFPB may now make that argument; the case remains pending. On February 11, 2022, the district court granted the defendant's motion for an interlocutory appeal and stayed the case pending the decision of the appellate court on two questions including whether the trusts are "covered persons" subject to the CFPB's enforcement authority. The Third Circuit Court of Appeals subsequently granted the defendant trust's petition for an interlocutory appeal. Depending upon the outcome of the appeal, the CFPB may rely on this decision as precedent in investigating and bringing enforcement actions against other trusts, including the issuing entity, in the future.

The CFPB also issued a Compliance Bulletin stating its position that automobile loan holders and servicers are responsible for ensuring that their repossession-related practices, and the practices of their service providers, do not violate the law, and the CFPB also described its intention to hold loan holders and servicers liable for unfair, deceptive, or abusive acts or practices related to the repossession of automobiles. It is possible that the CFPB may bring enforcement actions against securitization trusts holding automobile loans, such as the issuing entity, and servicers in the future.

In addition, the Federal Trade Commission ("**FTC**") and state attorneys general have recently increased their scrutiny of motor vehicle dealers and auto lending, particularly with respect to antidiscrimination and deception concerns related to the prices of and fees charged in connection with automobile financing, including add-on products such as GAP insurance and extended warranties. Also, on June 23, 2022 the FTC issued a proposed rule that would (i) prohibit motor vehicle dealers from making certain misrepresentations in the course of selling, leasing, or arranging financing for motor vehicles, (ii) require accurate pricing disclosures in dealers' advertising and sales discussions, (iii) require dealers to obtain consumers' express, informed consent for charges, (iv) prohibit the sale of any add-on product or service that confers no benefit to the consumer, and (v) require dealers to keep records of advertisements and customer transactions. At this stage, it is unknown whether a final rule will be issued, the exact requirements of any final rule if issued or if any final rule would have a broader potential impact on auto lending practices.

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The Dodd-Frank Act also increased the regulation of the securitization markets. For example, it gives broader powers to the SEC to regulate credit rating agencies and adopt regulations governing these organizations and their activities.

Compliance with the implementing regulations under the Dodd-Frank Act or the oversight of the SEC, CFPB or other government entities, as applicable, has imposed costs on, created operational constraints for, and placed limits on pricing with respect to banks such as Fifth Third Bank. The ultimate impact of the Dodd-Frank Act and its effects on the financial markets and their participants will not be fully known for an extended period of time. No assurance can be given that requirements imposed by the Dodd-Frank Act will not have a significant impact on the servicing of the receivables, and on the regulation and supervision of the servicer, the sponsor, the originator, the administrator, FTH LLC, the depositor, the issuing entity and/or their respective affiliates. Furthermore, on May 24, 2018, President Trump signed into law The Economic Growth, Regulatory Relief and Consumer Protection Act, which repeals or modifies certain provisions of the Dodd-Frank Act.

In addition, no assurances can be given that the framework for the liquidation of "covered financial companies" or their "covered subsidiaries" determined to be "covered financial companies" would not apply to Fifth Third Bancorp or its nonbank affiliates, the issuing entity, FTH LLC or the depositor, or, if it were to apply, would not result in a repudiation of any of the transaction documents where further performance is required or an automatic stay or similar power preventing the indenture trustee or other transaction parties from exercising their rights. This repudiation power could also affect certain transfers of receivables pursuant to the transaction documents as further described under "*Material Legal Aspects of the Receivables—Dodd-Frank Orderly Liquidation Framework*" in this prospectus. Application of this framework could materially adversely affect the timing and amount of payments of principal and interest on your notes.

In October 2020, the CFPB issued a final rule governing the activities of third-party debt collectors, which became effective on November 30, 2021. While the final rule did not address first-party debt collectors, the CFPB has previously indicated that it would address this activity in a later rule. It is unclear what effect, if any, this final rule or subsequent changes would have on the receivables or the servicer's practices, procedures and other servicing activities relating to the receivables in ways that could reduce the associated recoveries.

Certain state and federal legislation implemented in response to the COVID-19 outbreak, including the Coronavirus Aid, Relief and Economic Security Act (the "**CARES Act**"), the Consolidated Appropriations Act of 2021 and the American Rescue Plan Act of 2021, have provided funding for economic stimulus programs to various individuals. For example, Congress passed the American Rescue Plan Act of 2021, which extended unemployment benefits through September 6, 2021 (though some states discontinued the additional federal unemployment benefits ahead of this date), provided stimulus checks to certain individuals and families up to $1,400 per adult and eligible dependent, made the Paycheck Protection Program more accessible to businesses and nonprofits, added additional funding of $7.25 billion to the Paycheck Protection Program and provided additional relief to state and local communities.

Such economic relief programs have included unemployment compensation benefits, deferral of payroll tax collections and cash benefits. The Sponsor cannot predict the impact of the failure by Congress to renew or initiate other relief measures in the future. In addition, it is not known how many obligors may have been or are currently receiving any such additional unemployment benefits, or what the effect of any future reduction of such benefits may be on the ability of the obligors to meet their payment obligations under their contracts and, consequently, what impact such benefits have had on recent historical loss and delinquency information and static pool experience or what impact such benefits (or the discontinuation thereof) may have on the loss and delinquency performance of the receivables in the receivables pool.

**Failure to comply with consumer protection laws may result in losses on your investment.** 

Federal and state consumer protection laws regulate the creation, collection and enforcement of consumer contracts such as the receivables. These laws impose specific statutory liabilities upon creditors who fail to comply with the provisions of these laws. Although the liability of the issuing entity to the obligor for violations of applicable federal and state consumer laws may be limited, these laws may make an assignee of a receivable, such as the issuing entity, liable to the obligor for any violation by the lender. In some cases, this liability could affect an assignee's ability to enforce its rights related to secured loans such as the receivables. The originator is obligated to repurchase from the issuing entity any receivable that fails to comply with federal and state consumer protection

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laws. To the extent that the originator fails to make such a repurchase, or to the extent that a court holds the issuing entity liable for violating consumer protection laws regardless of such a repurchase, a failure to comply with consumer protection laws could result in required payments by the issuing entity. For a discussion of federal and state consumer protection laws which may affect the receivables, you should refer to "*Material Legal Aspects of the Receivables—Consumer Protection Law*" in this prospectus.

[A regulatory interpretation of the Military Lending Act (the "**MLA**") issued by the Department of Defense (the "**DoD**") in December 2017 indicated that retail installment sale contracts that include credit-related ancillary products (guaranteed asset protection (GAP), credit life, and similar credit products) may need to comply with the requirements of the MLA. Regulations implementing the MLA limit the military annual percentage rate, adjust arbitration rules and require additional disclosures. Failure to comply with these requirements could render the related receivables void and/or subject the issuing entity to liability. Financial services industry groups are continuing to seek further clarification from the DoD on the interpretations of the MLA.

Each of the depositor and originator will make representations and warranties relating to the receivables' compliance with law and the enforceability of the related contracts. If this interpretation with respect to the MLA is ultimately unchanged and if any of these laws or other federal or state consumer protection laws applicable to consumer loans such as the receivables have not been complied with, it could result in an obligation of the depositor and the originator to repurchase such receivables, thereby shortening the weighted average life of your notes, or may materially affect collection on such receivables and, in either event, you may experience delays in payments or losses on your notes. For a description of the impact of repurchases on the weighted average life of the notes, see "*Weighted Average Life of the Notes*" in this prospectus. For a discussion of federal and state consumer protection laws which may affect the receivables, you should refer to "*Material Legal Aspects of the Receivables—Consumer Protection Law*" in this prospectus.]

**Federal or state bankruptcy or debtor relief laws as they affect obligors may impede collection efforts or alter the timing and amount of collections, which may result in acceleration of or reduction in payment on your notes.** 

If an obligor sought protection under federal or state bankruptcy or debtor relief laws, a court could reduce or discharge completely the obligor's obligations to repay amounts due on its receivable. As a result, that receivable would be written off as uncollectible. It is possible that a higher percentage of obligors will seek protection under bankruptcy or debtor relief laws as a result of financial and economic disruptions related to the outbreak of COVID-19 than is reflected in Fifth Third Bank's historical experience. See "*—Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the receivables*." You could suffer a loss if no funds are available from credit enhancement or other sources allocated to the notes are insufficient to cover the applicable default amount.

**The return on your notes may be reduced due to varying economic circumstances and recent economic developments.** 

The United States experienced a recession, which may adversely affect the performance of the receivables and market value of your notes. See "—*Adverse events related to the Coronavirus outbreak could have an adverse effect on the performance of the receivables and the related vehicles, which could result in delays in payments and/or losses on your notes.*" A deterioration in economic conditions and certain economic factors, such as unemployment, interest rates, the price of gasoline, high energy prices, inflation rates, lack of available credit and consumer perceptions of the economy could adversely affect the ability and willingness of obligors to meet their payment obligations under the receivables. Delinquencies and losses on automobile loans generally may increase if the Servicer experiences an increase in requests for extensions or obligors fail to make payments as a result of new or continuing outbreaks of COVID-19. The Servicer has previously modified collections and repossession activity and may elect to do so again in the future. A reduction in the repossession rate in response to COVID-19 and the general limited availability of used car auctions and other markets for the sale of repossessed vehicles has resulted in delayed and decreased recoveries for non-performing auto loans across the industry. If a vehicle is repossessed while the auction market is not fully functioning, it is likely that the sale proceeds for such vehicle will be lower than expected. As a result, you may experience payment delays and losses on your notes. An improvement in economic conditions could result in prepayments by the obligors of their payment obligations under the receivables. As a result, you may receive principal payments of your notes earlier than anticipated.

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No prediction or assurance can be made as to the effect of an economic downturn or economic growth on the rate of delinquencies, losses and prepayments of the receivables.

**The return on your notes could be reduced by shortfalls due to application of the Servicemembers Civil Relief Act.** 

The Servicemembers Civil Relief Act ("Relief Act") and similar state legislation may limit the interest payable on a receivable during an obligor's period of active military duty and a period of time after active duty. This legislation could adversely affect the ability of the servicer to collect full amounts of interest on a receivable as well as to foreclose on an affected receivable during and, in certain circumstances, after the obligor's period of active military duty. This legislation may thus result in delays and losses in payments to noteholders. See "*Material Legal Aspects of the Receivables—Servicemembers Civil Relief Act*" in this prospectus.

**Climate related events and climate change risks may cause losses on your notes.** 

The effects of climate change and the ongoing efforts to mitigate its impact, including through climate change-related legislation and regulation, may have a negative effect on the issuing entity.

Significant physical effects of climate change, such as extreme weather and natural disasters, may affect the obligors of the receivables. For example, obligors living in areas affected by extreme weather and natural disasters may suffer financial harm, reducing their ability to make timely payments on their receivables. The auto dealerships and physical auctions that facilitate the disposition of the financed vehicles after repossession are also subject to disruption as a result of extreme weather and natural disasters, which could result in an inability to sell repossessed vehicles or a temporary or permanent decline in the market value of those vehicles. In addition, extreme weather and natural disasters may have industry- or economy-wide effects due to the interdependence of market actors. If such extreme weather or a natural disaster were to occur in a geographic region in which a large number of obligors are located, these risks would be exacerbated. See "—*The geographic concentration of the obligors in the receivables pool and varying economic circumstances may increase the risk of losses or reduce the return on your notes*."

Changes to laws or regulations enacted to address the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) could have an adverse impact on the servicer, the sponsor, the depositor, the issuing entity or the resale value of the financed vehicles and could adversely affect the timing and amount of payments on your notes.

Any of those effects or their confluence could adversely affect the performance of the receivables or the market value of the vehicles securing the receivables, which could result in losses or affect the timing of payments on your notes.

**The notes may not be a suitable investment for investors subject to the EU Securitization Regulation or UK Securitization Regulation.** 

None of FTH LLC, the sponsor, the depositor, the underwriters, their respective affiliates nor any other party to the transactions described in this prospectus intends or is required under the transaction documents to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy the requirements of the EU Securitization Regulation or the UK Securitization Regulation.

In addition, no such person undertakes to take any other action or refrain from taking any action prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any applicable requirement of, the European Securitization Regulation or the UK Securitization Regulation. The arrangements described under "*Credit Risk Retention*" have not been structured with the objective of ensuring compliance with the requirements of the European Securitization Regulation or the UK Securitization Regulation by any person.

Consequently, the notes may not be a suitable investment for investors who are subject to the European Securitization Regulation or the UK Securitization Regulation. As a result, the price and liquidity of the notes in the secondary market may be adversely affected. Prospective investors are responsible for analyzing their own legal and regulatory position and are advised to consult with their own advisors regarding the suitability of the notes for investment and compliance with the European Securitization Regulation or the UK Securitization Regulation, as

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applicable. For more information regarding the European Securitization Regulation and the UK Securitization Regulation, see "*Legal Investment––Requirements for Certain European Regulated Investors, UK Regulated Investors and Affiliates*" in this prospectus.

**[RISKS RELATING TO THE ISSUANCE OF A FLOATING RATE CLASS OF NOTES** 

**[insert applicable floating rate benchmark] is a relatively new reference rate and its composition and characteristics are not the same as LIBOR.** 

[[insert applicable floating rate benchmark] is a relatively new interest rate index and may not become widely established in the market or could eventually be eliminated. Further, the way that [insert applicable floating rate benchmark], including any market accepted adjustments to [insert applicable floating rate benchmark], are determined may change over time.

The composition and characteristics of [insert applicable floating rate benchmark] are not the same as those of London interbank offered rate ("**LIBOR**") and other floating interest benchmark rates. [insert description of differences between benchmark rate and LIBOR]. As a result, there can be no assurance that [insert applicable floating rate benchmark] will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events.

Very limited market precedent exists for securities that use [insert applicable floating rate benchmark] as the interest rate [and the method for calculating an interest rate based upon [insert applicable floating rate benchmark] in those precedents varies]. Similarly, if [insert applicable floating rate benchmark] does not become widely adopted for securities like the Class A-2-B notes, the trading prices of the Class A-2-B notes may be lower than those of securities like the Class A-2-B notes linked to indices that are more widely used. Investors in the Class A-2-B notes may not be able to sell the Class A-2-B notes at all or may not be able to sell the Class A-2-B notes at prices that will provide them with yields comparable to those of similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.]

**A decrease in [insert applicable floating rate benchmark], including a negative [insert applicable floating rate benchmark] would reduce the rate of interest on the Class A-2-B notes.** 

The interest rate to be borne by the Class A-2-B notes is based on a spread over the [insert applicable floating rate benchmark], which is based on [insert applicable floating rate benchmark] or, if the administrator determines prior to the relevant reference time that a benchmark transition event and its related benchmark replacement event have occurred, upon the applicable benchmark replacement.

Changes in [insert applicable floating rate benchmark] or such benchmark replacement will affect the rate at which the Class A-2-B notes accrue interest and the amount of interest payments on the Class A-2-B notes. Any decrease in the [insert applicable floating rate benchmark] or such benchmark replacement will lead to a decrease in the Class A-2-B notes interest rate. To the extent that the [insert applicable floating rate benchmark] decreases below 0.00% for any interest period, the rate at which the Class A-2-B notes accrue interest for such interest period will be reduced by the amount by which the [insert applicable floating rate benchmark] is negative; provided that the interest rate on the Class A-2-B notes for any interest period will not be less than 0.00%. A negative [insert applicable floating rate benchmark] could result in the interest rate applied to the Class A-2-B notes decreasing to 0.00% for the related interest period.

**The issuing entity may issue floating rate notes, but the issuing entity will not enter into any interest rate swaps and you may suffer losses on your notes if interest rates rise.** 

The receivables sold to the issuing entity on the closing date will bear interest at a fixed rate, while the floating rate notes, if any, will bear interest at a floating rate, initially, based on [insert applicable floating rate benchmark] plus an applicable spread. Even though the issuing entity may issue floating rate notes, it will not enter into any interest rate swaps or interest rate caps in connection with the issuance of the notes.

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If the interest rate payable on the Class A-2-B notes increases due to an increase in [insert applicable floating rate benchmark] to the point where the amount of interest and principal due on the notes, together with other fees and expenses payable by the issuing entity, exceeds the amount of collections and other funds available to the issuing entity to make such payments, the issuing entity may not have sufficient funds to make payments on the notes. If the issuing entity does not have sufficient funds to make such payments, you may experience delays or reductions in the interest and principal payments on your notes.

If market interest rates rise or other conditions change materially after the issuance of the notes and certificate, you may experience delays or reductions in interest and principal payments on your notes. The issuing entity will make payments on the floating rate notes out of its generally available funds—not solely from funds that are dedicated to the floating rate notes. Therefore, an increase in interest rates would reduce the amounts available for distribution to holders of all notes, not just the holders of the floating rate notes, and a decrease in interest rates would increase the amounts available to the holders of all notes.

**Risks associated with a replacement of [insert applicable floating rate benchmark].** 

If an alternative method or index is designated in place of [insert applicable floating rate benchmark] for the Class [•] notes, which have an interest rate that currently adjusts based on [insert applicable floating rate benchmark], the U.S. federal income tax consequences of such a replacement are uncertain. If such a replacement constituted a "significate modification" of the Class [•] notes under Treasury Regulation section 1.1001-3, the replacement may result in a deemed taxable exchange of the Class [•] notes and the realization of gain or loss, as well as other corollary tax consequences.

**[You may experience a loss on your notes as a result of payments due [to or] from the [swap][cap] counterparty under the interest rate [swap][cap] agreement.]** 

[The issuing entity will enter into an interest rate [swap][cap] agreement because the receivables owned by the issuing entity bear interest at fixed rates while the Class [___] notes will bear interest at a floating rate. The issuing entity will use payments made by the [swap][cap] counterparty as an additional source of funds to make payments on each payment date in accordance with the payment waterfall.

During those periods in which the floating rate payable by the counterparty is substantially greater than the fixed rate payable by the issuing entity, the issuing entity will be more dependent on receiving payments from the counterparty in order to make payments on the notes in accordance with the payment waterfall. If the counterparty fails to pay the net amount due, collections on the receivables, together with funds on deposit in the reserve account, may be insufficient to make payments of interest and principal on your notes on any payment date. Consequently, you may experience delays and/or reductions in the interest and principal payments on your notes.

The interest rate [swap][cap] agreement generally may not be terminated except upon failure of either the counterparty [or the issuing entity] to make payments when due, insolvency of the swap counterparty [or the issuing entity], illegality or the failure of the counterparty to post collateral, assign the agreement to an eligible counterparty or take other remedial action if the counterparty's credit ratings drop below the levels required by the agreement. Depending on the reason for the termination, a termination payment may be due to the issuing entity [or to the counterparty. Any such termination payment could, if market interest rates and other conditions have changed materially, be substantial.] If the counterparty fails to make a termination payment owed to the issuing entity under the agreement, the issuing entity may not be able to enter into a replacement interest rate [swap][cap] agreement. If this occurs, the amount available to pay principal of and interest on the notes may be reduced.

If the interest rate [swap][cap] agreement is terminated and no replacement is entered into, and collections on the receivables and amounts on deposit in the reserve account are insufficient to make all payments on any payment date in accordance with the payment waterfall, you may experience delays and/or reductions in the interest and principal payments on your notes.]

**[The rating of [a third party credit enhancement provider] may affect the ratings of the notes.]** 

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[The issuing entity has entered into a third party credit enhancement arrangement. The hired agencies rating the notes have considered the provisions of arrangement and the rating of [insert third party credit enhancement provider]. If a hired agency downgrades the debt rating of [insert third party credit provider], it is also likely to downgrade the rating of the notes. Any downgrade in the rating of the notes could have severe adverse consequences on their liquidity or market value.]

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**USE OF PROCEEDS** 

The depositor will use the net proceeds from the offering of the notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to purchase the receivables from Fifth Third Holdings, LLC, a Delaware limited liability company (which we
sometimes refer to as "**FTH LLC** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [deposit the pre-funded amount, if any, into the pre-funding account;] and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to make (or cause to be made) the initial deposit into the reserve account [and the yield supplement account]
[and the risk retention reserve account].

The depositor or its affiliates may use all or a portion of the net proceeds of the offering of the notes to pay their respective debts, [including debt secured by the receivables prior to their transfer to the issuing entity,] and for general purposes. [Any debt may be owed to the owner trustee, the Delaware trustee or the indenture trustee or to one or more of the underwriters or their affiliates or entities for which their respective affiliates act as administrator and/or provide liquidity lines, so a portion of the proceeds that is used to pay debt may be paid to the underwriters, the owner trustee, the Delaware trustee, the indenture trustee or their respective affiliates.]

**THE ISSUING ENTITY** 

**Limited Purpose and Limited Assets** 

Fifth Third Auto Trust 20[●]-[●] is a statutory trust formed on [●] [●], 20[●] under the laws of the State of Delaware by Fifth Third Holdings Funding, LLC (the "**depositor**"), a Delaware limited liability company and an indirect wholly-owned special purpose, bankruptcy remote subsidiary of Fifth Third Bank, National Association, a national banking association ("**Fifth Third Bank**") for the purpose of owning the receivables and issuing the notes. The trust is referred to in this prospectus as the "**issuing entity**."

The issuing entity will be established and operated pursuant to a trust agreement. Fifth Third Bank will be the "**administrator**" of the issuing entity. The issuing entity will also issue certificates representing the residual interest in the issuing entity, which are not being offered by this prospectus. [An affiliate of the depositor] [The depositor] will be the initial certificateholder of the issuing entity[, but may transfer the portion of the certificates not included in the eligible vertical interest to an affiliate on or after the closing date.] On each payment date, the holders of the certificates will be entitled to any funds remaining on that payment date after all deposits and distributions of higher priority, as described in "*The Transaction Documents—Priority of Payments*."

The issuing entity will engage in only the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuing the notes and the certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making payments on the notes and distributions to the designated certificateholder account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling, transferring and exchanging the notes and the certificates;

[• entering into and performing its obligations under the interest rate [swap] [cap] agreement;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring, holding and managing the receivables and other assets of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making deposits to and withdrawals from the trust accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paying the organizational, start-up and transactional expenses of the
issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pledging the receivables and other assets of the issuing entity pursuant to the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into and performing its obligations under the transfer agreements; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking any action necessary, suitable or convenient to fulfill the role of the issuing entity in connection with
the foregoing activities [or engaging in other activities including, without limitation, entering into the interest rate [swap] [cap] agreement], as may be required in connection with conservation of the assets of the issuing entity and the making
of payments on the notes and distributions on the certificates.

**Capitalization and Liabilities of the Issuing Entity** 

The following table illustrates the expected assets of the issuing entity as of the closing date, as if the issuance and sale of the notes had taken place on such date:

---

| | |
|:---|:---|
|  Receivables | $[●] |
|  [Pre-funding Account | $[●]] |
|  Reserve Account | $[●] |
|  [Yield Supplement Account | $[●]] |
|  [Yield Supplement Overcollateralization Amount | $[●]] |
|  [Risk Retention Reserve Account | $[●]] |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |

---

The following table illustrates the expected liabilities of the issuing entity as of the closing date, as if the issuance and sale of the notes had taken place on such date:

---

| | |
|:---|:---|
|  Class A-1 Asset Backed Notes | $[●] |
|  Class A-2[-A] Asset Backed Notes | $[●]] |
|  [Class A-2-B Asset Backed Notes |  |
|  Class A-3 Asset Backed Notes | $[●] |
|  Class A-4 Asset Backed Notes | $[●] |
|  Class B Asset Backed Notes | $[●] |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[●] |

---

[The issuing entity will also be liable for payments to the swap counterparty as described in "*The Notes—Interest Rate Swap Agreement.*"] [The issuing entity will also be liable for the premium to the cap provider as described in "*The Notes—Interest Rate Cap Agreement*."]

The issuing entity's fiscal year ends on December 31<sup>st</sup>.

The issuing entity's trust agreement, including its permissible activities, may be amended in accordance with the procedures described in "*The Transaction Documents—Amendment Provisions.*"

The issuing entity's principal offices are located in care of [●], as owner trustee, at the address listed in "*The Trustees—The Owner Trustee*" below.

For a description of the roles and responsibilities of the indenture trustee, see "*The Trustees—The Indenture Trustee*" in this prospectus.

**The Issuing Entity Property** 

The notes will be collateralized by the issuing entity property. The primary assets of the issuing entity will be the receivables, which are amounts owed by individuals under motor vehicle retail installment sale contracts and/or installment loans with respect to new or used automobiles, light-duty trucks, vans and other motor vehicles originated by Fifth Third Bank. We refer to Fifth Third Bank in this capacity as the "**originator**."

The issuing entity property will consist of all the right, title, interest, claims and demands of the issuing entity in and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receivables acquired by the issuing entity from the depositor on the closing date [and on each Funding Date]
and payments made on the receivables [on or] after the [applicable] cut-off date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all receivable files relating to the original motor vehicle retail installment sale contracts and/or loans
evidencing the receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the security interests in the financed vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all rights of the originator to any proceeds from (1) claims on any theft and physical damage insurance
policy maintained by an obligor under a receivable providing coverage against loss or damage to or theft of the related financed vehicle or (2) claims on any credit life or credit disability insurance maintained by an obligor in connection with
any receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other property securing the receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all rights of the originator under agreements with dealers relating to receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all rights of the originator to any refunds in connection with extended service agreements relating to the
receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all rights of the issuing entity to funds on deposit in the reserve account, [the risk retention reserve
account,] [the yield supplement account,] the collection account and the principal distribution account (but not the designated certificateholder account) established pursuant to the indenture or servicing agreement, and all cash, investment
property and other property from time to time credited to the reserve account and the collection account and all proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all rights of the issuing entity under the sale agreement, of the depositor, as buyer, under the purchase
agreement and of FTH LLC, as buyer, under the receivables sale agreement;

[• rights of the issuing entity under the interest rate [swap] [cap] agreement and payments made by the [swap counterparty] [cap provider] under the interest rate [swap] [cap] agreement;] and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of any and all of the above.

The issuing entity will pledge the issuing entity property to the indenture trustee under the indenture.

**THE TRUSTEES** 

**The Owner Trustee** 

[[●] will act as "owner trustee" under the trust agreement. [●] is a [●] existing under the laws of [●] authorized to exercise trust powers. The owner trustee maintains its principal office at [●]. [●] has served and currently is serving as owner trustee for numerous securitization transactions and programs involving pools of motor vehicle receivables.]

[●] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [●] does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as owner trustee.

[Insert additional disclosure, if applicable, pursuant to Items 1109, 1117 and 1119 of Regulation AB.]

The owner trustee's liability in connection with the issuance and sale of the notes is limited solely to the express obligations of the owner trustee set forth in the trust agreement. The depositor and its affiliates may maintain normal commercial banking or investment banking relations with the owner trustee and its affiliates. The servicer will be responsible for paying the owner trustee's fees and for indemnifying the owner trustee against specified losses, liabilities or expenses incurred by the owner trustee in connection with the transaction documents. To the extent these fees and indemnification amounts are not paid by the servicer, they will be payable out of Available Funds as described in "*The Transaction Documents—Priority of Payments*."

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For a description of the roles and responsibilities of the owner trustee, see below under "*Role of the Owner Trustee, Delaware Trustee and Indenture Trustee*."

**The Delaware Trustee** 

[[●] will act as "Delaware trustee" under the trust agreement. [●] is a [●] existing under the laws of [●] authorized to exercise trust powers. The Delaware trustee maintains its principal office at [●]. [●] has served and currently is serving as Delaware trustee for numerous securitization transactions and programs involving pools of motor vehicle receivables.]

[●] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [•] does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as owner trustee.

[Insert additional disclosure, if applicable, pursuant to Items 1109, 1117 and 1119 of Regulation AB.]

**The Indenture Trustee** 

[[●], a [●], is the "indenture trustee" under the indenture for the benefit of the noteholders.]

[The indenture will be administered from the indenture trustee's corporate trust office located at [●].]

[[●] has provided corporate trust services since [●]. As of [●], 20[●], [●] was acting as trustee with respect to over [●] issuances of automotive receivables-backed securities with an outstanding aggregate outstanding principal amount of over $[●].]

[The indenture trustee shall make each monthly statement available to the noteholders via the indenture trustee's internet website at [●]. Noteholders with questions may direct them to the indenture trustee's bondholder services group at ([●])[●]-[●].]

[As of [●], 20[●], [●] was acting as indenture trustee, registrar and paying agent on [●] issuances of automobile receivables-backed securities with an outstanding aggregate principal amount of approximately $[●].]

[●] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [●] does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as indenture trustee.

[Insert additional disclosure, if applicable, pursuant to Items 1109, 1117 and 1119 of Regulation AB.]

The indenture trustee's duties are limited to those duties specifically set forth in the indenture. The depositor and its affiliates may maintain normal commercial banking relations with the indenture trustee and its affiliates. The servicer will be responsible for paying the indenture trustee's fees and expenses and for indemnifying the indenture trustee against specified losses, liabilities or expenses (including reasonable attorneys' fees and expenses) incurred by the indenture trustee in connection with the transaction documents including those incurred in connection with any action, claim or suit brought to enforce the indenture trustee's right to indemnification. To the extent these fees, expenses and indemnification amounts are not paid by the servicer, they will be payable out of Available Funds as described in "*The Transaction Documents—Priority of Payments*" in this prospectus.

**[[The Calculation Agent]** 

[●], a [●], is the "calculation agent" under the indenture for the benefit of the noteholders. The calculation agent will determine the [insert applicable Benchmark] and calculate the interest rate for the Class A-2-B notes as described under "*The Notes—Payments of Interest*". If the administrator has determined prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the administrator will determine an alternative Benchmark in accordance with the Benchmark Replacement provisions described under "*The Notes—Payments of Interest—Effect of Benchmark Transition Event*".]

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**Role of the Owner Trustee, the Delaware Trustee and the Indenture Trustee** 

None of the owner trustee, the Delaware trustee or the indenture trustee will make any representations as to the validity or sufficiency of the receivables sale agreement, the purchase agreement, the sale agreement, the servicing agreement, the trust agreement, the administration agreement, the asset representations review agreement, the indenture, the notes or any receivables or related documents. As of the closing date, none of the owner trustee, the Delaware trustee or the indenture trustee will have examined the receivables. If no event of default has occurred under the indenture, the owner trustee, the Delaware trustee and the indenture trustee will each be required to perform only those duties specifically required of it under the receivables sale agreement, the purchase agreement, the sale agreement, the servicing agreement, the trust agreement, the administration agreement, the asset representations review agreement or the indenture, as applicable. Generally, those duties are limited to the receipt of the various certificates, reports or other instruments required to be furnished to the owner trustee, the Delaware trustee or indenture trustee under the servicing agreement or indenture, as applicable, and the making of payments or distributions to noteholders and certificateholders in the amounts specified in certificates provided by the servicer.

None of the owner trustee, the Delaware trustee or the indenture trustee will be under any obligation to exercise any of the issuing entity's powers or powers vested in it by the receivables sale agreement, the purchase agreement, the sale agreement, the servicing agreement, the trust agreement, the administration agreement or the indenture, as applicable, or to make any investigation of matters arising thereunder or to institute, conduct or defend any litigation thereunder or in relation thereto at the request, order or direction of any of the noteholders (other than requests, demands or directions relating to an asset representations review as described under "*The Transaction Documents—Asset Representations Review*" or to the investors' dispute resolution rights described under "*The Transaction Documents—Dispute Resolution*"), unless, in the case of the indenture trustee, those noteholders have offered to the indenture trustee reasonable security or indemnity against the reasonable costs, expenses and liabilities which may be incurred therein or thereby, and in the case of the owner trustee, the owner trustee has been provided instruction pursuant to the trust agreement, advanced necessary costs and provided reasonable security or indemnity against the reasonable costs, expenses and liabilities which may be incurred therein or thereby.

The owner trustee, the Delaware trustee and the indenture trustee, and any of their affiliates, may hold securities in their own names. In addition, for the purpose of meeting the activities of the issuing entity under the Transaction Documents, including the legal requirements of local jurisdictions, the owner trustee and indenture trustee, in some circumstances, acting jointly with the depositor or the administrator, respectively, will have the power to appoint co-trustees or separate trustees of all or any part of the issuing entity property. In the event of the appointment of co-trustees or separate trustees, all rights, powers, duties and obligations conferred or imposed upon the owner trustee or indenture trustee by the sale agreement, servicing agreement, trust agreement, administration agreement or indenture, as applicable, will be conferred or imposed upon the owner trustee or indenture trustee and the separate trustee or co-trustee jointly, or, in any jurisdiction in which the owner trustee or indenture trustee is incompetent or unqualified to perform specified acts, or as otherwise set forth in its appointment document, singly upon the separate trustee or co-trustee who will exercise and perform any rights, powers, duties and obligations solely at the direction of the administrator, Majority Certificateholders or indenture trustee.

The sponsor, the servicer, FTH LLC and the depositor may maintain other banking relationships with the owner trustee, the Delaware trustee and the indenture trustee in the ordinary course of business.

The owner trustee, the Delaware trustee and the indenture trustee will be entitled to certain fees and indemnities described under "*The Transaction Documents—Fees and Expenses.*"

For a further description of the roles and responsibilities of the indenture trustee, see "*The Indenture*."

**THE DEPOSITOR** 

The depositor, Fifth Third Holdings Funding, LLC, a wholly-owned special purpose subsidiary of FTH LLC, was formed on June 28, 2007 as a Delaware limited liability company. The principal place of business of the depositor is at 6111 N. River Rd., Rosemont, Illinois 60018. You may also reach the depositor by telephone at (847) 354-7341. The depositor was formed, among other things, to purchase, accept capital contributions of or otherwise acquire retail installment sale contracts and motor vehicle loans; to own, sell, and assign the receivables; and to issue and sell one or more series of securities. Since its inception, the depositor

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has been engaged in these activities solely as (i) the transferee of contracts from FTH LLC pursuant to purchase agreements, (ii) the transferor of contracts to securitization trusts pursuant to sale agreements, (iii) the depositor that may form various securitization trusts pursuant to trust agreements and (iv) the entity that executes underwriting agreements and purchase agreements in connection with issuances of asset-backed securities.

The depositor will have no ongoing obligations with respect to the notes issued by the issuing entity and will have no ongoing servicing obligations or responsibilities with respect to any financed vehicle. The depositor does not have, is not required to have, and is not expected in the future to have any significant assets other than the notes and certificates retained by the depositor.

The depositor intends that the transfer of the receivables from the depositor to the issuing entity constitutes a sale, rather than a pledge of the receivables to secure indebtedness of the depositor. However, if the depositor were to become a debtor under the federal bankruptcy code, it is possible that a creditor or trustee in bankruptcy of the depositor, as debtor-in-possession, may argue that the sale of the receivables by the depositor was a pledge of the receivables rather than a sale. This position, if presented to or accepted by a court, could result in a delay in or reduction of distributions to the noteholders.

None of the depositor, FTH LLC, Fifth Third Bank or any of their respective affiliates will insure or guarantee the receivables or the notes issued by the issuing entity.

**FIFTH THIRD HOLDINGS, LLC** 

Fifth Third Holdings, LLC ("**FTH LLC**"), a wholly-owned special purpose subsidiary of Fifth Third Bank, was formed on September 8, 2000 as a Delaware limited liability company. The principal place of business of FTH LLC is at 6111 N. River Rd., Rosemont, Illinois 60018. You may also reach FTH LLC by telephone at (847) 354-7341. FTH LLC is the seller of receivables to the depositor.

**THE SPONSOR** 

Fifth Third Bank was formed in the State of Ohio in 1994 and converted to a national bank charter on November 14, 2019. Fifth Third Bank is a wholly-owned indirect subsidiary of Fifth Third Bancorp ("**Bancorp**"), an Ohio corporation headquartered in Cincinnati, Ohio. Fifth Third Bank is a national banking association with its principal executive offices at 38 Fountain Square Plaza, Cincinnati, Ohio, 45263. Its telephone number is (800) 972-3030. Fifth Third Bank is a commercial bank offering a wide range of banking services to its customers. Fifth Third Bank is subject to the supervisory and enforcement authority of the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), the Consumer Financial Protection Bureau (the "**CFPB**") and the Federal Deposit Insurance Corporation (the "**FDIC**").

Bancorp is a financial holding company with assets totaling approximately $[●] billion, making it among the [●] largest bank holding companies in the United States. As a registered financial holding company, Bancorp is subject to the supervision of the Federal Reserve Board. Bancorp and its subsidiaries provide retail and commercial financial products and services through approximately [●] full-service banking centers in [Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina].

Fifth Third Bank has been engaged in the securitization of motor vehicle receivables since 1996. Fifth Third Bank's experience in and overall procedures for originating or acquiring receivables is described under "*The Originator.*" No securitizations sponsored by Fifth Third Bank have defaulted or experienced an early amortization triggering event.

Fifth Third Bank has participated in the structuring of the transaction described in this prospectus and has originated the receivables to be assigned to the issuing entity. Fifth Third Bank is responsible for servicing the receivables included in the receivables pool as described below. Fifth Third Bank is also the administrator of the issuing entity.

[Fifth Third Securities Inc., one of the underwriters, is an affiliate of the sponsor.]

[An affiliate of Fifth Third Bank is the [swap counterparty] [cap provider].]

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[To the extent not described in this prospectus, identify any servicer contemplated by Item 1108(a)(2) and provide the information required by paragraphs (b), (c) and (d) of Item 1108, as applicable, for each servicer contemplated by paragraphs (a)(2)(i), (ii) and (iv) of Item 1108 and each unaffiliated servicer identified in paragraph (a)(2)(iii) of Item 1108 that services 20% or more of the pool assets.]

**THE ORIGINATOR** 

**General** 

Fifth Third Bank and its affiliates (collectively, "**Fifth Third**") provide vehicle financing to consumers indirectly through automotive dealerships. Motor vehicle retail installment sale contracts and installment loans for new and used cars are purchased and originated through motor vehicle dealers ("**dealers**") by Fifth Third's decentralized sales force that covers [●] states. Such motor vehicle retail installment contracts and motor vehicle installment loan notes are referred to as "**contracts**." Each contract is secured by a financed vehicle. Each dealer is required to meet certain minimum standards and is periodically monitored by Fifth Third. Fifth Third has provided vehicle financing under currently outstanding contracts to approximately [●] consumers through a network of approximately [●] dealers.

Each dealer that originates contracts for Fifth Third has made representations and warranties with respect to the contracts and the security interests in the motor vehicles relating thereto. These representations and warranties do not relate to the creditworthiness of the obligors or the collectability of the contracts. Upon a breach of any representation or warranty made by a dealer with respect to a contract, Fifth Third has the right to require the dealer to repurchase the contract. Generally, the dealer agreements do not provide for recourse against the dealer in the event of a default by the obligor.

Additionally, in some states Fifth Third provides vehicle financing directly to consumers.

Fifth Third operates [two] centralized processing centers located in [Cincinnati, Ohio and Grand Rapids, Michigan]. All required information regarding the borrowers and the financed vehicles is processed in one of these [two] processing centers.

**Underwriting** 

Each application generated by a dealer is centrally underwritten by Fifth Third in accordance with a single set of uniform underwriting policies established by Fifth Third Bank. These underwriting policies are intended to assess the applicant's ability and willingness to repay the amounts due on the contract and to establish the adequacy of the financed vehicle as collateral.

Fifth Third requires each applicant to complete an application form providing various items of general demographic information, financial information and employment history. In addition, specific information with respect to the motor vehicle to be financed is required to assess the adequacy of the financed vehicle as collateral. Fifth Third applies an automated decision algorithm for each application submitted, which is reviewed and revised periodically to optimize its predictive performance. Based on the automated evaluation of the provided information, each application is categorized into one of the three categories: Automated-Approval, Automated-Decline and Recommend-Investigate. Fifth Third then analyzes each application for which an automatic decision was not made. Each application for which an automatic decision was not made is reviewed, and a decision is made, by an underwriter.

The decision algorithm takes into account a number of factors, including FICO<sup>®</sup> score, custom score, term, payment to income, advance rate and geography. Fifth Third's underwriting standards are designed to automatically reject applicants who are deemed to be "below Prime" credit based on their FICO<sup>®</sup> scores. Fifth Third may conduct additional verification investigations as it deems necessary.

With respect to those applications that are approved, either by automatic decision or by an underwriter, the amount and terms of the financing to be offered are determined. Fifth Third will generally advance up to 115% of the asset value plus dealer additions (i.e., insurance, extended warranties and other goods or services sold by the dealer and included in the amount financed). The available term for a contract is a function of the age of the motor

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vehicle, applicable FICO<sup>®</sup> score, custom score, payment to income and advance rate. Acceptable terms generally range from 24 to 84 months in length.

Fifth Third's set of centrally established underwriting policies are intended to provide a consistent basis for lending decisions, but do not completely supersede all judgmental aspects of the credit granting process. Accordingly, certain contracts may not comply with all of these policies. Exceptions to Fifth Third's underwriting policies are made at the discretion of the credit underwriters with appropriate approval authority. Higher levels of authority are required for loans with multiple exceptions. Underwriting exceptions are monitored by risk management of Fifth Third. Exceptions are managed to less than 5% of total originated dollars. See "*The Receivables Pool—Exceptions to Underwriting Criteria.*"

Fifth Third Bank originated all of the receivables included in the transaction described in this prospectus. The following table contains information about retail auto loans originated directly or indirectly by Fifth Third Bank during each of the periods indicated:

---

| | |
|:---|:---|
|  | **[**●**] Months Ended [**●**],** |
|  | [●] |
|  Number of Receivables Originated | [●] |
|  Aggregate Original Principal Balance | [●] |
|  Average Original Principal Balance | [●] |
|  Weighted Average Original Term (in months)<sup>(1)</sup> | [●] |
|  Percentage by Principal Balance of New Vehicle | [●] |

---

------

<sup>(1)</sup> Weighted by aggregate original principal balance.

---

| | |
|:---|:---|
|  | **Year Ended [**●**],** |
|  | [●] |
|  Number of Receivables Originated | [●] |
|  Aggregate Original Principal Balance | [●] |
|  Average Original Principal Balance | [●] |
|  Weighted Average Original Term (in months)<sup>(1)</sup> | [●] |
|  Percentage by Principal Balance of New Vehicle | [●] |

---

------

<sup>(1)</sup> Weighted by aggregate original principal balance.

**Tangible and Electronic Contracting** 

Following dealer and customer signing of a tangible contract, the dealer sends the documentation constituting the tangible record related to the applicable receivable to an imaging center, where a third-party contractor images the documentation and transmits the image directly to the servicer's computer systems for review by the originator, and funding will occur if the documentation meets compliance and policy requirements. The imaged contract documents are available for use by personnel in the ordinary course of servicing the applicable receivable. Following the imaging, the original contract is shipped to a third-party document retention center that has various locations within the continental United States, which uses sophisticated vaulting and security conditions and techniques including advanced fire suppression technology. The servicer may request retrieval of the original contract from the document retention center in the event of the need for re-imaging or for various servicing, re-assignment or enforcement purposes.

Approximately [●] % of the receivables (by aggregate initial principal balance as of the cut-off date) were originated as electronic contracts. Fifth Third Bank has contracted with a third-party to facilitate the process of creating and storing those electronic contracts. The third-party's technology system permits transmission, storage, access and administration of electronic contracts and is comprised of proprietary and third-party software, hardware, network communications equipment, lines and services, computer servers, data centers, support and maintenance services, security devices and other related technology materials that enable electronic contracting in the automobile retail industry. The third-party's system allows for the transmission, storage, access and administration of electronic contracts. Through use of the third-party's system, a dealer originates electronic retail installment contracts and then transfers these electronic contracts to Fifth Third Bank.

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The third-party system uses a combination of technological and administrative features that are designed to: (i) designate a single copy of the record or records comprising an electronic contract as being the single authoritative copy of the receivable; (ii) manage access to and the expression of the authoritative copy; (iii) identify Fifth Third Bank as the owner of record of the authoritative copy; and (iv) provide a means for transferring record ownership of, and the exclusive right of access to, the authoritative copy from the current owner of record to a successor owner of record.

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**THE SERVICER** 

Fifth Third Bank will be the servicer. Fifth Third Bank offers automotive consumer loan financing through (and to) approximately [●] dealers in the United States. Fifth Third Bank has been servicing motor vehicle receivables since its formation in 1994.

The aggregate amount of retail auto loans serviced by Fifth Third Bank that were originated by the originator and its affiliates is approximately $[•] billion. The tables set forth below under "*The Receivables Pool—Delinquency, Loss and Repossession Information*" summarize the delinquency, repossession and loss experience of the portfolio of direct and indirect automobile contracts originated through motor vehicle dealers, owned by Fifth Third and serviced by Fifth Third Bank.

The servicer will, among other things, manage, service, administer and make collections on the receivables in accordance with its customary servicing practices, using the degree of skill and attention that the servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others. The servicer is permitted to delegate some or all of its duties to its affiliates or specific duties to sub-contractors who are in the business of performing such duties, although the servicer will remain liable for the performance of any duties that it delegates to another entity. The servicer will be responsible for determining the allocations of collections and other funds for the issuing entity to payments on the notes and other liabilities of the issuing entity and directing the trustees and paying agents for the issuing entity to make such payments. The servicer will also be responsible for providing monthly reports and filing periodic reports with the SEC.

Under the servicing agreement, the servicer will covenant not to release the financed vehicle securing each receivable from the security interest granted by that receivable in whole or in part, except as required by applicable law or court order or in the event of payment in full by or on behalf of the related obligor or payment in full less a deficiency which the servicer would not attempt to collect in accordance with its customary servicing practices or in connection with repossession or except as may be required by an insurer in order to receive proceeds from any insurance policy covering that financed vehicle. If this covenant is breached and not cured, under the servicing agreement, the servicer will be required to repurchase the related receivable if such breach materially and adversely affects the interests of the issuing entity or the noteholders in the related receivable. In addition, if the servicer extends the date for final payment by the obligor on any receivable beyond the last day of the collection period prior to the final scheduled payment date for the latest maturing class of notes or reduces the contract rate or outstanding principal balance with respect to any receivable, in either case, other than as required by applicable law, under the servicing agreement the servicer will be required to purchase the related receivable, if such change in the receivable would materially and adversely affect the interests of the issuing entity or the noteholders in such receivable; provided, however, that the servicer will not make a modification as described in this paragraph that would trigger a purchase pursuant to the servicing agreement for the sole purpose of purchasing a receivable from the issuing entity.

The servicer, in its capacity as custodian, will hold the receivable files for the benefit of the issuing entity and the indenture trustee as pledgee of the issuing entity. In performing its duties as custodian, the servicer will act in accordance with its customary servicing practices. The servicer may, in accordance with its customary servicing practices, (i) maintain all or a portion of the receivable files in electronic form and (ii) maintain custody of all or any portion of the receivable files with one or more of its agents or designees. The Servicer will maintain control of all electronic chattel paper evidencing a receivable. The servicer will maintain each receivable file in the United States, and will make available to the issuing entity and the indenture trustee (or their authorized representatives, attorneys or auditors) a list of locations of the receivable files upon request. The servicer, as custodian, will hold the receivable files in safekeeping with originals maintained in secured areas or facilities with limited access. Copies may consist of electronically imaged copies. Imaged copies of the documents will be accessible as "read only." Each receivable file is fully imaged, with the original note and collateral documents retained and stored with individual service vendors. Documents will not be physically segregated from other similar receivable files that are in the servicer's/vendor's possession or stamped or marked to reflect the sale of the related receivables to the issuing entity. The servicer will provide access to the receivable files, and the related accounts, records and computer systems maintained by the servicer at such times as the issuing entity or indenture trustee direct (but only upon reasonable notice, in the presence of a specified officer of the servicer and during normal business hours, which do not unreasonably interfere with the servicer's normal operations) at the respective offices of the servicer. Further, upon written instructions from the indenture trustee, the servicer will release any documents in the receivable files to the indenture trustee or its agent or designee. The servicer will not be responsible for any loss resulting from the failure of the indenture trustee or its agent or designee to return any document or any delay in doing so.

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**Servicing** 

Fifth Third Bank, as the servicer, will be responsible for managing, administering, servicing and making collections on the receivables. Fifth Third Bank will cease collection efforts when required by applicable law. Collection activities and communication with respect to delinquent accounts begins as early as three days past due. Collection strategies include phone calls and digital communications in the form of text messages, emails, and online digital banners. The frequency and forms of communication are dependent upon the account's number of days past due.

Phone calls to delinquent primary and secondary account holders begins at ten days past due and will continue through the point of charge-off. Primary account holders that have a valid phone number and a non-employer email address on file and have provided consent to receive text message and/or email communications will begin receiving messages as early as three days past due. Customers in certain statuses may not receive communications. Examples of such statuses include, but are not limited to, circumstances of bankruptcy, cease and desist, deceased, fraud, litigation, and repossession. The content and frequency of messages is dependent upon the obligor's number of days past due. Primary and secondary account holders who have missed an auto loan payment may also see a digital banner when logging into the 53.com website or the mobile app. Certain customer statuses are excluded from this communication. Delinquent obligors will see a banner notifying them of a missed payment or payments. The urgency for the obligor to take action as conveyed within the banner messages increases as their status moves from early to later stage delinquency. The servicer follows all applicable laws and regulatory guidelines with respect to these communications.

The servicer utilizes outside service providers for various collection efforts. All notes and all activity are input directly by the outside service providers into the servicer's collection systems. All management and administration of collection strategies remain with the servicer.

Accounts that are 60 days or more past due are considered late-stage collections. Repossession procedures usually begin when all other collection efforts are exhausted. Accounts typically are assigned for repossession at 62 days past due.

Repossessions are carried out pursuant to applicable state law. The servicer uses unaffiliated independent contractors to perform repossessions. All state laws provide an obligor with a right to redeem the repossessed motor vehicle. Some states permit reinstatement of the account upon payment of the amount past due. Motor vehicles that are not redeemed or reinstated are remarketed through dealer auction sales.

The current policy of the servicer is to charge-off the full value of all delinquent motor vehicle loans at the end of the month in which the account becomes 120 days delinquent unless the related motor vehicle has been previously repossessed or sold. If the vehicle has been repossessed, the account would be charged down to the value of the vehicle. If the vehicle has been sold, the deficiency balance related to such account would be charged off in the month of sale.

If the servicer receives verifiable proof that a customer has filed for bankruptcy, then the account is referred to the servicer's internal Bankruptcy Unit for special handling. With respect to customers in bankruptcy proceedings, deficiency balances generally are pursued to the extent permitted by applicable law.

The servicer is permitted to delegate some or all of its duties to its affiliates or specific duties to sub-contractors who are in the business of performing such duties, although the servicer will remain liable for the performance of any duties that it delegates to another entity. As part of the servicer's ongoing evaluation of opportunities to enhance its servicing and collection practices, the servicer may from time to time consider outsourcing additional responsibilities to third-party service providers. The performance of all third-party providers is reviewed and monitored by the servicer.

**Loss Mitigation Policies** 

Contract extensions are considered an acceptable means of bringing a delinquent account into current status. The servicer follows specific procedures with respect to contract extensions, which are subject to revision

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from time to time. Where the servicer believes there has been a temporary interruption of the customer's ability to make payments but the servicer believes there is also a renewed willingness and ability to repay, the servicer may grant an extension. Although the criteria for granting extensions is modified periodically, the servicer generally requires that (i) the account has been opened for a minimum of nine months, (ii) the account has not been previously extended in the last 12 months, (iii) the account has not been extended more than twice within the last five years and (iv) the account has made a minimum of three consecutive monthly payments or the lump sum equivalent and such payments are not the result of an advance or loan from Fifth Third for this purpose. Extensions will not be granted if the related loan is deemed to be uncollectible. All extensions, including extensions exceeding the limits set forth in the credit and collection policy, are approved by management within the collection center.

Temporary payment reduction is an acceptable short term hardship plan provided by the servicer. The payment reduction allows the obligor to make 50% of their contractual monthly payment amount for three months. The remaining amounts of the payments cause a balloon payment and are due at maturity.

In addition to contract extensions, in some situations the servicer may modify the terms of the loan such as interest rate reduction, partial principal reduction, term extension, or some combination of the three which seeks to bring the payments to an affordable amount based on customer capacity during a time of financial hardship. Such modifications are conditioned upon the related obligor remaining current under the terms of the modified contract. If the servicer permits such a conditional modification and the related obligor becomes more than 31 days delinquent, the servicer reinstates the original terms of the obligor's contract, including the original principal amount. In rare instances, the servicer may provide legal or remediation exceptions which provide a permanent modification to terms.

**Physical Damage and Liability Insurance** 

The contract for each motor vehicle loan requires the obligor to keep the financed vehicle fully insured against theft, collisions and comprehensive losses until the loan is paid in full or the servicer sells the vehicle. The amount of such insurance must be at least equal to the outstanding indebtedness of the loan or the replacement cost of the vehicle, whichever is less.

**Debt Cancellation Agreements** 

Obligors may purchase a debt cancellation agreement which provides for the cancellation or payment of all or a portion of the remaining principal balance of the relevant contract in certain events, including a casualty with respect to the related financed vehicle after application of any proceeds to the amount due on the contract. The premium for the debt cancellation agreement is generally included in the amount financed under the contract. The debt cancellation agreement may be provided by a third party or the originator of the loan. The servicer will deposit any amounts paid under a third-party debt cancellation agreement in respect of any of the receivables into the related collection account for distribution on the related distribution date. Amounts cancelled under debt cancellation agreements of the originator will not be paid by the originator to the issuing entity.

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**Material Servicing Changes During the Past Three Years** 

Fifth Third Bank regularly makes adjustments to its customary servicing practices over time, including with respect to its use of email, text messages and online digital banners. Most of these adjustments are introduced on a limited and controlled trial basis and are implemented program-wide after Fifth Third Bank determines that those adjustments will result in an overall improvement in servicing and collections.

[Fifth Third Bank has not made any material changes to its customary servicing practice during the past three years.]

**CREDIT RISK RETENTION** 

[Insert disclosure required by Item 1124 of any material change in the depositor's, or an affiliate of the depositor's, interest in the securities resulting from the purchase, sale or other acquisition or disposition of the securities by the depositor or an affiliate of the depositor.]

[Insert description of any retained notes.]

[Insert disclosure required by Items 1104(g), 1108(e) or 1110(b)(3) of any hedges materially related to the credit risk of the securities.]

Pursuant to Regulation RR, Fifth Third Bank is required to retain an economic interest in the credit risk of the securitized receivables, either directly or through a majority-owned affiliate. Fifth Third Bank intends to satisfy this obligation through [the retention by the depositor, its wholly-owned affiliate, of] [a combination of] an ["eligible vertical interest"] [and an] ["eligible horizontal residual interest"] [the establishment of an "eligible horizontal cash reserve account" in the name of the indenture trustee for the benefit of the noteholders] in an [aggregate] amount equal to at least 5% of [the fair value of] all of the notes and the certificates issued by the issuing entity on the closing date.] Fifth Third Bank, the depositor or any other holder of an ["eligible vertical interest"] [or an] ["eligible horizontal residual interest"] is required to retain such interest and may not transfer (except to another majority-owned affiliate of Fifth Third Bank) or hedge such interest until the latest of two years after the Closing Date, the date the pool balance is 33% or less of the initial pool balance, or the date the aggregate principal amount of the notes is one-third or less of the original principal amount. Fifth Third Bank does not intend to transfer or hedge the retained interest during this period except as permitted by applicable law.

[*Retained vertical interest*: The vertical interest retained by the depositor is structured to be an "eligible vertical interest" and will take the form of [at least [●]% of the initial principal amount of each class of notes and the certificates issued by the issuing entity, though the depositor initially will retain all of the certificates and may retain an additional amount of all of one or more classes of notes or the certificates][a single vertical security, which will have an initial principal amount of $[●] (which equals [●]% of the aggregate principal amount of the notes and the certificates) and which will be entitled to receive [●]% of all payments on the notes and the certificates.]

By retaining the "eligible vertical interest," the depositor will be a noteholder of [a single vertical security][ [●]% of each class of notes and the certificates] and will be entitled to receive at least 5% of all payments of interest and principal made on each class of notes and, if any class of notes incurs losses, will bear at least 5% of those losses. [Each class of notes retained by the depositor as part of the "eligible vertical interest" will have the same terms as all other notes in that class.] Notes retained by the depositor will not be included for purposes of determining whether a required percentage of any class of notes has taken any action under the indenture or any other transaction document as described in "*The Notes—Notes Owned by Transaction Parties*." For a description of the notes and the certificates, and thus of the "eligible vertical interest," and the credit enhancement available for the notes, see "*The Notes*" and "*The Transaction Documents*."

In order to satisfy the requirement to retain an eligible vertical interest on the closing date, the depositor or its affiliate will retain [an amount equal to 5% of each class of notes and the certificates][a single vertical security entitling the depositor or its affiliate to at least 5% of the principal and interest payable on each class of notes and the certificates (not including such single vertical security).]

If the percentage of each class of notes and the certificates retained by the depositor on the Closing Date is materially different from the percentage described above, then within a reasonable time after the Closing Date, the

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depositor will disclose the material difference on [Form 8-K][Form 10-D] filed under the CIK number of the depositor.

[*Retained horizontal interest*: The residual interest retained by the depositor is structured to be an "eligible horizontal residual interest" and will take the form of [depositing an amount equal to $[●] into a risk retention reserve account][retaining the issuing entity's certificates [and the Class B notes], which Fifth Third Bank expects to have a fair value of [between $[●] and] $[●], which is [between [●]% and] [●]% of the fair value of all of the notes and the certificates issued by the issuing entity.]

[In general, the eligible horizontal residual interest represents the rights to payments received on the receivables and to the credit enhancement not needed to make payments on the [more senior] notes or cover losses on the receivables. Because the eligible horizontal residual interest is subordinated to each [more senior] class of notes and is only entitled to amounts not needed on a payment date to make payments on the [more senior classes of] notes or to make other required payments or deposits according to the priority of payments described in "*The Notes—Payments of Interest*" and "*The Notes—Payments of Principal,*" the eligible horizontal residual interest will absorb any losses incurred by the issuing entity on the receivables before any losses are incurred by the [more senior] noteholders. [For a description of the risk retention reserve account, see "*The Transaction Documents—The Accounts—Risk Retention Reserve Account.*"] [For a description of the terms of the certificates, see "*The Certificates*" in this prospectus.] [For a description of subordination of the Class B notes, see "*Risk Factors—Risks relating to the nature of the notes and the structure of the transaction—Because the Class B notes are subordinated to the Class A notes, payments on the Class B notes classes are more sensitive to losses on the receivables.*"]

[The fair value of the eligible horizontal residual interest is expected to represent at least 5% of the sum of the fair value of the notes and the certificates on the closing date.]

[*Fair Value*:

The [expected]<sup>[1]</sup> fair value of the notes and the certificates is summarized below:

---

| | | |
|:---|:---|:---|
| **Class** | **Fair Value**<br>**(in millions)** | **Fair Value**<br>**(as a percentage)** |
|  Class A-1 |  |  |
|  Class A-2[-A] |  |  |
|  [Class A-2-B] |  |  |
|  Class A-3 |  |  |
|  Class A-4 |  |  |
|  Class B |  |  |
|  Certificate |  |  |
|  Total |  | 100% |

---

Fifth Third Bank and the depositor will use a fair value measurement framework under generally accepted accounting principles to calculate the fair value of the notes and certificates. The fair value of the notes will be assumed to be equal to the initial principal amount of the notes[, as adjusted by any discount on the notes set forth on the cover page to this prospectus]. An internal valuation model using discounted cash flow analysis will be used to calculate fair value of the certificates.

The fair value measurement framework will consider various inputs including [(i) quoted prices for identical instruments, (ii) quoted prices for similar instruments, (iii) current economic conditions, including interest rates and yield curves, (iv) experience with similar receivables, including prepayments, net losses and recoveries based on information for receivables similar to the receivables sold to the issuing entity on the Closing Date, and (v) management judgment about the assumptions market participants would use in pricing the instrument].

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<sup>[1]</sup> The bracketed term "expected" will be used for the preliminary prospectus as the final pricing information including the final prospectus will be used to calculate the actual fair value.

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The fair value of the notes is [assumed to be] equal to the initial principal amount of the notes, or par[, as adjusted by any discount on the notes set forth on the cover page to this prospectus]. This reflects the expectation that the final interest rates of the notes will be consistent with the interest rate assumptions below:

---

| | |
|:---|:---|
| **Class** | **Interest Rate** |
|  Class A-1 |  |
|  Class A-2[-A] |  |
|  [Class A-2-B] |  |
|  Class A-3 |  |
|  Class A-4 |  |
|  Class B |  |

---

These interest rates are estimated based on recent pricing of notes issued in similar securitization transactions and market-based expectations for interest rates and credit risk.

In addition, based on the assumptions set forth under "*Weighted Average Life of the Notes*" and using the ABS rate, Fifth Third Bank calculated what the expected scheduled principal payments on each class of notes would be over the course of the transaction (the "**Scheduled Principal Payments**") based on when principal payments were required to be made under the terms of the receivables during each collection period and which classes of notes would be entitled to receive principal payments based on the payment priorities described under "*The Notes—Payment of Principal.*" On the basis of the Scheduled Principal Payments, the sponsor calculated the weighted average life for each class of notes.

To calculate the fair value of the certificates, Fifth Third Bank used an internal valuation model. This model projects future interest and principal payments of the pool of receivables, the interest and principal payments on each class of notes, and any other fees and expenses payable by the issuing entity. The resulting cash flows to the certificates are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows. In completing these calculations, Fifth Third Bank made the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest accrues on the notes at the rates described above. [In determining the interest payments on the floating
rate Class A-2-B notes, [insert applicable floating rate benchmark] is assumed to reset consistent with the applicable forward rate curve as of [●],
20[●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal and interest cash flows for the receivables are calculated using the assumptions as described in
" *Weighted Average Life of the Notes*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Receivables prepay at a [●]% ABS rate based on amortization resulting from both prepayments and losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cumulative net losses on the receivables, as a percentage of the initial pool balance, will be at the levels set
forth in the chart below at the end of each month:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Month** | **Cumulative<br>Net Losses**<br>**(as a<br>percentage of<br>the initial Pool<br>Balance)** | **Month** | **Cumulative<br>Net Losses**<br>**(as a<br>percentage of<br>the initial Pool<br>Balance)** | **Month** | **Cumulative<br>Net Losses**<br>**(as a<br>percentage of<br>the initial Pool<br>Balance)** |
| 1 | [ ]% | 11 | [ ]% | 21 | [ ]% |
| 2 | [ ]% | 12 | [ ]% | 22 | [ ]% |
| 3 | [ ]% | 13 | [ ]% | 23 | [ ]% |
| 4 | [ ]% | 14 | [ ]% | 24 | [ ]% |
| 5 | [ ]% | 15 | [ ]% | 25 | [ ]% |
| 6 | [ ]% | 16 | [ ]% | 26 | [ ]% |
| 7 | [ ]% | 17 | [ ]% | 27 | [ ]% |
| 8 | [ ]% | 18 | [ ]% | 28 | [ ]% |
| 9 | [ ]% | 19 | [ ]% | 29 | [ ]% |
| 10 | [ ]% | 20 | [ ]% | 30 | [ ]% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certificate cash flows are discounted at [●]%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The servicer will [not] exercise its opportunity to purchase the receivables [at the earliest payment date it is
permitted to do so].

Fifth Third Bank developed these inputs and assumptions by considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ABS rate—estimated considering the composition of the receivables and the performance of Fifth Third
Bank's prior securitized pools.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cumulative net loss rate—estimated using assumptions for both the magnitude of lifetime cumulative net
losses and the shape of the cumulative net loss curve. The lifetime cumulative net loss assumption was developed considering the composition of the receivables, the performance of Fifth Third Bank's prior securitized pools, trends in used
vehicle values, economic conditions, and the cumulative net loss assumptions of the hired agencies. The shape of the cumulative net loss curve is based on a historical average of Fifth Third Bank's prior securitized pools. Default and recovery
rate estimates are included in the cumulative net loss assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discount rate applicable to the residual cash flows—estimated to reflect the credit exposure to the residual
cash flows. Due to the lack of an actively traded market in residual interests, the discount rate was derived from both quantitative factors, such as prevailing market rates of return for similar instruments, and qualitative factors that consider
the equity-like component of the first-loss exposure.

Fifth Third Bank believes that the inputs and assumptions described above include the inputs and assumptions that could have a material impact on the fair value calculation or a prospective noteholder's ability to evaluate the fair value calculation. The fair value of the notes and the certificates was calculated based on the assumptions described above. You should be sure you understand these assumptions when considering the fair value calculation.

*[Risk Retention Reserve Account:* On or prior to the closing date, the issuing entity will establish an eligible account in the name of the indenture trustee for the benefit of the noteholders. The risk retention reserve account is structured to be an "eligible horizontal cash reserve account" and will be funded on the closing date by the retention of a portion of the purchase price for the notes in the amount equal to $[____]. Funds on deposit in the risk retention reserve account may not be used to pay the servicer so long as Fifth Third Bank or an affiliate of Fifth Third Bank is the servicer. For all other purposes, the risk retention reserve account may be used to make any payments that are due as described under "*The Notes—Payment of Principal*" and "*The Notes—Payments of Interest*" but are otherwise unpaid, including each of the notes on the related final scheduled payment date to the extent collections on the receivables are insufficient to make such payments. For a description of the terms of the risk retention reserve account, see "*The Transaction Documents—The Accounts—Risk Retention Reserve Account.*"]

Fifth Third Bank will recalculate the fair value of the [notes] [and] [the certificates] [and] [the risk retention reserve account] following the Closing Date to reflect the issuance of the notes and any changes in the methodology or inputs and assumptions described above. In accordance with risk retention rules, within a reasonable time after the Closing Date, the depositor will disclose the actual fair value of the [certificates[and the Class B notes]] [and the] [risk retention reserve account] as a percentage of the sum of the fair value of the notes and the certificates and as a dollar amount. In addition, a description of any changes in the methodology or inputs and assumptions used to calculate the fair value will also be disclosed. These disclosures will be made on [Form 8-K][Form 10-D] filed under the CIK number of the depositor.

[The depositor may transfer all or a portion of [the eligible vertical interest] [and] [the eligible horizontal residual interest] to another majority-owned affiliate of Fifth Third Bank [on or] after the Closing Date. To the extent the depositor's retained economic interest is intended to satisfy the requirements of Regulation RR, the depositor will not transfer or enter into any hedging transaction with respect to its retained economic interest except as permitted under the risk retention rules.

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**[THE CAP PROVIDER] [THE SWAP COUNTERPARTY]** 

[[●] will be the [swap counterparty][cap provider] if any floating rate notes are issued. [●] is the principal subsidiary of [●], a [●]. [●] is a [●] with its principal place of business located at [●].

[Insert disclosure required by Item 1115 of Regulation AB.]

Upon the occurrence of an event of default or termination event specified in each Interest Rate [Cap][Swap] Agreement, if any, the Interest Rate [Cap][Swap] Agreement may be replaced with a replacement interest rate [cap][swap] agreement as described in "*The Notes—Interest Rate [Cap][Swap] Agreement*."

Fifth Third Bank, the depositor and their respective affiliates may maintain normal commercial banking relationships with the [cap provider][swap counterparty] and its affiliates.]

[Insert required financial information for the swap counterparty if the significance percentage of the interest rate swap agreement is more than 10% as required by Item 1115(b) of Regulation AB.]

**THE ASSET REPRESENTATIONS REVIEWER** 

[__], a [__], has been appointed as asset representations reviewer pursuant to an agreement among the servicer, the issuer and the asset representations reviewer. [Insert description of the extent to which the asset representations reviewer has had prior experience serving as an asset representations reviewer for asset-backed securities transactions involving retail installment sale contract receivables.]

The asset representations reviewer is not affiliated with the sponsor, the servicer, FTH LLC, the depositor, the issuing entity, the indenture trustee, the Delaware trustee, the owner trustee[, the cap provider][, the swap counterparty] or any of their affiliates, nor has the asset representations reviewer been hired by the sponsor or an underwriter to perform pre-closing due diligence work on the receivables. The asset representations reviewer may not resign unless the asset representations reviewer is merged into or becomes an affiliate of the sponsor, the servicer, FTH LLC, the depositor, the indenture trustee, the Delaware trustee, the owner trustee or any person hired by the sponsor or any underwriter to perform pre-closing due diligence work on the receivables. Upon the occurrence of such an event, the asset representations reviewer will promptly resign and the servicer will appoint a successor asset representations reviewer. All reasonable costs and expenses incurred in connection with the required resignation of the asset representations reviewer will be paid by the [predecessor asset representations reviewer][servicer]. Any resignation, removal or substitution of the asset representations reviewer, or the appointment of a new asset representations reviewer, will be reported by the depositor in the Form 10-D related to the collection period in which such change occurs, together with a description of the circumstances surrounding the change and, if applicable, information regarding the new asset representations reviewer.

The asset representations reviewer will be responsible for reviewing the Subject Receivables (as defined under "*The Transaction Documents—Asset Representations Review*") for compliance with the Pool Asset Representations, as described in the asset representations review agreement. Under the asset representations review agreement, the asset representations reviewer will be entitled to be paid the fees and expenses set forth under "*The Transaction Documents—Fees and Expenses*" below. The asset representations reviewer is required to perform only those duties specifically required of it under the asset representations review agreement, as described in this section and "*The Transaction Documents—Assets Representations Review*." The asset representations reviewer is not liable for any action taken, or not taken, in good faith under the asset representations review agreement. The servicer is required under the asset representations review agreement to provide the asset representations reviewer copies of the receivable files and to make available to the asset representations reviewer the related contracts and records maintained by it during normal business hours in connection with a review of the receivables. The asset representations reviewer will be required to keep all information about the receivables obtained by it confidential and may not disclose that information other than as required by the terms of the asset representations review agreement and applicable law. The servicer will indemnify the asset representations reviewer for liabilities and damages resulting from the asset representations reviewer's performance of its obligations under the asset representations review agreement unless caused by the willful misconduct, bad faith or negligence (other than errors in judgment) of the asset representations reviewer or as a result of any breach of representations made by the asset representations reviewer in the asset representations review agreement.

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**AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS** 

Fifth Third Bank, as originator, sponsor, servicer and administrator, is a wholly-owned indirect subsidiary of Bancorp. FTH LLC is a wholly-owned special purpose subsidiary of Fifth Third Bank. The depositor is a wholly-owned special purpose subsidiary of FTH LLC. The issuing entity is a [wholly-owned] special purpose subsidiary of the depositor. [Additionally, Fifth Third Bank, FTH LLC, the depositor and Fifth Third Securities Inc., one of the underwriters, are affiliates.] The owner trustee, the Delaware trustee and the indenture trustee [and the [cap provider][swap counterparty]] are entities that the sponsor and its affiliates may have other banking relationships with directly or through their affiliates in the ordinary course of their businesses. In some instances the owner trustee, the Delaware trustee [, the [cap provider][swap counterparty]] and the indenture trustee may be acting in similar capacities for other asset-backed transactions of the sponsor for similar or other asset types. [Add disclosure if any credit enhancement provider, trustee or asset representations reviewer is an affiliate of any other party to the transactions.]

**THE RECEIVABLES POOL** 

**The Receivables** 

The issuing entity will own a pool of receivables consisting of motor vehicle retail installment sale contracts and motor vehicle installment loans secured by new and used automobiles, light-duty trucks, vans and other motor vehicles. The pool will consist of the receivables that the originator will sell to FTH LLC, which FTH LLC will in turn sell to the depositor on the closing date, and which the depositor will simultaneously transfer to the issuing entity on the closing date. The receivables will include payments on the receivables that are made on and after the cut-off date. [Approximately [●]% of the receivables in the [statistical] pool (by aggregate principal balance as of the [statistical] cut-off date) are evidenced by electronic contracts.]

**The Receivables Pool** 

The receivables to be sold, transferred, assigned, or otherwise conveyed to the issuing entity, also known as the "**receivables pool**," will be selected based upon the satisfaction of several criteria, including that each receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was originated out of the sale of or is secured by a new vehicle or a used vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requires substantially equal monthly payments to be made by the related obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an obligor which is not a government or governmental subdivision or agency and is not shown on the
servicer's records as a debtor in a pending bankruptcy proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not more than 30 days delinquent on the cut-off date.

Each of the receivables will be selected using selection procedures that were not known or intended by the depositor, FTH LLC or the originator to be adverse to the issuing entity.

[The characteristics set forth in this section are based on the statistical pool of receivables as of the statistical cut-off date. The statistical pool consists of receivables owned by the originator that met the criteria set forth under "*The Receivables Pool—Criteria Applicable to Selection of Receivables*" below as of the statistical cut-off date. In addition, some amortization of the receivables will have occurred since the statistical cut-off date and some receivables included in the statistical pool will have prepaid in full or have been determined not to meet the eligibility criteria described below and therefore will not be included in the receivables pool. The receivables pool will be selected from (i) the statistical pool and (ii) other receivables owned by the originator but which, in each case, satisfy the eligibility criteria as of the actual cut-off date. The characteristics of the receivables pool sold to the issuing entity on the closing date as of the actual cut-off date may vary somewhat from the characteristics of the actual receivables as of the statistical cut-off date illustrated in the tables below. Any variance between the characteristics of the statistical pool and the actual pool will not be material.]

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##### [**Table of Contents**](#toc)
**Calculation Methods** 

Each of the receivables included in the receivables pool is a contract or loan where the allocation of each payment between interest and principal is calculated using the Simple Interest Method.

**Exceptions to Underwriting Criteria** 

As described in "*The Originator—Underwriting,*" under Fifth Third Bank's origination process, credit applications are evaluated when received and are either automatically approved, automatically rejected or forwarded for review by a credit analyst based on Fifth Third Bank's electronic decisioning model. [Fifth Third Bank does not intend to include any motor vehicle loan that was originated as an exception to its underwriting policies in the pool of receivables to be sold to the issuing entity on the closing date.] [Insert disclosure regarding any motor vehicle loan that was originated under an exception to Fifth Third Bank's underwriting criteria, including the nature of any such exception and any compensating factors that were used to make the determination to include any such motor vehicle loan in the pool of receivables sold to the issuing entity on the closing date, in accordance with Item 1111(a)(8) of Regulation AB.] Fifth Third Bank, on behalf of the depositor, conducted a review of the receivables in the pool to be sold to the issuing entity on the closing date, to determine if any receivable was originated pursuant to an exception to Fifth Third Bank's underwriting criteria. [Based on the review, none of the receivables in the receivables pool were originated with exceptions to Fifth Third Bank's underwriting criteria in effect at the time the respective receivable was originated.]

**Criteria Applicable to Selection of Receivables** 

The receivables sold to the issuing entity on the closing date will be selected for inclusion in the receivables pool by several criteria. These criteria include, among other things, the requirement that each receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had a remaining term to maturity, as of the cut-off date, of at least
[●] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had an original maturity of not more than [●] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had not been identified in the records of the servicer as relating to an obligor who was in bankruptcy
proceedings, as of the cut-off date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had no payment more than 30 days past due, as of the cut-off date.

[Insert any additional criteria applied to the selection of the receivables sold to the issuing entity on the closing date in accordance with Item 1111(a)(8) of Regulation AB.]

[Additional receivables sold by the depositor to the issuing entity during the [revolving period] [pre-funding period] must meet substantially similar criteria. However, these criteria will not ensure that each subsequent pool of additional receivables will share the exact characteristics of the initial pool of receivables. As a result, the composition of the aggregate pool of receivables will change if additional receivables are purchased by the issuing entity during the [revolving period] [pre-funding period].] [Insert any additional requirements for receivables that may be added to the pool during the revolving period or pre-funding period in accordance with Item 1103(a)(5)(vi) of Regulation AB.]

The receivables will be selected from the portfolio of retail installment sale contracts and installment loans for new and used vehicles acquired by the originator from dealers or originated directly by the originator and serviced by the servicer, in each case meeting the criteria described above. No selection procedures believed by the originator to be materially adverse to the noteholders will be utilized in selecting the receivables. As of the [statistical] cut-off date, no receivable in the [statistical] pool has a scheduled maturity later than [●] [●], 20[●] and approximately [●]% of the receivables in the [statistical] pool were evidenced by electronic contracts.

[As of the statistical cut-off date, the receivables in the statistical pool described in this prospectus had an aggregate principal balance of $[●].] As of the cut-off date, the receivables sold to the issuing entity on the closing date [are expected to have][had] an aggregate initial principal balance of approximately $[●].

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##### [**Table of Contents**](#toc)
The composition, geographic distribution by state of the obligor, distribution by outstanding principal balance, distribution by contract rate, distribution by remaining term and distribution by FICO<sup>®</sup> score, in each case of the receivables as of the [statistical] cut-off date, are set forth in the tables below.

**[Criteria Applicable to the Selection of Additional Receivables During the Revolving Period]** 

[The additional receivables sold to the issuing entity during the revolving period will be selected from Fifth Third Bank's portfolio based on several criteria. These criteria include the requirements that each additional receivable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is secured by a new or used automobile or light-duty truck;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a simple interest receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was originated in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides for level monthly payments which may vary from one another by no more than $[ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [was or will be originated or acquired by Fifth Third Bank in the ordinary course of business;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an original term of [●] to [●] months, provided that following the addition of all additional
receivables on each subsequent cut-off date, the sum of the amount financed of all additional receivables as of the applicable cut-off date sold to the issuing entity
with an original term in excess of [●] months may not exceed [●]% of the aggregate amount financed of all additional receivables sold to the issuing entity, between [●] and [●] months may not exceed [●]% of the
aggregate amount financed of all additional receivables sold to the issuing entity and less than or equal to [●] months must be greater than or equal to [●]% of the aggregate amount financed of all additional receivables sold to the
issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not more than [30] days past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has a remaining term as of its subsequent cut-off date of not less than
[●] months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least one payment has been made.

[Insert any additional criteria applied to the selection of the additional receivables.]

Following the addition of the additional receivables on each subsequent cut-off date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the sum of the amount financed of all additional receivables as of the applicable cut-off date sold to the issuing entity secured by used vehicles may not exceed [●] % of the aggregate amount financed of all additional receivables sold to the issuing entity;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the weighted average FICO<sup>®</sup> score related to the
obligor on all additional receivables as of the applicable cut-off date sold to the issuing entity is at least [●];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of all additional receivables without a
FICO<sup>®</sup><sup></sup>score or those related to business obligors as of the applicable cut-off date sold to the
issuing entity does not exceed [●]%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the percentage of all additional receivables with a
FICO<sup>®</sup><sup></sup>score less than [●] as of the applicable cut-off date sold to the issuing entity does
not exceed [●]%;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the weighted average loan-to-value ratio (or "**LTV**") of all additional receivables as of the applicable cut-off date sold to the
issuing entity is at most [●];] and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the weighted average rate of all additional receivables as of the applicable cut-off date sold to the issuing entity is at least [●]%].

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##### [**Table of Contents**](#toc)
The additional receivables will be selected from Fifth Third Bank's portfolio of receivables that meet the criteria described above and other administrative criteria utilized by Fifth Third Bank from time to time. We believe that no selection procedures adverse to the noteholders will be utilized in selecting the additional receivables, but there will not be any independent verification of the depositor's determination that subsequent receivables satisfy the above criteria. After the funding period ends, to the extent required by applicable rules under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), we will file a report on Form 10-D with the SEC that gives the required information in respect of the final pool of receivables for the issuing entity.]

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##### [**Table of Contents**](#toc)
**Composition of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | |
|:---|:---|
|  Number of Receivables | [●] |
|  Aggregate Outstanding Principal Balance | $[●] |
|  Outstanding Principal Balance |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average | $[●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | $[●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | $[●] |
|  Contract Rate |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [●]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [●]% |
|  Original Term (Months) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [●] months |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [●] months |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [●] months |
|  Remaining Term (Months) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [●] months |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [●] months |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [●] months |
|  Percentage By Principal Balance of New Vehicles | [●]% |
|  Percentage By Principal Balance of Used Vehicles | [●]% |
|  FICO<sup>®</sup> Score<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [●] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [●] |
|  Weighted Average LTV<sup>(1)(3)</sup> | [●]% |

---

------

(1) Weighted by outstanding principal balance as of the [statistical] cut-off date.

(2) FICO<sup>®</sup> scores are calculated as of the origination of
the related receivables and exclude obligors for which no FICO<sup>®</sup> score was available as of origination of the related receivable. FICO<sup>®</sup>
is a federally registered trademark of Fair Isaac Corporation. A FICO<sup>®</sup> score is a measurement determined by Fair Isaac Corporation using information collected by the major credit bureaus to
assess credit risk. Data from an independent credit reporting agency, such as FICO<sup>®</sup> score, is one of several factors that may be used by the originator in its credit scoring system to assess
the credit risk associated with each applicant, see "*The Originator*" in this prospectus. FICO<sup>®</sup> scores are based on independent third-party information, the accuracy of which
cannot be verified. FICO<sup>®</sup> scores should not necessarily be relied upon as a meaningful predictor of the performance of the receivables.

(3) The LTV for a receivable secured by a new vehicle is equal to the original amount financed divided by the
manufacturer's suggested retail price for that vehicle. The LTV for a receivable secured by a used vehicle is equal to the original amount financed divided by the retail price for that vehicle as set forth in the applicable N.A.D.A. Official
Used Car Guide or Kelly Bluebook. There can be no assurance that the retail price for a used vehicle set forth in the applicable N.A.D.A. Official Used Car Guide or Kelly Bluebook, as applicable, reflects the amount that could be realized upon a
sale of the related vehicle, and such retail price represents N.A.D.A.'s or Kelly's opinion, as applicable, of the retail price for such used vehicle. Amounts relating to LTV are calculated excluding LTVs for which no manufacturer's
suggested retail price or retail price for that vehicle was available.

------

##### [**Table of Contents**](#toc)
**Geographic Distribution of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | | | |
|:---|:---|:---|:---|
| **State<sup>(1)</sup>** | **Number of**<br>**Receivables** | **Outstanding Principal<br>Balance** | **Percentage of<br>Outstanding<br>Aggregate<br>Principal Balance<sup>(2)</sup>** |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  [●] | [●] | $[●] | [●]% |
|  Other<sup>(3)</sup> | [●] | $[●] | [●]% |
|  **Total:** | **[**●**]** | **$[**●**]** | **[**●**]%** |

---

------

<sup>(1)</sup> Based on the billing addresses of the obligors as of the [statistical] cut-off date.

<sup>(2)</sup> May not add to 100.0% due to rounding. 

<sup>(3)</sup> "Other" represents those obligors whose state of residence comprises less than 0.5% of the total aggregate outstanding principal balance of the receivables. 

------

##### [**Table of Contents**](#toc)
**Distribution by Outstanding Principal Balance of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | | | |
|:---|:---|:---|:---|
| **Range of Outstanding Principal**<br> **Balances ($)**  | **Number of<br>Receivables** | **Outstanding Principal<br>Balance** | **Percentage of<br>Aggregate<br>Outstanding<br>Principal Balance<sup>(1)</sup>** |
|  [0.01 - 5,000.00] | [●] | $[●] | [●]% |
|  [5,000.01 - 10,000.00] | [●] | $[●] | [●]% |
|  [10,000.01 - 15,000.00] | [●] | $[●] | [●]% |
|  [15,000.01 - 20,000.00] | [●] | $[●] | [●]% |
|  [20,000.01 - 25,000.00] | [●] | $[●] | [●]% |
|  [25,000.01 - 30,000.00] | [●] | $[●] | [●]% |
|  [30,000.01 - 35,000.00] | [●] | $[●] | [●]% |
|  [35,000.01 - 40,000.00] | [●] | $[●] | [●]% |
|  [40,000.01 - 45,000.00] | [●] | $[●] | [●]% |
|  [45,000.01 - 50,000.00] | [●] | $[●] | [●]% |
|  [50,000.01 - 55,000.00] | [●] | $[●] | [●]% |
|  [55,000.01 - 60,000.00] | [●] | $[●] | [●]% |
|  [60,000.01 - 65,000.00] | [●] | $[●] | [●]% |
|  [65,000.01 - 70,000.00] | [●] | $[●] | [●]% |
|  [70,000.01 - 75,000.00] | [●] | $[●] | [●]% |
|  [Greater than or Equal to 75,000.01] | [●] | $[●] | [●]% |
|  **Total:** | **[**●**]** | **$[**●**]** | **[**●**]%** |

---

------

<sup>(1)</sup> May not add to 100.0% due to rounding. 

**Distribution by Contract Rate of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | | | |
|:---|:---|:---|:---|
| **Range of Contract Rates (%)** | **Number of<br>Receivables** | **Outstanding Principal<br>Balance** | **Percentage of<br>Aggregate<br>Outstanding<br>Principal Balance<sup>(1)</sup>** |
|  [0.000 to 1.000] | [●] | $[●] | [●]% |
|  [1.001 to 2.000] | [●] | $[●] | [●]% |
|  [2.001 to 3.000] | [●] | $[●] | [●]% |
|  [3.001 to 4.000] | [●] | $[●] | [●]% |
|  [4.001 to 5.000] | [●] | $[●] | [●]% |
|  [5.001 to 6.000] | [●] | $[●] | [●]% |
|  [6.001 to 7.000] | [●] | $[●] | [●]% |
|  [7.001 to 8.000] | [●] | $[●] | [●]% |
|  [8.001 to 9.000] | [●] | $[●] | [●]% |
|  [9.001 to 10.000] | [●] | $[●] | [●]% |
|  [11.001 to 12.000] | [●] | $[●] | [●]% |
|  **Total:** | **[**●**]** | **$[**●**]** | **[**●**]%** |

---

------

<sup>(1)</sup> May not add to 100.0% due to rounding. 

---

| | |
|:---|:---|
| [<sup>(2)</sup> | Less than 0.05% but greater than 0.00%.]  |

---

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##### [**Table of Contents**](#toc)
**Distribution by Remaining Term to Maturity of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | | | |
|:---|:---|:---|:---|
| **Range of Remaining Term to Maturity <br>(in months)<sup>(1)</sup>** | **Number of<br>Receivables** | **Outstanding Principal**<br>**Balance** | **Percentage of<br>Aggregate<br>Outstanding<br>Principal Balance<sup>(2)</sup>** |
|  [1 to 10] | [●] | $[●] | [●]% |
|  [11 to 20] | [●] | $[●] | [●]% |
|  [21 to 30] | [●] | $[●] | [●]% |
|  [31 to 40] | [●] | $[●] | [●]% |
|  [41 to 50] | [●] | $[●] | [●]% |
|  [51 to 60] | [●] | $[●] | [●]% |
|  [61 to 70] | [●] | $[●] | [●]% |
|  [71 to 75] | [●] | $[●] | [●]% |
|  **Total:** | [●] | **$**[●] | **100.00%** |

---

------

<sup>(1)</sup> Assumes that all monthly payments of simple interest loans are made on their respective due dates.

<sup>(2)</sup> May not add to 100.0% due to rounding. 

**Distribution by Original FICO<sup>®</sup> Score of the Receivables Pool** 

**as of the [Statistical] Cut-off Date** 

---

| | | | |
|:---|:---|:---|:---|
| **Range of FICO Scores<sup>(1)</sup>** | **Number of<br>Receivables** | **Outstanding Principal<br>Balance** | **Percentage of<br>Outstanding<br>Aggregate<br>Principal Balance<sup>(2)</sup>** |
|  [650 to 689] | [●] | $[●] | [●]% |
|  [690 to 719] | [●] | $[●] | [●]% |
|  [720 to 739] | [●] | $[●] | [●]% |
|  [740 to 759] | [●] | $[●] | [●]% |
|  [760 to 779] | [●] | $[●] | [●]% |
|  [780 to 799] | [●] | $[●] | [●]% |
|  [800 to 819] | [●] | $[●] | [●]% |
|  [820 to 839] | [●] | $[●] | [●]% |
|  [840 to 859] | [●] | $[●] | [●]% |
|  [860 to 879] | [●] | $[●] | [●]% |
|  [880 to 899] | [●] | $[●] | [●]% |
|  **Total:** | **[**●**]** | **$[**●**]** | **[**●**]%** |

---

------

(1) FICO<sup>®</sup> scores are calculated as of the origination of
the related receivables and exclude obligors for which no FICO<sup>®</sup> score was available as of origination of the related receivable. FICO<sup>®</sup>
is a federally registered trademark of Fair Isaac Corporation. A FICO<sup>®</sup> score is a measurement determined by Fair Isaac Corporation using information collected by the major credit bureaus to
assess credit risk. Data from an independent credit reporting agency, such as FICO<sup>®</sup> score, is one of several factors that may be used by the originator in its credit scoring system to assess
the credit risk associated with each applicant, see "*The Originator*" in this prospectus. FICO<sup>®</sup> scores are based on independent third-party information, the accuracy of which
cannot be verified. FICO<sup>®</sup> scores should not necessarily be relied upon as a meaningful predictor of the performance of the receivables.

(2) May not add to 100.0% due to rounding.

------

##### [**Table of Contents**](#toc)
**Delinquency, Loss and Repossession Information** 

The tables below summarize the delinquency, repossession and net credit loss experience of the portfolio of direct and indirect automobile receivables acquired from or arranged by a dealer that are originated by Fifth Third Bank and serviced by Fifth Third Bank. The data includes all automobile receivables currently owned by Fifth Third Bank, whether originated, purchased or acquired as the result of bank mergers and reflects automobile receivables that were originated or underwritten under criteria that may be different from the receivables held by the issuing entity. [Further, the impact of the COVID-19 outbreak on the performance of the pool receivables described in this prospectus is uncertain.] Accordingly, the delinquency and loss figures presented below may not be representative of the receivables held by the issuing entity and no assurances can be given that the repossession, delinquency and loss experience presented in the following tables will be indicative of the actual experience on the receivables held by the issuing entity.

**Fifth Third Bank Managed Retail Portfolio** 

**Delinquency Experience<sup>(1)(2)(3)(4)</sup>** 

 **As of [** ● **],**

 **As of December 31,**

------

<sup>(1)</sup> Data presented in the table is based upon retail principal balances for new and used vehicles serviced by Fifth Third Bank.

<sup>(2)</sup> Fifth Third Bank considers a payment to be past due or delinquent when an obligor fails to make at least 90% of the scheduled monthly payment by the related due date. Fifth Third Bank measures delinquency by the number of days elapsed from the date a payment is due under the loan contract. 

<sup>(3)</sup> Fifth Third Bank generally charges-off a receivable on the earlier of (i) the date on which proceeds from the sale of the vehicle securing that receivable are applied to the contract balance and (ii) the month in which the receivable reaches its 120<sup>th</sup> day of delinquency. 

<sup>(4)</sup> Delinquencies include repossessions.

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##### [**Table of Contents**](#toc)
**Net Credit Loss and Repossession Experience<sup>(1)</sup>** 

 **At or for the [** ● **] Months Ended [** ● **],**

 **At or for the 12 Months Ended<br>December 31,**

------

<sup>(1)</sup> Data presented in the table is based upon retail principal balances for new and used vehicles financed by Fifth Third, including those that have been sold but are serviced by Fifth Third Bank.

<sup>(2)</sup> Averages are computed by taking a simple average of the month end outstanding amounts for each period presented. 

<sup>(3)</sup> Charge-offs generally represent the total aggregate net outstanding balance of the receivables determined to be uncollectible in the period less proceeds from disposition of the related vehicles, other than recoveries described in Note (4). 

<sup>(4)</sup> Recoveries generally include the net amounts received with respect to retail contracts previously charged off. 

<sup>(5)</sup> Net Charge-offs generally represent the total aggregate net outstanding balance of receivables determined to be uncollectible during the period less proceeds from the disposition of related vehicles, including net amounts received from customers with respect to accounts previously charged off. 

<sup>(6)</sup> [Percentages have been annualized at or for the [●] months ended [●] and are not necessarily indicative of the experience for the entire year.] 

------

##### [**Table of Contents**](#toc)
**Delinquency Experience Regarding the [Statistical] Pool of Receivables** 

The servicer considers a receivable delinquent when an obligor fails to make at least 90% of a scheduled payment by the related due date. The period of delinquency is based on the number of days payments are contractually past due. None of the receivables in the pool sold to the issuing entity on the closing date will be more than 30 days delinquent as of the cut-off date. The following table sets forth the delinquency experience regarding the pool of receivables.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Historical Delinquency Status** | **Number of<br>Receivables** | **Percent of Total<br>Number of<br>Receivables** | **Outstanding Principal<br>Balance** | **Percent of<br>Total<br>Outstanding<br>Principal<br>Balance** |
|  Delinquent no more than once for 30-59 days<sup>(1)</sup> | [●] | [●]% | $[●] | [●]% |
|  Delinquent more than once for 30-59 days but never for 60 days or more | [●] | [●]% | $[●] | [●]% |
|  Delinquent at least once for 60 days or more | [●] | [●]% | $[●] | [●]% |

---

------

<sup>(1)</sup> "Delinquent no more than once for 30-59 days" represents accounts that were delinquent 1 time but never exceeded 59 days past due.

**Static Pool Information About Certain Previous Receivables Pools** 

Appendix A, attached to this prospectus, sets forth characteristics of all motor vehicle retail installment sale contracts and installment loans originated and serviced by Fifth Third Bank by vintage origination year and by publicly securitized receivables pool if such securitized pool had characteristics similar to this pool of receivables, including the number of receivables, the aggregate original and the month-end principal balance, the average original and the month-end principal balance, the weighted average contract rate, the weighted average age, the weighted average original term, the weighted average remaining term, the minimum FICO<sup>®</sup> score, the maximum FICO<sup>®</sup> score and the weighted average FICO<sup>®</sup> score, the distribution of the pool of receivables by the range of contract rate, the percentage new, the percentage used, the weighted average LTV, the pool factor, and the geographic distribution, and information with respect to the monthly delinquency rates, the monthly pool factor, the monthly prepayment speeds and the monthly cumulative net charge-off of the pool of receivables.

The static pool information is presented both by month for originations in the last five years and by securitized pool for each prior public securitization sponsored by Fifth Third Bank in the last five years if such securitized pool had characteristics similar to this pool of receivables.

The characteristics of receivables included in the static pool data discussed above, as well as the social, economic and other conditions existing at the time when those receivables were originated and repaid, may vary materially from the characteristics of the receivables in this transaction and the social, economic and other conditions existing at the time when the receivables in this transaction were originated and those that will exist in the future when the receivables in the current transaction are required to be repaid. [Further, the impact of the COVID-19 outbreak on the performance of the pool of receivables described in this prospectus is uncertain.] As a result, there can be no assurance that the static pool data referred to above will correspond to or be an accurate predictor of the performance of this receivables securitization transaction.

[Insert disclosure required by Item 1105, including appropriate introductory and explanatory information to introduce the characteristics, the methodology used in determining or calculating the characteristics and any terms or abbreviations used. Include a description of how the static pool differs from the pool underlying the securities being offered, such as the extent to which the pool underlying the securities being offered was originated with the same or differing underwriting criteria, loan terms, and risk tolerances than the static pools presented.]

**Repurchase and Replacements** 

[No assets securitized by Fifth Third Bank were the subject of a demand to repurchase or replace for breach of the representations and warranties during the three-year period ended [●] [●], 20[●].][The following table

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##### [**Table of Contents**](#toc)
provides information regarding the demand, repurchase and replacement history with respect to receivables securitized by Fifth Third Bank during the period from [ ], 20[ ] to [ ], 20[ ].]

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuing<br>Entity** | **Check if<br>Registered** | **Name of<br>Originator** | **Total Receivables<br>in ABS**<br>**by Originator** | **Receivables**<br>**that**<br>**Were Subject**<br>**of Demand** | **Receivables<br>That Were<br>Repurchased<br>or Replaced** | **Receivables<br>Pending<br>Repurchase or<br>Replacement<br>(within cure<br>period)** | **Demand in<br>Dispute** | **Demand<br>Withdrawn** | **Demand<br>Rejected** |
|  Fifth Third Auto Trust 20[ ]-[ ] | # | Originator 1 | # $% | # $% | # $% | # $% | # $% | # $% | # $% |
|  Fifth Third Auto Trust 20[ ]-[ ] | # | Originator 2 | # $% | # $% | # $% | # $% | # $% | # $% | # $% |

---

Please refer to the Form ABS-15G filed by Fifth Third Bank on [●] [●], 20[●] for additional information. The CIK number of Fifth Third Bank is 0000035528.

**Review of Pool Assets** 

In connection with the offering of the notes, the depositor has performed a review of the receivables in the pool [as of the initial cut-off date (and will perform such review with respect to any subsequent receivables as of the applicable subsequent cut-off date)], including the initial asset-level data (as defined under "*Asset Level Information*"), and the disclosure regarding those receivables required to be included in this prospectus by Item 1111 of Regulation AB (such disclosure, the "**Rule 193 Information**"). This review was designed and effected to provide the depositor with reasonable assurance that the Rule 193 Information is accurate in all material respects.

As part of the review, Fifth Third Bank identified the Rule 193 Information to be covered and identified the review procedures for each portion of the Rule 193 Information. Descriptions consisting of factual information were reviewed and approved by Fifth Third Bank's senior management to ensure the accuracy of such descriptions. Fifth Third Bank also reviewed the Rule 193 Information consisting of descriptions of portions of the transaction documents and compared that Rule 193 Information to the related transaction documents to ensure the descriptions were accurate. Members of Fifth Third Bank's capital markets group also consulted with internal regulatory personnel and counsel, as well as external counsel, with respect to the description of the legal and regulatory provisions that may materially and adversely affect the performance of the receivables or payments on the notes.

In addition, Fifth Third Bank also performed a review of the receivables in the receivables pool to confirm that those receivables satisfied the criteria set forth under "*The Receivables Pool—Criteria Applicable to Selection of Receivables*" in this prospectus. The first aspect of that review tested the accuracy of the individual receivables data contained in Fifth Third Bank's data tape. The data tape is an electronic record maintained by Fifth Third Bank, which includes certain attributes of the receivables. Fifth Third Bank selected a random sample of [●] receivable files, [●] of which relate to the receivables in the receivables pool, to confirm certain data points such as maturity date, monthly payment and interest rate conformed to the applicable information on the data tape. A second aspect of that review consisted of a comparison of the statistical information contained under "*The Receivables Pool*" and in the initial asset level data to data in, or derived from, the data tape and the initial asset level data. Statistical information relating to the receivables in the pool was recalculated using the applicable information on the data tape. In addition to this review, Fifth Third Bank performs periodic internal control reviews and internal audits of various processes, including its origination and reporting system processes.

[As described under "*The Receivables Pool*," some of the information in this prospectus pertains to a statistical pool rather than the actual pool of receivables to be transferred to the issuing entity. The actual pool will be substantially similar to the statistical pool in all respects. The characteristics of the receivables sold to the issuing entity on the closing date will not vary materially from the characteristics of the receivables in the statistical pool as described in this prospectus. Any additional receivables to be added will be selected from the same or similar data tapes created from Fifth Third Bank's auto loan databases in the same manner as the data tape used to select the statistical pool. Fifth Third Bank and the depositor believe that the verification of certain information, numeric comparisons and recalculations, internal control reviews and other review procedures described above provide similar reasonable assurance that the information in Fifth Third Bank's auto loan databases and data tape relating to the actual pool is accurate in all material respects.]

Portions of the review of legal matters and the review of statistical information were performed with the assistance of third parties engaged by the depositor. The depositor determined the nature, extent and timing of the

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##### [**Table of Contents**](#toc)
review and the sufficiency of the assistance provided by the third parties for purposes of its review. The depositor had ultimate authority and control over, and assumes all responsibility for, the review and the findings and conclusions of the review. The depositor attributes all finding and conclusions of the review to itself.

After undertaking the review described above, the depositor has found and concluded that it has reasonable assurance that the Rule 193 Information in this prospectus, including the initial asset level data, is accurate in all material respects.

[For receivables sold the issuing entity during the [revolving period] [pre-funding period], the issuing entity will disclose on Form 10-D related to the end of the [revolving period] [pre-funding period] and on Form 10-D related to the last monthly period of the issuing entity's fiscal year any subsequent receivables sold to the issuing entity after the initial cut-off date that constitute exceptions to Fifth Third Bank's underwriting criteria.]

**ASSET LEVEL INFORMATION** 

The issuing entity has provided asset-level information regarding the receivables that will be owned by the issuing entity as of the Closing Date (the "**asset-level data**") as an exhibit to a Form ABS-EE filed by the issuing entity by the date of the filing of this prospectus, which is hereby incorporated by reference. The asset-level data comprises each of the data points required with respect to automobile loans identified on Schedule AL to Regulation AB and generally includes, with respect to each receivable, the related asset number, the reporting period covered, general information about the receivable, information regarding the related financed vehicle, information about the related obligor, information about activity on the receivable, information about delinquencies on the receivables and information about modifications and charge-offs of the receivable since it was originated. In addition, the issuing entity will provide updated asset-level data with respect to the receivables each month as an exhibit to the monthly distribution reports filed with the SEC on Form 10-D.

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**WEIGHTED AVERAGE LIFE OF THE NOTES** 

The weighted average life of the notes will generally be influenced by the rate at which the principal balances of the receivables are paid, which payments may be in the form of scheduled payments or prepayments. Each receivable is prepayable in full by the obligor at any time. Full and partial prepayments on motor vehicle receivables included in the issuing entity property will be paid or distributed to the related noteholders on the next payment date following the collection period in which they are received. To the extent that any receivable included in the issuing entity property is prepaid in full, whether by the obligor, or as the result of a repurchase by Fifth Third Bank, the actual weighted average life of the receivables included in the issuing entity property will be shorter than a weighted average life calculation based on the assumptions that payments will be made on schedule and that no prepayments will be made. Weighted average life means the average amount of time until the entire principal amount of a receivable is repaid. Full prepayments may also result from liquidations due to default, receipt of proceeds from theft, physical damage, credit life and credit disability insurance policies, repurchases by Fifth Third Bank as a result of the failure of a receivable to meet the criteria set forth in the transaction documents, as a result of a breach of covenants with respect to the receivables, or purchases made by the servicer as a result of a breach of covenants made by it related to its servicing duties in the transaction documents. In addition, early retirement of the notes may be effected at the option of the servicer to purchase the remaining receivables included in the issuing entity property when the outstanding balance of receivables has declined to a specified percentage. See "*The Transaction Documents—Optional Redemption.*"

The rate of full prepayments by obligors on the receivables may be influenced by a variety of economic, social and other factors. These factors include the unemployment rate, servicing decisions, seasoning of loans, destruction of vehicles by accident, loss of vehicles due to theft, sales of vehicles, market interest rates, the availability of alternative financing and restrictions on the obligor's ability to sell or transfer the financed vehicle securing a receivable without the consent of the servicer. Any full prepayments or partial prepayments applied immediately will reduce the average life of the receivables.

The originator can make no prediction as to the actual prepayment rates that will be experienced on the receivables included in the issuing entity property in either stable or changing interest rate environments. Noteholders will bear all reinvestment risk resulting from the rate of prepayment of the receivables included in the issuing entity property.

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##### [**Table of Contents**](#toc)
**MATURITY AND PREPAYMENT CONSIDERATIONS** 

The following information is provided solely to illustrate the effect of prepayments of the receivables on the unpaid principal amounts of the notes and the weighted average life of the notes under the assumptions stated below, and is not a prediction of the prepayment rates that might actually be experienced with respect to the receivables.

Prepayments on receivables can be measured against prepayment standards or models. The model used in this prospectus, the absolute prepayment model, or "**ABS**," assumes a rate of prepayment each month which is related to the original number of receivables in a pool of receivables. ABS also assumes that all of the receivables in a pool are the same size, that all of those receivables amortize at the same rate, and that for every month that any individual receivable is outstanding, payments on that particular receivable will either be made as scheduled or the receivable will be prepaid in full. For example, in a pool of receivables originally containing 10,000 receivables, if a 1% ABS were used, that would mean that 100 receivables would prepay in full each month. The percentage of prepayments that is assumed for ABS is not a historical description of prepayment experience on pools of receivables or a prediction of the anticipated rate of prepayment on either the pool of receivables involved in this transaction or on any pool of receivables. You should not assume that the actual rate of prepayments on the receivables will be in any way related to the percentage of prepayments that was assumed for ABS.

The tables below which are captioned "Percent of the Initial Note Balance Outstanding at Various ABS Percentages" (the "**ABS Tables**") are based on ABS and were prepared using the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuing entity holds [●]pools of receivables with the following characteristics:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Pool** | **Outstanding Principal<br>Balance** | **Weighted<br>Average<br>Coupon** | **Weighted Average<br>Original<br>Term to Maturity<br>(in Months)** | **Weighted Average<br>Remaining Term<br>to Maturity<br>(in Months)** |
| 1 | $[●] | [●]% | [●] | [●] |
| 2 | $[●] | [●]% | [●] | [●] |
| 3 | $[●] | [●]% | [●] | [●] |
| 4 | $[●] | [●]% | [●] | [●] |
| 5 | $[●] | [●]% | [●] | [●] |
| 6 | $[●] | [●]% | [●] | [●] |
| 7 | $[●] | [●]% | [●] | [●] |
|  **Total** | **$[**●**]** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scheduled payment for each receivable was calculated on the basis of the characteristics described in the
assumptions set forth above and in such a way that each receivable would amortize in a manner that would be sufficient to repay the receivable balance of that receivable by its indicated remaining term to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all prepayments on the receivables each month are made in full at the specified constant percentage of ABS and
there are no defaults, losses or repurchases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest accrues on the notes at the following per annum coupon rates: Class A-1 notes, [●]%; Class A-2[-A] notes, [●]%; [Class A-2-B notes, [●]%]; Class A-3 notes, [●]%; Class A-4 notes, [●]%; and Class B notes,
[●]%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each scheduled payment on the receivables is made on the last day of each month commencing in [●], and each
month has 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the initial note amount of the Class A-1 notes, [the Class A-2 notes,] the Class A-3 notes, the Class A-4 notes and the Class B notes are equal to the initial note
amount for that class of notes as set forth on the front cover of this prospectus[;] [and the initial note amount of the Class A-2-A notes and Class A-2-B notes are $[●]and $[●], respectively;]

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments on the notes are paid in cash on each payment date commencing [•] [•], 20[•], and on the
[15<sup>th</sup>] calendar day of each subsequent month whether or not that day is a business day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the notes are purchased on [•];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-1 notes [and the Class A-2-B] notes will be paid interest on the basis of the actual number of days elapsed during the period for which interest is payable and a 360-day year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the Class B notes will be paid interest on the basis of a 360-day year
consisting of twelve 30-day months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scheduled payment for each receivable was calculated on the basis of the characteristics described in the ABS
Tables and in such a way that each receivable would amortize in a manner that would be sufficient to repay the receivable balance of that receivable by its indicated remaining term to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as indicated in the tables, the clean-up call option to redeem the
notes will be exercised at the earliest opportunity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the servicing fee rate will be [1.00]% per annum and all other fees will equal $0[; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [$[ ] will be deposited in the pre-funding account on the closing date; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [all of the funds in the pre-funding account are used to purchase
additional receivables; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [all other fees will equal $0; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [insert assumptions related to revolving period].

The ABS Tables were created relying on the assumptions listed above. The tables indicate the percentages of the original outstanding balances of each class of notes that would be outstanding after each of the listed payment dates if certain percentages of ABS are assumed. The ABS Tables also indicate the corresponding weighted average lives of each class of notes if the same percentages of ABS are assumed. The assumptions used to construct the ABS Tables are hypothetical and have been provided only to give a general sense of how the principal cash flows might behave under various prepayment scenarios. The actual characteristics and performance of the receivables may differ materially from the assumptions used to construct the ABS Tables.

As used in the ABS Tables, the "**weighted average life**" of a class of notes is determined by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multiplying the amount of each principal payment on a note by the number of years from the date of the issuance
of the note to the related payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adding the results; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividing the sum by the related original outstanding balance of the note.

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**Percent of the Initial Outstanding Balance at Various ABS Percentages** 

**Class A-1 Notes** 

---

| | |
|:---|:---|
| **Payment Date** | **[**●**]%** |
|  Closing Date | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  Weighted Average Life (Years) to Call<sup>(1)</sup> | [●] |
|  Weighted Average Life (Years) to Maturity<sup>(2)</sup> | [●] |

---

------

(1) Assumes that the servicer exercises its clean-up call option at the
earliest possible opportunity.

(2) Assumes that the servicer does not exercise its clean-up call option.

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##### [**Table of Contents**](#toc)
**Percent of the Initial Outstanding Balance at Various ABS Percentages** 

**Class A-2 Notes** 

---

| | |
|:---|:---|
| **Payment Date** | **[**●**]%** |
|  Closing Date | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  Weighted Average Life (Years) to Call<sup>(1)</sup> | [●] |
|  Weighted Average Life (Years) to Maturity<sup>(2)</sup> | [●] |

---

------

(1) Assumes that the servicer exercises its clean-up call option at the
earliest possible opportunity.

(2) Assumes that the servicer does not exercise its clean-up call option.

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##### [**Table of Contents**](#toc)
**Percent of the Initial Outstanding Balance at Various ABS Percentages** 

**Class A-3 Notes** 

---

| | |
|:---|:---|
| **Payment Date** | **[**●**]%** |
|  Closing Date | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  Weighted Average Life (Years) to Call<sup>(1)</sup> | [●] |
|  Weighted Average Life (Years) to Maturity<sup>(2)</sup> | [●] |

---

------

(1) Assumes that the servicer exercises its clean-up call option at the
earliest possible opportunity.

(2) Assumes that the servicer does not exercise its clean-up call option.

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##### [**Table of Contents**](#toc)
**Percent of the Initial Outstanding Balance at Various ABS Percentages** 

**Class A-4 Notes** 

---

| | |
|:---|:---|
| **Payment Date** | **[**●**]%** |
|  Closing Date | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  Weighted Average Life (Years) to Call<sup>(1)</sup> | [●] |
|  Weighted Average Life (Years) to Maturity<sup>(2)</sup> | [●] |

---

------

(1) Assumes that the servicer exercises its clean-up call option at the
earliest possible opportunity.

(2) Assumes that the servicer does not exercise its clean-up call option.

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##### [**Table of Contents**](#toc)
**Percent of the Initial Outstanding Balance at Various ABS Percentages** 

**Class B Notes** 

---

| | |
|:---|:---|
| **Payment Date** | **[**●**]%** |
|  Closing Date | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  [●] | [●]% |
|  Weighted Average Life (Years) to Call<sup>(1)</sup> | [●] |
|  Weighted Average Life (Years) to Maturity<sup>(2)</sup> | [●] |

---

------

(1) Assumes that the servicer exercises its clean-up call option at the
earliest possible opportunity.

(2) Assumes that the servicer does not exercise its clean-up call option.

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##### [**Table of Contents**](#toc)
**THE NOTES** 

**General** 

The notes will be issued pursuant to the terms of the indenture, a form of which has been filed as an exhibit to the registration statement, to be dated as of the closing date between the issuing entity and the indenture trustee for the benefit of the noteholders. We will file a copy of the finalized indenture with the SEC concurrently with or prior to the time we filed this prospectus with the SEC. Each noteholder will have the right to receive payments made with respect to the receivables and other assets in the issuing entity property and certain rights and benefits available to the indenture trustee under the indenture. [•] will be the "**indenture trustee**." You may contact the indenture trustee at [•] or by calling [•].

All payments required to be made on the notes will be made monthly on each payment date, which will be the [15<sup>th</sup>] day of each month or, if that day is not a business day, then the next business day beginning [•].

The indenture trustee will distribute principal and interest on each payment date to holders in whose names the notes were registered on the latest record date.

For each class of book-entry notes, the "**record date**" for each payment date or redemption date is the close of business on the business day immediately preceding that payment date or redemption date. For notes issued as definitive notes, the record date for any payment date or redemption date is the close of business on the last business day of the calendar month immediately preceding the calendar month in which such payment date or redemption date occurs. See "*The Notes—Definitive Notes*."

The initial principal amount, interest rate and final scheduled payment date for each class of notes is set forth on the cover page to this prospectus.

Distributions to the certificateholders will be subordinated to distributions of principal of and interest on the notes to the extent described in "*The Transaction Documents—Priority of Payments*."

[Principal payments will not be made on the notes during the revolving period. If an early amortization event occurs, the revolving period will end and noteholders will receive payments of principal earlier than expected. See "*The Notes—The Revolving Period*." [Insert the maximum amount of additional assets that may be acquired during the revolving period and the percentage of the asset pool that may be acquired during the revolving period, to the extent applicable, in accordance with Item 1103(a)(5) of Regulation AB.]

**Delivery of Notes** 

The notes will be issued in the minimum denomination of $[1,000] and in integral multiples of $[1,000] in excess thereof (except for two notes of each class of notes which may be issued in a denomination other than an integral of $[1,000]) on or about the closing date in book-entry form through the facilities of DTC, Clearstream and Euroclear against payment in immediately available funds.

**Book-Entry Registration** 

Each class of notes will be available only in book-entry form except in the limited circumstances described under *"—Definitive Notes*" below. All book-entry notes will be held by DTC, in the name of Cede & Co., as nominee of DTC. Investors' interests in the notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC. Investors may hold their notes through DTC, Clearstream, or Euroclear, which will hold positions on behalf of their customers or participants through their respective depositories, which in turn will hold such positions in accounts as DTC participants. The notes will be traded as home market instruments in both the U.S. domestic and European markets. Initial settlement and all secondary trades will settle in same-day funds.

Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. Investors electing to hold global securities through Clearstream or Euroclear accounts

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will follow the settlement procedures applicable to conventional eurobonds, except that there will be no temporary global securities and no "lock-up" or restricted period.

For notes held in book-entry form, actions of noteholders under the indenture will be taken by DTC upon instructions from its participants and all payments, notices, reports and statements to be delivered to noteholders will be delivered to DTC or its nominee as the registered holder of the book-entry notes for distribution to holders of book-entry notes in accordance with DTC's procedures.

Investors should review the procedures of DTC, Clearstream and Euroclear for clearing, settlement and withholding tax procedures applicable to their purchase of the notes.

**Definitive Notes** 

The notes will be issued in fully registered, certificated form to owners of beneficial interests in a global security or their nominees rather than to DTC or its nominee, only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the administrator advises the indenture trustee in writing that DTC is no longer willing or able to discharge
properly its responsibilities as depository with respect to the notes, and the administrator or the indenture trustee, as applicable, is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the administrator, at its option, advises the indenture trustee in writing that it elects to terminate the
book-entry system through DTC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after an event of default, beneficial note owners representing in the aggregate a majority of the outstanding
principal amount of the [Controlling Class], voting as a single class, advise the indenture trustee through DTC (or its successor) in writing that the continuation of a book-entry system through DTC (or its successor) is no longer in the best
interest of those owners.

Payments or distributions of principal of, and interest on, the notes will be made by a paying agent in accordance with directions of the servicer directly to holders of notes in definitive registered form in accordance with the procedures set forth in this prospectus and the indenture. Payments or distributions on each payment date and on the final scheduled payment date will be made to holders in whose names the definitive notes were registered on the Record Date. Payments or distributions will be made by wire transfer if an account has been designated by the related noteholder three business days prior to the related payment date and otherwise by check mailed to the address of each noteholder as it appears on the register maintained by the indenture trustee. The final payment or distribution on any note, whether notes in definitive registered form or notes registered in the name of Cede & Co., however, will be made only upon presentation and surrender of the note at the office or agency specified in the notice of final payment or distribution to noteholders.

Notes in definitive registered form will be transferable and exchangeable at the offices of the indenture trustee or at the offices of a transfer agent or registrar named in a notice delivered to holders of notes in definitive registered form. No service charge will be imposed for any registration of transfer or exchange, but the issuing entity may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

**Notes Owned by Transaction Parties** 

In determining whether noteholders holding the requisite note balance have given any request, demand, authorization, direction, notice, consent, vote or waiver under any transaction document, notes owned by the depositor, Fifth Third Bank or any of their respective affiliates will be disregarded and deemed not to be "outstanding" unless all of the notes are then owned by the depositor, Fifth Third Bank or any of their respective affiliates.

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**Access to Noteholders Lists** 

If definitive notes are issued in the limited circumstances set forth above, or if the indenture trustee is not the registrar for the notes, the issuing entity will furnish or cause to be furnished to the indenture trustee a list of the names and addresses of the noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of each Record Date, not more than five days after that Record Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• within 30 days after receipt by the issuing entity of a written request from the indenture trustee for that list,
as of a date not more than ten days before that list is furnished.

The indenture does not provide for the holding of annual or other meetings of noteholders.

**Noteholder Communication** 

A noteholder or a beneficial owner of a note (collectively, the "**Investors**") may send a request to the depositor at any time notifying the depositor that the Investor would like to communicate with other Investors with respect to an exercise of their rights under the terms of the transaction documents, including the right to request an asset representations review as set forth under "*The Transaction Documents—Asset Representations Review*" below. If the requesting Investor is not the record holder as reflected in the note register and is instead a beneficial owner of notes, the indenture trustee or the servicer may require no more verification than (1) a written certification from the Investor that it is a beneficial owner of notes and (2) an additional form of documentation, such as a trade confirmation, an account statement, a letter from the broker or dealer or other similar document. The depositor will include in each Form 10-D disclosure regarding any request received during the related collection period from an Investor to communicate with other Investors related to the Investors exercising their rights under the terms of the transaction documents. The disclosure in the Form 10-D regarding the request to communicate will include the name of the Investor making the request, the date the request was received, a statement to the effect that the issuing entity has received a request from the Investor, stating that the Investor is interested in communicating with other Investors with regard to the possible exercise of rights under the transaction documents and a description of the method other Investors may use to contact the requesting Investor. The servicer will bear any costs associated with including the above information in the Form 10-D.

**Statements to Noteholders** 

On or prior to the second Business Day preceding each payment date, the servicer will provide to the indenture trustee, and the indenture trustee will on each payment date forward or otherwise make available to each noteholder, a statement (prepared by the servicer) setting forth for that payment date and the related collection period, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the distribution on or with respect to each class of the notes allocable to principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the distribution on or with respect to each class of the notes allocable to interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate distribution amount for that payment date;

[• the payments to any enhancement provider with respect to any credit or liquidity enhancement on that payment date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of, and aggregate outstanding principal balance of, the related receivables which are delinquent as of
the end of the related collection period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate servicing fee paid to the servicer with respect to that collection period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the amount of payment or distribution, as the case may be, allocable to the certificate
distribution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of collections on the receivables for that collection period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of any principal or interest shortfall with respect to each class of notes and the amount required
from any enhancement provider[, including the reserve account and the risk retention reserve account,] to pay any shortfall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount of proceeds received by the servicer, net of reimbursable out-of-pocket expenses, in respect of a receivable which is a defaulted receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Pool Factor and/or the Note Factor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Net Pool Balance;

---

| | |
|:---|:---|
| [• | the amount remaining of any credit or liquidity enhancement, including the net retention reserve account;]  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a statement that the servicer has received a communication request for a noteholder interested in
communicating with other noteholders regarding the possible exercise of rights under the transaction documents, the name and contact information for the requesting noteholder and the date such request was received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Delinquency Percentage and whether the Delinquency Trigger has been met or exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a summary of the findings and conclusions of any asset representations review conducted by the asset
representations reviewer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, information with respect to any change in the asset representations reviewer as required by Item
1121(d)(2) of Regulation AB; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any asset level information as required by Item 1111(h) and Item 1125 of Regulation AB.

Each month the servicer will compute either a Pool Factor or a Note Factor or both a Pool Factor and a Note Factor.

The indenture trustee will make available via its internet website all reports or notices required to be provided by it. However, for so long as the issuing entity's filings described under "*Reports to Noteholders*" and amendments to those filings will be publicly available at the SEC's website at http://www.sec.gov, the indenture trustee will not make available at its internet website any of the issuing entity's filings. The servicer will provide electronic or paper copies of such filings and other reports free of charge upon request.

Within a reasonable period of time after the end of each calendar year, but not later than the latest date permitted by applicable law, the indenture trustee will make available information required to complete federal income tax returns to each person who on any Record Date during the calendar year was a registered noteholder.

**Payments of Interest** 

Interest on the unpaid outstanding balance of each class of notes will accrue at the applicable interest rate listed on the cover of this prospectus and will be payable monthly on each payment date. Interest will accrue during each interest accrual period at the applicable interest rate (a) for the Class A-1 notes [and the Class A-2-B notes] from and including the most recent payment date on which interest was paid (or from and including the closing date in the case of the first interest accrual period) to but excluding the following payment date or (b) for the Class A-2[-A] notes, the Class A-3 notes and the Class A-4 notes from and including the [15<sup>th</sup>] day of each calendar month preceding each payment date (or from and including the closing date in the case of the first payment period) to but excluding the [15<sup>th</sup>] day of the month in which that payment date occurs.

Interest will accrue and will be calculated on the various classes of notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Actual/360*. Interest on the Class A-1 notes [and the Class A-2-B notes] will be calculated on the basis of the actual number of days elapsed during the applicable interest accrual period, but assuming a
360-

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day year. This means that the interest due on each payment date for the Class A-1 notes [and the Class A-2-B notes, as applicable,] will be the product of (i) the outstanding principal amount of the related class of notes, (ii) the related interest rate and (iii) the actual number of days from and including the previous payment date (or, in the case of the first payment date, since the closing date) to but excluding the current payment date, divided by 360. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *30/360.* Interest on the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the
Class B notes will be calculated on the basis of a 360-day year of twelve 30-day months. This means that the interest due on each payment date for the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the
Class B notes will be the product of (i) the outstanding principal amount of the related class of notes, (ii) the related interest rate and (iii) 30 (or in the case of the first payment date, [•]), divided by 360.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Accrual Periods.* Interest will accrue on the outstanding principal amount of each class of notes
(a) with respect to the Class A-1 notes [and the Class A-2-B notes] from the prior payment date (after giving
effect to all payments made on that date) (or in the case of the first payment date, the closing date) to but excluding the following payment date or (b) with respect to the Class A-2[-A] notes, the Class A-3 notes, the Class A-4 notes and the
Class B notes from the [15<sup>th</sup>] day of each calendar month (after giving effect to all payments made on that date) (or in the case of the first payment date, the closing date) to but excluding
the [15<sup>th</sup>] day of the following month. Interest accrued as of any payment date but not paid on that payment date will be payable on the next payment date, together with interest on such amount at
the applicable interest rate (to the extent lawful).

[The following discussion will specify all related terms of the applicable floating rate benchmark.]

[Interest on the floating rate notes will be calculated based on [insert applicable floating rate benchmark] plus the applicable spread set forth on the cover page to this prospectus[; provided that, if the sum of [insert applicable floating rate benchmark] and such spread is less than 0.00% for any interest period, then the interest rate for the floating rate notes for such interest period will be deemed to be 0.00%.] For purposes of computing interest on the floating rate notes, the following terms have the following meanings:

[__________________]

**Payments of Principal** 

On each payment date [during the amortization period], except as described below, the First Allocation of Principal and the Second Allocation of Principal will be applied to make principal payments on the notes. Prior to an event of default, principal payments will be applied to the notes in sequential priority so that no principal payments will be made on any class of notes until all notes with an earlier final scheduled payment date have been paid in full. Thus, on each payment date, the amounts on deposit in the principal distribution account will be applied to the notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *first,* to the Class A-1 notes, until the Class A-1 notes are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *second,* to the Class A-2[-A] notes [and Class A-2-B notes, ratably], until the Class A-2[-A] notes [and Class A-2-B notes] are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *third,* to the Class A-3 notes, until the Class A-3 notes are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *fourth,* to the Class A-4 notes, until the Class A-4 notes are paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *fifth,* to the Class B notes, until the Class B notes are paid in full.

At any time that the outstanding amounts of the notes have been declared due and payable following the occurrence of an event of default under the indenture, principal payments will be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full, and then ratably to all other Class A noteholders on each payment date, based on the outstanding balance of each class of Class A notes (other than the Class A-1 notes), until

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the Class A notes have been paid in full and then to the Class B noteholders until the Class B notes have been paid in full. Such payments will be made from Available Funds and other amounts, including all amounts held on deposit in the reserve account [and the risk retention reserve account].

To the extent not previously paid prior to those dates, the outstanding amount of each class of notes will be payable in full on the payment date specified below (each, a "**final scheduled payment date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-1 notes, the [•] payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-2[-A notes and the Class A-2-B] notes, the [•] payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-3 notes, the [•] payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-4 notes, the [•] payment date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class B notes, the [•] payment date.

Failure to pay the full principal amount of a class of notes by the applicable final scheduled payment date or redemption date will be an event of default under the indenture.

**Payments of Principal on each Payment Date (other than** 

**Payment Dates after the Notes Have Been Accelerated** 

**Following the Occurrence of an Event of Default)**![LOGO](g336412g1005021719945.jpg)

**[The Revolving Period]** 

[During the revolving period, noteholders will not receive principal payments. Instead, on each payment date during the revolving period, the issuing entity will seek to reinvest amounts that would otherwise be distributed as principal in additional receivables to be purchased from the depositor.

The issuing entity will purchase additional receivables meeting the eligibility requirements described in "*The Receivables Pool—Criteria Applicable to the Selection of Receivables*." The purchase price for each additional receivable will be [insert formula for determining purchase price].

The depositor will seek to purchase additional receivables from FTH LLC, with a purchase price equal to the reinvestment amount, to the extent of available funds. The sponsor will seek to make receivables available to FTH LLC as additional receivables in an amount approximately equal to the amount of the available funds, but it is possible that the sponsor will not have sufficient additional receivables for this purpose. Any portion of available funds that is not used to purchase additional receivables on a payment date during the revolving period will be

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applied on subsequent payment dates in the revolving period to purchase additional receivables. Noteholders will be notified of the purchase of additional receivables on Form 10-D.

The amount of additional receivables will be determined by the amount of cash available from payments and prepayments on existing receivables. [There are no stated limits on the amount of additional receivables allowed to be purchased during the revolving period in terms of either dollars or percentage of the initial asset pool. Further, there are no requirements regarding minimum amounts of additional receivables that can be purchased during the revolving period.] [Insert the maximum amount of additional assets that may be acquired during the revolving period and the percentage of the asset pool that may be acquired during the revolving period, to the extent applicable, in accordance with Item 1103(a)(5) of Regulation AB.]

The revolving period consists of the collection periods beginning with the [_____] collection period and ending with the [__________] collection period and the related payment dates. Reinvestments in additional receivables will be made on each payment date related to those collection periods. The revolving period will terminate sooner if an Early Amortization Event occurs in one of those collection periods, in which case the amortization period will begin and no reinvestment in additional receivables will be made on the related payment date. During the amortization period, noteholders will be entitled to receive principal payments in accordance with the priorities set forth above in "— *Payments of Principal*."

An "**Early Amortization Event**" will occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the amount on deposit in the reserve account is less than the specified reserve account balance for two
consecutive months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default occurs as described under "*The Indenture—Events of Default* "; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a servicer replacement event occurs as described under "*The Transaction Documents—Servicer Replacement Events.* "

The occurrence of an Early Amortization Event is not necessarily an event of default under the indenture.]

An "**amortization period**" is the period during which an amount of principal is payable to holders of notes which, during the revolving period, were not entitled to such payments. During an amortization period all or a portion of principal collections on the receivables may be applied as specified above for a revolving period and, to the extent not so applied, will be distributed to the classes of notes.]

[Insert any additional limitation on the ability of the issuing entity to acquire additional receivables in accordance with Item 1103(a)(5) of Regulation AB.]

[The sale agreement, servicing agreement and indenture provide for a pre-funding arrangement which will be limited to a period not to exceed twelve months. Under the pre-funding arrangement, the issuing entity commits to purchase additional receivables from the depositor following the date on which the issuing entity is established and the notes are issued. The pre-funding arrangement will require that any subsequent receivables transferred to the issuing entity conform to the requirements and conditions in the sale agreement and servicing agreement, including all of the same eligibility criteria as the initial receivables. The servicer will establish an account, known as the pre-funding account, in the name of the indenture trustee for the benefit of the noteholders. Up to 25% of the proceeds received from the sale of the notes will be deposited into the pre-funding account on the Closing Date and thereafter funds will be released on one or more occasions during a specified period to purchase subsequent receivables from the depositor. Upon each conveyance of subsequent receivables to the issuing entity, an amount equal to the purchase price paid by the depositor to the originator for the subsequent receivables will be released from the pre-funding account and paid to the depositor. If funds remain in the pre-funding account at the end of the funding period, those funds will be applied to prepay the notes. Amounts on deposit in the pre-funding account may be invested in Eligible Investments. Information regarding the subsequent receivables, if applicable, will be included, if required, in one or more reports filed by the issuing entity under Item 1 of Form 10-D with the SEC pursuant to the Exchange Act.

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The use of a pre-funding arrangement is intended to improve the efficiency of the issuance of the notes and the sale of the receivables to the issuing entity through the incremental delivery of the applicable receivables on the Closing Date and during a specified period following the Closing Date. Pre-funding arrangements allow for a more even accumulation of the receivables by the depositor and FTH LLC and the issuance of a larger principal amount of notes than would be the case without a pre-funding arrangement.

You should be aware that the initial receivables and the subsequent receivables may be originated using credit criteria different from the criteria applied to the receivables disclosed in this prospectus and may be of a different credit quality and seasoning. The credit quality of the subsequent receivables may vary as a result of increases or decreases in the credit quality of the related obligors within the predefined acceptable range, which variations could impact the performance of the overall pool of receivables. The portfolio of initial receivables may also be subject to greater seasoning than the subsequent receivables due to the length of time elapsed from the dates of origination of those receivables and the sale of those receivables to the issuing entity. Accordingly, less historical performance information may be available with respect to the subsequent receivables. Moreover, following the transfer of subsequent receivables to the issuing entity, the characteristics of the entire pool of receivables included in the issuing entity property may vary from those of the receivables initially transferred to the issuing entity.]

**[Interest Rate Swap Agreement]** 

[On the closing date, the issuing entity will enter into an "**interest rate swap agreement**" with [●], a [●], as swap counterparty (the "**swap counterparty**"), consisting of the ISDA Master Agreement, the schedule thereto, the credit support annex thereto, if applicable, the confirmation with the swap counterparty to hedge the floating interest rate risk on the Class [●] notes. All terms of the interest rate swap agreement will be acceptable to each of the hired agencies. The interest rate swap for the Class [●] notes will have an initial notional amount equal to the initial note balance of the Class [●] notes on the closing date and will decrease by the amount of any principal payments on the Class [●] notes. The notional amount of the interest rate swap at all times that the interest rate swap is in place will be equal to the note balance of the Class [●] notes. Based on a reasonable good faith estimate of maximum probable exposure, the significance percentage of the interest rate swap agreement is less than 10%.

In general, under the interest rate swap agreement on each payment date, the issuing entity will be obligated to pay the swap counterparty a per annum fixed rate payment based on a fixed rate of [ ]% times the notional amount of the interest rate swap and the swap counterparty will be obligated to pay a per annum floating rate payment based on the interest rate of the Class [●] notes times the same notional amount. Payments on the interest rate swap (other than senior swap termination payments and subordinated swap termination payments) will be exchanged on a net basis. The payment obligations of the issuing entity to the swap counterparty under the interest rate swap agreement are secured under the indenture by the same lien in favor of the indenture trustee that secures payments to the noteholders. A net swap payment made by the issuing entity ranks higher in priority than all payments on the notes.

Among other things, an event of default under the interest rate swap agreement includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to make payments due under the interest rate swap agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain bankruptcy events of the issuing entity or bankruptcy and insolvency events of
the swap counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of the interest rate swap agreement or related agreements by the swap counterparty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to post collateral or return collateral pursuant to the terms of the credit support annex by the swap
counterparty or the issuing entity (solely with respect to the return of collateral);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misrepresentation by the swap counterparty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger by the swap counterparty without assumption of its obligations under the interest rate swap
agreement.

Among other things, a termination event under the interest rate swap agreement includes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• illegality of the transactions contemplated by the interest rate swap agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any commencement of the liquidation of the issuing entity property following an event of default under the
indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of the swap counterparty to provide the financial information required by Regulation AB and other
requested information or to assign the interest rate swap agreement to an eligible counterparty that is able to provide the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain tax events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any amendment to the sale agreement, the servicing agreement or the indenture by the issuing entity that has a
material and adverse effect on the swap counterparty without the prior written consent of the swap counterparty to the extent such consent is required under the related agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a merger or consolidation of the swap counterparty into an entity with materially weaker creditworthiness;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of the swap counterparty (or its credit support provider, if any) to maintain its credit rating at
certain levels required by the interest rate swap agreement, which failure may not constitute a termination event if the swap counterparty maintains certain minimum credit ratings and, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at its own expense obtains an unconditional guarantee or similar assurance from a guarantor with the
appropriate credit rating, along with a legal opinion regarding the guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• posts collateral; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assigns its rights and obligations under the interest rate swap agreement to a substitute swap
counterparty that satisfies the eligibility criteria set forth in the interest rate swap agreement.

Upon the occurrence of any event of default or termination event specified in the interest rate swap agreement, the non-defaulting or non-affected party or, in some instances, the affected party or burdened party may elect to terminate the interest rate swap agreement. If the interest rate swap agreement is terminated due to an event of default or a termination event, a swap termination payment under the interest rate swap agreement may be due to the swap counterparty by the issuing entity out of Available Funds. Any swap termination payment that constitutes a subordinated swap termination payment will be subordinated to payments of principal of and interest on the notes and any swap termination payment that constitutes a senior swap termination payment will be paid *pari passu* with interest on the Class A notes. The amount of any swap termination payment may be based on the actual cost or market quotations of the cost of entering into a similar swap transaction or such other methods as may be required under the interest rate swap agreement, in each case in accordance with the procedures set forth in the interest rate swap agreement. Any swap termination payment could, if market rates or other conditions have changed materially, be substantial. If a replacement interest rate swap agreement is entered into, any payments made by the replacement swap counterparty in consideration for replacing the swap counterparty will be applied to any swap termination payment owed to the swap counterparty, under the interest rate swap agreement to the extent not previously paid.]

**[Interest Rate Cap Agreement]** 

[On the closing date, for each class of floating rate notes, the issuing entity will enter into an "**Interest Rate Cap Agreement**" with [•], a [•], as cap provider (the "**cap provider**"), consisting of a long form confirmation or the ISDA Master Agreement, the schedule thereto, the credit support annex thereto, if applicable, and a confirmation for such class of floating rate notes, to hedge the floating interest rate risk on such class of floating rate notes. All terms of the Interest Rate Cap Agreement will be acceptable to each hired agency. Under each Interest Rate Cap Agreement, the issuing entity will pay an upfront premium to the cap provider and, if the [insert applicable floating rate benchmark] related to any payment date exceeds the Cap Rate, the cap provider will pay to the issuing entity the "**Cap Receipt**," an amount equal to the product of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the [insert applicable floating rate benchmark] for the related payment date minus the Cap Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the aggregate notional amount on the Interest Rate Cap Agreement, [which will equal the aggregate outstanding
principal amount of the Class [•] notes on the first day of the collection period related to such payment date]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a fraction, the numerator of which is the actual number of days elapsed from and including the previous payment
date, to but excluding the current payment date, or with respect to the first payment date, from and including the closing date, to but excluding the first payment date, and the denominator of which is 360.

Based on a reasonable good faith estimate of maximum probable exposure, the "significance percentage," as defined in Regulation AB, of the Interest Rate Cap Agreement is less than 10%.

Among other things, an event of default under each Interest Rate Cap Agreement includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of the cap provider to make payments due under such Interest Rate Cap Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain bankruptcy and insolvency events of the cap provider or of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any breach of such Interest Rate Cap Agreement or related agreements by the cap provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misrepresentation by the cap provider; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger by the cap provider without assumption of its obligations under such Interest Rate Cap Agreement. Among
other things, a termination event under each Interest Rate Cap Agreement includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• illegality of the transactions contemplated by such Interest Rate Cap Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of the cap provider to provide the financial information required by Regulation AB and other requested
information or to post eligible collateral or assign such Interest Rate Cap Agreement to an eligible counterparty that is able to provide the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain tax events that would affect the ability of the cap provider to make payments without withholding taxes
therefrom to the issuing entity, that occur because of a change in tax law, an action by a court or taxing authority or a merger or consolidation of the cap provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a merger or consolidation of the cap provider into an entity with materially weaker creditworthiness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of the cap provider (or its credit support provider, if any) to maintain its credit rating at certain
levels required by such Interest Rate Cap Agreement, which failure may not constitute a termination event if the cap provider maintains certain minimum credit ratings and, among other things, as provided under such Interest Rate Cap Agreement:
(1) at its own expense obtains an unconditional guarantee or similar assurance from a guarantor with the appropriate credit rating, along with a legal opinion regarding the guarantee; (2) posts collateral; and/or (3) assigns its
rights and obligations under such Interest Rate Cap Agreement to a substitute cap provider that satisfies the eligibility criteria set forth in such Interest Rate Cap Agreement.

Upon the occurrence of any event of default or termination event specified in an Interest Rate Cap Agreement, the non-defaulting or non-affected party may elect to terminate the Interest Rate Cap Agreement. If an Interest Rate Cap Agreement is terminated due to an event of default or a termination event, or if the notional amount is reduced to match the principal amount of the notes, a Cap Termination Payment under an Interest Rate Cap Agreement may be due to the issuing entity by the cap provider. The amount of any Cap Termination Payment may be based on the actual cost or market quotations of the cost of entering into a similar cap transaction or such

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other methods as may be required under the Interest Rate Cap Agreement, in each case in accordance with the procedures set forth in the Interest Rate Cap Agreement. Any Cap Termination Payment could be substantial.

**THE CERTIFICATES** 

The issuing entity will also issue one or more non-interest bearing "**certificates**," which represent an equity interest in the issuing entity. The certificates are not offered hereby but will instead be issued by the issuing entity pursuant to the terms of the trust agreement. [[An affiliate of the depositor] [The depositor] will be the initial holder of the issuing entity's certificates.] The certificates may be transferred pursuant to the terms of the trust agreement. The owner trustee shall maintain a register for the registration and transfer of certificates and the owner trustee or its agent shall promptly notify the indenture trustee of any change in the registered ownership of a certificate. On each payment date, the holders of the certificates will be entitled to any funds remaining on that payment date after all deposits and distributions of higher priority, as described in "*The Transaction Documents—Priority of Payments*."

**THE TRANSACTION DOCUMENTS** 

The following information in this section summarizes material provisions of the "**receivables sale agreement**" entered into between the originator and FTH LLC, the "**purchase agreement**" entered into between FTH LLC and the depositor, the "**sale agreement**" entered into among the depositor, the indenture trustee and the issuing entity and the "**indenture**" entered into between the issuing entity and the indenture trustee. We sometimes refer to these agreements collectively as the "**transfer agreements**." This section also summarizes the "**administration agreement**" entered into among the issuing entity, Fifth Third Bank and the indenture trustee, the "**servicing agreement**" entered into among the servicer, the issuing entity and the indenture trustee, the "**asset representations review agreement**" entered into among the issuing entity, the servicer and the asset representations reviewer and the "**trust agreement**" entered into among the depositor, the Delaware trustee and the owner trustee.

We will file a copy of the actual transfer agreements, the servicing agreement, the administration agreement, the asset representations review agreement and the trust agreement concurrently with or prior to the time we file this prospectus with the SEC. This is not a complete description of the transfer agreements, the servicing agreement, the administration agreement, the asset representations review agreement or the trust agreement, and the summaries of the transfer agreements, the servicing agreement, the administration agreement, the asset representations review agreement and the trust agreement in this prospectus are subject to all of the provisions of the transfer agreements, the servicing agreement, the administration agreement, the asset representations review agreement and the trust agreement.

**Sale and Assignment of Receivables and Related Security Interests** 

Under the receivables sale agreement, Fifth Third Bank will sell, transfer, assign and otherwise convey to FTH LLC all of its right, title, interest, claims and demands in, to and under the receivables originated by Fifth Third Bank, Collections after the cut-off date, the receivables files and the related security relating to those receivables. The receivables sale agreement will create a first priority ownership/security interest in the property transferred thereunder in favor of FTH LLC.

Under the purchase agreement, FTH LLC will sell, transfer, assign and otherwise convey to the depositor all of its right, title, interest, claims and demands in, to and under the receivables, Collections after the cut-off date, the receivables files and the related security relating to those receivables. The purchase agreement will create a first priority ownership/security interest in that property in favor of the depositor.

Under the sale agreement, the depositor will sell, transfer, assign and otherwise convey to the issuing entity all of its right, title, interest, claims and demands in, to and under the receivables, Collections after the cut-off date, the receivable files, the related security relating to those receivables and related property. The sale agreement will create a first priority ownership/security interest in that property in favor of the issuing entity.

Under the indenture, the issuing entity will pledge all of its right, title, interest, claims and demands in, to and under the issuing entity property to the indenture trustee. The terms of the indenture create a first priority perfected security interest in the issuing entity property in favor of the indenture trustee for the benefit of the noteholders.

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*Representations and Warranties of the Originator.* Pursuant to the receivables sale agreement, the originator will represent that each receivable sold and assigned under the receivables sale agreement will satisfy the criteria set forth above under "*The Receivables Pool—Criteria Applicable to Selection of Receivables.*"

If the originator discovers or is notified by a requesting party regarding a breach of any of the representations and warranties with respect to the eligibility criteria set forth in the receivables sale agreement at the time such representations and warranties were made, the originator will investigate the receivable to confirm the breach and determine if the breach materially and adversely affects the interests of the issuing entity or the noteholders and triggers a repurchase event. Any inaccuracy in the representations or warranties will be deemed not to constitute a breach if such inaccuracy does not affect the ability of the issuing entity to receive or retain payment in full on the related receivable. Upon discovery by any party to the receivables sale agreement of a repurchase event, the party discovering that breach will give prompt written notice of that breach to the originator; provided, that delivery of a monthly servicer's certificate which identifies the receivables that are being or have been repurchased will be deemed to constitute prompt notice of that breach; provided, further, that the failure to give that notice will not affect any obligation of the originator under the receivables sale agreement. Following a repurchase event, the originator will either (a) correct or cure such breach or (b) repurchase such receivable from the issuing entity, in either case on or before the payment date following the end of the collection period which includes the 60th day (or if the originator elects, an earlier date) after the date that the originator became aware of or was notified and confirmed that breach. Any such purchase by the originator will be at a repurchase price equal to the outstanding principal balance of that receivable plus accrued interest. In consideration for that repurchase, the originator will pay (or will cause to be paid) the repurchase price by depositing the repurchase price into the collection account on that payment date. The repurchase obligation will constitute the sole remedy available to the noteholders or the indenture trustee for the failure of a receivable to meet any of the eligibility criteria set forth in the receivables sale agreement.

The servicer is required to purchase receivables as to which the servicer has breached its servicing covenants in any manner that materially and adversely affects the interest of the issuing entity or the noteholders and the servicer is unable to timely cure such breach.

**Asset Representations Review** 

As discussed above under "*—Sale and Assignment of Receivables and Related Security Interests—Representations and Warranties of the Originator*," the originator will make certain representations and warranties regarding the receivables. The asset representations reviewer will be responsible for reviewing the receivables for compliance with these representations and warranties (the "**Pool Asset Representations**") when the following asset review conditions (the "**Review Conditions**") have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Delinquency Percentage for any payment date meets or exceeds the Delinquency Trigger for that payment date,
as described below under "*—Delinquency Trigger* "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The required percentage of investors have voted to direct a review of the applicable Subject Receivables pursuant
to the process described below under "*—Asset Review Voting*."

If the Review Conditions are satisfied (the first date on which the Review Conditions are satisfied is referred to as the "**Review Satisfaction Date**"), then the asset representations reviewer will perform a review of the Subject Receivables for compliance with the Pool Asset Representations as described below under "*—Asset Review*."

*Delinquency Trigger* 

On or prior to each payment date, the servicer will calculate the Delinquency Percentage for the preceding calendar month. The "**Delinquency Percentage**" for each payment date is an amount equal to the ratio (expressed as a percentage) of (i) the Net Pool Balance of all 60-Day Delinquent Receivables as of the last day of the calendar month immediately preceding such payment date to (ii) the Net Pool Balance of all outstanding receivables held by the issuing entity as of the last day of the calendar month immediately preceding such payment date. "**60-Day Delinquent Receivables**" means all receivables outstanding and held by the issuing entity (other than repurchased receivables and charged-off receivables) that are 60 or more days delinquent, as determined in accordance with the

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servicer's customary servicing practices. The "**Delinquency Trigger**" for any payment date and the related preceding calendar month is [ ]%.

The Delinquency Trigger was calculated as a multiple of [_] times the previous historical peak Delinquency Percentage. In determining the highest historical monthly peak Delinquency Percentage, Fifth Third Bank considered the monthly performance observed in each of its public securitization transactions with characteristics similar to this pool of receivables under the Fifth Third Auto Trust platform since [•]. Fifth Third Bank believes the Delinquency Trigger is appropriate based on its experience and observation of historical 60-Day Delinquent Receivables in its public securitization transactions with characteristics similar to this pool of receivables over time. The Delinquency Trigger has been set at a level in excess of historical peak Delinquency Percentage to assure that the Delinquency Trigger is not exceeded due to events unrelated to Fifth Third Bank's underwriting, such as ordinary fluctuations in the economy, rising oil prices, housing price declines, terrorist events, extreme weather conditions or an increase of an obligor's payment obligations under other indebtedness incurred by the obligor.

For prior pools of retail installment sale contracts that were securitized by Fifth Third Bank since [___], the percentage of receivables that have been 60 or more days delinquent has ranged from [__]% to [__]%. For more information regarding 60 day or more delinquent asset statistics for certain of Fifth Third Bank's prior securitized pools of retail installment sale contracts, see "*Appendix A—Static Pool Information Regarding Certain Previous Receivables Pools.*"

The servicer will monitor delinquent receivables and will include on the monthly statement to noteholders the delinquency information as to the receivables as of the last day of the related collection period and whether the Delinquency Percentage has met or exceeded the Delinquency Trigger for the related collection period. If the Delinquency Trigger has been met or exceeded for the related collection period, the servicer will provide a notice to the depositor and the indenture trustee, and will include a notice on the monthly servicer report and on the Form 10-D, that such trigger has been met.

"**Subject Receivables**" means, for any asset review, all receivables outstanding and held by the issuing entity which are 60 or more days delinquent as of the related Review Satisfaction Date. However, any receivable that becomes a repurchased receivable or is paid off after the Review Satisfaction Date will no longer be a Subject Receivable.

*Asset Review Voting* 

If the Delinquency Percentage on any payment date exceeds the Delinquency Trigger for that payment date, the servicer will notify the Investors of that occurrence on the periodic report filed by the depositor on Form 10-D. Investors in the aggregate holding at least 5% of the aggregate outstanding principal amount of all the outstanding notes, with noteholders voting together as a single class (the "**Instituting Noteholders**") may then elect to initiate a vote of the Investors to determine whether the asset representations reviewer will conduct the review described under "*—Asset Review*" below by giving written notice to the indenture trustee of their desire to institute such a vote. If any Instituting Noteholder is not a record holder as reflected on the note register, the indenture trustee may require that investor to provide verification documents to confirm that the investor is, in fact, a beneficial owner. The indenture trustee may require no more verification than (1) a written certification from the investor that it is a beneficial owner of notes and (2) an additional form of documentation, such as a trade confirmation, an account statement, a letter from the broker or dealer or other similar document. Any such vote will be (i) initiated no later than 90 days after the filing of a Form 10-D reporting to Investors that the Delinquency Percentage on the related payment date exceeded the Delinquency Trigger for that payment date (the "**Delinquency Trigger Notice Date**") and (ii) completed no later than 150 days after the Delinquency Trigger Notice Date.

If the Instituting Noteholders initiate a vote as described in the preceding paragraph, the noteholder direction will be deemed to have occurred if Investors representing at least a majority of the voting Investors vote in favor of directing a review by the asset representations reviewer. If the Instituting Noteholders elect to initiate a vote, then the servicer will pay the costs, expenses and liabilities incurred by the indenture trustee, the owner trustee and the issuing entity in connection with the voting process, including the costs and expenses of counsel (as described below under "*—Fees and Expenses for Asset Review*"). The servicer and the issuing entity are required under the indenture to cooperate with the indenture trustee to facilitate the voting process. The indenture trustee

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may set a record date for purposes of determining the identity of Investors entitled to vote in accordance with Section 316(c) of the Trust Indenture Act of 1939, as amended (the "**TIA**").

Within five Business Days of the Review Satisfaction Date, the indenture trustee will send a notice to the servicer and the asset representations reviewer specifying that the Review Conditions have been satisfied and providing the applicable Review Satisfaction Date. Within ten Business Days of receipt of such notice, the servicer will provide the asset representations reviewer, with a copy to the indenture trustee, a list of the Subject Receivables.

*Fees and Expenses for Asset Review* 

As described below under "—*Fees and Expenses*," the asset representations reviewer will be paid [an annual][a monthly][an upfront] fee of $[__] by the servicer, and to the extent not so paid, as set forth under "*—Priority of Payments*" in accordance with the asset representations review agreement. However, that [annual][monthly][upfront] fee does not include the fees and expenses of the asset representations reviewer in connection with an asset review of the Subject Receivables. Under the asset representations review agreement, the asset representations reviewer will be entitled to receive a fee in connection with the asset review of $[ ] for each Subject Receivable (the "**Review Fees**"). The asset representations reviewer will pay all expenses incurred by it in connection with its review of the Subject Receivables. All fees payable to, and expenses incurred by, the asset representations reviewer in connection with the Asset Review (the "**Review Expenses**") will be payable by Fifth Third Bank and, to the extent the Review Expenses remain unpaid after 60 days, they will be payable out of amounts on deposit in the collection account as described under "*—Priority of Payments*."

*Asset Review* 

The asset representations reviewer will perform a review of the Subject Receivables for compliance with the Pool Asset Representations (an "**Asset Review**").

The Asset Review will be performed in accordance with the procedures set forth in the asset representations review agreement. These procedures will generally consist of tests designed to determine whether such Subject Receivable was or was not in compliance with the Pool Asset Representations made regarding such Subject Receivable. The Asset Review is not designed to establish cause, materiality or recourse for any failure of a receivable to comply with the Pool Asset Representations.

Under the asset representations review agreement, the servicer will furnish to the asset representations reviewer a list of the Subject Receivables within ten (10) Business Days after receiving notice of the Review Satisfaction Date. The asset representations reviewer is required to complete its review of the Subject Receivables by the 60<sup>th</sup> day after receiving access to the review materials, which the servicer shall furnish to the asset representations reviewer within sixty (60) days after receiving notice of the Review Satisfaction Date; provided that such review period will be extended for thirty (30) days in order to allow the servicer to provide missing or additional review materials to the asset representations reviewer. If the asset representations reviewer reasonably determines that any of the review materials are missing or insufficient, the asset representations reviewer will notify the servicer promptly, and in any event no less than twenty (20) calendar days before completing the asset representations review, and the servicer will use reasonable efforts to provide access to such missing review materials or other documents or information to correct the insufficiency within fifteen (15) calendar days after receipt of notification. If missing or insufficient review materials have not been provided by the servicer within sixty (60) calendar days after receipt of notification, the Subject Receivable will have a test incomplete for the related test(s). Upon completion of its review, the asset representations reviewer will provide a report to the indenture trustee, the sponsor, the servicer and the issuing entity of the findings and conclusions of the review of the Subject Receivables within ten (10) days of the applicable review period, and the Form 10-D filed by the depositor with respect to the collection period in which the asset representations reviewer's report is provided will include a summary of those findings and conclusions.

The asset representations reviewer will not be responsible for determining whether noncompliance with the Pool Asset Representations constitutes a breach of the receivables sale agreement or whether the originator would be required to repurchase a Subject Receivable. If the asset representations reviewer determines that there is an instance of noncompliance with the Pool Asset Representations, the servicer will, after reviewing the report of the

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asset representations reviewer, determine whether such noncompliance constitutes a breach of the Pool Asset Representations such that the originator would be required to repurchase a Subject Receivable.

**Dispute Resolution** 

The originator is required to repurchase from the receivables pool any receivables that do not meet certain representations and warranties as described under "*—Sale and Assignment of Receivables and Related Security Interests.*" Any Investor (each, a "**requesting party**") may request that the originator repurchase any receivable that does not satisfy the representations and warranties described under *"—Sale and Assignment of Receivables and Related Security Interests.*" In order to make a repurchase request, an Investor will be required to provide a notice stating the request to the originator. If the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the requesting party within 180 days of the receipt of notice of the request by the originator, the requesting party may refer the matter, at its discretion, to either mediation (including non-binding arbitration) or binding arbitration, whether or not the applicable receivables have previously been the subject of an asset representations review. The requesting party will provide notice of its intention to refer the matter to mediation (including non-binding arbitration) or binding arbitration, as applicable, to Fifth Third Bank, with a copy to FTH LLC, the issuing entity, the depositor, the owner trustee and the indenture trustee.

If the requesting party selects mediation, the mediation will be administered by [a nationally recognized arbitration and mediation association][one of [identify options]] selected by the requesting party. The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. The mediator will be appointed from a list of neutrals maintained by the American Arbitration Association (the "**AAA**").

If the requesting party selects non-binding or binding arbitration, the arbitration will be administered by [a nationally recognized arbitration and mediation association][one of [identify options]] selected jointly by the parties (or, if the requesting party and the originator are unable to agree on an association, by the AAA) according to such association's arbitration rules then in effect. The arbitrator will be appointed from a list of neutrals maintained by the AAA. The arbitrator will make its final determination no later than ninety (90) days after appointment or as soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of the receivables sale agreement, and may not modify or change the receivables sale agreement in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by it, and the originator will not be required to pay more than the applicable repurchase price with respect to any receivable that the originator is required to repurchase. In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys' fees to the requesting party and the originator as determined by the arbitrator in its reasonable discretion.

Any mediation and arbitration described above will be held in [New York, New York] (or, such other location as the parties mutually agree upon) and will be subject to certain confidentiality restrictions and additional terms set forth in the receivables sale agreement, which will not prevent disclosure of information required by any applicable securities law. Any settlement agreement reached in a mediation and any decision by an arbitrator in binding arbitration will be binding upon the requesting party, the depositor, the issuing entity, the owner trustee and the indenture trustee with respect to the receivable that is the subject matter of the repurchase request, and, in that situation, issues relating to that receivable may not be re-litigated by the requesting party or the originator or become the subject of a subsequent repurchase request by the requesting party in mediation, arbitration, court or otherwise. By requesting binding arbitration, such requesting party will waive the right to sue in court, including the right to a trial by jury. Information regarding any mediation or arbitration will be provided to investors in a Form 10-D filing.

**Administration Agreement** 

Fifth Third Bank will be the administrator under the administration agreement. The administrator will perform all of its duties as administrator under the administration agreement and the duties and obligations of the issuing entity under the servicing agreement, the sale agreement, the indenture, the note depository agreement, the trust agreement and the asset representations review agreement. However, except as otherwise provided in such documents, the administrator will have no obligation to make any payment required to be made by the issuing entity under any such document. The administrator will monitor the performance of the issuing entity and will advise the issuing entity when action is necessary to comply with the issuing entity's duties and obligations under such

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documents. In furtherance of the foregoing, the administrator will take all appropriate action that is the duty of the issuing entity to take pursuant to such documents.

The administrator is permitted to delegate some or all of its duties to its affiliates or specific duties to sub-contractors who are in the business of performing such duties, although the administrator will remain liable for the performance of any duties that it delegates to another entity.

As compensation for the performance of the administrator and as a reimbursement for its expenses, the administrator will be entitled to receive $[•] annually, which shall be solely an obligation of the servicer.

**Trust Agreement** 

Fifth Third Auto Trust 20[•]-[•] will be the issuing entity under the trust agreement and will have the purposes and powers specified therein, including the power and authority to acquire the receivables from the depositor and issue the notes and the certificates. [____] will be the owner trustee under the trust agreement and will have all of the rights, powers and duties set forth therein, including the authority to exercise the issuing entity's powers on behalf of the issuing entity. [____] will be the Delaware trustee under the trust agreement and will have all of the rights, powers and duties set forth therein. Concurrently with the transfer of the receivables to the issuing entity pursuant to the sale agreement, the owner trustee will cause the certificates to be executed on behalf of the issuing entity, authenticated and delivered to [the depositor][an affiliate of the depositor]. [___] will be the certificate paying agent under the trust agreement and will make distributions to certificateholders.

The depositor will cause the servicer to pay compensation from time to time to the owner trustee, the certificate paying agent and the Delaware trustee for their services pursuant to fee letters. Furthermore, the servicer will reimburse the owner trustee, the Delaware trustee and the certificate paying agent for all reasonable expenses, disbursements and advances that they incur, except any such expense as may be attributable to their willful misconduct, negligence (other than an error in judgment) or bad faith.

**The Accounts** 

The issuing entity will cause the servicer to establish the following non-interest bearing bank accounts, which initially will be maintained at and in the name of the indenture trustee on behalf of the noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the collection account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the principal distribution account; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reserve account[; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the risk retention reserve account; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the yield supplement account; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the pre-funding account].

If the depositor or any of its affiliates is not the sole certificateholder, the issuing entity will also cause the servicer to establish a certificate distribution account for the benefit of the certificateholders. Neither the indenture trustee nor any noteholder will have any interest or claim to the certificate distribution account or funds on deposit in that account. The certificate distribution account will not be a trust account.

***The Collection Account***

Under the servicing agreement, so long as Fifth Third Bank is acting as servicer, the servicer will be required to deposit an amount equal to all Collections into the collection account within the time after its receipt thereof, not to exceed two business days, necessary to clear any payment received. Pending deposit in the collection account, Collections may be used by the servicer at its own risk and are not required to be segregated from its own funds.

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[The indenture trustee will deposit into the collection account, promptly on the day of receipt, the net swap receipt received from the swap counterparty, if any, for any payment date.]

On the business day prior to each payment date, the paying agent at the direction of the servicer will withdraw from the reserve account [and the risk retention reserve account] and deposit into the collection account any amount of funds required under the indenture to be withdrawn from the reserve account [and the risk retention reserve account] and distributed on that payment date.

***Principal Distribution Account***

On each payment date, the indenture trustee will make payments from amounts deposited in the principal distribution account on that date as directed by the servicer in the order of priority described above under "*The Notes—Payments of Principal*."

***Reserve Account***

The servicer will establish the reserve account in the name of the indenture trustee for the benefit of the noteholders [and the swap counterparty]. To the extent that Collections on the receivables and amounts on deposit in the reserve account [and amounts paid by the swap counterparty (if any) are insufficient to pay interest and principal of the notes,] are insufficient to pay interest and principal of the notes, the noteholders will have no recourse to the assets of the certificateholders, [the swap counterparty,] the depositor, FTH LLC, the originator or the servicer as a source of payment.

The reserve account will be funded by a deposit from proceeds of the offering of the notes on the Closing Date in an amount equal to at least [_]% of the initial Net Pool Balance of the receivables.

As of any payment date, the amount of funds actually on deposit in the reserve account may, in certain circumstances, be less than the "**Specified Reserve Account Balance**." On each payment date, the issuing entity will, to the extent available, deposit the amount, if any, necessary to cause the amount of funds on deposit in the reserve account to equal the Specified Reserve Account Balance to the extent set forth below under "—*Priority of Payments.*"

The amount of funds on deposit in the reserve account may decrease on each payment date by withdrawals of funds to cover shortfalls in the amounts required to be distributed pursuant to clauses *first* through *fifth* under "—*Priority of Payments*" below.

If the amount of funds (other than net investment earnings) on deposit in the reserve account on any payment date, after giving effect to all deposits and withdrawals from the reserve account on that payment date, is greater than the Specified Reserve Account Balance for that payment date, then such amounts in excess of the Specified Reserve Account Balance shall constitute Available Funds and the servicer will instruct the indenture trustee to distribute the amount of the excess as specified under "—*Priority of Payments*" below.

In addition, if the sum of the amounts in the reserve account and the remaining Available Funds after the payments under clauses *first* through *fifth* and *seventh* under "—*Priority of Payments*" below on any payment date would be sufficient to pay in full the aggregate unpaid principal amount of all of the outstanding notes, then the indenture trustee will, if instructed by the servicer, withdraw such amounts from the reserve account to the extent necessary to pay all outstanding notes in full.

***[Risk Retention Reserve Account***

On or prior to the Closing Date, the issuing entity will establish a separate account that will be structured to be an eligible horizontal cash reserve account (the "**risk retention reserve account**") and will make a deposit thereto of an amount equal to $[ ] on the Closing Date. The risk retention reserve account will be an eligible account held by the indenture trustee and will be pledged to the indenture trustee for the benefit of the noteholders. Amounts on deposit in the risk retention reserve account will be invested as provided in the servicing agreement in permitted investments.

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The risk retention reserve account is intended to assist with the payment of interest on and/or principal of the notes and other expenses and amounts owed by the issuing entity in the manner specified below.

Amounts held in the risk retention reserve account will be held for the benefit of the noteholders. On each payment date, funds will be withdrawn from the risk retention reserve account to the extent the total required payment for such payment date exceeds the Available Funds and the amounts in the Reserve Account for such payment date and will be deposited in the collection account for distribution to the noteholders, in the priority set forth under "*—Priority of Payments*."]

***[Pre-Funding Account]***

[On the Closing Date, $[ ] will be deposited from the proceeds of the sale of the notes into the pre-funding account which will be included in the issuing entity property. The amount deposited from the proceeds of the sale of the notes into the pre-funding account is not more than 25% of the proceeds of the offering and represents [ ]% of the initial pool balance (including the expected aggregate principal balance of the subsequent receivables). In order to acquire subsequent receivables on a Funding Date, certain conditions precedent must be satisfied and the subsequent receivables must satisfy the same eligibility criteria as the receivables transferred to the issuing entity on the closing date. The amount of funds withdrawn from the pre-funding account for the acquisition of subsequent receivables on a Funding Date will be equal to the purchase price for the receivables with respect to such subsequent receivables. The underwriting criteria for subsequent receivables are expected to be substantially the same as those for the initial receivables and thus it is expected that the characteristics of the subsequent receivables acquired through the pre-funding account will not vary materially from the characteristics of the receivables pool on the closing date.

On the first payment date following the termination of the funding period, the indenture trustee will withdraw any remaining funds on deposit in the pre-funding account (excluding investment earnings or income) and pay those remaining funds to the noteholders in sequential order of priority beginning with the Class A-1 notes, if the aggregate of those amounts is $100,000 or less. If the remaining funds in the pre-funding account exceed $100,000, the funds will be paid ratably to the Class A noteholders, until the Class A notes are paid in full, and then ratably to the Class B noteholders, until the Class B notes are paid in full.

In connection with each purchase of subsequent receivables, officers on behalf of the servicer, the depositor and the issuing entity will certify that the requirements summarized above are met with regard to that prefunding. Neither the rating agencies listed under "*Summary of Terms—Ratings*" above nor any other person (other than the servicer, the depositor and the issuing entity) will provide independent verification of that certification.]

**[*Yield Supplement Account*** 

The servicer will establish an account in the name of the indenture trustee for the benefit of the noteholders (the "**yield supplement account**"). The depositor will fund the yield supplement account on the Closing Date by making a deposit in an amount equal to at least $[●]. No additional deposits will be made to the yield supplement account after the Closing Date. The funds on deposit in the yield supplement account are intended to supplement the interest collections for each calendar month on those receivables that have relatively low annual contract rates. On each payment date, the indenture trustee will withdraw from the yield supplement account the related yield supplement account draw amount for that payment date and deposit that amount in the Collection Account.

Any amounts on deposit in the yield supplement account remaining after the notes have been paid in full will be distributed to the certificateholder.]

***Permitted Investments***

Amounts on deposit in the collection account[, the pre-funding account] and the reserve account [and the risk retention reserve account] may be invested by the indenture trustee at the direction of the servicer in one or more permitted investments that meet certain established investment criteria. Absent such direction, amounts on deposit in the collection account and the reserve account will remain uninvested. All such permitted investments are limited to obligations, instruments or securities that mature or can be liquidated on the next payment date. The

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servicer will be entitled to receive any investment earnings (net of investment losses and expenses) from such permitted investments.

**[Overcollateralization** 

Overcollateralization is the amount by which the Net Pool Balance exceeds the outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses on the receivables. The amount of overcollateralization as a percentage of the Net Pool Balance as of the cut-off date is expected to build from approximately [●]% at the Closing Date to a target overcollateralization level of [●]% of the Net Pool Balance as of the cut-off date.]

**[Advances** 

On each payment date, the servicer will deposit into the collection account an advance in an amount equal to the lesser of (1) any shortfall in the amounts available to make the payments described in clauses *first* through [*seventh*] of the payment waterfall described below and (2) the aggregate scheduled monthly payments due on the receivables but not received during and prior to the related collection period (an "**advance**").

However, the servicer will not be obligated to make an advance if the servicer reasonably determines in its sole discretion that such advance is not likely to be repaid from future cash flows from the receivables. No advances will be made with respect to defaulted receivables. In making advances, the servicer will assist in maintaining a regular flow of scheduled principal and interest payments on the receivables, rather than guarantee or insure against losses. Accordingly, all advances will be reimbursable to the servicer, without interest (from Available Funds, including Collections on the receivables pool), prior to any distributions on the notes. See "— *Priority of Payments*" below.]

**Priority of Payments** 

On each payment date, except after acceleration of the notes after an event of default under the indenture, the paying agent will make the following deposits and distributions (in accordance with the servicer's instructions), to the extent of the Available Funds then on deposit in the collection account with respect to the collection period preceding such payment date and funds, if any, deposited into the collection account from the reserve account [and the risk retention reserve account], in the following order of priority:

[*first*, to the servicer (or any predecessor servicer, if applicable), for reimbursement for outstanding advances[, except available funds from the risk retention reserve account may not be used for this purpose so long as the servicer is an affiliate of Fifth Third Bank]];

*second*, to the servicer, the servicing fee and all prior unpaid servicing fees with respect to prior periods[, except available funds from the risk retention reserve account may not be used for this purpose so long as the servicer is an affiliate of Fifth Third Bank];

[*third*, to the swap counterparty, the net swap payment if any, for such payment date;]

*fourth*, [pro rata based on amounts due, (i) to the swap counterparty, any senior swap termination payments for such payment date and (ii)] to the Class A noteholders, pro rata, the accrued Class A note interest, which is the sum of (a) the aggregate amount of interest due and accrued for the related interest period on each class of the Class A notes at their respective interest rates on the respective note balances as of the previous payment date (after giving effect to all payments of principal to the Class A noteholders on prior payment dates); and (b) the excess, if any, of the amount of interest due and payable to the Class A noteholders on prior payment dates over the amounts actually paid to the Class A noteholders on those prior payment dates, plus interest on any such shortfall at the respective interest rates on each class of the Class A notes (to the extent permitted by law);

*fifth*, to the principal distribution account for distribution pursuant to "*The Notes—Payments of Principal*" above, the First Allocation of Principal, if any;

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*sixth*, to the Class B noteholders, the accrued Class B note interest, which is the sum of (a) the aggregate amount of interest accrued for the related interest period on the Class B notes at the Class B interest rate on the Note Balance as of the previous payment date after giving effect to all payments of principal to the Class B noteholders on the preceding payment date; and (b) the excess, if any, of the amount of interest due and payable to the Class B noteholders on prior payment dates over the amounts actually paid to the Class B noteholders on those prior payment dates, plus interest on any such shortfall at the interest rate on the Class B notes (to the extent permitted by law);

*seventh*, to the Principal Distribution Account for distribution pursuant to "*The Notes—Payments of Principal*" above, the Second Allocation of Principal;

*eighth*, to the Reserve Account, any additional amount required to reinstate the amount on deposit in the reserve account up to the Specified Reserve Account Balance;

[*ninth*, to the swap counterparty, any subordinated swap termination payment and any other amounts payable by the issuing entity to the swap counterparty and not previously paid;]

*tenth*, to the owner trustee (including as certificate paying agent), the Delaware trustee, the indenture trustee[, the Calculation Agent] and the asset representations reviewer, accrued and unpaid fees, expenses and indemnity payments due and owing under the applicable transaction documents, which have not been previously paid; provided, that with respect to the asset representations reviewer, such fees, expenses and indemnity payments must have been due and unpaid for more than 60 days; and

*eleventh*, to the designated certificateholder account, any funds remaining.

"**First Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the excess, if any, of (a) the note balance of the Class A notes as of such payment date (before giving effect to any principal payments made on the Class A notes on such payment date) over (b) the Net Pool Balance as of the last day of the related collection period; provided, however, that the First Allocation of Principal on and after the final scheduled payment date for any class of Class A notes will not be less than the amount that is necessary to reduce the note balance of that class of Class A notes to zero.

"**Second Allocation of Principal**" means, for any payment date, an amount not less than zero equal to the excess, if any, of (a) the sum of the note balance of the Class A notes and the Class B notes as of such payment date (before giving effect to any principal payments made on such payment date) minus the First Allocation of Principal for that payment date over (b) the net pool balance as of the last day of the related collection period; provided, however, that the Second Allocation of Principal on and after the final scheduled payment date for the Class B notes will not be less than the amount that is necessary to reduce the note balance of the Class B notes to zero.

"**Target Overcollateralization Amount**" means, for any payment date, [●]% of the Net Pool Balance as of the cut-off date.

Upon and after any distribution to the designated certificateholder account of any amounts, the noteholders will not have any rights in, or claims to, those amounts. Amounts on deposit in the certificate distribution account, if any, will be distributed on each payment date by the certificate paying agent to the certificateholders, ratably, based on the Percentage Interest of each certificateholder.

If the sum of the amounts required to be distributed pursuant to clauses *first* through *fifth* above exceeds the sum of Available Funds [and servicer advances] for that payment date, the indenture trustee will withdraw from the reserve account and deposit in the collection account for distribution in accordance with the payment waterfall an amount equal to the lesser of the funds in the reserve account (other than net investment earnings) and the shortfall.

**Excess Interest** 

Because more interest is expected to be paid by the obligors in respect of the receivables than is necessary to pay the related servicing fee and interest on the notes each month, there is expected to be excess interest. Any excess interest will be applied on each payment date as an additional source of Available Funds as described under

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"—*Priority of Payments*" above, to make principal payments on the notes outstanding to the extent necessary to reach the Target Overcollateralization Amount. Generally, excess interest provides a source of funds to absorb any losses on the receivables and reduce the likelihood of losses on the notes.

**Yield Supplement Overcollateralization Amount** 

With respect to any payment date, the "**yield supplement overcollateralization amount**" is the amount specified below with respect to that payment date:

---

| | |
|:---|:---|
| **Payment Date** | **Yield Supplement<br>Overcollateralization Amount** |
|  Closing Date | [●] |
|  [●] | [●] |
|  [●] | [●] |
|  [●] | [●] |
|  [●] | [●] |

---

**Fees and Expenses** 

The fees and expenses paid or payable from Available Funds are set forth in the table below. Those fees and expenses are paid on each payment date as described above under "—*Priority of Payments*."

---

| | |
|:---|:---|
| **Recipient** | **Fees and Expenses Payable\*** |
| Servicer | The servicing fee as described below under "—*Servicing Compensation and Expenses*" |
| Administrator | $[ ] per annum, which is solely an expense of the servicer and will not be paid from Available Funds. |
| Indenture Trustee | $[ ] per annum plus reasonable expenses and indemnification payments\*\* |
| Owner Trustee | $[ ] per annum plus reasonable expenses and indemnification payments\*\* |
| [Calculation Agent | Reasonable expenses and indemnification payments\*\*] |
| Delaware Trustee | $[ ] per annum plus reasonable expenses and indemnification payments\*\* |
| Asset Representations Reviewer | $[ ] per annum plus expenses and indemnification payments\*\* |
|  Asset Representations Reviewer (Review Fees) | $[ ] per [Subject Receivable][hour for its time spent conducting an Asset Review]. |

---

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\* The fees and expenses described above do not change upon an event of default although actual expenses incurred may be higher after an event of default.

\*\* The servicer has the primary obligation to pay the fees and expenses of the indenture trustee, [the Calculation Agent,] the owner trustee, the Delaware trustee and the asset representations reviewer, including Review Expenses.

The sponsor will pay the hired agencies fees, which include initial fees in an amount equal to approximately $[ ] and annual surveillance fees in an amount equal to approximately $[ ]. None of these fees will be paid out of the Collections on the receivables. None of the hired agencies retain any risk of loss with respect to the receivables.

**[Risk Retention** 

At closing, the sponsor and the servicer do not plan to retain any risk of loss with respect to the receivables other than to the extent that any purchase or repurchase obligations resulting from certain breaches of representations and warranties can be deemed to be a risk of loss. However, the sponsor intends to satisfy the risk retention requirement in connection with the FDIC Rule by [the retention by the depositor, its wholly-owned affiliate, of an "eligible vertical interest" in the form of [at least [●]% of the initial principal amount of each class of notes and the certificates issued by the issuing entity on the closing date][a single vertical security.][the retention by the depositor, its wholly-owned affiliate, of an "eligible horizontal residual interest" in the form of [an amount equal to $[●] deposited into the risk retention reserve account on the closing date][the issuing entity's certificates [and the class B notes], which Fifth Third Bank expects to have a fair value of [between $[●] and] $[●], which is [between

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[●]% and] [●]% of the fair value of all of the notes and the certificates issued by the issuing entity.] Additionally, so long as the depositor holds the certificates, the sponsor will indirectly be exposed to a risk of loss with respect to the receivables through its indirect ownership interest in the depositor.]

**Indemnification of the Indenture Trustee, [the Calculation Agent,] the Owner Trustee and the Delaware Trustee** 

Under the indenture, the issuing entity will agree to cause the servicer to indemnify the indenture trustee [and the Calculation Agent] for, and hold [it][each] harmless against, any loss, liability or expense (including any reasonable attorneys' fees and expenses) incurred by it in connection with the administration of the trust thereunder or the performance of its duties as indenture trustee [or Calculation Agent, as applicable,] including in connection with any action, claim or suit to enforce the indenture trustee's [or the Calculation Agent's, as applicable,] right to indemnification. However, [neither] the indenture trustee [nor the Calculation Agent will][will not] be indemnified by the administrator, the issuing entity, the depositor, FTH LLC, Fifth Third Bank or the servicer against any loss, liability or expense incurred by it or arising from (i) its own willful misconduct, negligence or bad faith, (ii) [with respect to the indenture trustee,] the inaccuracy of certain of the indenture trustee's representations or warranties or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the indenture trustee [or the Calculation Agent, as applicable]. To the extent that any such indemnities are not otherwise satisfied, they will be paid from Available Funds as described above under "—*Priority of Payments*."

Under the trust agreement, the depositor will cause the servicer to indemnify the owner trustee, the Delaware trustee and the certificate paying agent from and against any and all loss, liability, expense, tax, penalty, action, suit, cost or claim (including reasonable legal fees and expenses (including, without limitation, any reasonable legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit brought) by the owner trustee, the certificate paying agent or the Delaware trustee of any indemnification or other obligation of the depositor)) of any kind and nature whatsoever which may at any time be imposed on, incurred by or asserted against the owner trustee, the certificate paying agent or the Delaware trustee in any way relating to or arising out of the trust agreement, the other transaction documents, the issuing entity property, administration of the issuing entity property or the action or inaction of the owner trustee, the certificate paying agent or the Delaware trustee. However, neither the depositor nor the servicer will be liable for or required to indemnify the owner trustee, the certificate paying agent or the Delaware trustee from and against any of the foregoing expenses arising or resulting from (i) the owner trustee's, the certificate paying agent's and the Delaware trustee's own willful misconduct, bad faith or negligence, (ii) the inaccuracy of certain of the owner trustee's and the Delaware trustee's representations and warranties, (iii) liabilities arising from the failure of the owner trustee or the Delaware trustee to perform certain obligations or (iv) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the owner trustee or the Delaware trustee. To the extent that any such indemnities are not otherwise satisfied, they will be paid from Available Funds as described above under "—*Priority of Payments*."

**Optional Redemption** 

The servicer (or its designee) may exercise its optional clean-up call to purchase the assets of the issuing entity (other than the reserve account [and the risk retention reserve account]) on any payment date if both of the following conditions are satisfied: (a) as of the last day of the related collection period the then-outstanding Net Pool Balance has declined to [10]% or less of the Net Pool Balance as of the cut-off date and (b) the sum of the purchase price for the assets of the issuing entity (other than the reserve account [and the risk retention reserve account]) and Available Funds for such payment date would be sufficient to pay (x) the amounts required to be paid under clauses *first* through *fifth* and *seventh* in accordance with "—*Priority of Payments*" above (assuming that such payment date is not a redemption date) and (y) the outstanding note balance (after giving effect to the payments described in the preceding clause (x)), then the outstanding notes will be redeemed in whole, but not in part, on the payment date on which the servicer exercises this option. The purchase price will be equal to the Net Pool Balance plus accrued and unpaid interest in the receivables.

It is expected that, at the time this clean-up call option becomes available to the servicer, only the [Class A-4 notes and the Class B notes] will be outstanding.

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Additionally, each of the notes is subject to redemption in whole, but not in part, on any payment date on which the sum of the amounts in the reserve account and the remaining available funds after the payments under clauses *first* through *fifth* and *seventh* set forth in "—*Priority of Payments*" above would be sufficient to pay in full the aggregate unpaid note balance of all of the outstanding notes as determined by the servicer. On the business day prior to such payment date, the indenture trustee upon written direction from the servicer shall transfer all amounts on deposit in the reserve account (other than interest and investment income (net of losses and expenses)) to the collection account and on such payment date the outstanding notes shall be redeemed in whole, but not in part.

Notice of redemption under the indenture is required to be given by the indenture trustee not later than ten (10) days prior to the applicable redemption date to each holder of notes. All notices of redemption will state: (i) the redemption date; (ii) the redemption price; (iii) that the Record Date otherwise applicable to that redemption date is not applicable and that payments will be made only upon presentation and surrender of those notes, and the place where those notes are to be surrendered for payment of the redemption price; (iv) that interest on the notes will cease to accrue on the redemption date; and (v) the CUSIP numbers (if applicable) for the notes.

**Collection of Receivable Payments** 

Upon discovery of a breach of certain other servicing covenants set forth in the servicing agreement which materially and adversely affects the interests of the issuing entity or the noteholders, the party discovering that breach will give prompt written notice of that breach to the other parties to the servicing agreement; provided, that delivery of the monthly servicer's certificate that describes the breach will be deemed to constitute prompt notice by the servicer and the issuing entity of that breach; provided, further, that the failure to give that notice will not affect any obligation of the servicer under the servicing agreement. If the breach materially and adversely affects the interests of the issuing entity or the noteholders, then the servicer will either (a) correct or cure that breach or (b) purchase that receivable from the issuing entity, in either case on or before the payment date following the end of the collection period which includes the 60th day (or if the servicer elects, an earlier date) after the date the servicer became aware or was notified of that breach. Such breach will be deemed not to materially and adversely affect such receivable if it does not affect the ability of the issuing entity to receive and retain timely payment in full on such receivable. Any such purchase by the servicer will be at a purchase price equal to the outstanding principal balance of that receivable plus unpaid accrued interest. In consideration for that purchase, the servicer will pay (or will cause to be paid) the purchase price by depositing the purchase price into the collection account on the date of purchase. The purchase obligation will constitute the sole remedy available to the issuing entity and the indenture trustee for a breach by the servicer of certain of its servicing covenants under the servicing agreement.

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Unless required by law or court order, the servicer will not release the financed vehicle securing each receivable from the security interest granted by such receivable in whole or in part except in the event of payment in full by or on behalf of the obligor thereunder or payment in full less a deficiency which the servicer would not attempt to collect in accordance with its customary servicing practices or in connection with repossession or except as may be required by an insurer in order to receive proceeds from any insurance policy covering such financed vehicle.

**Realization Upon Defaulted Receivables** 

On behalf of the issuing entity, the servicer will use commercially reasonable efforts, consistent with its customary servicing practices, to repossess or otherwise convert the ownership of and liquidate the financed vehicle securing any receivable as to which the servicer has determined eventual payment in full is unlikely unless it determines in its sole discretion that repossession will not increase the liquidation proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to such receivable would be increased by forbearance. The servicer will follow such customary servicing practices as it deems necessary or advisable, which may include reasonable efforts to realize upon any recourse to any dealer and selling the financed vehicle at public or private sale. The foregoing will be subject to the provision that, in any case in which the financed vehicle has suffered damage, the servicer will not be required to expend funds in connection with the repair or the repossession of such financed vehicle unless it determines in its sole discretion that such repair and/or repossession will increase the liquidation proceeds by an amount greater than the amount of such expenses. The servicer may from time to time (but is not required to) sell any deficiency balance in accordance with its customary servicing practices; provided, however, that (i) such sale must be made at a price equal to the fair market value of such deficiency balance in immediately available funds and (ii) such sale must be without recourse, representation or warranty by the issuing entity or the servicer (other than any representation or warranty regarding the absence of liens, that the issuing entity has good title to the deficiency balance, or similar representation or warranty). Net proceeds of any such sale allocable to the receivable will constitute liquidation proceeds, and the sole right of the issuing entity and the indenture trustee, if any, with respect to any such sold receivables will be to receive such liquidation proceeds. Upon such sale, the servicer will mark its computer records indicating that any such receivable sold no longer belongs to the issuing entity. The servicer is authorized to take any and all actions necessary or appropriate on behalf of the issuing entity to evidence the sale of the receivable free from any lien or other interest of the issuing entity or the indenture trustee.

**Servicing Compensation and Expenses** 

The servicer will be entitled to receive a servicing fee for each collection period. The "**servicing fee**" for any payment date will be an amount equal to the product of (1) [one-twelfth (or, in the case of the first payment date, a fraction, the numerator of which is the number of days from but not including the cut-off date to and including the last day of the first collection period and the denominator of which is 360)], (2) [1.00]% per annum and (3) the Net Pool Balance of the receivables as of the first day of the related collection period (or as of the cut-off date, in the case of the first payment date). As additional compensation, the servicer will be entitled to retain all Supplemental Servicing Fees and to receive all investment earnings (net of investment losses and expenses) from the investment of funds on deposit in the collection account and the reserve account. The servicing fee, together with any portion of the servicing fee that remains unpaid from prior payment dates, will be payable on each payment date from funds on deposit in the collection account with respect to the collection period preceding that payment date, including funds, if any, deposited into the collection account from the reserve account or the risk retention reserve account; provided, however, that available funds from the risk retention reserve account may not be used to pay the servicer so long as the servicer is an affiliate of Fifth Third Bank. The servicer will pay all expenses (apart from certain expenses incurred in connection with liquidating a financed vehicle related to a receivable, such as auction, painting, repair or refurbishment in respect of that financed vehicle) incurred by it in connection with its servicing activities including any fees and disbursements of sub-servicers to whom it has delegated servicing responsibilities, independent accountants, taxes imposed on the servicer and expenses incurred in connection with distributions and reports to noteholders and the certificateholder. The servicer will have no responsibility, however, to pay any losses with respect to the receivables.

**Servicer Replacement Events** 

The following events constitute "**servicer replacement events**" under the servicing agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the servicer to deliver or cause to be delivered to the indenture trustee or the owner
trustee for deposit into the collection account any payment required to be so delivered by the servicer under the terms of the servicing agreement, which failure continues unremedied for a period of five (5) business days after discovery
thereof by an officer of the servicer or receipt by an officer of the servicer of written notice thereof from the indenture trustee (to the extent a responsible officer of the indenture trustee has received written notice or has actual knowledge
thereof) or the noteholders evidencing at least a majority of the note balance (or, if no notes are outstanding, by the Majority Certificateholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the servicer to duly observe or perform in any material respect any other covenants or agreements,
as the case may be, of the servicer set forth in the servicing agreement (other than a covenant or agreement pursuant to the FDIC Rule Covenant), which failure (i) materially and adversely affects the rights of the issuing entity or the
noteholders or the certificateholders and (ii) continues unremedied for a period of ninety (90) days after discovery thereof by an officer of the servicer or receipt by the servicer of written notice thereof from the indenture trustee (to
the extent a responsible officer of the indenture trustee has received written notice or has actual knowledge thereof) or the noteholders evidencing at least a majority of the note balance (or, if no notes are outstanding, by the Majority
Certificateholders) (it being understood that no servicer replacement event will result from a breach by the servicer of any covenant for which the repurchase of the affected receivable is specified as the sole remedy pursuant to the servicing
agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any representation or warranty of the servicer made in any transaction document to which the servicer is a
party or by which it is bound or any certificate delivered pursuant to the servicing agreement (other than a covenant or agreement pursuant to the FDIC Rule Covenant) proves to have been incorrect in any material respect when made, which failure
materially and adversely affects the rights of the issuing entity, the noteholders or certificateholders, and which failure continues unremedied for ninety (90) days after discovery thereof by an officer of the servicer or receipt by an officer
of the servicer of written notice thereof from the indenture trustee (to the extent a responsible officer of the indenture trustee has received written notice or has actual knowledge thereof) or the noteholders evidencing at least a majority of the
note balance (or, if no notes are outstanding, by the Majority Certificateholders); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain events (which, if involuntary, remain unstayed for more than 90 days) of
bankruptcy, insolvency, receivership or liquidation of the servicer.

Notwithstanding the foregoing, (A) if any delay or failure of performance referred to in the first bullet above shall have been caused by force majeure or other similar occurrence, the five (5) business day grace period will be extended for an additional sixty (60) calendar days and (B) if any delay or failure of performance referred to in the second or third bullet above was caused by force majeure or other similar occurrence, the ninety (90) day grace period referred to in the second and third bullet above will be extended for an additional sixty (60) calendar days.

The existence or occurrence of any "material instance of noncompliance" (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event under the first three bullet points above has occurred.

**Resignation, Removal or Replacement of the Servicer** 

If a servicer replacement event is unremedied, the indenture trustee, acting at the direction of noteholders holding 66 2/3% of the outstanding principal amount of the notes (or, if no notes are outstanding, the owner trustee acting at the direction of the Majority Certificateholders), will terminate all of the servicing rights and obligations of the servicer with respect to the receivables. The indenture trustee or owner trustee, as applicable, will effect that termination by delivering notice to the servicer, the owner trustee, the issuing entity, the Delaware trustee, the administrator, the certificateholders and the noteholders. Any successor servicer must be an established institution having a net worth of not less than $100,000,000 and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000.

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The servicer may not resign from its servicing obligations and duties except upon determination that the performance of its duties under the servicing agreement is no longer permissible under applicable law. No servicer resignation will become effective until a successor servicer has assumed the servicer's obligations and duties and provided in writing the information reasonably requested by the depositor to comply with its reporting obligations under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") with respect to a replacement servicer. The servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties as custodian) under the transfer agreements to any of its affiliates or (b) specific duties (including, without limitation, its duties as custodian) to sub-contractors who are in the business of performing similar duties. However, no delegation to affiliates or sub-contractors will release the servicer of its responsibility with respect to its duties, and the servicer will remain obligated and liable to the issuing entity and the indenture trustee for those duties as if the servicer alone were performing those duties.

Upon the servicer's receipt of notice of termination, the predecessor servicer will continue to perform its functions as servicer only until the date specified in that termination notice or, if no date is specified therein, until receipt of that notice. If a successor servicer has not been appointed at the time when the predecessor servicer ceases to act as servicer of the receivables, the indenture trustee will automatically be appointed the successor servicer. However, if the indenture trustee is legally unable or is unwilling to act as servicer, the indenture trustee will appoint (or petition a court to appoint) a successor servicer.

Upon appointment of a successor servicer, the successor servicer will assume all of the responsibilities, duties and liabilities of the servicer with respect to the receivables (other than the obligations of the predecessor servicer that survive its termination as servicer, including indemnification obligations against certain events arising before its replacement). In a bankruptcy or similar proceeding for the servicer, a bankruptcy trustee or similar official may have the power to prevent the indenture trustee, the owner trustee or the noteholders from effecting a transfer of servicing to a successor servicer.

All reasonable costs and expenses incurred in connection with transferring the receivable files to the successor servicer and all other reasonable costs and expenses incurred in connection with the transfer to the successor servicer related to the performance by the servicer under the servicing agreement will be paid by the predecessor servicer upon presentation of reasonable documentation of such costs and expenses. In connection with the appointment of the successor servicer, the issuing entity may make such arrangement for the compensation of the successor servicer out of Available Funds as it and such successor servicer will agree; provided, however, that no such compensation will be in excess of the amount paid to the predecessor servicer under the servicing agreement.

**Waiver of Past Servicer Replacement Events** 

The noteholders of a majority of the note balance (or, if no notes are outstanding, the Majority Certificateholders) may waive any servicer replacement event.

**Evidence as to Compliance** 

The servicing agreement provides that on or before March 30 of each calendar year a report regarding the servicer's assessment of compliance during the preceding calendar year with all applicable servicing criteria set forth in relevant SEC regulations for asset-backed securities transactions, including disclosure of any material instance of non-compliance identified by the servicer must be filed.

In addition, except as described below, each party that participates in the servicing function with respect to more than 5% of the receivables and other assets comprising the issuing entity will deliver annually to the issuing entity, a report (an "**Assessment of Compliance**") that assesses compliance by that party with the servicing criteria set forth in Item 1122(d) of Regulation AB (17 C.F.R. 229.1122) and that contains the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement of the party's responsibility for assessing compliance with the servicing criteria applicable to
it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement that the party used the criteria in Item 1122(d) of Regulation AB to assess compliance with the
applicable servicing criteria;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the party's Assessment of Compliance with the applicable servicing criteria during and as of the end of the
prior calendar year, setting forth any material instance of noncompliance identified by the party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement that a registered public accounting firm has issued an Attestation Report on the party's
Assessment of Compliance with the applicable servicing criteria during and as of the end of the prior calendar year.

The servicing agreement will also provide that the servicer will deliver annually to the issuing entity and indenture trustee on or before March 30 of each calendar year, an officer's certificate stating that (i) a review of the servicer's activities during the preceding calendar year and of performance under the servicing agreement has been made under the supervision of the officer, and (ii) to the best of the officer's knowledge, based on the review, the servicer has fulfilled all its obligations under the servicing agreement in all material respects throughout the year, or, if there has been a failure to fulfill any of these obligations in any material respect, specifying each failure known to the officer and the nature and status of the failure.

Further, except as described below, each party which is required to deliver an Assessment of Compliance will also be required to simultaneously deliver a report (an "**Attestation Report**") of a registered public accounting firm, prepared in accordance with the standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, that expresses an opinion, or states that an opinion cannot be expressed, concerning the party's assessment of compliance with the applicable servicing criteria.

An annual report on Form 10-K will be filed with the SEC within 90 days after the end of each fiscal year. The annual report will contain the statements, certificates and reports discussed above.

The servicer will also give the issuing entity and the indenture trustee notice of any servicer replacement events under the servicing agreement.

**Annual Compliance Statement** 

The issuing entity will be required to deliver annually to the indenture trustee a written officer's statement as to the fulfillment of its obligations under the indenture which, among other things, will state that to the best of the officer's knowledge, the issuing entity has complied with all conditions and covenants under the indenture throughout that year in all material respects or, if there has been a default in the compliance of any condition or covenant, specifying each default known to that officer and the nature and status of that default.

**Amendment Provisions** 

The receivables sale agreement generally may be amended by the parties thereto without the consent of the noteholders or any other person; the purchase agreement generally may be amended by the parties thereto without the consent of the noteholders or any other person; the sale agreement generally may be amended by the depositor without the consent of the noteholders or any other person; the trust agreement generally may be amended by the parties thereto without the consent of the noteholders, any certificateholder or any other person; the servicing agreement generally may be amended by the servicer without the consent of the noteholders or any other person; and the administration agreement generally may be amended by the administrator without the consent of the noteholders or any other person, in each case, if one of the following requirements is met, subject to the second following paragraph of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an opinion of counsel or officer's certificate of FTH LLC, the depositor, the servicer or the administrator, as applicable, to the effect that such amendment will not materially and adversely affect the interests of the noteholders is delivered to the indenture trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such amendment and the indenture trustee is so notified in writing.

Any amendment to the trust agreement, the administration agreement, the servicing agreement and the transfer agreements also may be made by the parties thereto with the consent of the noteholders holding not less than

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a majority of the note balance (voting as a single class) for the purpose of adding any provisions to or changing in any manner or eliminating any provision of the relevant agreement or of modifying in any manner the rights of the noteholders or the certificateholders.

Additionally, notwithstanding the first two paragraphs of this "—*Amendment Provisions*" section, the trust agreement, the administration agreement, the asset representations review agreement, the transfer agreements and the servicing agreement may only be amended by the parties thereto if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment will not, as evidenced by an officer's certificate of the appropriate party or an opinion of counsel delivered to the indenture trustee, the Delaware trustee and/or the owner trustee, as applicable, materially and adversely affect the interests of the certificateholders.

The asset representations review agreement may be amended by the parties thereto without the consent of the depositor, the indenture trustee, the owner trustee, the Delaware trustee, the noteholders, the certificateholders or any other person, if one of the following requirements is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an opinion of counsel or an officer's certificate of the servicer to the effect that such amendment will not materially and adversely affect the interests of the noteholders is delivered to the indenture trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such amendment.

Additionally, any amendment to the asset representations review agreement also may be made by the parties thereto if the noteholders holding not less than a majority of the outstanding principal amount of the [Controlling Class] of notes or the Majority Certificateholders consent to such amendment.

**THE INDENTURE** 

The following summary describes the material terms of the indenture pursuant to which the notes will be issued. A form of indenture has been filed as an exhibit to the registration statement of which this prospectus is a part. We will file the actual indenture concurrently with or prior to the time we file this prospectus with the SEC. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, all the provisions of the indenture and this prospectus.

**Indenture Trustee's Annual Report** 

If required by the TIA, the indenture trustee will be required to mail each year to all noteholders a brief report setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its eligibility and qualification to continue as indenture trustee under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information regarding a conflicting interest of the indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [any amount advanced by it under the indenture];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change to the amount, interest rate and maturity date of any indebtedness owing by the issuing entity to the
indenture trustee in its individual capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change to the property and funds physically held by the indenture trustee in its capacity as indenture
trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any release, or release and substitution, of property subject to the lien of the indenture that has not been
previously reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any additional issue of notes by the issuing entity that has not been previously reported; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action taken by it that materially affects the notes or the issuing entity property and that has not been
previously reported.

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**Material Covenants** 

The indenture will provide that the issuing entity will not, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as expressly permitted by the transaction documents, sell, transfer, exchange or otherwise dispose of any
of the assets of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• claim any credit on or make any deduction from the principal and interest payable in respect of the notes (other
than amounts withheld under the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "), or applicable state law) or assert any claim against any present or former holder of the notes because of the payment of taxes
levied or assessed upon any part of the issuing entity property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dissolve or liquidate in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merge or consolidate with, or transfer substantially all of its assets to, any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit the validity or effectiveness of the indenture to be impaired or permit any person to be released from any
covenants or obligations with respect to the notes under the indenture except as may be expressly permitted thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (except certain
permitted encumbrances) to be created on or extend to or otherwise arise upon or burden the assets of the issuing entity or any part thereof, or any interest therein or the proceeds thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the transaction
documents.

**Events of Default** 

The occurrence of any one of the following events will be an "event of default" under the indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a default in the payment of any interest on any note of the [Controlling Class] when the same becomes due
and payable, and that default continues for a period of five business days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a default in the payment of the principal of any note at the related final scheduled payment date or the
redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the issuing entity to duly observe or perform any of its covenants or agreements in the
indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically addressed in the indenture or (ii) a covenant or agreement pursuant to the FDIC Rule Covenant), which failure
materially and adversely affects the interests of the noteholders, and which failure continues unremedied for ninety (90) days after written notice is given to the issuing entity by the indenture trustee (to the extent a responsible officer of
the indenture trustee has received written notice or has actual knowledge thereof) or noteholders evidencing at least a majority of the aggregate outstanding principal amount of the notes of the [Controlling Class];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any representation or warranty of the issuing entity made in the indenture proves to have been incorrect
in any material respect when made, which failure materially and adversely affects the interests of the noteholders, and which failure continues unremedied for ninety (90) days after written notice is given to the issuing entity by the indenture
trustee (to the extent a responsible officer of the indenture trustee has received written notice or has actual knowledge thereof) or noteholders evidencing at least a majority of the aggregate outstanding principal amount of the notes of the
[Controlling Class]; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain events (which, if involuntary, remain unstayed for a period of ninety
(90) consecutive days) of bankruptcy, insolvency, receivership or liquidation of the issuing entity.

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Notwithstanding the foregoing, a delay in or failure of performance referred to under the first four bullet points above for a period of one hundred twenty (120) days will not constitute an event of default if that delay or failure was caused by force majeure or other similar occurrence.

The amount of principal required to be paid to noteholders under the indenture generally will be limited to amounts available to make such payments in accordance with the priority of payments. Thus, the failure to pay principal on a class of notes due to a lack of amounts available to make such payments will not result in the occurrence of an event of default until the final scheduled payment date for that class of notes.

The failure to pay principal of a class of notes will not result in the occurrence of an event of default under the indenture until the final scheduled payment date for that class of notes or the redemption date.

**Rights Upon Event of Default** 

Upon the occurrence and continuation of any event of default (other than an event of default resulting from an event of bankruptcy, insolvency, receivership or liquidation of the issuing entity), the indenture trustee will, at the direction of the holders of a majority of the outstanding principal amount of the notes, declare the notes to be immediately due and payable. Upon the occurrence of an event of default resulting from an event of bankruptcy, insolvency, receivership or liquidation of the issuing entity, the notes will automatically be accelerated, and all interest on and principal of the notes will be due and payable without any declaration or other act by the indenture trustee or the noteholders.

If an event of default is unremedied, the indenture trustee may institute proceedings to collect amounts due or foreclose on the issuing entity property, exercise remedies as a secured party, elect to maintain the receivables and other issuing entity property and continue to apply the proceeds from the receivables and other issuing entity property as if there had been no declaration of acceleration or sell the receivables and the other issuing entity property. Upon the occurrence of an event of default resulting in acceleration of the notes, the indenture trustee may sell the receivables or may elect to have the issuing entity maintain possession of the receivables and apply Collections as received. However, the indenture trustee is prohibited from selling the receivables following an event of default and acceleration of the notes unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of 100% of the aggregate outstanding principal amount of the notes [and the swap counterparty]
consent to a sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of the sale are sufficient to pay in full the principal of and the accrued interest on all
outstanding notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the event of default relates to the failure to pay interest or principal when due (a "**payment default** "), the indenture trustee determines that the Collections on the receivables would not be sufficient on an ongoing basis to make all payments on the notes as those payments would have become due if those obligations had not been
declared due and payable, and the indenture trustee obtains the consent of the holders of 66 2/3% of the outstanding principal amount of the notes.

In addition, if the event of default does not relate to a payment default or insolvency of the issuing entity, the indenture trustee is prohibited from selling the receivables and the other issuing entity property unless the holders of all outstanding notes consent to a sale or the proceeds of a sale are sufficient to pay in full the principal of and the accrued interest on the outstanding notes.

If an event of default occurs and is continuing, the indenture trustee will be under no obligation to exercise any of the rights or powers under the indenture at the request or direction of any of the noteholders, unless the indenture trustee believes in its sole discretion that the noteholders will offer to reasonably secure or indemnify the indenture trustee against the reasonable costs, expenses, advances and liabilities which might be incurred by it, its agents and its counsel in complying with such request. Subject to the provisions for indemnification and certain limitations contained in the indenture, the holders of not less than a majority of the aggregate outstanding principal amount of the notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the indenture trustee, and the holders of not less than a majority of the aggregate outstanding principal amount of the notes may, in certain cases, waive any event of default, except a default in payment of

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principal of or interest on any of the notes, a default in respect of a covenant or provision of the indenture that cannot be modified or amended without the consent of the noteholders of all of the outstanding notes or a default arising from certain events of bankruptcy, insolvency, receivership or liquidation with respect to the issuing entity.

**Priority of Payments Will Change Upon Events of Default that Result in Acceleration** 

Following the occurrence and during the continuation of an event of default under the indenture which has resulted in an acceleration of the notes, and upon the liquidation of the receivables after any event of default, the priority of payments changes (including payments of principal on the notes). On each payment date after an event of default and acceleration of the notes, payments will be made from all funds available to the issuing entity in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *first*, to the indenture trustee, the owner trustee, [the Calculation Agent,] the Delaware trustee, the certificate paying agent and the asset representations reviewer, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the applicable transaction documents, provided, that the amounts payable pursuant to this clause will be limited to $[ ] per annum in the aggregate;

[(2) *second*, to the servicer (or any predecessor servicer, if applicable), for reimbursement of outstanding advances[; provided, however, that the available funds from the risk retention reserve account may not be used to pay the servicer so long as the servicer is an affiliate of Fifth Third Bank];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *third*, to the servicer, the servicing fee and all unpaid servicing fees with respect to prior collection periods[; provided, however, that the available funds from the risk retention reserve account may not be used to pay the servicer so long as the servicer is an affiliate of Fifth Third Bank];

[(4) *fourth*, to the swap counterparty, any due and unpaid net swap payments;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *fifth*, [pro rata, (A) to the swap counterparty for any due and unpaid senior swap termination payments and (B)] to the Class A-1 noteholders, pro rata, the Class A-1 accrued note interest; if there are not sufficient funds to pay the entire amount of the accrued Class A-1 note interest, the amount available shall be applied to the payment of such interest on each class of notes on a pro rata basis based on the amount of interest payable to each class of Class A notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) *sixth*, if an Event of Default has occurred [that arises from (a) a default in the payment of any interest on any note of the [Controlling Class] when the same becomes due and payable, (b) a default in the payment of the principal of or any installment of the principal of any note when the same becomes due and payable or (c) the occurrence of certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity,] in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-2 noteholders, the Class A-3 noteholders and the Class A-4 noteholders, pro rata, until all classes of the Class A notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class B noteholders, the accrued Class B note interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class B noteholders, until the Class B notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [*seventh*, if an Event of Default has occurred that arises from any event other than those events described above in clause [*sixth*], in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class B noteholders, the accrued Class B note interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-1 noteholders until the Class A-1 notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-2 noteholders, the Class A-3 noteholders and the Class A-4 noteholders, pro rata, until all classes of the Class A notes have been paid in full;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class B noteholders, until the Class B notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) [*eighth*, to the swap counterparty, any subordinate swap termination payment and any other amounts payable by the issuing entity to the swap counterparty and not previously paid];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) *ninth*, to the owner trustee, the indenture trustee and the asset representations reviewer, any accrued and unpaid fees, reasonable expenses and indemnity payments not previously paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) *tenth*, any remaining funds to or at the designated certificateholder account.

Following the occurrence of any event of default under the indenture which has not resulted in an acceleration of the notes, the issuing entity will continue to pay interest and principal on the notes on each payment date in the manner set forth in this prospectus under "—*Priority of Payments*" above, until the notes are accelerated.

**FDIC Rule Covenant** 

This transaction is [not] intended to comply with the FDIC Rule. The FDIC Rule imposes a number of requirements on the issuing entity, the depositor, any other intermediate entity that may be a transferee, the sponsor and the servicer, and each such party will agree to facilitate compliance with these requirements by complying with its obligations in the FDIC Rule Covenant. See "*Material Legal Aspects of the Receivables—FDIC Rule.*" [The indenture will contain an FDIC Rule Covenant, which will require, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) payment of principal and interest on the securitization obligations must be primarily based on the performance of the financial assets transferred to the issuing entity and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit events that are independent of such financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) information describing the financial assets, obligations, capital structure, compensation of the relevant parties and historical performance data must be made available to the noteholders, including (i) information about the obligations and securitized financial assets in compliance with Regulation AB, (ii) information about the transaction structure, performance of the obligations, priority of payments, subordination features, representations and warranties regarding the financial assets, remedies, liquidity facilities, credit enhancement, waterfall triggers or priority of payment reversal features and policies governing delinquencies, servicer advances, loss mitigation and write-offs, (iii) information with respect to the credit performance of the obligations and financial assets on an ongoing basis and (iv) the compensation paid to the originator, sponsor, servicer and any rating agency, third-party advisor and broker and changes to such amounts paid, and the extent to which the risk of loss is retained by any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the sponsor must retain an economic interest in a material portion (not less than 5 percent) of the credit risk of the financial assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the obligations in the securitization cannot be predominantly sold to an affiliate (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor or to an affiliated broker-dealer who purchased such obligations with a view to promptly resell such obligations to persons or entities that are neither affiliates (other than a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor) nor insiders of the sponsor in the ordinary course of such broker-dealers business) or insider of the sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the sponsor must identify in its financial asset data bases and otherwise account for the financial assets transferred as specified by the FDIC Rule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) if the sponsor is acting as servicer, custodian or paying agent, the sponsor must not commingle collections for more than two business days. See "*Material Legal Aspects of the Receivables—FDIC Rule*" in this prospectus.

Each noteholder and each certificateholder, by accepting a note or certificate, as applicable, will acknowledge and agree that the purpose of the FDIC Rule Covenant is to facilitate compliance with the FDIC Rule

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by Fifth Third Bank, each intermediate transferee, the depositor, the sponsor, the servicer and the issuing entity, and that the provisions set forth in the FDIC Rule Covenant will have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule.]

**List of Noteholders** 

Three or more holders of the notes or one or more holders of notes evidencing not less than 25% of the aggregate outstanding principal amount of the notes may, by request to the indenture trustee accompanied by a copy of the communication that the applicant proposes to send, obtain access to the list of all noteholders maintained by such indenture trustee for the purpose of communicating with other noteholders with respect to their rights under the indenture or under such notes.

**Documents by Paying Agent to Noteholders** 

The paying agent, at the expense of the issuing entity, will deliver to each noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such holder to prepare its federal and state income tax returns.

**Satisfaction and Discharge of Indenture** 

The indenture will be discharged with respect to the collateral securing the notes upon the delivery to the related indenture trustee for cancellation of all the notes or, subject to specified limitations, upon deposit with the indenture trustee of funds sufficient for the payment in full of all of the notes and any other amounts due from the issuing entity under the indenture.

**Modification of the Indenture** 

The issuing entity and the indenture trustee may, when authorized by an issuing entity order, with prior notice from the issuing entity to each hired agency, enter into supplemental indentures, without obtaining the consent of the noteholders or any other person, for the purpose of, among other things, adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture or of modifying in any manner the rights of those noteholders; provided that (1) the issuing entity delivers to the indenture trustee an opinion of counsel or an officer's certificate to the effect that such supplemental indenture will not materially and adversely affect the interest of any noteholder or (2) the Rating Agency Condition is satisfied with respect to such amendment and the issuing entity so notifies the indenture trustee in writing.

The issuing entity and the indenture trustee, when authorized by an issuing entity order, may also with prior notice from the issuing entity to each hired agency and with the consent of the noteholders of not less than a majority of the note balance, enter into supplemental indentures for the purpose of adding provisions to, changing in any manner or eliminating any provisions of, the indenture, or modifying in any manner the rights of the noteholders. Any such supplemental indenture that amends, modifies or supplements the rights of any noteholder in any of the following manners will require prior notice by the issuing entity to the hired agencies and the consent of the holders of 100% of the aggregate outstanding principal amount of each outstanding note affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes the coin or currency in which any note or any interest thereon is payable, reduces the interest rate or
principal amount of any note, delays the final scheduled payment date of any note or changes the redemption price of any note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduces the percentage of the note balance, the consent of the holders of which is required for any supplemental
indenture or the consent of the holders of which is required for any waiver of compliance with certain provisions of the indenture or of certain defaults thereunder and their consequences as provided for in the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifies or alters the provisions of the indenture regarding the voting of notes held by the issuing entity, the
depositor, the servicer or the administrator or an affiliate of any of them;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduces the percentage of the note balance, the consent of the holders of which is required to direct the
indenture trustee to direct the issuing entity to sell or liquidate the issuing entity property if the proceeds of the sale would be insufficient to pay the principal amount of and accrued but unpaid interest on the outstanding notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modifies any amendment provision requiring noteholder consent in any respect materially adverse to the interest
of the noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permits the creation of any lien ranking prior to or on a parity with the lien of the indenture with respect to
any part of the issuing entity property or, except as otherwise permitted or contemplated in the transaction documents, terminates the lien of the indenture on any property at any time or deprives the holder of any note of the security afforded by
the lien of the indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairs the right of the noteholders to institute suit for the enforcement of principal and interest payment on
the notes that such noteholders own.

No amendment or supplemental indenture will be effective which affects the rights, protections or duties of the Delaware trustee, the indenture trustee or the owner trustee, as applicable, without the prior written consent of the Delaware trustee, the indenture trustee or the owner trustee, respectively.

Notwithstanding the above, if any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC or its staff, and the issuing entity determines that an amendment to the FDIC provisions of the indenture is necessary or desirable, then the issuing entity, the indenture trustee or the owner trustee, as applicable, will be authorized and entitled to amend the relevant provisions in accordance with such FDIC Rule amendment or guidance.

Additionally, notwithstanding the above, the indenture may only be amended by the parties thereto if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment will not, as evidenced by an officer's certificate of the appropriate party or an opinion of counsel delivered to the Delaware trustee, the indenture trustee and/or the owner trustee, as applicable, materially and adversely affect the interests of the certificateholders.

**MATERIAL LEGAL ASPECTS OF THE RECEIVABLES** 

**Rights in the Receivables** 

The transfer of the receivables by the originator to FTH LLC, by FTH LLC to the depositor and by the depositor to the issuing entity, and the pledge thereof to the indenture trustee, the perfection of the security interests in the receivables and the enforcement of rights to realize on the related financed vehicles as collateral for the receivables are subject to a number of federal and state laws, including the Uniform Commercial Code and certificate of title acts as in effect in various states. The servicer and the depositor will take the actions described below to perfect the rights of the issuing entity and the indenture trustee in the receivables.

Under the servicing agreement, the servicer will be appointed by the issuing entity to act as the custodian of the receivables. The servicer, as the custodian, will have possession of the original contracts giving rise to the receivables. To the extent any of the receivables arise under or are evidenced by contracts in electronic form (such electronic contracts, together with the original contracts in tangible form, collectively "**chattel paper**"), the servicer, as the custodian, will have printed copies of the electronic contracts and the capability of accessing the electronic information. While neither the original contracts nor the printed copies of electronic contracts giving rise to the receivables will be marked to indicate the ownership interest thereof by the issuing entity, and the indenture trustee will not have "control" of the authoritative copy of those contracts that are in electronic form, appropriate UCC-1 financing statements reflecting the transfer and assignment of the receivables by the originator to the depositor and by the depositor to the issuing entity, and the pledge thereof to the indenture trustee will be filed to perfect that interest and give notice of the issuing entity's ownership interest in, and the indenture trustee's security interest in, the receivables and related chattel paper. If, through inadvertence or otherwise, any of the receivables were sold or pledged to another party who purchased (including a pledgee) the receivables in the ordinary course of its business and took possession of the original contracts in tangible form or "control" of the authoritative copy of the contracts in electronic form giving rise to the receivables, the purchaser would acquire an interest in the receivables superior

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to the interests of the issuing entity and the indenture trustee if the purchaser acquired the receivables for new value in good faith, in the ordinary course of the purchaser's business and without knowledge that the purchase violates the rights of the issuing entity or the indenture trustee, which could cause investors to suffer losses on their securities.

Generally, the rights held by assignees of the receivables, including without limitation the issuing entity and the indenture trustee, will be subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all the terms of the contracts related to or evidencing the receivable; and any defense or claim in recoupment
arising from the transaction that gave rise to the contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other defense or claim of the obligor against the assignor of such receivable which accrues before the
obligor receives notification of the assignment.

Because none of the originator, FTH LLC, the depositor or the issuing entity is obligated to give the obligors notice of the assignment of any of the receivables, the issuing entity and the indenture trustee will be subject to defenses or claims of the obligor against the assignor even if such claims are unrelated to the receivable.

The originator typically takes physical possession of the signed original retail installment sale contracts to assure that it has priority in its rights in the receivables against the dealers and their respective creditors. Under the UCC, a purchaser of chattel paper who takes physical possession of the chattel paper may have priority over FTH LLC and its creditors in the event of FTH LLC's bankruptcy. If a retail installment sale contract is amended and the purchaser does not or is unable to take physical possession of the signed original amendment, there is a risk that creditors of the selling dealer could have priority over the issuing entity's rights in the contract.

**Security Interests in the Financed Vehicles** 

*Obtaining Security Interests in Financed Vehicles.* In all states in which the receivables have been originated, motor vehicle retail installment sale contracts and/or installment loans such as the receivables evidence the purchase or refinancing of automobiles, light-duty trucks and/or other types of motor vehicles. The receivables also constitute personal property security agreements and include grants of security interests in the financed vehicles under the applicable Uniform Commercial Code. Perfection of security interests in the financed vehicles is generally governed by the motor vehicle registration laws of the state in which the financed vehicle is located. In most states, a security interest in an automobile, a light-duty truck and/or another type of motor vehicle is perfected by obtaining the certificate of title to the financed vehicle or the notation of the secured party's lien on the vehicle's certificate of title. However, in California and in certain other states, certificates of title and the notation of the related lien may be maintained solely in the electronic records of the applicable department of motor vehicles or the analogous state office. As a result, any reference to a certificate of title in this prospectus includes certificates of title maintained in physical form and electronic form which may also be held by third-party servicers. In some states, certificates of title maintained in physical form are held by the obligor and not the lienholder or a third-party servicer. Each transferor will warrant that it has taken all steps necessary to obtain a perfected first priority security interest with respect to all financed vehicles securing the receivables. If the originator fails, because of clerical errors or otherwise, to effect or maintain the notation of the security interest on the certificate of title relating to a financed vehicle, the issuing entity may not have a perfected first priority security interest in that financed vehicle.

If the originator did not take the steps necessary to cause its security interest to be perfected as described above until more than 30 days after the date the related obligor received possession of the financed vehicle, and the related obligor was insolvent on the date such steps were taken, the perfection of such security interest may be avoided as a preferential transfer under bankruptcy law if the obligor under the related receivable becomes the subject of a bankruptcy proceeding commenced within 90 days of the date of such perfection, in which case the originator, and subsequently, the depositor, the issuing entity and the indenture trustee would be treated as an unsecured creditor of such obligor.

*Perfection of Security Interests in Financed Vehicles.* The originator, either directly or indirectly, will sell the receivables and assign its security interest in each financed vehicle to the depositor. The depositor will sell the receivables and assign the security interest in each financed vehicle to the issuing entity. However, because of the administrative burden and expense of retitling, the servicer, the depositor and the issuing entity will not amend any

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certificate of title to identify the issuing entity as the new secured party on the certificates of title relating to the financed vehicles. Accordingly, the originator will continue to be named as the secured party on the certificates of title relating to the financed vehicles. In most states, assignments such as those under the transfer agreements are an effective conveyance of the security interests in the financed vehicles without amendment of the lien noted on the related certificate of title, and the new secured party succeeds to the assignor's rights as the secured party. However, a risk exists in not identifying the issuing entity as the new secured party on the certificate of title because the security interest of the issuing entity could be released without the issuing entity's consent, another person could obtain a security interest in the applicable financed vehicle that is higher in priority than the interest of the issuing entity or the issuing entity's status as a secured creditor could be challenged in the event of a bankruptcy proceeding involving the obligor.

In the absence of fraud, forgery or neglect by the financed vehicle owner or administrative error by state recording officials, notation of the lien of the originator generally will be sufficient to protect the issuing entity against the rights of subsequent purchasers of a financed vehicle or subsequent lenders who take a security interest in a financed vehicle. If there are any financed vehicles as to which the originator has failed to perfect the security interest assigned to the issuing entity, that security interest would be subordinate to, among others, subsequent purchasers of the financed vehicles and holders of perfected security interests.

The requirements for the creation, perfection, transfer and release of liens in financed vehicles generally are governed by state law, and these requirements vary on a state-by-state basis. Failure to comply with these detailed requirements could result in liability to the issuing entity or the release of the lien on the vehicle or other adverse consequences. For example, the State of New York passed legislation allowing a dealer of used motor vehicles to have the lien of a prior lienholder in a motor vehicle released, and to have a new certificate of title with respect to that motor vehicle reissued without the notation of the prior lienholder's lien, upon submission to the Commissioner of the New York Department of Motor Vehicles of evidence that the prior lien has been satisfied without any signature or formal release by the prior lienholder. It is possible that, as a result of fraud, forgery, negligence or error, a lien on a financed vehicle could be released without prior payment in full of the receivable.

Under the laws of most states, statutory liens such as liens for unpaid taxes, liens for towing, storage and repairs performed on a motor vehicle, motor vehicle accident liens and liens arising under various state and federal criminal statutes take priority over a perfected security interest in a financed vehicle. Under the Internal Revenue Code, federal tax liens that are filed have priority over a subsequently perfected lien of a secured party. In addition,

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certain states grant priority to state tax liens over a prior perfected lien of a secured party. The laws of most states and federal law permit the confiscation of motor vehicles by governmental authorities under some circumstances if used in or acquired with the proceeds of unlawful activities, which may result in the loss of a secured party's perfected security interest in a confiscated vehicle. With respect to the issuing entity, the depositor will represent in the sale agreement that, as of the Closing Date, no state or federal liens exist with respect to any financed vehicle securing payment on any related receivable. However, liens could arise, or a confiscation could occur, at any time during the term of a receivable. It is possible that no notice will be given to the servicer in the event that a lien arises or a confiscation occurs, and any lien arising or confiscation occurring after the Closing Date would not give rise to Fifth Third Bank's repurchase obligations under the receivables sale agreement.

**Repossession** 

In the event of a default by an obligor, the holder of the related motor vehicle retail installment sale contract and/or installment loan has all the remedies of a secured party under the Uniform Commercial Code, except as specifically limited by other state laws. Among the Uniform Commercial Code remedies, the secured party has the right to repossess a financed vehicle by self-help means, unless those means would constitute a breach of the peace under applicable state law or is otherwise limited by applicable state law. Unless a financed vehicle is voluntarily surrendered, self-help repossession is accomplished simply by retaking possession of the financed vehicle. In cases where the obligor objects or raises a defense to repossession, or if otherwise required by applicable state law, a court order must be obtained from the appropriate state court, and the financed vehicle must then be recovered in accordance with that order. In some jurisdictions, the secured party is required to notify the obligor of the default and the intent to repossess the collateral and to give the obligor a time period within which to cure the default prior to repossession. Generally, this right to cure may only be exercised on a limited number of occasions during the term of the related receivable. Other jurisdictions permit repossession without prior notice if it can be accomplished without a breach of the peace (although in some states, a course of conduct in which the creditor has accepted late payments has been held to create a right by the obligor to receive prior notice). In some states, after the financed vehicle has been repossessed, the obligor may reinstate the related receivable by paying the delinquent installments and other amounts due.

**Notice of Sale; Redemption Rights** 

In the event of a default by the obligor, some jurisdictions require that the obligor be notified of the default and be given a time period within which the obligor may cure the default prior to repossession. Generally, this right of reinstatement may be exercised on a limited number of occasions in any one year period.

The Uniform Commercial Code and other state laws require the secured party to provide the obligor with reasonable notice concerning the disposition of the collateral including, among other things, the date, time and place of any public sale and/or the date after which any private sale of the collateral may be held and certain additional information if the collateral constitutes consumer goods. In addition, some states also impose substantive timing requirements on the sale of repossessed vehicles and/or various substantive timing and content requirements relating to those notices. In some states, after a financed vehicle has been repossessed, the obligor may reinstate the receivable by paying the delinquent installments and other amounts due, in which case the financed vehicle is returned to the obligor. The obligor has the right to redeem the collateral prior to actual sale or entry by the secured party into a contract for sale of the collateral by paying the secured party the unpaid outstanding principal balance of the obligation, accrued interest thereon, reasonable expenses for repossessing, holding and preparing the collateral for disposition and arranging for its sale, plus, in some jurisdictions, reasonable attorneys' fees and legal expenses.

**Deficiency Judgments and Excess Proceeds** 

The proceeds of resale of the repossessed vehicles generally will be applied first to the expenses of resale and repossession and then to the satisfaction of the indebtedness. While some states impose prohibitions or limitations on deficiency judgments if the net proceeds from resale do not cover the full amount of the indebtedness, a deficiency judgment can be sought in those states that do not prohibit or limit those judgments. However, the deficiency judgment would be a personal judgment against the obligor for the shortfall, and a defaulting obligor can be expected to have very little capital or sources of income available following repossession. Therefore, in many cases, it may not be useful to seek a deficiency judgment or, if one is obtained, it may be settled at a significant discount. In addition to the notice requirement, the Uniform Commercial Code requires that every aspect of the sale

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or other disposition, including the method, manner, time, place and terms, be "commercially reasonable." Generally, in the case of consumer goods, courts have held that when a sale is not "commercially reasonable," the secured party loses its right to a deficiency judgment. Generally, in the case of collateral that does not constitute consumer goods, the Uniform Commercial Code provides that when a sale is not "commercially reasonable," the secured party may retain its right to at least a portion of the deficiency judgment.

The Uniform Commercial Code also permits the debtor or other interested party to recover for any loss caused by noncompliance with the provisions of the Uniform Commercial Code. In particular, if the collateral is consumer goods, the Uniform Commercial Code grants the debtor the right to recover in any event an amount not less than the credit service charge plus 10% of the principal amount of the debt. In addition, prior to a sale, the Uniform Commercial Code permits the debtor or other interested person to prohibit or restrain on appropriate terms the secured party from disposing of the collateral if it is established that the secured party is not proceeding in accordance with the "default" provisions under the Uniform Commercial Code.

Occasionally, after resale of a repossessed vehicle and payment of all expenses and indebtedness, there is a surplus of funds. In that case, the Uniform Commercial Code requires the creditor to remit the surplus to any holder of a subordinate lien with respect to the vehicle or if no subordinate lienholder exists, the Uniform Commercial Code requires the creditor to remit the surplus to the obligor.

**Consumer Protection Law** 

Numerous federal and state consumer protection laws and related regulations impose substantial requirements upon lenders and servicers involved in consumer finance. These laws include the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Federal Trade Commission Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Magnuson-Moss Warranty Act, the CFPB's Regulations B and Z, the Gramm-Leach-Bliley Act, the Relief Act, the Texas Credit Title, state adoptions of the National Consumer Act and of the Uniform Consumer Credit Code, state motor vehicle retail installment sale acts and other similar laws. Many states have adopted "lemon laws" that provide redress to consumers who purchase a vehicle that remains out of compliance with its manufacturer's warranty after a specified number of attempts to correct a problem or a specified time period. Also, state laws impose finance charge ceilings and other restrictions on consumer transactions and require contract disclosures in addition to those required under federal law. These requirements impose specific statutory liabilities upon creditors who fail to comply with their provisions. In some cases, this liability could affect an assignee's ability to enforce consumer finance contracts such as the receivables described above.

With respect to used vehicles, the Federal Trade Commission's Rule on Sale of Used Vehicles (the "**FTC Rule**") requires all sellers of used vehicles to prepare, complete and display a "Buyers' Guide" that explains the warranty coverage for such vehicles. The Federal Magnuson-Moss Warranty Act and state lemon laws may impose further obligations on motor vehicle dealers. Holders of the receivables may have liability for or may be subject to claims and defenses under those statutes, the FTC Rule and similar state statutes.

The so-called "Holder-in-Due-Course" rule of the Federal Trade Commission (the "**HDC Rule**"), the provisions of which are generally duplicated by the Uniform Consumer Credit Code, other statutes or the common law in some states, has the effect of subjecting a seller (and specified creditors and their assignees) in a consumer transaction to all claims and defenses that the obligor in the transaction could assert against the seller of the goods. Liability under the HDC Rule is limited to the amounts paid by the obligor under the contract, and the holder of the receivable may also be unable to collect any balance remaining due under that contract from the obligor.

Most of the receivables will be subject to the requirements of the HDC Rule. Accordingly, the issuing entity, as holder of the related receivables, will be subject to any claims or defenses that the purchaser of the applicable financed vehicle may assert against the seller of the related financed vehicle. For each obligor, these claims are limited to a maximum liability equal to the amounts paid by the obligor on the related receivable. The originator will represent in the receivables sale agreement that each of the receivables, and the sale of the related financed vehicle thereunder, complied with all material requirements of applicable laws and the regulations issued pursuant thereto. Under most state motor vehicle dealer licensing laws, sellers of motor vehicles are required to be licensed to sell motor vehicles at retail sale. Furthermore, federal odometer regulations promulgated under the Motor Vehicle Information and Cost Savings Act require that all sellers of new and used vehicles furnish a written statement signed by the seller certifying the accuracy of the odometer reading. If the seller is not properly licensed

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or if a written odometer disclosure statement was not provided to the purchaser of the related financed vehicle, an obligor may be able to assert a defense against the seller of the vehicle. If an obligor were successful in asserting any of those claims or defenses, that claim or defense would, if it affects the ability of the issuing entity to receive and retain payment in full on the receivable, constitute a breach of the originator's representations and warranties under the receivables sale agreement and would, if the breach materially and adversely affects the receivable or the interests of the noteholders, create an obligation of Fifth Third Bank to repurchase the receivable unless the breach is cured. See "*The Transaction Documents—Sale and Assignment of Receivables and Related Security Interests*" in this prospectus.

Any shortfalls or losses arising in connection with the matters described in the three preceding paragraphs, to the extent not covered by amounts payable to the noteholders from amounts available under a credit enhancement mechanism, could result in losses to noteholders.

Courts have applied general equitable principles to secured parties pursuing repossession and litigation involving deficiency balances. These equitable principles may have the effect of relieving an obligor from some or all of the legal consequences of a default.

In several cases, consumers have asserted that the self-help remedies of secured parties under the Uniform Commercial Code and related laws violate the due process protections provided under the 14th Amendment to the Constitution of the United States. Courts have generally upheld the notice provisions of the Uniform Commercial Code and related laws as reasonable or have found that the repossession and resale by the creditor do not involve sufficient state action to afford constitutional protection to obligors.

The CFPB is responsible for implementing and enforcing various federal consumer protection laws and supervising certain depository institutions and non-depository institutions offering financial products and services to consumers, including indirect automobile loans and retail automobile leases. For example, in October 2020, the CFPB issued a final rule covering the activities of third-party debt collectors. While the final rule did not address first-party debt collectors, the CFPB has previously indicated that it would address this activity in a later rulemaking. It is unclear what effects, if any, the final rule will have on the receivables or the servicer's practices, procedures or other activities related to the receivables in ways that could reduce the associated collections. Fifth Third Bank is subject to the CFPB's supervisory and enforcement authority. The CFPB has taken action against banks and nonbanks regarding compliance with the fair lending requirements of the Equal Credit Opportunity Act, and its implementing regulation, concerning retail contracts where the dealer charged the consumer an interest rate that is higher than the minimum interest rate, absent additional discounts or reductions, at which a finance company will finance or purchase a retail installment sale contract from a dealer. We refer to this minimum interest rate that we have determined to be applicable to a consumer based on creditworthiness and other objective criteria as the "buy rate." The consumer may agree with the automobile dealer to pay an interest rate that is different than the buy rate, which we refer to as the "contract rate." The CFPB has been conducting fair lending examinations of automobile lenders, including Fifth Third Bank, and their dealer compensation policies.

On September 28, 2015, Fifth Third Bank reached a settlement with the U.S. Department of Justice ("**DOJ**") and the CFPB and entered into related consent orders with each of the DOJ and the CFPB (the "**Consent Orders**") regarding its indirect automobile lending and dealer compensation policy. Pursuant to the Consent Orders, Fifth Third Bank, without admitting or denying any of the findings of fact or conclusions of law (except to establish jurisdiction) agreed to implement a new dealer compensation policy, which went into effect on January 20, 2016. Under the new dealer compensation policy, a dealer assigning a loan to Fifth Third Bank may contract with a consumer for an interest rate below Fifth Third Bank's buy rate only if the dealer provides certain information on a competitor's similar offer for that application. For automobile loans assigned to Fifth Third Bank with an interest rate above Fifth Third Bank's buy rate, if the term is 60 months or less, the dealer's contract rate with the consumer may not be more than 125 basis points higher than Fifth Third Bank's buy rate, and if the term is over 60 months, the contract rate may not be more than 100 basis points higher than Fifth Third Bank's buy rate. The Consent Orders provide that Fifth Third Bank's Board of Directors and Risk and Compliance Committee will oversee its compliance with the new dealer compensation policy. Fifth Third Bank also agreed, pursuant to the Consent Orders, to pay $18 million to compensate certain consumers who undertook loans under its prior dealer compensation policy.

Copies of the Consent Orders were filed with a Form 8-K as Exhibits 99.1 and 99.2 on September 29, 2015 by Fifth Third Bancorp. The description of the Consent Orders set forth above does not purport to be complete and is qualified by reference to their full text.

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In addition, we understand that the CFPB has also been conducting investigations of automobile lenders concerning certain other automobile lending practices, including the sale of extended warranties, credit insurance and other add-on products. If any of these practices were found to violate applicable laws, the sponsor could be obligated to repurchase from the issuing entity any receivable that fails to comply with these laws. In addition, the depositor, the sponsor or the issuing entity could also possibly be subject to claims by the obligors on those contracts, and any relief granted by a court could potentially adversely affect the issuing entity. For additional discussion of how a failure to comply with consumer protection laws may impact the issuing entity, the receivables or your investment in the securities, see "*Risk Factors—Risks relating to the nature of the notes and the structure of the transaction—Failure to comply with consumer protection laws may result in losses on your investment.*"

Fifth Third Bank also periodically performs reviews of its lending policies and analyses of both dealer-specific and portfolio-wide loan pricing data for potential disparities resulting from dealer markup and compensation policies. Depending upon the results of these reviews and analyses or any further regulatory agency actions, Fifth Third Bank may consider providing, or may be required to provide, remuneration, which could include reductions to the interest rates on the applicable automobile loans. Additionally, as described above, in connection with the Consent Orders, Fifth Third Bank has agreed to compensate obligors of impacted automobile loans.

Fifth Third Bank has, and in the future may, periodically enhance its compliance program or engage in voluntary remuneration, including reducing the interest rates on and making lump-sum cash payments to obligors of certain affected automobile loans, on the basis of sampling and without any determination of any violation of law. If Fifth Third Bank, as servicer, were to voluntarily reduce the interest rate on any automobile loan, it may be required under the applicable transaction documents to repurchase the affected receivables; however, under some circumstances the servicer would not be required under the applicable transaction documents to repurchase the affected receivables. See *"The Servicer"* for a discussion of the purchase obligations of the servicer.

**Repurchase Obligation** 

The originator will make representations and warranties in the receivables sale agreement that each receivable complies with all requirements of law in all material respects. If any representation and warranty proves to be incorrect with respect to any receivable, affects the ability of the issuing entity to receive and retain payment in full on such receivable, has certain material and adverse effects and is not timely cured, the originator may be required under the receivables sale agreement to repurchase the affected receivables. The originator may be subject from time to time to litigation alleging that the receivables or its lending practices do not comply with applicable law. The commencement of any such litigation generally would not result in a breach of any of the representations or warranties with respect to the receivables.

**Servicemembers Civil Relief Act** 

Under the terms of the Relief Act, an obligor who enters military service after the origination of such obligor's receivable (including an obligor who was in reserve status and is called to active duty after origination of the receivable) may not be charged interest (including fees and charges) above an annual rate of 6% during the period of such obligor's active duty status, unless a court orders otherwise upon application of the lender. Interest at a rate in excess of 6% that would otherwise have been incurred but for the Relief Act is forgiven. The Relief Act applies to obligors who are servicemembers and includes members of the Army, Navy, Air Force, Marines, National Guard, Reserves (when such enlisted person is called to active duty), Coast Guard, officers of the National Oceanic and Atmospheric Administration, officers of the U.S. Public Health Service assigned to duty with the Army or Navy and certain other persons as specified in the Relief Act. Because the Relief Act applies to obligors who enter military service (including reservists who are called to active duty) after origination of the related receivable, no information can be provided as to the number of receivables that may be affected by the Relief Act. Application of the Relief Act would adversely affect, for an indeterminate period of time, the ability of the servicer to collect full amounts of interest on certain of the receivables. Any shortfall in interest collections resulting from the application of the Relief Act or similar legislation or regulations which would not be recoverable from the related receivables, would result in a reduction of the amounts distributable to the securityholders. In addition, the Relief Act imposes limitations that would impair the ability of the servicer to foreclose on an affected receivable during the obligor's period of active duty status, and, under certain circumstances, during an additional one year period thereafter. Also, the laws of some states impose similar limitations during the obligor's period of active duty status and, under certain circumstances, during an additional period thereafter as specified under the laws of those states. On July 29, 2022,

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the CFPB and the Department of Justice sent a notification letter to certain auto leasing and lending companies reminding them of the protections offered to servicemembers and their dependents under the Relief Act. Thus, in the event that the Relief Act or similar state legislation or regulations applies to any receivable which goes into default, there may be delays in payment and losses on your notes. Any other interest shortfalls, deferrals or forgiveness of payments on the receivables resulting from the application of the Relief Act or similar state legislation or regulations may result in delays in payments or losses on your notes.

Any shortfalls or losses arising in connection with the matters described above, to the extent not covered by amounts payable to the noteholders from amounts available under a credit enhancement mechanism, could result in losses to noteholders.

**Other Limitations** 

In addition to the laws limiting or prohibiting deficiency judgments, numerous other statutory provisions, including the Bankruptcy Code and similar state laws, may interfere with or affect the ability of a secured party to realize upon collateral or to enforce a deficiency judgment. For example, if an obligor commences bankruptcy proceedings, a bankruptcy court may prevent a creditor from repossessing a vehicle, and, as part of the rehabilitation plan, reduce the amount of the secured indebtedness to the market value of the vehicle at the time of filing of the bankruptcy petition, as determined by the bankruptcy court, leaving the creditor as a general unsecured creditor for the remainder of the indebtedness. A bankruptcy court may also reduce the monthly payments due under a receivable or change the rate of interest and time of repayment of the receivable.

State and local government bodies across the United States generally have the power to create licensing and permit requirements. It is possible that the issuing entity could fail to have some required licenses or permits. In that event, the issuing entity could be subject to liability or other adverse consequences.

Any shortfalls or losses arising in connection with the matters described above, to the extent not covered by amounts payable to the noteholders from amounts available under a credit enhancement mechanism, could result in losses to noteholders.

**Certain Matters Relating to Bankruptcy** 

The depositor has been structured as a limited purpose entity and will engage only in activities permitted by its organizational documents. Under the depositor's organizational documents, the depositor is limited in its ability to file a voluntary petition under the United States Bankruptcy Code (the "**Bankruptcy Code**") or any similar applicable state law so long as the depositor is solvent and does not reasonably foresee becoming insolvent. There can be no assurance, however, that the depositor, or the originator, will not become insolvent and file a voluntary petition under the Bankruptcy Code or any similar applicable state law or become subject to a conservatorship or receivership, as may be applicable in the future.

The voluntary or involuntary petition for relief under the Bankruptcy Code or any similar applicable state law or the establishment of a conservatorship or receivership, as may be applicable, with respect to the originator should not necessarily result in a similar voluntary application with respect to the depositor so long as the depositor is solvent and does not reasonably foresee becoming insolvent either by reason of the originator's insolvency or otherwise. The depositor has taken certain steps in structuring the transactions contemplated hereby that are intended to make it unlikely that any voluntary or involuntary petition for relief by the originator under applicable insolvency laws will result in the consolidation pursuant to such insolvency laws or the establishment of a conservatorship or receivership, of the assets and liabilities of the depositor with those of the originator. These steps include the organization of the depositor as a limited purpose entity pursuant to its limited liability company agreement containing certain limitations (including restrictions on the limited nature of the depositor's business and on its ability to commence a voluntary case or proceeding under any insolvency law without an affirmative vote of all of its directors, including independent directors).

The depositor believes that, subject to certain assumptions (including the assumption that the books and records relating to the assets and liabilities of the originator will at all times be maintained separately from those relating to the assets and liabilities of the depositor, the depositor will prepare its own balance sheets and financial statements and there will be no commingling of the assets of the originator with those of the depositor), the assets

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and liabilities of the depositor should not be substantively consolidated with the assets and liabilities of the originator in the event of a petition for relief under the Bankruptcy Code with respect to the originator; and the transfer of receivables by the originator should constitute an absolute transfer, and, therefore, such receivables would not be property of the originator in the event of the filing of an application for relief by or against the originator under the Bankruptcy Code.

Further, with respect to the originator, counsel to the depositor will also render its opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subject to certain assumptions, the assets and liabilities of the depositor would not be substantively
consolidated with the assets and liabilities of the originator in the event of a petition for relief under the Bankruptcy Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the transfer of receivables by the originator constitutes an absolute transfer and would not be included in the
originator's bankruptcy estate or subject to the automatic stay provisions of the Bankruptcy Code.

If, however, a bankruptcy court for the originator or a creditor of the originator were to take the view that the originator and the depositor should be substantively consolidated or that the transfer of the receivables from the originator to the depositor should be recharacterized as a pledge of such receivables, then you may experience delays and/or shortfalls in payments on the notes.

**Certain Matters Relating to Insolvency** 

If Fifth Third Bank were to become insolvent, were to violate applicable regulations, or if other similar circumstances were to occur, the FDIC could be appointed receiver or conservator of Fifth Third Bank. As receiver or conservator, the FDIC would have various powers under the Federal Deposit Insurance Act, including the power to repudiate any contract to which Fifth Third Bank was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of Fifth Third Bank's affairs. Among the contracts that might be repudiated is the receivables sale agreement, the servicing agreement and the administration agreement relating to your notes.

Also, none of the parties to those contracts could exercise any right or power to terminate, accelerate, or declare a default under those transaction documents, or otherwise affect Fifth Third Bank's rights under those transaction documents without the FDIC's consent, for 90 days after the receiver is appointed or 45 days after the conservator is appointed, as applicable. During the same period, the FDIC's consent would also be needed for any attempt to obtain possession of or exercise control over any property of Fifth Third Bank. The requirement to obtain the FDIC's consent before taking these actions relating to a bank's contracts or property is sometimes referred to as an "automatic stay."

The FDIC's repudiation power would enable the FDIC to repudiate Fifth Third Bank's obligations as servicer or administrator and any ongoing repurchase or indemnity obligations under the receivables sale agreement relating to your notes but would not empower the FDIC to repudiate transfers of receivables made under the receivables sale agreement prior to the appointment of the receiver or conservator. However, if those transfers were not respected as legal true sales, then FTH LLC would be treated as having made a loan to Fifth Third Bank, secured by the transferred receivables. The FDIC ordinarily has the power to repudiate secured loans and then recover the collateral after paying damages (as described further below) to the lenders.

**FDIC Rule** 

The FDIC has adopted a regulation entitled "Treatment of financial assets transferred in connection with a securitization or participation" (the "**FDIC Rule**"). The FDIC Rule contains four different safe harbors, each of which limits the powers that the FDIC can exercise in the insolvency of an insured depository institution when it is appointed as receiver or conservator (and references in this section to the FDIC are in its capacity as such). To qualify for a safe harbor, the securitization or participation must satisfy the requirements specified for that type of transaction. If one or more of the requirements specified in the safe harbor are not met, the FDIC's powers would not be limited by the FDIC Rule. The relevant safe harbor for the issuing entity will be either the safe harbor for securitizations that do not satisfy the requirements for sale accounting treatment or the safe harbor for securitizations

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that satisfy the requirements for sale accounting treatment. The discussion of the FDIC Rule in this prospectus is limited to those two safe harbors.

The requirements imposed by the FDIC Rule include provisions that are required to be contained in the transaction documents. These provisions limit the structural features of the transaction in specified ways, impose obligations on one or more of the issuing entity, the depositor and any other intermediate entities that may be a transferee (which entities are jointly considered to be the "issuing entity" for purposes of the FDIC Rule), require the servicer and the sponsor to make specified disclosures, provide ongoing reporting on specified items and define specified aspects of the relationships among the parties. In order to satisfy the requirements of the FDIC Rule to include these provisions in the documentation, the indenture will contain a covenant (the "**FDIC Rule Covenant**") that contains the requisite provisions and that obligates the "issuing entity" to perform each of the specified obligations, other than those obligations that are specifically assigned exclusively to the servicer or the sponsor. See "*The Indenture—FDIC Rule Covenant.*" Each transfer agreement and the servicing agreement will obligate FTH LLC, the depositor, the sponsor and the servicer to perform its specified functions under the FDIC Rule Covenant. The failure of the issuing entity to perform its obligations under the FDIC Rule Covenant will not constitute an event of default, nor will the failure of the servicer to perform its obligations under the FDIC Rule Covenant constitute a servicer default. However, the noteholders, the certificateholders and the indenture trustee will retain the right to exercise any other remedies permitted by the indenture or applicable law in respect of these breaches.

If the FDIC is appointed as conservator or receiver for an insured depository institution that has effected a securitization that is covered by the FDIC Rule, but for which accounting sale treatment does not apply, there are several possible series of events that could occur. The FDIC will succeed to the obligations of the insured depository institution, whether as servicer, sponsor or otherwise. If the FDIC becomes the servicer or otherwise controls distributions of collections, the FDIC would have the choice of whether or not to pay or apply collections from the financial assets in accordance with the transaction documents. If the FDIC chooses not to pay or apply the collections, it will be in monetary default, and the indenture trustee at the direction of the holders of at least a majority of the outstanding note balance of the [Controlling Class], the servicer or the majority certificateholders will be entitled to deliver a notice and other information required by the FDIC Rule to the FDIC requesting the exercise of contractual rights under the transaction documents because of the FDIC's monetary default. Upon delivery of such notice, the indenture trustee or the issuing entity, as applicable, may exercise any contractual rights such party may have in accordance with the transaction documents and the FDIC Rule. In exercising such contractual rights, the indenture trustee will act at the written direction of the holders of at least a majority of the outstanding note balance of the [Controlling Class] and the owner trustee on behalf of the issuing entity will act at the written direction of the majority certificateholders. If the FDIC does not cure the monetary default within ten business days, then the FDIC will have been deemed to have consented to the exercise of those contractual rights. However, the FDIC, as receiver or conservator, is not required to take any action under the FDIC Rule after a monetary default other than providing consents, waivers and execution of transfer documents as may be reasonably requested in the ordinary course of business in order to facilitate the exercise of such contractual rights.

Another series of events could occur if, following an insolvency, the FDIC seeks to exercise its power to repudiate contracts in connection with a transaction for which the safe harbor applicable to transactions which do not satisfy the requirements for accounting sale treatment applies. The FDIC Rule gives the FDIC the choice, following repudiation, either to pay damages within ten business days or to permit the exercise of contractual rights as described in the preceding paragraph. If the FDIC elects to pay damages, it is obligated to pay noteholders an amount equal to the par value of the notes outstanding on the date the FDIC is appointed as conservator or receiver of the insured depository institution, less any payments of principal received by the noteholders prior to and through the date of repudiation, plus unpaid, accrued interest through the date of repudiation in accordance with the transaction documents to the extent of collections actually received through the date of repudiation. If the damages paid by the FDIC do not include interest from the date of repudiation to the date of payment, the indenture will provide that the indenture trustee should apply available funds from the reserve account and the collection account to pay such shortfall. However, upon payment of these damages, the FDIC Rule provides that "all liens or claims on the financial assets created pursuant to the securitization documents shall be released." If the FDIC were to assert successfully that the lien of the indenture trustee on the reserve account and the collection account were released and the assets in those accounts were transferred to the FDIC, then noteholders would not receive interest from the date of repudiation to the date of payment. To the extent that the certificates constitute "obligations" within the meaning of the FDIC Rule, the administrator or the owner trustee (based on written instructions setting forth the damages calculation provided by the majority certificateholders) on behalf of the issuing entity will notify the indenture trustee and the FDIC of the damages due to the certificateholders.

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Damages paid by the FDIC will be distributed to noteholders and, if applicable, to certificateholders on the earlier of (1) the next payment date on which such damages could be distributed and (2) the earliest practicable date that the indenture trustee could declare a special payment date, subject to applicable provisions of the indenture, applicable law and the procedures of any applicable clearing agency. The indenture trustee will be authorized and instructed to maintain possession and control of the reserve account, the collection account and all amounts on deposit therein. If the date on which damages are to be distributed to noteholders and, if applicable, to certificateholders is not a regular payment date, then the amount of interest payable to the noteholders will be prorated to such date, as provided in the indenture. Subject to the risk noted above that the FDIC may attempt to assert that the amounts in the reserve account or collection account must be released to the FDIC, the indenture trustee will use amounts on deposit in the reserve account and the collection account, in addition to the amounts paid by the FDIC, to pay amounts owing to noteholders. Any damages with respect to the certificates paid by the FDIC following repudiation will be distributed by the certificate paying agent or owner trustee to the certificateholders on a pro rata basis.

Under the safe harbor, the FDIC as, receiver or conservator, could not exercise its statutory authority to reclaim, recover or recharacterize as property of the sponsor or the receivership the transferred financial assets. However, the FDIC could challenge whether the transaction satisfied the requirements for accounting sale treatment or whether the transaction satisfied the requirements of a safe harbor under the FDIC Rule. The transfers by Fifth Third Bank of the receivables and the issuance by the issuing entity of the notes are intended to satisfy all the applicable requirements of the FDIC Rule safe harbor applicable to securitizations that do not satisfy the requirements for sale accounting treatment, and the issuing entity will state in the indenture its belief that those requirements will have been met. As the FDIC Rule is an untested regulatory safe harbor, its interpretation remains uncertain. If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC or its staff, as a result of which the issuing entity determines that an amendment to the FDIC Rule Covenant is necessary or desirable, then the issuing entity and the indenture trustee will be authorized to amend the FDIC Rule Covenant in accordance with such FDIC Rule amendment or guidance without noteholder or certificateholder consent.

One of the requirements imposed by the FDIC Rule is a "risk retention" requirement that requires compliance with Regulation RR. Fifth Third Bank intends to satisfy this risk retention requirement by [_].

We will structure the transfers of receivables under the receivables sale agreement between Fifth Third Bank and FTH LLC with the intent that they would be characterized as legal true sales. If the transfers are so characterized, then the FDIC likely would not be able to recover the transferred receivables using its repudiation power even if your transaction does not satisfy all of the terms of the FDIC Rule. However, complying with the FDIC Rule would provide additional assurance that the FDIC would not seek to recover the transferred receivables using its repudiation power, as well as providing additional assurance that any automatic stay that could be imposed if Fifth Third Bank were in receivership or conservatorship would not interfere with servicing of the receivables and contractual payments relating to the notes and the certificates.

If the FDIC were to successfully assert that the transaction in which the notes and certificates were issued did not comply with the FDIC Rule and that the transfer of receivables under the receivables sale agreement was not a legal true sale, then FTH LLC would be treated as having made a loan to Fifth Third Bank, secured by the transferred receivables. If the FDIC repudiated that loan, the amount of compensation that the FDIC would be required to pay would be limited to "actual direct compensatory damages" determined as of the date of the FDIC's appointment as conservator or receiver. There is no statutory definition of "actual direct compensatory damages," but the term does not include damages for lost profits or opportunity.

Absent the application of a safe harbor under the FDIC Rule, the staff of the FDIC takes the position that, upon repudiation, damages would not include accrued and unpaid interest through the date of actual repudiation, so the issuing entity would have a claim for interest only through the date of the appointment of the FDIC as conservator or receiver. Since the FDIC may delay repudiation for up to 180 days following that appointment, the issuing entity may not have a claim for interest accrued during this 180 day period. In addition, in one case involving the repudiation by the Resolution Trust Corporation, formerly a sister agency of the FDIC, of certain secured zero-coupon bonds issued by a savings association, a United States federal district court held that "actual direct compensatory damages" in the case of a marketable security meant the market value of the repudiated bonds as of the date of repudiation. If that court's view were applied to determine the "actual direct compensatory damages" in the circumstances described above, the amount of damages could, depending upon circumstances

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existing on the date of the repudiation, be less than the outstanding principal amount of the notes and the interest accrued thereon and unpaid to the date of payment.

Regardless of whether the FDIC Rule applies or the transfers under the receivables sale agreement are respected as legal true sales, as conservator or receiver for Fifth Third Bank the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the issuing entity, as assignee of the related purchaser, to go through an administrative claims
procedure to establish its rights to payments collected on the receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against
Fifth Third Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repudiate without compensation Fifth Third Bank's ongoing servicing obligations under the servicing
agreement, such as its duty to collect and remit payments or otherwise service the receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to any such repudiation of the servicing agreement, prevent any of the indenture trustee or the
securityholders from appointing a successor servicer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• argue that the automatic stay prevents the indenture trustee and other transaction parties from exercising their
rights, remedies and interests for up to 90 days.

There are also statutory prohibitions on (1) any attachment or execution being issued by any court upon assets in the possession of the FDIC, as conservator or receiver, and (2) any property in the possession of the FDIC, as conservator or receiver, being subject to levy, attachment, garnishment, foreclosure or sale without the consent of the FDIC.

If the FDIC, as conservator or receiver for Fifth Third Bank, were to take any of the actions described above, payments and/or distributions of principal and interest on the securities issued by the issuing entity could be delayed or reduced. See "*Risk Factors—Risks relating to the transaction parties—FDIC receivership or conservatorship of Fifth Third Bank could result in delays in payments or losses on your notes.*"

**Dodd-Frank Orderly Liquidation Framework** 

*General*. On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**"). The Dodd-Frank Act, among other things, gives the FDIC authority to act as receiver of bank holding companies, financial companies and their respective subsidiaries in specific situations under the "Orderly Liquidation Authority" ("**OLA**") as described in more detail below. The OLA provisions became effective on July 22, 2010. The proceedings, standards, powers of the receiver and many other substantive provisions of OLA differ from those of the Bankruptcy Code in several respects. In addition, because the legislation remains subject to clarification through FDIC regulations and has yet to be applied by the FDIC in any receivership, it is unclear exactly what impact these provisions could have on FTH LLC, the depositor or the issuing entity, or their respective creditors.

*Potential Applicability to FTH LLC, the Depositor and the Issuing Entity*. There is uncertainty about which companies could be subject to OLA rather than the Bankruptcy Code. For a company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine, among other things, that the company is in default or in danger of default, the failure of such company and its resolution under the Bankruptcy Code would have serious adverse effects on financial stability in the United States, no viable private sector alternative is available to prevent the default of the company and a liquidation of such company pursuant to OLA would mitigate these adverse effects. Because Fifth Third Bank is an insured depository institution, it would not be subject to OLA.

Under certain circumstances, FTH LLC, the depositor or the issuing entity could also be subject to the provisions of OLA as a "covered subsidiary" of Fifth Third Bancorp. For the issuing entity, FTH LLC or the depositor to be subject to receivership under OLA as a "covered subsidiary" of Fifth Third Bancorp (1) the FDIC would have to be appointed as receiver for Fifth Third Bancorp under OLA as described above and (2) the FDIC and the Secretary of the Treasury would have to jointly determine that (a) FTH LLC, the depositor or the issuing entity,

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as applicable, is in default or in danger of default, (b) appointment of the FDIC as receiver of the covered subsidiary would avoid or mitigate serious adverse effects on the financial stability or economic conditions of the United States and (c) such appointment would facilitate the orderly liquidation of Fifth Third Bancorp.

No assurance can be given that OLA would not apply to FTH LLC, the depositor, the issuing entity or their respective affiliates, or if it were to apply, that the timing and amounts of payments to the noteholders or certificateholders would not be less favorable than under the Bankruptcy Code.

*FDIC's Repudiation Power Under OLA*. If the FDIC were appointed receiver of FTH LLC, the depositor or the issuing entity under OLA, the FDIC would have various powers under OLA, including the power to repudiate any contract to which FTH LLC, the depositor or the issuing entity was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of the relevant entity's affairs. In January 2011, the Acting General Counsel of the FDIC (the "**Acting General Counsel**") issued an advisory opinion respecting, among other things, its intended application of the FDIC's repudiation power under OLA. In that advisory opinion, the Acting General Counsel stated that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law. As a result, the Acting General Counsel was of the opinion that the FDIC as receiver for a covered financial company, which could include FTH LLC, the depositor or the issuing entity, cannot repudiate a contract or lease unless it has been appointed as receiver for an entity that is party to that contract or lease or the separate existence of that entity may be disregarded under other applicable law. In addition, the Acting General Counsel was of the opinion that until such time as the FDIC Board of Directors adopts a regulation further addressing the application of Section 210(c) of the Dodd-Frank Act (which, among other things, grants the FDIC, as receiver, the power to repudiate certain contracts), if the FDIC were to become receiver for a covered financial company, which could include FTH LLC, the depositor or the issuing entity, the FDIC will not, in the exercise of its authority under Section 210(c) of the Dodd-Frank Act, reclaim, recover, or recharacterize as property of that covered financial company or the receivership assets transferred by that covered financial company prior to the end of the applicable transition period of a regulation provided that such transfer satisfies the conditions for the exclusion of such assets from the property of the estate of that covered financial company under the Bankruptcy Code. Although the Acting General Counsel's advisory opinion does not bind the FDIC or its Board of Directors, and could be modified or withdrawn in the future, the advisory opinion also states that the Acting General Counsel will recommend that the FDIC Board of Directors incorporates a transition period of 90 days for any provisions in any further regulations affecting the statutory power to disaffirm or repudiate contracts. To the extent any future regulations or subsequent FDIC actions in an OLA proceeding involving FTH LLC, the depositor or the issuing entity, are contrary to this advisory opinion, payment or distributions of principal and interest on the securities issued by the issuing entity could be delayed or reduced.

We will structure the transfers of receivables under the receivables sale agreement, the purchase agreement and the sale agreement with the intent that they would be treated as legal true sales under applicable state law. If the transfers are so treated, based on the Acting General Counsel of the FDIC's advisory opinion rendered in January 2011 and other applicable law, the sponsor believes that the FDIC would not be able to recover the receivables transferred by the relevant seller under the receivables sale agreement, the purchase agreement and the sale agreement using its repudiation power. However, if those transfers were not respected as legal true sales, then each purchaser under the receivables sale agreement, the purchase agreement and the sale agreement, in each case secured by the transferred receivables. The FDIC, as receiver, generally has the power to repudiate secured loans and then recover the collateral after paying actual direct compensatory damages to the lenders as described below. If FTH LLC or the depositor were placed in receivership under OLA, the FDIC could assert that FTH LLC or the depositor, as applicable, effectively still owned the transferred receivables because the transfers between FTH LLC to the depositor or by the depositor to the issuing entity were not true sales. In such case, the FDIC could repudiate that transfer of receivables and the issuing entity would have a secured claim for actual direct compensatory damages as described below. Furthermore, if the issuing entity were placed in receivership under OLA, this repudiation power would extend to the notes issued by such issuing entity. In such event, noteholders would have a secured claim in the receivership of such issuing entity. The amount of damages that the FDIC would be required to pay would be limited to "actual direct compensatory damages" determined as of the date of the FDIC's appointment as receiver. There is no general statutory definition of "actual direct compensatory damages" in this context, but the term does not include damages for lost profits or opportunity. However, under OLA, in the case of any debt for borrowed money, actual direct compensatory damages are no less than the amount lent plus accrued interest plus any accreted original issue discount as of the date the FDIC was appointed receiver and, to the extent that an allowed secured claim is secured by property the value of which is greater than the amount of such claim and any accrued interest through the date of repudiation or disaffirmance, such accrued interest.

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Regardless of whether the transfers under the receivables sale agreement, the purchase agreement and the sale agreement are respected as legal true sales, as receiver for FTH LLC, the depositor or the issuing entity, the FDIC could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the issuing entity, as assignee of FTH LLC and the depositor, to go through an administrative claims
procedure to establish its rights to payments collected on the related receivables; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the FDIC were appointed receiver of the issuing entity under OLA, it could require the indenture trustee for
the related notes or the owner trustee for the related certificates to go through an administrative claims procedure to establish the right to payments on the notes or certificates, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against FTH
LLC, the depositor or the issuing entity.

There are also statutory prohibitions on (1) any attachment or execution being issued by any court upon assets in the possession of the FDIC, as receiver, (2) any property in the possession of the FDIC, as receiver, being subject to levy, attachment, garnishment, foreclosure or sale without the consent of the FDIC and (3) any person exercising any right or power to terminate, accelerate or declare a default under any contract to which FTH LLC, the depositor or the issuing entity that is subject to OLA is a party, or to obtain possession of or exercise control over any property of FTH LLC, the depositor or the issuing entity or affect any contractual rights of FTH LLC, the depositor or the issuing entity that is subject to OLA, without the consent of the FDIC for 90 days after appointment of FDIC as receiver. The requirement to obtain the FDIC's consent before taking these actions relating to a covered company's contracts or property is comparable to the "automatic stay" under the Bankruptcy Code.

If the FDIC, as receiver for FTH LLC, the depositor or the issuing entity, were to take any of the actions described above, payments and/or distributions of principal and interest on the securities issued by the issuing entity could be delayed and may be reduced.

*FDIC's Avoidance Power Under OLA.* The proceedings, standards and many substantive provisions of OLA relating to preferential transfers differ from those of the Bankruptcy Code. If FTH LLC, the depositor or the issuing entity or any of their respective affiliates were to become subject to OLA, there is an interpretation under OLA that previous transfers of receivables by FTH LLC, the depositor or the issuing entity or those affiliates perfected for purposes of state law and the Bankruptcy Code could nevertheless be avoided as preferential transfers.

In December 2010, the Acting General Counsel of the FDIC issued an advisory opinion providing an interpretation of OLA which concludes that the treatment of preferential transfers under OLA was intended to be consistent with, and should be interpreted in a manner consistent with, the related provisions under the Bankruptcy Code. In addition, on July 6, 2011, the FDIC issued a final rule effective August 15, 2011 that, among other things, codified the Acting General Counsel's advisory opinion. Based on the final rule, a transfer of the receivables perfected by the filing of a UCC financing statement against FTH LLC, the depositor and the issuing entity as provided in the applicable transfer agreement would not be avoidable by the FDIC as a preference under OLA due to any inconsistency between OLA and the Bankruptcy Code in defining when a transfer has occurred under the preferential transfer provisions of OLA. To the extent subsequent FDIC actions in an OLA proceeding are contrary to the final rule, payment or distributions of principal and interest on the securities issued by the issuing entity could be delayed and may be reduced.

**LEGAL INVESTMENT** 

**[Money Market Investment]** 

[The Class A-1 notes will be structured to be "eligible securities" for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. It is the responsibility solely of the money market fund and its advisor to satisfy those requirements.] Money market funds contemplating a purchase of the Class A-1 notes are encouraged to consult their counsel before making a purchase.

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**Certain Volcker Rule Considerations** 

The issuing entity will be relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act contained in Section [_] of the Investment Company Act, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "**Volcker Rule**" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

**Requirements for Certain European Regulated Investors, UK Regulated Investors and their Affiliates** 

Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent and standardized securitization and amending certain other European Union directives and regulations, as amended (the "**EU Securitization Regulation**") is directly applicable in member states of the European Union (the "**EU**") and will be applicable in any non-EU states of the European Economic Area (the "**EEA**") in which it has been implemented.

Article 5 of the EU Securitization Regulation places certain conditions on investments in a "securitisation" (as defined in the EU Securitization Regulation) (the "**EU Due Diligence Requirements**") by an "institutional investor", defined in the EU Securitization Regulation to include (a) an insurance undertaking or a reinsurance undertaking as defined in Directive 2009/138/EC, as amended, known as Solvency II, (b) with certain exceptions, an institution for occupational retirement provision falling within the scope of Directive (EU) 2016/2341, or an investment manager or an authorized entity appointed by such an institution for occupational retirement provision as provided in that Directive, (c) an alternative investment fund manager as defined in Directive 2011/61/EU that manages and/or markets alternative investment funds in the EU, (d) an undertaking for collective investment in transferable securities ("**UCITS**") management company, as defined in Directive 2009/65/EC, as amended, known as the UCITS Directive, or an internally managed UCITS, which is an investment company that is authorized in accordance with that Directive and has not designated such a management company for its management, and (e) a credit institution or an investment firm as defined in and for purposes of Regulation (EU) No 575/2013, as amended, known as the Capital Requirements Regulation (the "**CRR**"). Pursuant to Article 14 of the CRR, the EU Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of institutions regulated under the CRR (such affiliates, together with all such institutional investors, the "**EU Affected Investors**").

Pursuant to the EU Due Diligence Requirements, an EU Affected Investor must, prior to investing in a securitization, amongst other things, verify (a) that the originator, sponsor or original lender (each as defined in the EU Securitization Regulation) retains a material net economic interest of not less than 5% in such securitisation in accordance with the EU Securitization Regulation, (b) that the originator, sponsor or issuer has, where applicable, made available information as required by the EU Securitization Regulation, and (c) that certain credit-granting requirements are satisfied.

With respect to the United Kingdom (the "**UK**"), relevant UK-established or UK-regulated persons are subject to the restrictions and obligations of the EU Securitization Regulation (applicable as at December 31, 2020) as retained under the domestic laws of the UK as "retained EU law" by operation of the European Union (Withdrawal) Act 2018, as amended (the "**EUWA**") and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 (and as further amended from time to time) (the "**UK Securitization Regulation**", and together with the EU Securitization Regulation, the "**Securitization Regulations**").

Article 5 of the UK Securitization Regulation places certain conditions on investments in a "securitisation" (as defined in the UK Securitization Regulation) (the "**UK Due Diligence Requirements**" and together with the EU Due Diligence Requirements, the "**Due Diligence Requirements**" (and references in this prospectus to "the applicable Due Diligence Requirements" shall mean such Due Diligence Requirements to which a particular Affected Investor is subject)) by an "institutional investor", defined in the UK Securitization Regulation to include (a) an insurance undertaking as defined in section 417(1) of the Financial Services and Markets Act 2000, as amended (the "**FSMA**"); (b) a reinsurance undertaking as defined in section 417(1) of the FSMA; (c) an occupational pension scheme as defined in section 1(1) of the Pension Schemes Act 1993 that has its main

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administration in the UK, or a fund manager of such a scheme appointed under section 34(2) of the Pensions Act 1995 that, in respect of activity undertaken pursuant to that appointment, is authorized for the purposes of section 31 of the FSMA; (d) an AIFM as defined in regulation 4(1) of the Alternative Investment Fund Managers Regulations 2013 which markets or manages AIFs (as defined in regulation 3 of those Regulations) in the UK; (e) a management company as defined in section 237(2) of the FSMA; (f) a UCITS as defined by section 236A of the FSMA, which is an authorized open ended investment company as defined in section 237(3) of the FSMA; (g) a CRR firm as defined by Article 4(1)(2A) of Regulation (EU) No 575/2013 ("**UK CRR Firms**"), as it forms part of UK domestic law by virtue of the EUWA and as amended (the "**UK CRR**"); and (h) an FCA investment firm as defined by Article 4(1)(2AB) of the UK CRR. The UK Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of UK CRR Firms (such affiliates, together with all such institutional investors, the "**UK Affected Investors**" and, together with the EU Affected Investors, the "**Affected Investors**").

Pursuant to the UK Due Diligence Requirements, a UK Affected Investor must, prior to investing in a securitization, amongst other things, verify (a) that the originator, sponsor or original lender (each as defined in the UK Securitization Regulation) retains a material net economic interest of not less than 5% in such securitization in accordance with the UK Securitization Regulation, (b) that the originator, sponsor or issuer has, where applicable, made available information as required by the UK Securitization Regulation, and (c) that certain credit-granting requirements are satisfied.

None of HCA, the depositor, the servicer, the sponsor nor any other party to the transactions described in this prospectus or any of their respective Affiliates will undertake, or intends, to retain or commit to retain a material net economic interest in the securitization constituted by the issuance of the Notes in a manner that would satisfy the requirements of the EU Securitization Regulation or the UK Securitization Regulation.

Furthermore, no such person makes or intends to make any representation or agreement that it or any other party is undertaking or will undertake to take or refrain from taking any action to facilitate or enable compliance by EU Affected Investors with the EU Due Diligence Requirements or by UK Affected Investors with the UK Due Diligence Requirements, or by any person with the requirements of any other law or regulation now or hereafter in effect in the EU, any EEA member state or the UK, in relation to risk retention, due diligence and monitoring, credit granting standards or any other conditions with respect to investments in securitization transactions.

The arrangements as described in "*Credit Risk Retention*" in this prospectus have not been structured with the objective of ensuring compliance with the requirements of the EU Securitization Regulation or the UK Securitization Regulation by any person.

Failure by an Affected Investor to comply with the applicable Due Diligence Requirements with respect to an investment in the Notes described in this prospectus may result in the imposition of a penalty regulatory capital charge on that investment or other regulatory sanctions and/or remedial measures being taken or imposed by the competent authority of such Affected Investor.

Consequently, the Notes may not be a suitable investment for Affected Investors. As a result, the price and liquidity of the Notes in the secondary market may be adversely affected.

Prospective investors are responsible for analyzing their own legal and regulatory position and should consult with their own investment and legal advisors regarding the application of the EU Securitization Regulation, the UK Securitization Regulation or other applicable regulations and the suitability of the Notes for investment.

The transaction described in this prospectus is structured in a way that is unlikely to allow Affected Investors to comply with their applicable Due Diligence Requirements.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES** 

Set forth below is a discussion of the material U.S. federal income tax consequences relevant to the purchase, ownership and disposition of the notes. This discussion is based upon current provisions of the Internal Revenue Code, existing and proposed Treasury Regulations thereunder, current administrative rulings, judicial decisions and other applicable authorities. The issuing entity will be provided with an opinion of Special Tax Counsel, regarding certain U.S. federal income tax matters discussed below. There are no cases or Internal Revenue

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Service ("**IRS**") rulings on similar transactions involving debt with terms similar to those of the notes. As a result, there can be no assurance that the IRS will not challenge the conclusions reached in this prospectus, and no ruling from the IRS has been or will be sought on any of the issues discussed below. Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions set forth in the prospectus as well as the tax consequences to noteholders.

This discussion is not a complete analysis of all potential U.S. federal income tax consequences and does not address any tax consequences arising under any state, local or non-U.S. tax laws, any income tax treaties, or any other U.S. federal income tax laws, including U.S. federal estate and gift tax laws, the Medicare tax on unearned income, or the alternative minimum tax. It also does not purport to deal with all aspects of U.S. federal income taxation that may be relevant to the noteholders in light of their personal investment circumstances nor, except for limited discussions of particular topics, to holders subject to special treatment under the U.S. federal income tax laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• life insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold the notes or certificates as a position in a "straddle" or as part of a synthetic
security or "hedge," "conversion transaction" or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that have a "functional currency" other than the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• corporations subject to the corporate alternative minimum tax on adjusted financial statement income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors in pass-through entities.

Unless otherwise specified, this information is directed to prospective purchasers unrelated to the issuing entity who purchase notes at their issue price in the initial distribution thereof and who hold the notes or certificates as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code. We suggest that prospective investors consult with their tax advisors as to the federal, state, local, foreign and any other tax consequences to them of the purchase, ownership and disposition of the notes or the certificates.

A "**U.S. Person**" or "**United States Person**" means (i) a citizen or resident of the United States, (ii) a corporation or other entity created or organized in or under the laws of the United States or any political subdivision thereof, including the District of Columbia, (iii) a trust which is subject to the primary supervision of a court within the United States and the substantial decisions of which are controlled by one or more U.S. Persons or (iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source.

The following discussion addresses notes which the depositor, the servicer and the noteholders will agree to treat as indebtedness secured by the receivables. On the Closing Date, Special Tax Counsel will deliver an opinion, subject to the assumptions and qualifications therein, to the effect that, based on the terms of the notes, the transactions relating to the receivables as set forth herein and the applicable provisions of the issuing entity's formation document and related documents, for U.S. federal income tax purposes, the notes (other than any notes, beneficially owned by the issuing entity or a person treated as the same person as the issuing entity for U.S. federal income tax purposes) will be characterized as indebtedness; and the issuing entity will not be characterized as an association or publicly traded partnership taxable as a corporation. The tax opinion of Special Tax Counsel with respect to the issuing entity will be subject to certain assumptions, conditions and qualifications as described in detail below. Noteholders should be aware that, as of the closing date, no transaction closely comparable to that contemplated herein has been the subject of any judicial decision, Treasury Regulation or IRS revenue ruling. Although Special Tax Counsel will issue a tax opinion to the effect described above, the IRS may successfully take a contrary position and the tax opinions are not binding on the IRS or on any court. The following discussion

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assumes the notes are characterized as indebtedness for U.S. federal income tax purposes. For purposes of this discussion, references to a "holder" are to the beneficial owner of a note.

The term "**U.S. Holder**" means a holder of a note that is a U.S. Person for U.S. federal income tax purposes. The term "**Non-U.S. Holder**" means a holder of a note other than a U.S. Holder or an entity treated as a partnership for U.S. federal income tax purposes.

Special rules, not addressed in this discussion, may apply to persons purchasing notes through entities or arrangements treated for U.S. federal income tax purposes as partnerships, and any such partnership purchasing notes and persons purchasing notes through such a partnership should consult their own tax advisors in that regard.

**U.S. Federal Income Tax Consequences to U.S. Holders of the Notes** 

*Treatment of Stated Interest.* Stated interest on a note that is treated as "qualified stated interest" is includible in income by a U.S. Holder when received or accrued in accordance with the holder's method of accounting. "Qualified stated interest" is generally stated interest that is "unconditionally payable" at least annually at a single fixed rate or certain floating rates. Interest is considered "unconditionally payable" if reasonable legal remedies exist to compel timely payment or the terms and conditions of the debt instrument make the likelihood of late payment (other than late payment that occurs within a reasonable grace period) or nonpayment (ignoring the possibility of nonpayment due to default, insolvency or similar circumstances) a remote contingency. Interest received on a note may constitute "investment income" for purposes of some limitations of the Internal Revenue Code concerning the deductibility of investment interest expense.

*Original Issue Discount.* It is possible that one or more classes of notes offered hereunder will be issued with more than a *de minimis* amount (i.e., with 1/4% or more of the principal amount of a class of notes multiplied by its weighted average life to maturity) of original issue discount ("**OID**"). In general, OID is the excess of the stated redemption price at maturity of a debt instrument over its issue price, unless that excess falls within a statutorily defined *de minimis* exception. A note's stated redemption price at maturity is the aggregate of all payments required to be made under the note through maturity except qualified stated interest. Qualified stated interest is generally interest that is unconditionally payable in cash or property, other than debt instruments of the issuing entity, at fixed intervals of one year or less during the entire term of the instrument at specified rates. The issue price will be the first price at which a substantial amount of the notes are sold, excluding sales to bond holders, brokers or similar persons acting as underwriters, placement agents or wholesalers.

In the case of notes issued with *de minimis* OID, generally, a portion of such OID is taken into income upon each principal payment on the note. Such portion equals the *de minimis* OID times a fraction whose numerator is the amount of principal payment made and whose denominator is the stated principal amount of the note. Such income generally is capital gain.

If the notes offered hereunder are in fact issued at a greater than *de minimis* discount or are treated as having been issued with OID under the Treasury Regulations, a U.S. Holder would be required to include OID in income as interest over the term of the note under a constant yield method. In general, OID must be included in income in advance of the receipt of cash representing that income. Thus, each cash distribution would be treated as an amount already included in income, to the extent OID has accrued as of the date of the interest distribution and is not allocated to prior distributions, or as a repayment of principal. This treatment would have no significant effect on U.S. Holders using the accrual method of accounting. However, a U.S. Holder using the cash method of accounting may be required to report income on the notes in advance of the receipt of cash attributable to that income.

In the case of a debt instrument (such as a note) as to which the repayment of principal may be accelerated as a result of the prepayment of other obligations securing the debt instrument, under Section 1272(a)(6) of the Internal Revenue Code, the periodic accrual of OID is determined by taking into account (i) a reasonable prepayment assumption in accruing OID (generally, the assumption used to price the debt offering) and (ii) adjustments in the accrual of OID when prepayments do not conform to the prepayment assumption, and regulations could be adopted applying those provisions to the notes. It is unclear whether those provisions would be applicable to the notes in the absence of such regulations or whether use of a reasonable prepayment assumption may be required or permitted without reliance on these rules. If this provision applies to the notes, the amount of OID that will accrue in any given "accrual period" may either increase or decrease depending upon the actual prepayment

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rate. In the absence of such regulations (or statutory or other administrative clarification), any information reports or returns to the IRS and the U.S. Holders regarding OID, if any, will be based on the assumption that the receivables will prepay at a rate based on the assumption used in pricing the notes offered hereunder. However, no representation will be made regarding the prepayment rate of the receivables. See "*Weighted Average Life of the Notes*" in this prospectus. Accordingly, holders are advised to consult their own tax advisors regarding the impact of any prepayments under the receivables (and the OID rules) if the notes offered hereunder are issued with OID.

[A holder of a Short-Term Note will generally not be required to include OID on the Short-Term Note in income as it accrues, provided the holder of the note is not an accrual method taxpayer, a bank, a broker or dealer that holds the note as inventory, a regulated investment company or common trust fund, or the beneficial owner of pass-through entities specified in the Internal Revenue Code, or provided the holder does not hold the instrument as part of a hedging transaction, or as a stripped bond or stripped coupon. Instead, the holder of a Short-Term Note would include the OID accrued on the note in gross income upon a sale or exchange of the note or at maturity, or if the note is payable in installments, as principal is paid thereon. A holder of a Short-Term Note would be required to defer deductions for any interest expense on an obligation incurred to purchase or carry the note to the extent it exceeds the sum of the interest income, if any, and OID accrued on the note. However, a holder may elect to include OID in income as it accrues on all obligations having a maturity of one year or less held by the holder in that taxable year or thereafter, in which case the deferral rule of the preceding sentence will not apply. For purposes of this paragraph, OID accrues on a Short-Term Note on a ratable, straight-line basis, unless the holder irrevocably elects, under regulations to be issued by the Treasury Department, to apply a constant interest method to such obligation, using the holder's yield to maturity and daily compounding.]

If the notes are not issued with OID but a U.S. Holder purchases a note at a discount greater than the *de minimis* amount set forth above, such discount will be market discount. Generally, a portion of each principal payment will be treated as ordinary income to the extent of the accrued market discount not previously recognized as income. Gain on a sale of such note is treated as ordinary income to the extent of the accrued but not previously recognized market discount. Market discount generally accrues ratably, absent an election to base accrual on a constant yield to maturity basis. A U.S. Holder who purchases a note at a premium will be subject to the "bond premium amortization" rules of the Internal Revenue Code.

*Disposition of Notes.* If a U.S. Holder sells a note, the holder will recognize capital gain or loss in an amount equal to the difference between the amount realized on the sale (other than amounts representing accrued and unpaid interest) and the holder's adjusted tax basis in the note. The adjusted tax basis of the note to a particular U.S. Holder will equal the holder's cost for the note, increased by any OID and market discount previously included by the noteholder in income from the note and decreased by any bond premium previously amortized and any principal payments previously received by the noteholder on the note. Any gain or loss will be capital gain or loss if the note was held as a capital asset, except for gain representing accrued interest or accrued market discount not previously included in income. Capital gain or loss will be long-term if the note was held by the holder for more than one year and otherwise will be short-term. Any capital losses realized generally may be used by a corporate taxpayer only to offset capital gains, and by an individual taxpayer only to the extent of capital gains plus $3,000 of other income.

*Potential Acceleration of Income*. An accrual method taxpayer that prepares an "applicable financial statement" (as defined in Section 451 of the Internal Revenue Code, which includes any GAAP financial statement, Form 10-K annual statement, audited financial statement or a financial statement filed with any federal agency for non-tax purposes) generally would be required to include certain items of income in gross income no later than the time such amounts are reflected on such a financial statement. This could result in an acceleration of income recognition for income items differing from the above description. The Treasury Department released final Treasury Regulations that exclude from this rule any item of gross income for which a taxpayer uses a special method of accounting required by certain sections of the Code, including income subject to the timing rules for OID and *de minimis* OID, income under the contingent payment debt instrument rules, income under the variable rate debt instrument rules, and market discount (including *de minimis* market discount). Holders of notes should consult their tax advisors with regard to these rules.

*Information Reporting and Backup Withholding.* The issuing entity will be required to report annually to the IRS, and to each noteholder of record, the amount of interest paid on the notes, and the amount of interest withheld for U.S. federal income taxes, if any, for each calendar year, except as to exempt holders which are, generally, tax-exempt organizations, qualified pension and profit-sharing trusts, individual retirement accounts or

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nonresident aliens who provide certification as to their status. Each U.S. Holder will be required to provide to the issuing entity or other applicable paying agent, under penalties of perjury, IRS Form W-9 or other similar form containing the holder's name, address, correct federal taxpayer identification number and a statement that the holder is not subject to backup withholding. If a nonexempt noteholder fails to provide the required certification, the issuing entity or other paying agent will be required to withhold at the currently applicable rate from interest otherwise payable to the holder, and remit the withheld amount to the IRS as a credit against the holder's U.S. federal income tax liability. Holders should consult their tax advisors regarding the application of the backup withholding and information reporting rules to their particular circumstances.

Because the depositor will not treat the issuing entity as a partnership and will treat all notes as indebtedness for U.S. federal income tax purposes, the depositor will not comply with the tax reporting requirements that would apply under any alternative characterizations of the issuing entity.

**U.S. Federal Income Tax Consequences to Non-U.S. Holders of the Notes** 

Interest (including OID) paid or accrued to a Non-U.S. Holder generally will be considered "portfolio interest," and generally will not be subject to U.S. federal income tax or withholding if the interest is not effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. Holder) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is not actually or constructively a
"10 percent shareholder" of the issuing entity or the depositor, including a holder of 10% of the outstanding certificates or other equity interests of the issuing entity, or a "controlled foreign corporation" (as defined in
the Internal Revenue Code) with respect to which the issuing entity or the depositor is a "related person" within the meaning of the Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is not a bank receiving interest described in
Section 881(c)(3)(A) of the Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest is not contingent interest described in Section 871(h)(4) of the Internal Revenue Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder provides the trustee or other person who is otherwise
required to withhold U.S. tax with respect to the notes with a timely and properly executed IRS Form W-8BEN, W-8BEN-E or W-8IMY (with required attachments) or other appropriate form (or appropriate successor form), signed under penalties of perjury, certifying that the Non-U.S. Holder is a
Foreign Person and providing the Foreign Person's name and address.

If a Non-U.S. Holder does not qualify for the portfolio interest exemption from withholding, payments of interest, including payments relating to any accrued OID, may be subject to withholding tax at a tax rate of 30 percent. The foregoing rate is subject to reduction or elimination under any applicable tax treaty, if the Non-U.S. Holder supplies at the time of its initial purchase, and at all subsequent times as are required under the Treasury regulations, a properly executed IRS Form W-8BEN, W-8BEN-E, W-8IMY (with required attachments) or other appropriate form, (or appropriate successor form), signed under penalties of perjury, to report its eligibility for that reduced rate or exemption.

If a note beneficially owned by a Non-U.S. Holder is held through a securities clearing organization or certain financial institutions as an intermediary, the intermediary generally will be required to provide a duly completed and executed IRS Form W-8IMY (or any successor or substitute form) providing, among other information required to be submitted, certain identifying information with respect to the intermediary, whether the intermediary is a "Qualified Intermediary" or a "Non-Qualified Intermediary," and appropriate certifications from its Non-U.S. Holders (e.g., IRS Form W-8BEN or W-8BEN-E) or other certifications with respect to such beneficial owners, relating to their status as Foreign Persons.

All Non-U.S. Holders will be required to update the relevant IRS forms listed above and any supporting documentation, in accordance with the requirements under the U.S. Treasury Regulations. These forms generally remain in effect for a period starting on the date the form is signed and ending on the last day of the third succeeding calendar year, unless a change in circumstances makes any information on the form incorrect. The issuing entity will

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not be obligated to pay any additional amounts to "gross up" payments to noteholders or beneficial owners of notes who are Foreign Persons, as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or government charges with respect to payments in respect of the notes.

Any gain realized on the sale, redemption, retirement or other taxable disposition of a note by a Non-U.S. Holder will be exempt from U.S. federal income and withholding tax, provided that the gain is not effectively connected with the conduct of a trade or business in the United States by the Non-U.S. Holder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. Holder) and in the case of a Non-U.S. Holder that is an individual, the Non-U.S. Holder is not present in the United States for 183 days or more in the taxable year.

Interest, gain and any other income on a note held by a Non-U.S. Holder that is effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder (and under certain tax treaties is attributable to a United States permanent establishment maintained by such Non-U.S. Holder) is generally exempt from U.S. withholding, provided such noteholder provides the trustee or other person required to withhold with certain certifications on IRS Form W-8ECI (or a similar form). However, the Non-U.S. Holder generally will be subject to U.S. federal income tax on a net basis at the same U.S. federal income tax rates applicable to U.S. Persons. In the case of a Non-U.S. Holder that is a corporation, such effectively connected income and gain also may be subject to a U.S. branch profits tax at a rate of 30 percent, unless the Non-U.S. Holder qualifies for a lower rate under an applicable tax treaty.

*FATCA.* Under Sections 1471 through 1474 of the Internal Revenue Code and applicable regulations thereunder ("**FATCA**"), a 30% withholding tax is imposed on "withholdable payments" made to foreign financial institutions unless the payee foreign financial institution agrees, among other things, to disclose the identity of any "U.S. account holder" of the institution (or the institution's affiliates) and to report annually certain information about such account. "Withholdable payments" include (1) payments of interest (including original issue discount), dividends, and other items of fixed or determinable annual or periodical gains, profits, and income ("**FDAP**"), in each case, from sources within the United States, and (2) beginning January 1, 2019 (subject to the caveat below), gross proceeds from the sale of any property of a type which can produce interest or dividends from sources within the United States. Treasury Regulations were recently published in proposed form that eliminate withholding on payments of gross proceeds from such dispositions. Pursuant to these proposed Treasury Regulations, the issuing entity and any withholding agent may rely on this change to FATCA withholding until the final Treasury Regulations are issued. FATCA also requires withholding agents making withholdable payments to certain non-financial foreign entities that do not disclose the name, address, and taxpayer identification number of any substantial U.S. owners (or certify that they do not have any substantial United States owners) to withhold tax at a rate of 30%.

Withholding under FATCA, absent an applicable exception, will apply to all withholdable payments without regard to whether the beneficial owner of the payment is a U.S. person, or would otherwise be entitled to an exemption from the imposition of withholding tax pursuant to an applicable tax treaty with the United States or pursuant to U.S. domestic law. As such, a U.S. Holder or a Non-U.S. Holder may be subject to withholding of U.S. federal income tax at the current rate of 30% on payments of interest, and, beginning January 1, 2019, on the gross proceeds from the disposition of such a note (subject to the proposed Treasury Regulations described above), if (i) the holder is, or holds such note through, a "foreign financial institution," unless such foreign financial institution is exempt or has entered into an agreement with the IRS to comply with the information reporting requirements discussed above or (ii) the holder is a "non-financial foreign entity," unless the holder is exempt or has provided any required information with respect to its direct and indirect United States owners. Certain countries have entered into, and other countries are expected to enter into, agreements with the United States to facilitate the type of information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that notes will be subject to FATCA withholding described above, these agreements are expected to reduce the risk of the withholding for investors in (or indirectly holding notes through intermediaries in) those countries. U.S. Holders and holders that are Foreign Persons should consult their own tax advisors regarding FATCA and whether it may be relevant to their purchase, ownership and disposition of the notes.

**Possible Alternative Treatments of the Notes and the Issuing Entity** 

Although, as discussed above, Special Tax Counsel will deliver an opinion to the effect that the notes (other than any notes, if any, beneficially owned by the issuing entity or a person considered to be the same person as the

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issuing entity for U.S. federal income tax purposes) will be characterized as debt for U.S. federal income tax purposes, the IRS may take a contrary position. If the IRS were to contend successfully that any class of notes were not debt for U.S. federal income tax purposes, such notes might be treated as equity interests in the issuing entity. As a result, even if the depositor or another single person was the sole certificateholder of the issuing entity, the issuing entity would be considered to have multiple equity owners and might be classified for U.S. federal income tax purposes as an association taxable as a corporation or as a partnership. (Additionally, even if all the notes are treated as debt for U.S. federal income tax purposes, but there is more than one person (and all such persons are not treated as the same person for U.S. federal income tax purposes) holding a certificate (or interest therein), the issuing entity may be considered to have multiple equity owners and might be classified for U.S. federal income tax purposes as an association taxable as a corporation or as a partnership.)

A partnership is generally not subject to an entity level tax for U.S. federal income tax purposes, while an association or corporation is subject to an entity level tax. If the issuing entity were treated as a partnership (which most likely would not be treated as a publicly traded partnership taxable as a corporation) and one or more classes of notes were treated as equity interests in that partnership, each item of income, gain, loss, deduction, and credit generated through the ownership of the receivables by the partnership would be passed through to the partners, including the affected Holders, according to their respective interests therein. Under current law, the income reportable by Holders as partners in such a partnership could differ from the income reportable by the Holders as holders of debt. Generally, such differences are not expected to be material; however, certain Holders may have adverse tax consequences. For example, cash basis Holders might be required to report income when it accrues to the partnership rather than when it is received by the Holders. Payments on the recharacterized notes would likely be treated as "guaranteed payments," in which case the amount and timing of income to a U.S. Holder would generally not be expected to materially differ from that which would be the case were the notes not recharacterized. On the other hand, if payments are not treated as "guaranteed payments," note that U.S. Holders would be taxed on the partnership income regardless of when distributions are made to them and are not entitled to deduct miscellaneous itemized deductions (which may include their share of partnership expenses) for the tax years 2018-2025. In addition, to the extent partnership expenses are treated as allocable to a trade or business, the amount or value of interest expense deductions available to the holders of equity interests in the issuing entity with respect to the issuing entity's interest expense may be limited under the rules of Section 163(j) of the Internal Revenue Code. Any income allocated to a Holder that is a tax-exempt entity may constitute unrelated business taxable income because all or a portion of the issuing entity's taxable income may be considered debt-financed. The receipt of unrelated business taxable income by a tax-exempt holder could give rise to additional tax liability to such tax-exempt holder. Depending on the circumstances, a Non-U.S. Holder might be required to file a United States individual or corporate income tax return, as the case may be, and it is possible that (i) gross income allocated to such person may be subject to 30% withholding tax (i.e., unreduced by any interest deductions or other expenses) unless reduced or eliminated pursuant to an applicable tax treaty or (ii) such person may be subject to (x) tax (and withholding) on its allocable interest at regular U.S. rates and, in the case of a corporation, a 30% branch profits tax rate (unless reduced or eliminated pursuant to an applicable tax treaty) and (y) a withholding of tax on purchase price paid to it in the event of a disposition of the note (treated as a partnership interest).

In addition, as described above, audit rules were enacted that apply to the audit of partnerships and entities treated as partnerships. As described above, the parties responsible for the tax administration of the issuing entity will have the authority to utilize, and intend to utilize, any exceptions available so that the issuing entity's equity holders, to the fullest extent possible, rather than the issuing entity itself, will be liable for any taxes arising from audit adjustments to the issuing entity's taxable income if the issuing entity is treated as a partnership. As such, holders of equity (including holders of notes recharacterized as equity) could be obligated to pay any such taxes and other costs, and may have to take the adjustment into account for the taxable year in which the adjustment is made rather than for the audited taxable year. Prospective investors are urged to consult with their tax advisors regarding the possible effect of these rules on them.

If, alternatively, the issuing entity were treated as either an association taxable as a corporation or a publicly traded partnership taxable as a corporation, the issuing entity would be subject to U.S. federal income taxes at corporate tax rates on its taxable income generated by ownership of the receivables. Moreover, distributions by the issuing entity to all or some of the noteholders would probably not be deductible in computing the issuing entity's taxable income and all or part of the distributions to noteholders would probably be treated as dividends. Such an entity-level tax could result in reduced distributions to noteholders and adversely affect the issuing entity's ability to make payments of principal and interest with respect to the notes. To the extent distributions on such notes

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were treated as dividends, a non-U.S. Holder would generally be subject to tax (and withholding) on the gross amount of such dividends at a rate of 30% unless reduced or eliminated pursuant to an applicable income tax treaty.

The United States Department of the Treasury and the IRS have issued Treasury Regulations under Section 385 of the Internal Revenue Code that address the debt or equity treatment of instruments held by certain parties related to the issuing entity. In particular, in certain circumstances, a note that otherwise would be treated as debt is treated as stock for U.S. federal income tax purposes during periods in which the note is held by an applicable related party (meaning a member of an "expanded group" that includes the issuing entity (or its owner(s)), generally based on a group of corporations or controlled partnerships connected through 80% direct or indirect ownership links). Under these Treasury Regulations, any notes treated as stock under these rules could result in adverse tax consequences to such related party noteholder, including that U.S. federal withholding taxes could apply to distributions on the notes. If the issuing entity were to become liable for any such withholding or failure to so withhold, the resulting impositions could reduce the cash flow that would otherwise be available to make payments on all notes. In addition, when a recharacterized note is acquired by a beneficial owner that is not an applicable related party, that note is generally treated as reissued for U.S. federal income tax purposes and thus may have tax characteristics differing from notes of the same class that were not previously held by a related party. The issuing entity does not expect that these Treasury Regulations will apply to any of the notes. However, the Treasury Regulations are complex and have not yet been applied by the IRS or any court. In addition, the IRS has reserved certain portions of the Treasury Regulations pending its further consideration. Moreover, the depositor, the Delaware trustee and the owner trustee will be able to amend the trust agreement in the future without the consent of noteholders as required to prevent the application of such Treasury Regulations to the notes in the case of a sale of trust certificates to a third party. Prospective investors should note that the Treasury Regulations are complex, and are urged to consult their tax advisors regarding the possible effects of these rules.

**STATE AND LOCAL TAX CONSEQUENCES** 

The above discussion does not address the tax treatment of the issuing entity, notes, or Holders under any state or local tax laws. The activities to be undertaken by the servicer in servicing and collecting on the receivables will take place throughout the United States and, therefore, many different state and local tax regimes potentially apply to different portions of these transactions. It is possible a state or local jurisdiction may assert its right to impose tax on the issuing entity with respect to its income related to receivables collected from customers located in such jurisdiction. It is also possible that a state may require that a certificateholder or a noteholder treated as an equity owner (including non-resident certificateholders and noteholders) file state income tax returns with the state pertaining to receivables collected from customers located in such state (and may require withholding by the issuing entity on related income). Certain states have also recently enacted partnership audit rules that mirror or correspond with the audit rules that now apply to partnerships for U.S. federal income tax purposes, and similar considerations apply to those state partnership audit rules as apply to the current federal partnership audit rules. Prospective investors are urged to consult with their tax advisors regarding the state and local tax treatment of the issuing entity as well as any state and local tax consequences for them of purchasing, holding and disposing of notes.

*The federal and state tax discussions set forth above are included for general information only and may not be applicable depending upon your particular tax situation. It is suggested that prospective investors consult their own tax advisors with respect to the tax consequences to them of the purchase, ownership and disposition of notes, including the tax consequences under state, local, foreign and other tax laws and the possible effects of changes in federal or other tax laws.* 

**CERTAIN CONSIDERATIONS FOR ERISA AND** 

**OTHER U.S. BENEFIT PLANS** 

Subject to the following discussion, the notes may be acquired with the assets of an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is subject to Title I of ERISA, a "plan" as defined in and subject to Section 4975 of the Internal Revenue Code or an entity deemed to hold plan assets of the foregoing (each, a "**Benefit Plan Investor**"), as well as by governmental plans (as defined in Section 3(32) of ERISA), church plans (as defined in Section 3(33) of ERISA), and other "employee benefit plans" as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, "plans" as defined in Section 4975 of the Internal Revenue Code and entities deemed to hold plan assets of the foregoing (collectively, with Benefit Plan Investors, referred to as "**Plans**"). Section 406 of ERISA and Section 4975 of the Internal Revenue Code prohibit Benefit Plan Investors from engaging in certain transactions with

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persons that are "parties in interest" under ERISA or "disqualified persons" under the Internal Revenue Code with respect to such Benefit Plan Investor. A violation of these "prohibited transaction" rules may result in an excise tax or other penalties and liabilities under ERISA and the Internal Revenue Code for such persons or the fiduciaries of such Benefit Plan Investor. In addition, Title I of ERISA requires fiduciaries of a Benefit Plan Investor subject to ERISA to make investments that are prudent, diversified and in accordance with the governing plan documents. Governmental plans are not subject to Title I of ERISA or Section 4975 of the Internal Revenue Code. However, such plans may be subject to similar restrictions under applicable federal, state, local or other law ("**Similar Law**"). Governmental and certain church plans are also subject to the prohibited transaction rules in Section 503(b) of the Internal Revenue Code.

Certain transactions involving the issuing entity might be deemed to constitute prohibited transactions under ERISA and the Internal Revenue Code with respect to a Benefit Plan Investor that acquired notes if assets of the issuing entity were deemed to be assets of the Benefit Plan Investor. Under a regulation issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA (the "**Regulation**"), the assets of the issuing entity would be treated as plan assets of a Benefit Plan Investor for the purposes of ERISA and the Internal Revenue Code only if the Benefit Plan Investor acquired an "equity interest" in the issuing entity and none of the exceptions to plan assets contained in the Regulation were applicable. An equity interest is defined under the Regulation as an interest other than an instrument which is treated as indebtedness under applicable local law and which has no substantial equity features. Although there is little guidance on the subject, it is anticipated that, at the time of their issuance, the notes should be treated as indebtedness of the issuing entity without substantial equity features for purposes of the Regulation. This determination is based upon the traditional debt features of the notes, including the reasonable expectation of purchasers of notes that the notes will be repaid when due, traditional default remedies, as well as on the absence of conversion rights, warrants and other typical equity features. The debt treatment of the notes for ERISA purposes could change subsequent to their issuance if the issuing entity incurs losses. This risk of recharacterization is enhanced for notes that are subordinated to other classes of securities. In the event of a withdrawal or downgrade to below investment grade of the rating of the notes, the subsequent acquisition of the notes or interest therein by a Benefit Plan Investor or a Plan that is subject to Similar Law is prohibited.

However, without regard to whether the notes are treated as an equity interest in the issuing entity for purposes of the Regulation, the acquisition or holding of notes by or on behalf of a Benefit Plan Investor could be considered to give rise to a prohibited transaction if the issuing entity, the depositor, the originator, the servicer, the administrator, the underwriters, the owner trustee, the Delaware trustee, any of their affiliates or the indenture trustee is or becomes a party in interest or a disqualified person with respect to such Benefit Plan Investor. Certain exemptions from the prohibited transaction rules could be applicable to the acquisition and holding of the notes by a Benefit Plan Investor depending on the type and circumstances of the plan fiduciary making the decision to acquire such notes and the relationship of the party in interest or disqualified person to the Benefit Plan Investor. Included among these exemptions are: Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Internal Revenue Code for certain transactions between a Benefit Plan Investor and persons who are parties in interest or disqualified persons solely by reason of providing services to the Benefit Plan Investor or being affiliated with such service providers; Prohibited Transaction Class Exemption ("**PTCE**") 96-23, regarding transactions effected by "in-house asset managers;" PTCE 95-60, regarding investments by insurance company general accounts; PTCE 91-38, regarding investments by bank collective investment funds; PTCE 90-1, regarding investments by insurance company pooled separate accounts; and PTCE 84-14, regarding transactions effected by "qualified professional asset managers." Even if the conditions specified in one or more of these exemptions are met, the scope of the relief provided by these exemptions might or might not cover all acts which might be construed as prohibited transactions. There can be no assurance that any of these, or any other exemption, will be available with respect to any particular transaction involving the notes, and prospective purchasers that are Benefit Plan Investors should consult with their legal advisors regarding the applicability of any such exemption.

By acquiring a note (or interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) is deemed to represent and warrant that either (i) it is not acquiring and will not hold the note (or interest therein) with the assets of a Benefit Plan Investor or Plan subject to Similar Law; or (ii) (a) the acquisition and holding of the note (or interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code or a violation of Similar Law and (b) such note is rated investment grade by a nationally recognized statistical rating organization.

A Plan fiduciary considering the acquisition of notes should consult its legal advisors regarding the matters discussed above and other applicable legal requirements. None of the issuing entity, the underwriters, the servicer,

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the administrator nor any of their respective affiliates, agents or employees will act as a fiduciary to any Plan with respect to the Plan's decision to invest in the notes.

**UNDERWRITING** 

Subject to the terms and conditions set forth in the underwriting agreement relating to the notes, the depositor has agreed to sell and the underwriters named below have severally but not jointly agreed to purchase the principal amount of the notes set forth opposite its name below:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underwriter** | **Class A-1<br>Notes** | **Class A-2[-A]<br>Notes** | **[Class A-2-B<br>Notes]** | **Class A-3<br>Notes** | **Class A-4<br>Notes** | **Class B**<br>**Notes** | **Total** |
|  [●] | $— | $| $| $— | $— | $— | $— |
|  [●] | $— | $| $| $— | $— | $— | $— |
|  [●] | $— | $| $| $— | $— | $— | $— |
|  [●] | $— | $| $| $— | $— | $— | $— |
|  [●] | $— | $| $| $— | $— | $— | $— |
|  **Total** | $**[** **]** | **$** | **$** | $**[** **]** | $**[** **]** | $**[** **]** | $**[** **]** |

---

The underwriting agreement provides that the obligations of the underwriters are subject to certain conditions precedent and that the underwriters will be obligated to purchase all the notes if any are purchased. The underwriting agreement provides that, in the event of a default by an underwriter, in certain circumstances the purchase commitments of the non-defaulting underwriter may be increased or the underwriting agreement may be terminated.

The depositor has been advised by the underwriters that the underwriters propose to offer the notes to the public initially at the offering prices set forth on the cover page of this prospectus, and to certain dealers at these prices less the concessions and reallowance discounts set forth below:

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| |
|:---|
| **Class** |
|  Class A-1 Notes% |
|  Class A-2[-A] Notes% |
|  [Class A-2-B Notes%%] |
|  Class A-3 Notes% |
|  Class A-4 Notes% |
|  Class B Notes% |

---

After the initial public offering, the underwriters may change the public offering price and selling concessions and reallowance discounts to dealers.

There currently is no secondary market for any class of notes and there is no assurance that one will develop. The underwriters expect, but will not be obligated, to make a market in each class of notes. However, the underwriters are not obligated to make a market in the notes and any such market-making may be discontinued at any time at the sole discretion of the underwriters. Accordingly, we give no assurance regarding the liquidity of, or trading markets for, the notes. There is no assurance that a market for the notes will develop, or if one does develop, that it will continue or that it will provide sufficient liquidity.

Fifth Third Bank and the depositor have agreed to indemnify the underwriters against certain liabilities, including civil liabilities under the Securities Act, or to contribute to payments which the underwriters may be required to make in respect thereby. In the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and may, therefore, be unenforceable.

Until the distribution of the notes is completed, rules of the SEC may limit the ability of the underwriters and certain selling group members to bid for and purchase the notes. As an exception to these rules, the underwriters are permitted to engage in certain transactions that stabilize the prices of the notes. Such transactions consist of bids or purchases for the purpose of pegging, fixing or maintaining the price of such notes.

It is expected that delivery of the notes will be made against payment therefor on or about the Closing Date. Rule 15c6-1 of the SEC under the Exchange Act generally requires trades in the secondary market to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to

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trade notes on the date hereof will be required, by virtue of the fact that the notes initially will settle more than two business days after the date hereof, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. It is suggested that purchasers of notes who wish to trade notes on the date hereof consult their own advisors.

Upon receipt of a request by an investor who has received an electronic prospectus from an underwriter or a request by that investor's representative within the period during which there is an obligation to deliver a prospectus, Fifth Third Bank, the depositor or the underwriters will promptly deliver, or cause to be delivered, without charge, a paper copy of this prospectus.

In the ordinary course of its business one or more of the underwriters and affiliates have provided, and in the future may provide other investment banking and commercial banking services to the depositor, the servicer, the issuing entity and their affiliates.

As discussed under "*Use of Proceeds*" above, the depositor or its affiliates may apply all or any portion of the net proceeds of this offering to the repayment of debt, including debt secured by the receivables prior to their contribution to the issuing entity.

The indenture trustee, on behalf of the issuing entity and at the direction of the servicer, may from time to time invest the funds in the collection account or the reserve account in permitted investments acquired from the underwriters or their affiliates.

The depositor will receive aggregate proceeds of approximately $[___________] from the sale of the notes (representing approximately [__]% of the initial note balance of the notes) after paying the aggregate underwriting discount of $[___________] on the notes. Additional offering expenses are estimated to be $[___________].

Certain of the notes initially may be retained by the depositor or an affiliate of the depositor (the "**Retained Notes**"). Any Retained Notes will not be sold to the underwriters under the underwriting agreement. Retained Notes may be subsequently sold from time to time to purchasers directly by the depositor or through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from the depositor or the purchasers of the Retained Notes. If the Retained Notes are sold through underwriters or broker-dealers, the depositor will be responsible for underwriting discounts or commissions or agent's commissions. The Retained Notes may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale, varying prices determined at the time of sale or negotiated prices.

Any underwriter or agent participating in the distribution of securities, including notes offered by this prospectus, is, and any agent participating in the distribution of securities, including notes offered by this prospectus, may be deemed to be, an underwriter of those securities under the Securities Act and any discounts or commissions received by it and any profit realized by it on the sale or resale of the securities may be deemed to be underwriting discounts and commissions.

Underwriters may engage in over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids with respect to the securities in accordance with Regulation M under the Exchange Act. Over-allotment transactions involve syndicate sales in excess of the offering size, which creates a syndicate short position. The underwriters do not have an "overallotment" option to purchase additional securities in the offering, so syndicate sales in excess of the offering size will result in a naked short position. The underwriters must close out any naked short position through syndicate covering transactions in which the underwriters purchase securities in the open market to cover the syndicate short position. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the securities in the open market after pricing that would adversely affect investors who purchase in the offering. Stabilizing transactions permit bids to purchase the security so long as the stabilizing bids do not exceed a specified maximum. Syndicate coverage transactions involve purchases of the notes in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a syndicate covering transaction. These over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids may cause the prices of the securities to be higher than they would otherwise be in the absence of these

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transactions. Neither the depositor nor any of the underwriters will represent that they will engage in any of these transactions or that these transactions, once commenced, will not be discontinued without notice.

**Offering Restrictions** 

Each underwriter has severally, and not jointly, represented to and agreed with the depositor and Fifth Third Bank that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will not offer or sell any notes within the United States, its territories or possessions or to persons
who are citizens thereof or residents therein, except in transactions that are not prohibited by any applicable securities, bank regulatory or other applicable law that applies to such underwriter or to an offer of the notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will not offer or sell any notes in any other country, its territories or possessions or to persons who
are citizens thereof or residents therein, except in transactions that are not prohibited by any applicable securities law.

**United Kingdom** 

Each underwriter has severally, but not jointly, represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any UK retail investor in the UK. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "**UK retail investor**" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565 as
it forms part of the domestic law of the UK by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to
implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the domestic law of the UK by virtue of
the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Article 2 of the UK Prospectus Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Notes.

Each underwriter has severally, but not jointly, also represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has only communicated or caused to be communicated and will only communicate or cause to be communicated an
invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to
the issuing entity or the depositor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to any Notes in, from or otherwise involving the UK.

[The Class A-1 Notes have not been and will not be offered in the UK or to UK persons and no proceeds of the Class A-1 Notes will be received in the UK.]

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**European Economic Area** 

Each underwriter has severally, but not jointly, represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any EU retail investor in the EEA. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "**EU retail investor**" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client as defined in point (11) of Article 4(1) of MiFID II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as
a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient
information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Notes.

**FORWARD-LOOKING STATEMENTS** 

This prospectus, including information included or incorporated by reference in this prospectus, may contain certain forward-looking statements. In addition, certain statements made in future SEC filings by Fifth Third Bancorp, Fifth Third Bank, the issuing entity or the depositor, in press releases and in oral and written statements made by or with Fifth Third Bank's, the issuing entity's or the depositor's approval may constitute forward-looking statements. Statements that are not historical facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements include information relating to, among other things, continued and increased business competition, an increase in delinquencies (including increases due to worsening of economic conditions), changes in demographics, changes in local, regional or national business, economic, political and social conditions, regulatory and accounting initiatives, changes in customer preferences, and costs of integrating new businesses and technologies, many of which are beyond the control of Fifth Third Bank, FTH LLC, the issuing entity or the depositor. Forward-looking statements also include statements using words such as "expect," "anticipate," "hope," "intend," "plan," "believe," "estimate" or similar expressions. Fifth Third Bank, the issuing entity and the depositor have based these forward-looking statements on their current plans, estimates and projections, and you should not unduly rely on them.

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions, including the risks discussed under "*Risk Factors.*" Future performance and actual results may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond the ability of Fifth Third Bank, FTH LLC, the issuing entity or the depositor to control or predict. The forward-looking statements made in this prospectus speak only as of the date stated on the cover of this prospectus. Fifth Third Bank, the issuing entity and the depositor undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than to the extent required under the federal securities laws.

**LEGAL PROCEEDINGS** 

[Other than disclosed in this prospectus, there are no legal or governmental proceedings pending, or to the knowledge of the sponsor, threatened, against the sponsor, depositor, FTH LLC, indenture trustee, owner trustee, Delaware trustee, asset representations reviewer, issuing entity, servicer or originator, or of which any property of the foregoing is the subject, that are material to noteholders.]

**LEGAL MATTERS** 

Certain legal matters relating to the notes will be passed upon for the servicer and the depositor by Mayer Brown LLP. Certain other legal matters with respect to the notes, including U.S. federal income tax matters, will be

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passed upon for the servicer and the depositor by Mayer Brown LLP. Mayer Brown LLP has from time to time represented Fifth Third and its affiliates in other transactions. [____________________] will provide opinions on certain legal matters relating to the notes for the underwriters.

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**GLOSSARY** 

"**Available Funds**" means, for any payment date and the related collection period, an amount equal to the sum of the following amounts: (i) all Collections received by the servicer during such collection period, (ii) the sum of the repurchase prices deposited in the collection account with respect to each receivable that will be purchased by the depositor or servicer on that payment date, (iii) any amounts in the reserve account (excluding net investment earnings) in excess of the Specified Reserve Account Balance on that payment date and (iv) the optional purchase price deposited into the collection account in connection with the exercise of the optional purchase.

"**Cap Rate**" means [●]%.

"**Cap Termination Payment**" means payments due to the issuing entity by the cap provider under an Interest Rate Cap Agreement, including interest that may accrue thereon, due to a termination of such Interest Rate Cap Agreement due to an "event of default" or "termination event" under such Interest Rate Cap Agreement.

"**certificate distribution account**" means the account designated as such, established and maintained to the extent required by the indenture.

"**certificateholder**" means, as of any date, the person in whose name a certificate is registered on the certificate register on that date.

"**Closing Date**" means [_______________], [____].

"**Collections**" means, with respect to the receivables and to the extent received by the servicer after the cut-off date, (A) the sum of (i) any monthly payment by or on behalf of the obligor under that receivable, (ii) any full or partial prepayment of such receivables, (iii) all Liquidation Proceeds and (iv) any other amounts received by the servicer which, in accordance with the customary servicing practices, would customarily be applied to the payment of accrued interest or to reduce the outstanding principal balance of a receivable less (B) all Liquidation Expenses; provided, however, that the term Collections in no event will include (i) for any payment date, any amounts in respect of any receivable the repurchase price of which has been included in the Available Funds on a prior payment date, (ii) any Supplemental Servicing Fees or (iii) rebates of premiums with respect to the cancellation or termination of any insurance policy, extended warranty or service contract that was not financed by such receivable.

["**Controlling Class**" means, with respect to any notes outstanding, the Class A notes (voting together as a single class) as long as any Class A notes are outstanding, and thereafter the Class B notes as long as any Class B notes are outstanding (excluding, in each case, notes held by the servicer, the administrator, the issuing entity, any Certificateholder or any of their respective affiliates).]

"**cut-off date**" means close of business on [●], [●].

"**Defaulted Receivable**" means a receivable (other than a repurchased receivables), which the servicer has charged off in accordance with its customary servicing practices.

"**designated certificateholder account**" means (a) so long as the depositor or any of its affiliates is the sole certificateholder, the account designated by such certificateholder and (b) at any time thereafter, the certificate distribution account.

"**FDIC**" means the Federal Deposit Insurance Corporation.

"**FDIC Rule Covenant**" has the meaning set forth in "*Material Legal Aspects of the Receivables—FDIC Rule.*"

"**Financial Institution**" means any securities clearing organization, bank or other financial institution that holds customers' securities in the ordinary course of its trade or business.

"**Foreign Person**" means any person other than (i) a citizen or resident of the United States, (ii) a corporation or partnership organized in or under the laws of the United States or any state or the District of

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Columbia, (iii) an estate the income of which is includable in gross income for U.S. federal income tax purposes, regardless of its source, or (iv) a trust, if a United States court is able to exercise primary supervision over the administration of such trust and one (1) or more U.S. Persons has the authority to control all substantial decisions of the trust or if it has made a valid election under U.S. Treasury regulations to be treated as a domestic trust.

"**Issuing Entity Accounts**" means the collection account and any other accounts to be established with respect to the issuing entity, including [the principal distribution account, certificate distribution account, pre-funding account, reserve account, spread account or yield supplement account].

"**Liquidation Expenses**" means, in the case of each of <u>clauses (a)</u> through <u>(c)</u> of the definition of "Liquidation Proceeds," any expenses (including, without limitation, any auction, painting, repair or refurbishment expenses in respect of the related financed vehicle) incurred by the servicer in connection therewith and any payments required by law to be remitted to the related obligor.

"**Liquidation Proceeds**" means, with respect to any receivable, (a) insurance proceeds received by the servicer with respect to any insurance policies relating to the related financed vehicle or maintained by the obligor in connection with a receivable, (b) amounts received by the servicer in connection with that receivable pursuant to the exercise of rights under that receivable and (c) the monies collected by the servicer (from whatever source, including proceeds of a sale of the related financed vehicle, a deficiency balance recovered from the related obligor after the charge-off of that receivable or as a result of any recourse against the related dealer, if any) on that receivable other than any monthly payments by or on behalf of the obligor thereunder or any full or partial prepayment of such receivable; provided, however, that the repurchase price for any receivable purchased by Fifth Third Bank or the servicer will not constitute Liquidation Proceeds.

"**Majority Certificateholders**" means certificateholders holding in the aggregate more than 50% of the Percentage Interests.

"**Net Pool Balance**" means, as of any date, the aggregate outstanding principal balance of the related receivables (other than defaulted receivables) as of that date.

"**Note Factor**" means, with respect to any class of notes issued by the issuing entity, a six-digit decimal which the servicer will compute each month indicating the outstanding note balance of that class of securities at the end of the month as a fraction of the original outstanding balance of that class of notes. The Note Factor for each class of notes will be 1.000000 as of the Closing Date; thereafter, each Note Factor will decline to reflect reductions in the outstanding balance of each class of notes. As a noteholder, your share of the principal amount of a particular class of notes is the product of (1) the original denomination of your note and (2) the applicable class Note Factor.

"**OCC**" means the Office of the Comptroller of the Currency.

"**Percentage Interest**" means, with respect to a certificate, the individual percentage interest of such certificate, which will be specified on the face thereof and which will represent the percentage of certain distributions of the issuing entity beneficially owned by the related certificateholder. The sum of the Percentage Interests for all of the certificates shall be 100%.

"**Pool Factor**" means a six-digit decimal which the servicer will compute each month indicating the Net Pool Balance at the end of the month as a fraction of the original Net Pool Balance [plus the aggregate outstanding principal balance of any subsequent receivables added to the issuing entity as of the applicable subsequent cutoff date]. The Pool Factor will be 1.000000 as of the Closing Date; thereafter, the Pool Factor will decline to reflect reductions in the Net Pool Balance. The amount of a noteholder's pro rata share of the Net Pool Balance for a given month can be determined by multiplying the original denomination of the holder's note by the Pool Factor for that month.

"**Prepayment Assumption**" means the method used to assume the anticipated rate of prepayments in pricing a debt instrument.

"**Rating Agency Condition**" means, with respect to any event or circumstance and each hired agency, either (a) written confirmation (which may be in the form of a letter, press release or other publication, or a change

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in such hired agency's published ratings criteria to this effect) by such hired agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the notes or (b) that such hired agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days' advance notice is impracticable, as much advance notice as is practicable) and such hired agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw its rating assigned to the notes.

"**Record Date**" means, with respect to any payment date or redemption date, (i) for any definitive notes, the close of business on the last business day of the calendar month immediately preceding the calendar month in which such payment date or redemption date occurs or (ii) for any book-entry securities, the close of business on the business day immediately preceding such payment date.

["**Scheduled Interest Method**" means the method of calculating interest due on a motor vehicle receivable without regard to the period of time which has elapsed since the preceding payment was made, using a method which may consist of (i) the method known as the Rule of 78s or sum-of-the-digits method, (ii) the method known as the actuarial method and applying a pre-determined interest payment schedule or (iii) the method known as the actuarial method determining interest when payments are received (in variation of the Simple Interest Method).]

["**Scheduled Interest Receivables**" are receivables that provide for amortization of the amount financed over a series of fixed, level-payment monthly installments and for which interest is calculated using the Scheduled Interest Method. Each monthly installment, including the monthly installment representing the final payment on the receivable, consists of an amount of interest equal to 1/12 of the contract rate of the amount financed multiplied by the unpaid principal balance of the amount financed, and an amount of principal equal to the remainder of the monthly payment.]

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Short-Term Note**" means any note that has a fixed maturity date of not more than one year from the issue date of that note.

"**Simple Interest Method**" means the method of calculating interest due on a motor vehicle retail installment sale contract and/or installment loan on a daily basis based on the actual outstanding principal balance of the receivable on that date.

"**Simple Interest Receivables**" means receivables pursuant to which the payments due from the obligors during any month are allocated between interest, principal and other charges based on the actual date on which a payment is received and for which interest is calculated using the Simple Interest Method.

"**Specified Reserve Account Balance**" means an amount equal to 0.25% of the initial Net Pool Balance of the receivables; provided, however*,* on any payment date after the notes are no longer outstanding following payment in full of the principal and interest on the notes, the "Specified Reserve Account Balance" will be $0.

"**statistical cut-off date**" means [__________], [____].

"**Special Tax Counsel**" means Mayer Brown LLP, as special federal tax counsel to the depositor.

"**Supplemental Servicing Fees**" means any and all (i) late fees, (ii) extension fees, (iii) non-sufficient funds charges, (iv) prepayment fees and (v) any and all other administrative fees or similar charges allowed by applicable law with respect to any receivable.

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##### [**Table of Contents**](#toc)
**INDEX OF PRINCIPAL TERMS** 

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| | |
|:---|:---|
|  [initial] cut-off date | 12 |
|  60-Day Delinquent Receivables | 97 |
|  AAA | 99 |
|  ABS | 78 |
|  ABS Tables | 78 |
|  Acting General Counsel | 130 |
|  adjusted pool balance | 16 |
|  administration agreement | 95 |
|  administrator | 7, 47 |
|  advance | 103 |
|  Affected Investors | 133 |
|  amortization period | 13, 91 |
|  Assessment of Compliance | 111 |
|  asset representations review agreement | 95 |
|  asset representations reviewer | 7 |
|  Asset Review | 98 |
|  asset-level data | 76 |
|  Attestation Report | 111 |
|  Available Funds | 147 |
|  Bancorp | 52 |
|  Bankruptcy Code | 126 |
|  Benchmark | 147 |
|  Benchmark Replacement | 147 |
|  Benchmark Replacement Adjustment | 147 |
|  Benchmark Replacement Conforming Changes | 147 |
|  Benchmark Replacement Date | 148 |
|  Benchmark Transition Event | 148 |
|  cap provider | 93 |
|  Cap Rate | 148 |
|  Cap Receipt | 94 |
|  Cap Termination Payment | 148 |
|  CARES Act | 41 |
|  Cede | 2 |
|  certificate distribution account | 148 |
|  certificateholder | 148 |
|  certificates | 8, 95 |
|  CFPB | 40, 52 |
|  chattel paper | 119 |
|  Class A-2 notes | 8 |
|  clean-up call | 10 |
|  Clearstream | 28 |
|  closing date | 8 |
|  Closing Date | 148 |
|  Collections | 148 |
|  Consent Orders | 124 |
|  contracts | 53 |
|  Controlling Class | 149 |
|  Corresponding Tenor | 149 |
|  COVID-19 | 31 |
|  CRR | 133 |
|  cut-off date | 149 |
|  dealers | 53 |
|  Defaulted Receivable | 149 |
|  Delaware trustee | 7 |

---

---

| | |
|:---|:---|
|  Delinquency Percentage | 97 |
|  Delinquency Trigger | 97 |
|  Delinquency Trigger Notice Date | 98 |
|  depositor | 7, 47 |
|  designated certificateholder account | 149 |
|  DoD | 42 |
|  Dodd-Frank Act | 40, 130 |
|  DOJ | 124 |
|  DTC | 2 |
|  Due Diligence Requirements | 133 |
|  Early Amortization Event | 91 |
|  EEA | 132 |
|  EU | 132 |
|  EU Affected Investors | 133 |
|  EU Due Diligence Requirements | 133 |
|  EU Retail Investor | 4 |
|  EU Securitization Regulation | 132 |
|  Euroclear | 28 |
|  EUWA | 3, 133 |
|  event of default | 11, 113 |
|  excess interest | 18 |
|  Exchange Act | 67, 110 |
|  FATCA | 139 |
|  FDAP | 139 |
|  FDIC | 38, 52, 149 |
|  FDIC Rule | 19, 38, 127 |
|  FDIC Rule Covenant | 127, 149 |
|  Federal Reserve Board | 52 |
|  Fifth Third | 53 |
|  Fifth Third Bank | 2, 7, 47 |
|  final scheduled payment date | 90 |
|  financed vehicles | 12 |
|  Financial Institution | 149 |
|  First Allocation of Principal | 104 |
|  fixed rate notes | 8 |
|  floating rate notes | 8 |
|  Foreign Person | 149 |
|  FSMA | 3, 133 |
|  FTC | 40 |
|  FTC Rule | 123 |
|  FTH LLC | 2, 7, 47, 52 |
|  Funding Date | 13 |
|  HDC Rule | 123 |
|  hired agencies | 21 |
|  indenture | 95 |
|  indenture trustee | 7, 85 |
|  Instituting Noteholders | 97 |
|  Interest Rate Cap Agreement | 93 |
|  interest rate swap agreement | 92 |
|  Internal Revenue Code | 113 |
|  Investment Company Act | 20, 132 |
|  investors | 19 |
|  Investors | 87 |
|  IRS | 134 |

---

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
|  ISDA Definitions | 149 |
|  ISDA Fallback Adjustment | 149 |
|  ISDA Fallback Rate | 149 |
|  issuing entity | 7, 47 |
|  Issuing Entity Accounts | 149 |
|  issuing entity property | 12 |
|  LIBOR | 44 |
|  Liquidation Expenses | 150 |
|  Liquidation Proceeds | 150 |
|  LTV | 66 |
|  Majority Certificateholders | 150 |
|  MIFID II | 4 |
|  MLA | 42 |
|  net pool balance | 10 |
|  Net Pool Balance | 150 |
|  net swap payment | 18 |
|  Note Factor | 150 |
|  obligors | 11 |
|  OCC | 150 |
|  OID | 136 |
|  OLA | 130 |
|  Order | 3 |
|  originator | 7, 48 |
|  owner trustee | 7 |
|  payment date | 8 |
|  payment default | 115 |
|  Percentage Interest | 150 |
|  Pool Asset Representations | 96 |
|  Pool Factor | 150 |
|  pre-funding account | 13 |
|  Prepayment Assumption | 150 |
|  PRIIPS Regulation | 4 |
|  Prospectus Regulation | 4 |
|  purchase agreement | 95 |
|  Rating Agency Condition | 150 |
|  receivables | 11 |
|  receivables pool | 11, 64 |
|  receivables sale agreement | 95 |
|  record date | 8, 85 |
|  Record Date | 151 |
|  Regulation RR | 20 |
|  Relevant Governmental Body | 151 |
|  Relevant Persons | 3 |
|  Relief Act | 43, 107 |
|  requesting party | 99 |
|  Retained Notes | 144 |
|  Review Conditions | 96 |
|  Review Expenses | 98 |
|  Review Fees | 98 |
|  Review Satisfaction Date | 96 |

---

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| | |
|:---|:---|
|  revolving period | 13 |
|  risk retention reserve account | 102 |
|  Rule 193 Information | 13, 75 |
|  sale agreement | 95 |
|  Scheduled Interest Method | 151 |
|  Scheduled Interest Receivables | 151 |
|  Scheduled Principal Payments | 61 |
|  SEC | 1, 151 |
|  Second Allocation of Principal | 104 |
|  Securitization Regulations | 133 |
|  senior swap termination payment | 18 |
|  servicer | 7 |
|  servicer replacement events | 109 |
|  servicing agreement | 95 |
|  servicing fee | 15, 108 |
|  Short Term Note | 151 |
|  Simple Interest Method | 151 |
|  Simple Interest Receivables | 151 |
|  Special Tax Counsel | 151 |
|  specified reserve account balance | 17 |
|  Specified Reserve Account Balance | 101, 151 |
|  sponsor | 7 |
|  statistical cut-off date | 12, 151 |
|  Subject Receivables | 97 |
|  Subordinated swap termination payments | 18 |
|  subsequent receivables | 13 |
|  Supplemental Servicing Fees | 151 |
|  swap counterparty | 7, 92 |
|  Target Overcollateralization Amount | 104 |
|  TIA | 98 |
|  transfer agreements | 95 |
|  trust agreement | 95 |
|  U.S. Person | 135 |
|  UCITS | 133 |
|  UK | 133 |
|  UK Affected Investors | 133 |
|  UK CRR | 133 |
|  UK CRR Firms | 133 |
|  UK Due Diligence Requirements | 133 |
|  UK PRIIPS Regulation | 3 |
|  UK Prospectus Regulation | 3 |
|  UK Retail Investor | 3 |
|  UK Securitization Regulation | 133 |
|  Unadjusted Benchmark Replacement | 151 |
|  United States Person | 135 |
|  Volcker Rule | 20, 132 |
|  weighted average life | 79 |
|  yield supplement account | 102 |
|  yield supplement overcollateralization amount | 105 |

---

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##### [**Table of Contents**](#toc)
**APPENDIX A** 

**STATIC POOL INFORMATION REGARDING CERTAIN PREVIOUS RECEIVABLES POOLS** 

**Characteristics of the Receivables** 

Appendix A, attached to this prospectus, sets forth characteristics of all motor vehicle retail installment sale contracts and installment loans originated and serviced by Fifth Third Bank by vintage origination year and by publicly securitized receivables pool if such securitized pool had characteristics similar to this pool of receivables, including the number of receivables, the aggregate original and the month-end principal balance, the average original and the month-end principal balance, the weighted average contract rate, the weighted average age, the weighted average original term, the weighted average remaining term, the minimum FICO<sup>®</sup> score, the maximum FICO<sup>®</sup> score and the weighted average FICO<sup>®</sup> score, the distribution of the pool of receivables by the range of contract rate, the percentage new, the percentage used, the weighted average LTV, the pool factor, and the geographic distribution, and information with respect to the monthly delinquency rates, the monthly pool factor, the monthly prepayment speeds and the monthly cumulative net charge-off of the pool of receivables. The information in this Appendix A is incorporated into this prospectus.

[The information in this Appendix A also will be presented in graphical format.]

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##### [**Table of Contents**](#toc)
**Summary Characteristics of All Originated Receivables** 

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| | | |
|:---|:---|:---|
|  | **Year** | **Year** |
|  | **20[ ]** | **20[ ]<sup>(7)</sup>** |
|  Aggregate Original Principal Balance |  |  |
|  Number of Receivables |  |  |
|  Average Original Principal Balance |  |  |
|  Weighted Average Original Term <sup>(1)</sup> |  |  |
|  Weighted Average Contract Rate <sup>(1)</sup> |  |  |
|  Weighted Average FICO <sup>(1) (2)</sup> |  |  |
|  Minimum FICO <sup>(3)</sup> |  |  |
|  Maximum FICO <sup>(3)</sup> |  |  |
|  % New |  |  |
|  % Used |  |  |
|  Weighted Average LTV <sup>(1)(4)</sup> |  |  |
|  Aggregate Month-end Principal Balance |  |  |
|  Month-end Number of Receivables |  |  |
|  Average Month-end Principal Balance |  |  |
|  Weighted Average Contract Rate <sup>(5)</sup> |  |  |
|  Weighted Average Age <sup>(5)</sup> |  |  |
|  Weighted Average Remaining Term <sup>(5)</sup> |  |  |
|  Pool Factor <sup>(6)</sup> |  |  |

---

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<sup>(1)</sup> Weighted by aggregate original principal balance.

<sup>(2)</sup> Calculated excluding accounts for which no original FICO score is available. Less than 3% have no original FICO score. 

<sup>(3)</sup> Less than 5% of the original loan balance falls below the minimum FICO score and less than 5% of the aggregate original principal balance exceeds the maximum FICO score. The FICO range represents approximately 90% of the aggregate original principal balances. 

<sup>(4)</sup> The LTV for a receivable secured by a new vehicle is equal to the original amount financed divided by the manufacturer's suggested retail price for that vehicle. The LTV for a receivable secured by a used vehicle is equal to the original amount financed divided by the retail price for that vehicle as set forth in the applicable N.A.D.A. Official Used Car Guide or Kelly Bluebook. Amounts relating to LTV are calculated excluding LTVs for which no manufacturer's suggested retail price or retail price for that vehicle was available. 

<sup>(5)</sup> Weighted by aggregate month-end principal balance.

<sup>(6)</sup> The pool factor represents (a) the aggregate outstanding month-end principal balance of receivables originated in the specified year divided by (b) the aggregate original principal balance of the receivables originated in the specified year.

<sup>(7)</sup> As of [________], 20[__].

**Distribution by States (as a percentage of the aggregate original principal balance)<sup>(1)(2)(3)</sup>** 

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|:---|
| [_] |
| [_] |
| [_] |
| [_] |
| [_] |
| [_] |
| [_] |
| [_] |
| Other<sup>(4)</sup> |

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<sup>(1)</sup> As of [________], 20[__].

<sup>(2)</sup> Based on the contract state of the obligors as of [________], 20[__].

<sup>(3)</sup> Totals may not add to 100.0% due to rounding. 

<sup>(4)</sup> Category includes states representing less than [4.5]% of total original principal balances as of [________], 20[__] that are not otherwise set forth above. 

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##### [**Table of Contents**](#toc)
**Delinquency Experience** 

**30-59 Day Delinquency Rates<sup>(1)(2)</sup>** 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**30-59 Days Past Due**  | **Year Originated** |
| **AGE (MONTHS)<sup>(3)</sup>** | **20[**●**]** |
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<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year that are 30-59 days past due at the end of the specified number of months since origination divided by (b) the aggregate outstanding principal balance of all receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified year.

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##### [**Table of Contents**](#toc)
**60-89 Day Delinquency Rates<sup>(1)(2)</sup>** 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60-89 Days Past Due**  | **Year Originated** |
| **AGE (MONTHS)<sup>(3)</sup>** | **20[**●**]** |
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<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year that are 60-89 days past due at the end of the specified number of months since origination divided by (b) the aggregate outstanding principal balance of all receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified year.

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##### [**Table of Contents**](#toc)
**90-119 Day Delinquency Rates<sup>(1)(2)</sup>** 

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90-119 Days Past Due**  | **Year Originated** |
| **AGE (MONTHS)<sup>(3)</sup>** | **20[**●**]** |
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<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year that are 90-119 days past due at the end of the specified number of months since origination divided by (b) the aggregate outstanding principal balance of all receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified year.

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##### [**Table of Contents**](#toc)
**120+ Day Delinquency Rates<sup>(1)(2)</sup>** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120+ Days Past Due**  | **Year Originated** |
| **AGE (MONTHS)<sup>(3)</sup>** | **20[**●**]** |
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<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year that are 120+ days past due at the end of the specified number of months since origination divided by (b) the aggregate outstanding principal balance of all receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified year.

------

##### [**Table of Contents**](#toc)
**Prepayment Speed Information** 

**Prepayment Speeds (ABS)<sup>(1)(2)</sup>** 

---

| | |
|:---|:---|
| **Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
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---

------

<sup>(1)</sup> The ABS speed is a measurement of the non-scheduled amortization of the pool of receivables and is derived by calculating a monthly single month mortality rate, or SMM, which is the sum of the non-scheduled reduction in the balance of the pool of receivables, including prepayments and defaults, divided by the beginning of month receivables pool balance less any scheduled payments received. The scheduled principal is calculated assuming the receivables have been aggregated into a single pool. The non-scheduled amortization is assumed to be the difference between the beginning receivables pool balance less the scheduled principal minus the actual ending receivables pool balance. The SMM is converted into the ABS speed by dividing (a) the SMM by (b) the sum of (i) one and (ii) the SMM multiplied by the age of the pool, in months, minus one. The age of the pool is assumed to be the weighted average age of the pool at the first day of the applicable month minus the number of months since the first day of the applicable month. 

<sup>(2)</sup> As of the [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified quarter.

------

##### [**Table of Contents**](#toc)
**Cumulative Loss Experience** 

**Cumulative Net Charge-Off<sup>(1)(2)</sup>** 

---

| | |
|:---|:---|
| **Quarter Originated** | **Quarter Originated** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
| 1 |  |
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---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Quarter Originated** | **Quarter Originated** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
| 54 |  |
| 55 |  |
| 56 |  |
| 57 |  |
| 58 |  |
| 59 |  |
| 60 |  |
| 61 |  |
| 62 |  |
| 63 |  |
| 64 |  |
| 65 |  |
| 66 |  |

---

------

<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year that are charged off at the end of the specified number of months since origination divided by (b) the aggregate original outstanding principal balance of all receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified quarter.

------

##### [**Table of Contents**](#toc)
**Fifth Third Bank-Indirect Auto Pool Factor<sup>(1)(2)</sup>** 

---

| | |
|:---|:---|
| **Quarter Originated** | **Quarter Originated** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
| 1 |  |
| 2 |  |
| 3 |  |
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| 53 |  |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Quarter Originated** | **Quarter Originated** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Age (Months)<sup>(3)</sup>**  | 20[<u> </u>]  |
|  Original Term |  |
|  Original FICO |  |
|  LTV |  |
|  Used% |  |
|  Origination Amt($) |  |
| 54 |  |
| 55 |  |
| 56 |  |
| 57 |  |
| 58 |  |
| 59 |  |
| 60 |  |
| 61 |  |
| 62 |  |
| 63 |  |
| 64 |  |
| 65 |  |
| 66 |  |

---

------

<sup>(1)</sup> The percentages set forth above represent (a) the aggregate outstanding principal balance of receivables originated in the specified year at the end of the specified number of months since origination divided by (b) the aggregate original principal balance of the receivables originated in the specified year at the end of the specified number of months since origination. 

<sup>(2)</sup> As of [________], 20[__].

<sup>(3)</sup> "Age (Months)" represents the number of months that have elapsed since origination for receivables originated in the specified quarter.

------

##### [**Table of Contents**](#toc)
**<u>Prepayment Speed Information</u>**

The graph below shows prepayment speed information for Fifth Third Bank based on vintage originations from 20[_] through the [_] quarter of 20[_].

[Graph to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Cumulative Net Losses</u>**

The graph below shows cumulative net loss information for Fifth Third Bank based on vintage originations from 20[_] through the [_] quarter of 20[_].

[Graph to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Monthly Total 60+ Day Delinquency Percentage</u>**

The graphs below shows monthly total 60+ day delinquency information for Fifth Third Bank based on vintage originations from 20[_] through the [_] quarter of 20[_].

[Graphs to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Pool Factors</u>**

The graphs below shows pool factor information for Fifth Third Bank based on vintage originations from 20[_] through the [_] quarter of 20[_].

[Graphs to be inserted]

------

##### [**Table of Contents**](#toc)
**Summary Information for Prior Securitized Receivables Pools** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FTAT [**●**]<sup>(1)</sup>** | **FTAT [**●**] <sup>(2)</sup>** | **FTAT [**●**] <sup>(3)</sup>** | **FTAT [**●**] <sup>(4)</sup>** |
| Aggregate Principal Balance |  |  |  |  |
| Number of Receivables |  |  |  |  |
| Average Principal Balance |  |  |  |  |
| Weighted Average Original Term<sup>(5)</sup> |  |  |  |  |
| Weighted Average Contract Rate<sup>(5)</sup> |  |  |  |  |
| Weighted Average FICO<sup>(5)(6)</sup> |  |  |  |  |
| Minimum FICO |  |  |  |  |
| Maximum FICO |  |  |  |  |
| % New |  |  |  |  |
| % Used |  |  |  |  |
| Weighted Average LTV<sup>(5)(7)</sup> |  |  |  |  |

---

------

<sup>(1)</sup> Cut-off date of [●].

<sup>(2)</sup> Cut-off date of [●].

<sup>(3)</sup> Cut-off date of [●].

<sup>(4)</sup> Cut-off date of [●].

<sup>(5)</sup> Weighted by aggregate principal balance as of the applicable cut-off date.

<sup>(6)</sup> Calculated excluding accounts for which no original FICO score is available. Less than 3% have no original FICO score. 

<sup>(7)</sup> The LTV for a receivable secured by a new vehicle is equal to the original amount financed divided by the manufacturer's suggested retail price for that vehicle. The LTV for a receivable secured by a used vehicle is equal to the original amount financed divided by the retail price for that vehicle as set forth in the applicable N.A.D.A. Official Used Car Guide or Kelly Bluebook. Amounts relating to LTV are calculated excluding LTVs for which no manufacturer's suggested retail price or retail price for that vehicle was available. 

**Distribution by States (as a percentage of the Net Pool Balance as of the applicable cut-off date)<sup>(1)(6)(8)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FTAT [**●**]<sup>(2)</sup>** | **FTAT [**●**] <sup>(3)</sup>** | **FTAT [**●**] <sup>(4)</sup>** | **FTAT [**●**] <sup>(5)</sup>** |
|  [_] |  |  |  |  |
|  [_] |  |  |  |  |
|  [_] |  |  |  |  |
|  [_] |  |  |  |  |
|  [_] |  |  |  |  |
|  [_] |  |  |  |  |
|  Other<sup>(7)</sup> |  |  |  |  |

---

------

<sup>(1)</sup> Totals may not add to 100.00% due to rounding. 

<sup>(2)</sup> Cut-off date of [●].

<sup>(3)</sup> Cut-off date of [●].

<sup>(4)</sup> Cut-off date of [●].

<sup>(5)</sup> Cut-off date of [●].

<sup>(6)</sup> Based on the billing addresses of the obligors as of the cut-off date.

<sup>(7)</sup> Category includes states representing less than 5% of total original principal balances as of the cut-off date. States listed in "other" reflect the combined percentage of any remaining states. 

<sup>(8)</sup> The state listing in the table reflects the top state concentrations within Fifth Third Auto Trust 20[●]-[●].

------

##### [**Table of Contents**](#toc)
**Delinquency Experience** 

**30-59 Day Delinquency Rates<sup>(1)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30-59 Days Past Due**  | **Prior Securitized Receivables Pool** | **Prior Securitized Receivables Pool** | **Prior Securitized Receivables Pool** | **Prior Securitized Receivables Pool** |
| **AGE (MONTHS)** | **FTAT [**●**]** | **FTAT [**●**]** | **FTAT [**●**]** | **FTAT [**●**]** |
|  1 |  |  |  |  |
|  2 |  |  |  |  |
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|  21 |  |  |  |  |
|  22 |  |  |  |  |
|  23 |  |  |  |  |
|  24 |  |  |  |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].

------

##### [**Table of Contents**](#toc)
**60-89 Day Delinquency Rates<sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60-89 Days Past Due**  | **Prior Securitized Receivables Pool** |
| **AGE (MONTHS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]**  |
| 1 |  |
| 2 |  |
| 3 |  |
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| 23 |  |
| 24 |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].

------

##### [**Table of Contents**](#toc)
**90-119 Day Delinquency Rates<sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90+ Days Past Due**  | **Prior Securitized Receivables Pool** |
| **AGE (MONTHS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]**  |
| 1 |  |
| 2 |  |
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| 22 |  |
| 23 |  |
| 24 |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].

------

##### [**Table of Contents**](#toc)
**120+ Day Delinquency Rates<sup>(1)</sup>** 

---

| | |
|:---|:---|
| **90+ Days Past Due** | **Prior Securitized Receivables Pool** |
| **AGE (MONTHS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]**  |
| 1 |  |
| 2 |  |
| 3 |  |
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| 21 |  |
| 22 |  |
| 23 |  |
| 24 |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].

------

##### [**Table of Contents**](#toc)
**Prepayment Speed Information** 

**Prepayment Speeds (ABS)<sup>(1)(2)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Age (Months)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]<sup>(3)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(4)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(5)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(6)</sup>**  |
|  Weighted Average Original Term<sup>(7)</sup> |  |  |  |  |
|  Weighted Average Original FICO<sup>(7)</sup> |  |  |  |  |
|  Weighted Average LTV<sup>(7)</sup> |  |  |  |  |
|  Used% |  |  |  |  |
|  Aggregate Principal Balance as of the cut-off date |  |  |  |  |
| 1 |  |  |  |  |
| 2 |  |  |  |  |
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| 24 |  |  |  |  |

---

------

<sup>(1)</sup> The ABS speed is a measurement of the non-scheduled amortization of the pool of receivables and can be converted into the SMM (the monthly single month mortality rate) by dividing (a) the ABS by (b) (i) one less (ii) the product of the ABS and the age of each pool, in months, minus one. The non-scheduled reduction in balance of the pool of receivables is derived by taking the product of (a) the SMM and (b) the beginning of the month receivables pool balance less any scheduled payments. The scheduled principal is calculated assuming the receivables pool is a single distinct loan. The ABS speeds have been computed such that when applied to each distinct pool, the sum of the resulting period ending balances is equivalent to the actual aggregate receivables pool balance at the end of the respective period. The age of each pool is assumed to be the weighted average age of the pool as of the cut-off date plus the number of months since the cut-off date to the relevant month. 

<sup>(2)</sup> As of the collection period ending [●].

<sup>(3)</sup> Cut-off date of [●].

<sup>(4)</sup> Cut-off date of [●].

<sup>(5)</sup> Cut-off date of [●].

<sup>(6)</sup> Cut-off date of [●].

<sup>(7)</sup> Weighted by aggregate principal balance as of the applicable cut-off date.

------

##### [**Table of Contents**](#toc)
**Cumulative Loss Experience** 

**Cumulative Net Charge-Off<sup>(1)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Age (Months)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]<sup>(2)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(3)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(4)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(5)</sup>**  |
|  Weighted Average Original Term<sup>(6)</sup> |  |  |  |  |
|  Weighted Average Original FICO<sup>(6)</sup> |  |  |  |  |
|  Weighted Average LTV<sup>(6)</sup> |  |  |  |  |
|  Used% |  |  |  |  |
|  Aggregate Principal Balance as of the cut-off date |  |  |  |  |
| 1 |  |  |  |  |
| 2 |  |  |  |  |
| 3 |  |  |  |  |
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| 24 |  |  |  |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].

<sup>(2)</sup> Cut-off date of[●].

<sup>(3)</sup> Cut-off date of[●].

<sup>(4)</sup> Cut-off date of[●].

<sup>(5)</sup> Cut-off date of[●].

<sup>(6)</sup> Weighted by aggregate principal balance as of the applicable cut-off date.

------

##### [**Table of Contents**](#toc)
**Fifth Third Bank-Indirect Auto Pool Factor<sup>(1)</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Age (Months)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**]<sup>(2)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(3)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(4)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FTAT [**●**] <sup>(5)</sup>**  |
|  Weighted Average Original Term<sup>(6)</sup> |  |  |  |  |
|  Weighted Average Original FICO<sup>(6)</sup> |  |  |  |  |
|  Weighted Average LTV<sup>(6)</sup> |  |  |  |  |
|  Used% |  |  |  |  |
|  Aggregate Principal Balance as of the cut-off date |  |  |  |  |
| 1 |  |  |  |  |
| 2 |  |  |  |  |
| 3 |  |  |  |  |
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| 24 |  |  |  |  |

---

------

<sup>(1)</sup> As of the collection period ending [●].<sup></sup>

<sup>(2)</sup> Cut-off date of [●].

<sup>(3)</sup> Cut-off date of [●].

<sup>(4)</sup> Cut-off date of [●].

<sup>(5)</sup> Cut-off date of [●].

<sup>(6)</sup> Weighted by aggregate principal balance as of the applicable cut-off date.

------

##### [**Table of Contents**](#toc)
**<u>Prepayment Speed Information</u>**

The graph below shows prepayment speed information for the below listed Fifth Third Bank retail installment sale contract securitizations.

[Graph to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Cumulative Net Losses</u>**

The graphs below shows cumulative net loss information for the below listed Fifth Third Bank retail installment sale contract securitizations.

[Graphs to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Monthly Total 60+ Day Delinquency Percentage</u>**

The graphs below shows monthly total 60+ day delinquency information for the below listed Fifth Third Bank retail installment sale contract securitizations.

[Graphs to be inserted]

------

##### [**Table of Contents**](#toc)
**<u>Pool Factors</u>**

The graphs below shows pool factor information for the below listed Fifth Third Bank retail installment sale contract securitizations.

[Graphs to be inserted]

------

##### [**Table of Contents**](#toc)

------

No dealer, salesperson or other person has been authorized to give any information or to make any representations not contained in this prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by the depositor, the servicer or the underwriters. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, the notes offered hereby to anyone in any jurisdiction in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make any such offer or solicitation. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create an implication that information herein or therein is correct as of any time since the date of this prospectus.

(FIFTH THIRD LOGO)

**Fifth Third Auto Trust 20[**●**]-[**●**]** 

*Issuing Entity* 

---

| | | |
|:---|:---|:---|
|  Class A-1 Notes | $[ | ●] |
| Class A-2[-A] Notes<br> [Class A-2-B Notes | $[ | ●]] |
|  Class A-3 Notes | $[ | ●] |
|  Class A-4 Notes | $[ | ●] |
|  Class B Notes | $[ | ●] |

---

**Fifth Third Holdings Funding, LLC** 

*Depositor* 

**Fifth Third Bank** 

*Sponsor and Servicer* 

------

**PROSPECTUS** 

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**UNDERWRITERS** 

---

| | | | |
|:---|:---|:---|:---|
|  **[**●**]** | **[**●**]** | **[**●**]** | [●] |

---

Until [●], 20[●], all dealers effecting transactions in the notes, whether or not participating in this distribution, may be required to deliver a prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 12.** **Other Expenses of Issuance and Distribution.** <br>

The following is an itemized list of the estimated expenses to be incurred in connection with the offering of the securities being offered hereunder other than underwriting discounts and commissions.

---

| | |
|:---|:---|
|  Registration Fee | $330600.00 |
|  Accountant Fees and Expenses | $250000.00 |
|  Legal Fees and Expenses | $1000000.00 |
|  Printing and Engraving Costs | $260000.00 |
|  Blue Sky Fees and Expenses | $0.00 |
|  Trustee Fees and Expenses | $75000 |
|  Rating Agency Fees | $2300000.00 |
|  Miscellaneous Expenses | $500000.00 |
|  **Total** | $**4715600.00** |

---

**Item 13.** **Indemnification of Directors and Officers.** <br>

**Fifth Third Holdings Funding, LLC** 

Fifth Third Holdings Funding, LLC is a Delaware limited liability company. Section 18-108 of the Limited Liability Company Act of Delaware empowers a limited liability company, subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, to indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever. The Limited Liability Company Agreement, as amended (the "LLC Agreement"), of Fifth Third Holdings Funding, LLC (the "Depositor") provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To the fullest extent permitted by law, neither the member nor the special members nor any officer, director,
employee or agent of the Depositor nor any employee, representative, agent or affiliate of the member or the special members (collectively, the "Covered Persons") shall be liable to the Depositor or any other person who has an interest in
or claim against the Depositor for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Depositor and in a manner reasonably believed to be within the scope of
the authority conferred on such Covered Person by the LLC Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) To the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from
the Depositor for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Depositor and in a manner reasonably believed to be within the
scope of the authority conferred on such Covered Person by the LLC Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered
Person's gross negligence or willful misconduct with respect to such acts or omissions; *provided, however*, that any indemnity under the LLC Agreement by the Depositor shall be provided out of and to the extent of Depositor assets
only, and the member and the special member shall not have personal liability on account thereof; and *provided further*, that so long as any obligation is outstanding, no indemnity payment from funds of the Depositor (as distinct from
funds from other sources, such as insurance) of any indemnity under the LLC Agreement shall be payable from amounts allocable to any other person pursuant to the transaction documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person
defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Depositor prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Depositor of an undertaking by or on
behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in the LLC

------

##### [**Table of Contents**](#toc)
Agreement; *provided, however*, that any indemnity under the LLC Agreement by the Depositor shall be provided out of and to the extent of Depositor assets only, and the member and the special member shall not have personal liability on account thereof; and *provided further*, that so long as any obligation is outstanding, no indemnity payment from funds of the Depositor (as distinct from funds from other sources, such as insurance) of any indemnity under the LLC Agreement shall be payable from amounts allocable to any other person pursuant to the transaction documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A Covered Person shall be fully protected in relying in good faith upon the records of the Depositor and upon
such information, opinions, reports or statements presented to the Depositor by any person as to matters the Covered Person reasonably believes are within such other person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Depositor, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which
distributions to the member might properly be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and
liabilities relating thereto to the Depositor or to any other Covered Person, a Covered Person acting under the LLC Agreement shall not be liable to the Depositor or to any other Covered Person for its good faith reliance on the provisions of the
LLC Agreement or any approval or authorization granted by the Depositor or any other Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Insofar as indemnification by the registrant for liabilities arising under the Securities Act may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.

**Underwriters** 

Each underwriting agreement will generally provide that the underwriters will indemnify the registrant and its directors, officers and controlling parties against specified liabilities, including liabilities under the Securities Act of 1933 relating to certain information provided or actions taken by the underwriters. The registrant has been advised that in the opinion of the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 14.** **Exhibits.** <br>

**EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Form of Underwriting Agreement between Fifth Third Holdings Funding, LLC ("Fifth Third Funding"), Fifth Third Bank ("Fifth Third") and \[●\]](d336412dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [Certificate of Formation of Fifth Third Funding\*](http://www.sec.gov/Archives/edgar/data/1405332/000119312522259557/d336412dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Limited Liability Company Agreement of Fifth Third Funding\*](http://www.sec.gov/Archives/edgar/data/1405332/000119312522259557/d336412dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Indenture between Fifth Third Auto Trust 20\[●\]-\[●\] (the "Issuer") and \[●\], as Indenture Trustee (the "Indenture Trustee") (including forms of Notes)](d336412dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | [Opinion of Mayer Brown LLP with respect to legality](d336412dex51.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | [Opinion of Mayer Brown LLP with respect to United States federal income tax matters](d336412dex81.htm) |
| 10.1 | [Form of Sale Agreement between Fifth Third Funding and the Issuer](d336412dex101.htm) |
| 10.2 | [Form of Servicing Agreement among Fifth Third Funding, Fifth Third, the Indenture Trustee and the Issuer](d336412dex102.htm) |
| 10.3 | [Form of Purchase Agreement between Fifth Third Holdings, LLC ("Holdings") and Fifth Third Funding](d336412dex103.htm) |
| 10.4 | [Form of Interest Rate Swap Agreement between the Issuer and \[●\], as Swap Counterparty\*](http://www.sec.gov/Archives/edgar/data/1405332/000119312519257097/d802585dex104.htm) |
| 10.5 | [Form of Administration Agreement between the Issuer and Fifth Third Bank](d336412dex105.htm) |
| 10.6 | [Form of Receivables Sale Agreement between Fifth Third Bank and Holdings](d336412dex106.htm) |

---

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| 10.7 | [Form of Amended and Restated Trust Agreement between Fifth Third Funding and \[•\], as Owner Trustee](d336412dex107.htm) |
| 10.8 | [Form of Asset Representations Review Agreement among the Issuer, Fifth Third Bank, and \[•\], as Asset Representations Reviewer](d336412dex108.htm) |
| 23.1 | Consent of Mayer Brown LLP (included in [Exhibits 5.1](d336412dex51.htm) and [8.1](d336412dex81.htm)) |
| 24.1 | [Powers of Attorney\*](http://www.sec.gov/Archives/edgar/data/1405332/000119312522259557/d336412dsf3.htm#sig) |
| 24.2 | [Certified Copy of Resolutions authorizing Powers of Attorney](d336412dex242.htm) |
| 25.1 | Statement of Eligibility and Qualification of the Indenture Trustee on Form T-1\*\* |
| 36.1 | [Form of Depositor Certification for Shelf Offerings of Asset-Backed Securities](d336412dex361.htm) |
| 107.1 | [Calculation of Filing Fee Tables\*](http://www.sec.gov/Archives/edgar/data/1405332/000119312522259557/d336412dexfilingfees.htm) |

---

------

\* Previously filed.

\*\* To be filed pursuant to Section 305(b)(2) of the Trust Indenture of Act 1939.

**Item 15.** **Undertakings.** <br>

The undersigned registrant hereby undertakes:

(a) *As to Rule 415*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made of the securities registered hereby, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;

*Provided, however*, that the undertakings set forth in clauses (i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those clauses is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.

*Provided further, however*, that clauses (i) and (ii) above do not apply if the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB (§ 229.1100(c)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining any liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the registrant is relying on Rule 430D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the undersigned registrant pursuant to Rule 424(b)(3) and (h) shall be deemed to be part of this registration statement as of the date the filed prospectus was deemed part of and included in this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430D relating to an offering made pursuant to Rule 415(a)(1)(vii) or (a)(1)(xii) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430D, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) If the registrant is relying on Rule 430D, with respect to any offering of securities registered on Form SF-3, to file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with Rule 424(h) and Rule 430D.

(b) *As to Documents Subsequently Filed that are Incorporated by Reference*:

For purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) *As to Indemnification*:

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions described under Item 13 above, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(d) *As to Filings in Reliance on Rule 430A*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from any form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(e) *As to Qualification of Trust Indentures under the Trust Indenture Act of 1939 for Delayed Offerings*:

To file an application for the purpose of determining the eligibility of the indenture trustee to act under subsection (a) of Section 310 of the Trust Indenture Act, in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Act.

(f) *As to Filings Regarding Asset-Backed Securities Incorporating by Reference Subsequent Exchange Act Documents by Third Parties*:

For purposes of determining any liability under the Securities Act, each filing of the annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3 and has duly caused this Amendment No. 1 to registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cincinnati, State of Ohio, on February 10, 2023.

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| | |
|:---|:---|
| **FIFTH THIRD HOLDINGS FUNDING, LLC,** | **FIFTH THIRD HOLDINGS FUNDING, LLC,** |
| (Registrant) | (Registrant) |
| By: | /s/ Bryan D. Preston |
|  | Name: Bryan D. Preston |
|  | Title: Director and President |

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##### [**Table of Contents**](#toc)
Pursuant to the requirements of the Securities Act of 1933 this Amendment No. 1 to the registration statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| Signature | Title |  |
| \*<br> Bryan D. Preston | Director and President (Principal Executive Officer) | February 10, 2023 |
| /s/ Nathan Steuber<br> Nathan Steuber | [Director, Chief Financial Officer, Secretary and Treasurer (Principal Finance Officer and Principal Accounting Officer)] | February 10, 2023 |
| \*<br> Mary Keller | Financial Manager | February 10, 2023 |
| \*<br> Albert P. Cliffel, III | Director | February 10, 2023 |
| \*<br> Kevin P. Burns | Director | February 10, 2023 |
| \*<br> Bernard J. Angelo | Director | February 10, 2023 |

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\* The undersigned, by signing his name hereto, does hereby sign this Amendment No. 1 to registration statement on behalf of the above indicated officer or director of the Registrant pursuant to the Power of Attorney signed by such officer or director.

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| | |
|:---|:---|
| By: | /s/ Bryan D. Preston |
| Name: | Bryan D. Preston |
| Title: | Director and President |

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## Exhibit 1.1

**EXHIBIT 1.1** 

**FIFTH THIRD AUTO TRUST 20[ ]-[ ]** 

**FIFTH THIRD HOLDINGS FUNDING, LLC** 

**(DEPOSITOR)** 

**$[ ] [ ]% Auto Loan Asset Backed Class A-1 Notes** 

**$[ ] [ ]% Auto Loan Asset Backed Class A-2[-A] Notes** 

**[$[ ] [insert applicable floating rate benchmark] + [ ]% Auto Loan Asset Backed** 

**Class A-2-B Notes]** 

**$[ ] [ ]% Auto Loan Asset Backed Class A-3 Notes** 

**$[ ] [ ]% Auto Loan Asset Backed Class A-4 Notes** 

**[$[ ] [insert applicable floating rate benchmark] + [ ]% Auto Loan Asset Backed** 

**Class A-4-B Notes]** 

**$[ ] [ ]% Auto Loan Asset Backed Class B Notes** 

**FORM OF** 

**<u>UNDERWRITING AGREEMENT</u>**

[ ], 20[ ]

[ ]

as a Representative of the

Several Underwriters

[ ]

[ ]

Ladies and Gentlemen:

SECTION 1. *<u>Introductory</u>*. Fifth Third Holdings Funding, LLC (the "<u>Depositor</u>") proposes to cause Fifth Third Auto Trust 20[ ]-[ ] to issue $[______] aggregate principal amount of [ ]% Auto Loan Asset Backed Class A-1 Notes (the "<u>Class</u> <u>A-1 Notes</u>"), $[ ] aggregate principal amount of [ ]% Auto Loan Asset Backed Class A-2[-A] Notes (the "<u>Class</u> <u>A-2[-A] Notes</u>"), [$[ ] aggregate principal amount of [] + [ ]% Auto Loan Asset Backed Class A-2-B Notes] ([the "<u>Class</u> <u>A-2-B Notes</u>" and, together with the Class A-2-A Notes,] the "<u>Class</u> <u>A-2 Notes</u>"), $[ ] aggregate principal amount of [ ]% Auto Loan Asset Backed Class A-3 Notes (the "<u>Class</u> <u>A-3 Notes</u>"), $[ ] aggregate principal amount of [ ]% Auto Loan Asset Backed Class A-4 Notes (the "<u>Class</u> <u>A-4 Notes</u>", and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "<u>Class</u> <u>A</u> <u>Notes</u>") and $[ ] aggregate principal amount of [ ]% Auto Loan Asset Backed Class B Notes (the "<u>Class</u> <u>B Notes</u>". The Depositor proposes to sell [a portion of] the Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes and Class A-4 Notes, in the amounts set forth on Schedule I to the several underwriters set forth on <u>Schedule I</u> (each, an "<u>Underwriter</u>" and collectively, the "<u>Underwriters</u>"), for whom you are acting as representative (the "<u>Representative</u>"). [The Depositor intends to retain an amount equal to at least 5% of the initial principal amount of each class of Notes, pursuant to the requirements of the final rules contained in Regulation RR, 17 C.F.R. §246.1, *et seq*. (the "<u>Credit Risk Retention Rules</u>"), implementing the credit risk retention requirements of Section 15G of the Exchange Act. The remaining Notes that are sold to the Underwriters are hereinafter referred to as the "<u>[Underwritten] Notes</u>".]

------

The Notes will be issued pursuant to an Indenture, to be dated on or about [ ], [ ] (as amended, supplemented or modified from time to time, the "<u>Indenture</u>"), between Fifth Third Auto Trust 20[ ]-[ ] (the "<u>Issuer</u>") and [ ], as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>"). The Notes will be secured by the assets of the Issuer. The assets of the Issuer include, among other things, motor vehicle retail installment sale contracts and/or installment loans secured by a combination of new and/or used automobiles, light-duty trucks and vans and other motor vehicles (the "<u>Receivables</u>") and certain related rights. The Receivables will be sold to the Issuer by the Depositor and will be serviced for the Issuer by Fifth Third Bank, National Association, a national banking association (the "<u>Bank</u>"), as servicer (in such capacity, the "<u>Servicer</u>"). The Issuer will provide for the review of the Receivables for compliance with the representations and warranties made about them in certain circumstances under an Asset Representations Review Agreement, to be dated on or about [ ], [ ] (the "<u>Asset Representations Review Agreement</u>"), among the Issuer, the Servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (the "<u>Asset Representations Reviewer</u>").

Capitalized terms used but not otherwise defined herein shall have the meanings set forth in <u>Appendix A</u> to the Sale Agreement, to be dated on or about [ ], [ ] (as amended, supplemented or modified from time to time, the "<u>Sale Agreement</u>"), between the Issuer and the Depositor. Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the Underwriters, the Depositor, and the Bank hereby agree that the "<u>Closing Date</u>" shall be [ ], [on or about [ ], [ ], 10:00 a.m.], New York City time (or at such other place and time on the same or other date as shall be agreed to in writing by the Representative and the Depositor).

The Depositor has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the "<u>Securities Act</u>"), a shelf registration statement on Form SF-3 (having the registration number 333-267774), including a form of prospectus, relating to the Notes. The registration statement as amended has been declared effective by the Commission not more than three years prior to the Closing Date or, the Depositor has prepared and filed (before the expiration of such three year period) with the Commission in accordance with the provisions of the Securities Act, a new shelf registration statement on Form SF-3 and such new registration statement includes unsold securities covered by the earlier registration statement, which such unsold securities may continue to be offered and sold until the earlier of the effective date of the new registration statement or 180 days after the third anniversary of the initial effective date of the prior registration statement, as permitted pursuant to paragraph (a)(5) of Rule 415 of the Securities Act. If any post-effective amendment has been filed with respect thereto, prior to the execution and delivery of this Underwriting Agreement (this "<u>Agreement</u>"), the most recent such amendment is effective upon filing with the Commission pursuant to Rule 462 of the Securities Act or has been declared effective by the Commission. Such registration statement, as amended at the time of effectiveness, including all material incorporated by reference therein and including all information (if any) deemed to be

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part of the registration statement at the time of effectiveness pursuant to Rule 430D under the Securities Act, is referred to in this Agreement as the "<u>Registration Statement</u>." The Depositor proposes to file with the Commission pursuant to Rule 424(b) under the Securities Act ("<u>Rule 424(b)"</u>) a final prospectus (the "<u>Final Prospectus</u>") relating to the Notes and the method of distribution thereof. The Final Prospectus, together with all amendments and supplements thereto and all annexes, schedules and exhibits and documents incorporated by reference therein, are hereinafter collectively referred to as the "<u>Prospectus</u>".

Prior to [ ] [a.m.] [p.m.] (Eastern Time) (U.S.) on [ ] (i.e., the date and time the first Contract of Sale (as defined below) for the [Underwritten] Notes (the "<u>Time of Sale</u>") was entered into as designated by the Representative), the Depositor had prepared: (i) the preliminary prospectus, dated [______________], 20[__] (the "Preliminary Prospectus"); (ii) the Free Writing Prospectus, dated [______________], 20[__], relating to the ratings on the Notes (the "Ratings Free Writing Prospectus") [, and iii) the road show presentation, dated [______________], 20[__] (the "<u>Road Show</u>")] (collectively, the "Time of Sale Information"). Any reference in this Agreement to the Registration Statement, the Preliminary Prospectus, and the Prospectus will be deemed to refer to and include any exhibits thereto and any documents incorporated by reference therein, as of the effective date of the Registration Statement or the date of such Preliminary Prospectus or Prospectus, as the case may be.

If, subsequent to the Time of Sale and prior to the Closing Date, such Time of Sale Information included an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Underwriters terminate their old Contracts of Sale (within the meaning of Rule 159 under the Securities Act) and enter into new Contracts of Sale with investors in the [Underwritten] Notes, then the "<u>Time of Sale Information</u>" will refer to the Preliminary Prospectus or Free Writing Prospectus approved by the Depositor and the Representative that corrects such material misstatements or omissions (a "<u>Corrected Prospectus</u>") and "<u>Time of Sale</u>" will refer to the time and date on which such new Contracts of Sale were entered into.

Pursuant to this Agreement, and subject to the terms hereof, the Depositor agrees to sell to each Underwriter, the respective principal amount of each class of [Underwritten] Notes set forth opposite the name of such Underwriter on <u>Schedule I</u>.

SECTION 2. *<u>Representations and Warranties</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Depositor and the Bank severally represents and warrants to the Underwriters, as of the date hereof (unless specified otherwise) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) The Depositor has prepared and filed the Registration Statement with the Commission in accordance with the provisions of the Securities Act, including a form of prospectus, relating to the Notes. The Registration Statement has been declared effective by the Commission under the Securities Act and has been filed with the Commission not earlier than three years prior to the Closing Date. The conditions to the use of a registration statement on Form SF-3 under the Securities Act, as set forth in the

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General Instructions to Form SF-3, and the conditions of Rule 415 under the Securities Act, have been satisfied with respect to the Registration Statement. No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) On the most recent effective date of the Registration Statement, the Registration Statement conformed in all material respects with the applicable requirements of the Securities Act, and did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, on the Closing Date, the Registration Statement and, on the date hereof and on the Closing Date, the Prospectus will conform in all material respects with the applicable requirements of the Securities Act, and (x) on the date hereof and on the Closing Date, the Registration Statement did not and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and (y) as of its date and the Closing Date, the Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that the foregoing does not apply to (I) that part of the Registration Statement which constitutes the Statements of Eligibility and Qualification (Form T-1) of the Indenture Trustee or other indenture trustees under the Trust Indenture Act of 1939 (as amended, the "<u>Trust Indenture Act</u>") or (II) Underwriter Information (as defined in <u>Section</u> <u>9(b)</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Preliminary Prospectus, as of its date, and the Time of Sale Information at the Time of Sale, did not, and the Time of Sale Information at the Closing Date, will not, include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (it being understood that no representation or warranty is made with respect to the omission of pricing and price-dependent information, which information shall of necessity appear only in the Prospectus); *provided*, *however*, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information contained in or omitted from the Time of Sale Information based upon Underwriter Information (as defined in <u>Section</u> <u>9(b)</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Other than the Time of Sale Information and the Prospectus, the Issuer (including its agents and representatives other than the Underwriters in their capacity as such) has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any "written communication," including any "free writing prospectus" (both as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of any offer to buy the [Underwritten] Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The documents incorporated by reference in the Registration Statement, the Preliminary Prospectus, the Prospectus or any amendment or supplement thereto (other than documents filed by Persons other than the Depositor), when they became or become effective under the Securities Act or were or are filed with the Commission under the Exchange Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As of the Closing Date and as of the date hereof, each of the Issuer's representations and warranties in the Transaction Documents will be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The [Underwritten] Notes, when validly issued pursuant to the Indenture and sold to the Underwriters pursuant to this Underwriting Agreement, will conform in all material respects to the descriptions thereof contained in the Time of Sale Information and the Prospectus and will constitute the legal, valid and binding obligation of the Issuer and will be validly issued and entitled to the benefits and security afforded by the Indenture. As of the Closing Date, the Issuer's pledge of the Receivables to the Indenture Trustee pursuant to the Indenture will vest in the Indenture Trustee, for the benefit of the Noteholders, a perfected security interest therein, subject to no prior lien, mortgage security interest, pledge, adverse claim, charge or other encumbrance, except as may be permitted by the terms of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture has been duly qualified under the Trust Indenture Act. The Trust Agreement is not required to be qualified under the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) It acknowledges that in connection with the offering of the [Underwritten] Notes: (A) the Underwriters have acted at arms' length, are not agents of, and owe no fiduciary duties to, the Depositor or any other person, (B) the Underwriters owe the Depositor only those duties and obligations set forth in this Agreement, and (C) the Underwriters may have interests that differ from those of the Depositor or the Bank. It waives to the fullest extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offer of the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) As of the Closing Date, there are no contracts or documents that are required to be filed as exhibits to the Registration Statement that have not been so filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Depositor was not, on the date on which the first bona fide offer of the [Underwritten] Notes sold pursuant to this Agreement was made, an "ineligible issuer" as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Preliminary Prospectus and, to the extent required by Rule 433 under the Securities Act, the Ratings Free Writing Prospectus have each been filed with the Commission in accordance with Section 5 of the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Issuer is relying on an exclusion or exemption from the definition of "investment company" under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>") contained in Section 3(c)(5) of the Investment Company Act, although there may be additional exclusions or exemptions available to the Issuer. The Issuer is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013 implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Bank has complied and has caused the Depositor to comply with Rule 15Ga-2 of the Exchange Act with respect to any report produced for third-party due diligence services (as defined in Rule 17g-10(d)(1) of the Exchange Act) (a "<u>Third-Party Diligence Report"</u>) performed on behalf of the Bank or the Depositor, other than any breach arising from a breach by any Underwriter of the representations, warranties and covenants set forth in Section 4(i) hereof. The Bank or the Depositor has furnished to the Commission any Form ABS-15G with respect to Rule 15Ga-2 and the transactions contemplated by this Agreement whether prepared or furnished by the Bank or the Depositor (including any revision or amendment thereof or any supplement thereto, each a "<u>Form ABS-15G</u>") required in connection with a Third-Party Diligence Report within the time period required by Rule 15Ga-2. Neither the Bank nor the Depositor has requested (or caused any person to request) any Third-Party Diligence Report other than the Third-Party Diligence Report provided by a nationally recognized independent accounting firm acceptable to the Representative (the "<u>Accounting Firm</u>") entitled "Independent Accountants' Report on Applying Agreed-Upon Procedures", dated [______________], 20[__] and, it has made available a final draft of the Form ABS-15G to counsel for the Initial Purchasers and to the Representative within a reasonable period prior to furnishing such Form ABS-15G on the Commission's Electronic Data Gathering, Analysis and Retrieval ("<u>EDGAR</u>") website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Bank has complied, and as of the Closing Date will comply, and is the appropriate entity to comply, with all requirements imposed on the "sponsor of a securitization transaction" in accordance with the Credit Risk Retention Rules. The Bank or (to the extent permitted by the Credit Risk Retention Rules) one of its "majority-owned affiliates" (as defined in the Credit Risk Retention Rules, a "<u>Majority-Owned Affiliate</u>") will hold the "eligible vertical interest" (the "<u>Retained Interest</u>") (as defined in the Credit Risk Retention Rules) in the manner described in the Preliminary Prospectus under the heading "Credit Risk Retention."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor represents and warrants to the Underwriters, as of the date hereof (unless specified otherwise) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the Closing Date and as of the date hereof, each of the Depositor's representations and warranties in the Transaction Documents will be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution, delivery and performance by the Depositor of this Underwriting Agreement, and each Transaction Document to which it is a party, and the issuance and sale of the [Underwritten] Notes, and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary limited liability company action on the part of the Depositor. Neither the execution and delivery by the Depositor of such instruments, nor the performance by the Depositor of the transactions herein or therein contemplated, nor the compliance by the Depositor with the

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provisions hereof or thereof, will (A) conflict with or result in a breach of any of the terms and provisions of, or constitute a default under, any of the provisions of the limited liability company agreement or the certificate of formation of the Depositor, (B) result in a material conflict with any of the provisions of any judgment, decree or order binding on the Depositor or its properties, (C) conflict with any of the provisions of any material indenture, mortgage, agreement, contract or other instrument to which the Depositor is a party or by which it is bound, (D) conflict with, contravene or constitute a violation of any law, statute, ordinance, rule or regulation to which it is subject, or (E) result in the creation or imposition of any lien, charge or encumbrance upon any of the Depositor's property pursuant to the terms of any such indenture, mortgage, contract or other instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Depositor has duly executed and delivered this Underwriting Agreement and, as of the Closing Date, will have duly executed and delivered each Transaction Document to which it is a party. When executed and delivered by the parties thereto, each of this Underwriting Agreement and each Transaction Document to which the Depositor is a party will constitute the legal, valid and binding obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except to the extent that the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws now or hereafter in effect relating to creditors' rights in general and to general principles of equity. All approvals, authorizations, consents, filings, orders or other actions of any person, corporation or other organization, or of any court, governmental agency or body or official (except with respect to the securities laws of any foreign jurisdiction or the state securities or Blue Sky laws of various jurisdictions), required in connection with the valid and proper authorization, issuance and sale of the [Underwritten] Notes pursuant to this Underwriting Agreement and the Indenture and with the execution, delivery and performance of the Transaction Documents have been or will be taken or obtained on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Depositor nor anyone acting on its behalf has taken any action that would require registration of the Depositor or the Issuer under the Investment Company Act; nor will the Depositor act, nor has it authorized nor will it authorize any person to act, in such manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Depositor, threatened against the Depositor or the Bank before or by any court, governmental authority, arbitrator or other tribunal that (A) assert the invalidity or unenforceability of this Underwriting Agreement or any of the other Transaction Documents, (B) seek to prevent the issuance or sale of the Notes or the consummation of any of the transactions contemplated by this Underwriting Agreement or any of the other Transaction Documents, (C) seek any determination or ruling that would materially and adversely affect the performance by the Depositor or the Bank of its obligations under this Underwriting Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, (D) relate to the Depositor or the Bank that would materially and adversely affect the federal or applicable state income, excise, franchise or similar tax attributes of the Notes or (E) could reasonably have a material adverse effect on the Noteholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Since [ ], there has not occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting the condition, financial or otherwise, earnings, business or operations of the Depositor and its subsidiaries, taken as a whole, except as disclosed to you in writing prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Depositor has complied with Rule 193 of the Securities Act in connection with the offering of the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Depositor is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Depositor has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Depositor to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank represents and warrants to the Underwriters, as of the date hereof (unless specified otherwise) and as of the Closing Date, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the Closing Date and as of the date hereof, each of the Bank's representations and warranties in the Transaction Documents (other than the representations and warranties concerning the characteristics of the Receivables which representations and warranties will be true and correct in all material respects as of the date set forth in the applicable Transaction Document) will be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution, delivery and performance by the Bank of this Underwriting Agreement, and each Transaction Document to which it is a party, and the issuance and sale of the [Underwritten] Notes, and the consummation of the transactions contemplated hereby and thereby, have been duly authorized by all necessary corporate action on the part of the Bank. Neither the execution and delivery by the Bank of such instruments, nor the performance by the Bank of the transactions herein or therein contemplated, nor the compliance by the Bank with the provisions hereof or thereof, will (A) conflict with or result in a breach of any of the terms and provisions of, or constitute a default under, any of the provisions of the articles of incorporation or the code of regulations of the Bank, (B) result in a material conflict with any of the provisions of any judgment, decree or order binding on the Bank or its properties, (C) conflict with any of the provisions of any material indenture, mortgage, agreement, contract or other instrument to which the Bank is a party or by which it is bound, (D) conflict with, contravene or constitute a violation of any law, statute, ordinance, rule or regulation to which it is subject, or (E) result in the creation or imposition of any lien, charge or encumbrance upon any of the Bank's property pursuant to the terms of any such indenture, mortgage, contract or other instrument.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Bank has duly executed and delivered this Underwriting Agreement and, as of the Closing Date, will have duly executed and delivered each Transaction Document to which it is a party. When executed and delivered by the parties thereto, each of this Underwriting Agreement and each Transaction Document to which the Bank is a party will constitute the legal, valid and binding obligation of the Bank, enforceable against the Bank in accordance with its terms, except to the extent that the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws now or hereafter in effect relating to creditors' rights in general and to general principles of equity. All approvals, authorizations, consents, filings, orders or other actions of any person, corporation or other organization, or of any court, governmental agency or body or official (except with respect to the securities laws of any foreign jurisdiction or the state securities or Blue Sky laws of various jurisdictions), required in connection with the valid and proper authorization, issuance and sale of the [Underwritten] Notes pursuant to this Underwriting Agreement and the Indenture and with the execution, delivery and performance of the Transaction Documents have been or will be taken or obtained on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither the Bank nor anyone acting on its behalf has taken any action that would require registration of the Depositor or the Issuer under the Investment Company Act; nor will the Bank act, nor has it authorized nor will it authorize any person to act, in such manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Bank, threatened against the Depositor or the Bank before or by any court, governmental authority, arbitrator or other tribunal that (A) assert the invalidity or unenforceability of this Underwriting Agreement or any of the Transaction Documents, (B) seek to prevent the issuance or sale of the [Underwritten] Notes or the consummation of any of the transactions contemplated by this Underwriting Agreement or any of the Transaction Documents, (C) seek any determination or ruling that would materially and adversely affect the performance by the Depositor or the Bank of its obligations under this Underwriting Agreement or any of the Transaction Documents or the collectibility or enforceability of the Receivables, (D) relate to the Depositor or the Bank that would materially and adversely affect the federal or applicable state income, excise, franchise or similar tax attributes of the [Underwritten] Notes, or (E) could reasonably have a material adverse effect on the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Since [ ], there has not occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting the condition, financial or otherwise, earnings, business or operations of the Bank and its subsidiaries, taken as a whole, except as disclosed to you in writing prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Bank has executed and delivered a written representation to each Rating Agency that it will take the actions specified in paragraphs (a)(3)(iii)(A) through (E) of Rule 17g-5 of the Exchange Act ("Rule 17g-5"), and it has complied with each such representation, other than any breach of such representation that would not have a material adverse effect on the Noteholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Bank is a banking corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Bank has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Bank Transferred Assets.

SECTION 3. *<u>Purchase, Sale and Delivery of Notes</u>*. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Depositor agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase the respective principal amount of each class of Notes set forth opposite the name of such Underwriter on <u>Schedule</u> <u>I</u> at a purchase price equal to the following percentages of the aggregate principal amounts thereof: (a) in the case of the Class A-1 Notes, [ ]%, (b) in the case of the Class A-2[-A] Notes, [ ]%, [(c) in the case of the Class A-2-B Notes, [ ]%,] (d) in the case of the Class A-3 Notes, [ ]%, (e) in the case of the Class A-4 Notes [ ]% and (f) in the case of the Class B Notes, [ ]%. Delivery of and payment for the [Underwritten] Notes shall be made at the Chicago offices of Mayer Brown LLP, at [10:00] a.m. (New York City time) on the Closing Date. Delivery of one or more global notes representing the [Underwritten] Notes shall be made against payment of the aggregate purchase price in immediately available funds drawn to the order of the Depositor. The global notes to be so delivered shall be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("<u>DTC</u>"). The interests of beneficial owners of the [Underwritten] Notes will be represented by book entries on the records of DTC and participating members thereof. Definitive Notes representing the [Underwritten] Notes will be available only under limited circumstances.

SECTION 4. *<u>Offering by Underwriters</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the satisfaction of the conditions in <u>Section</u> <u>6</u> hereof, each Underwriter shall purchase the [Underwritten] Notes for resale upon the terms and conditions set forth in the Prospectus. If the Prospectus specifies an initial public offering price or a method by which the price at which such [Underwritten] Notes are to be sold, then after the [Underwritten] Notes are released for sale to the public, the Underwriters may vary from time to time the public offering price, selling concessions and reallowances to dealers that are members of the Financial Industry Regulatory Authority, Inc., and other terms of sale hereunder and under such selling arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, each Underwriter agrees that it has not and will not offer or sell any [Underwritten] Notes within the United States, its territories or possessions or to persons who are citizens thereof or residents therein, except in transactions that are not prohibited by any applicable securities, bank regulatory or other applicable law that applies to such Underwriter or to an offer of the [Underwritten] Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, each Underwriter agrees that it has not and will not violate any applicable securities laws in its offer or sale of any [Underwritten] Notes within any other country, its territories or possessions or to persons who are citizens thereof or residents therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the "<u>FSMA</u>")) received by it in connection with the issue or sale of any [Underwritten] Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Depositor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any [Underwritten] Notes in, from or otherwise involving the United Kingdom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Underwritten] Notes to any EU retail investor in the European Economic Area. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the expression "EU retail investor" means a person who is one (or more) of the following: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended "<u>MiFID II</u>"), (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a qualified investor as defined in Directive 2017/1129 (as amended, the "Prospectus Regulation"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [Underwritten] Notes to be offered so as to enable an investor to decide to purchase or subscribe to the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) It has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any [Underwritten] Notes to any UK retail investor in the United Kingdom. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the expression "UK retail investor" means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of the domestic law of the United Kingdom by virtue of the European Unition (Withdrawal) Act 2019 ("<u>EUWA</u>"), (ii) a customer within the meaning of provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of the domestic law of the United Kingdom by virtue of the EUWA or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the EUWA (as amended, the "<u>UK Prospectus Regulation</u>"); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the [Underwritten] Notes to be offered so as to enable an investor to decide to purchase or subscribe to the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Underwriter agrees that (i) if the Prospectus is not delivered with the confirmation in reliance on Rule 172 under the Securities Act, it will include in every confirmation sent out by such Underwriter the notice required by Rule 173 under the Securities Act informing the investor that the sale was made pursuant to the Registration Statement and that the investor may request a copy of the Prospectus from such Underwriter; (ii) if a paper copy of the Prospectus is requested by a person who receives a confirmation, such Underwriter shall deliver a printed or paper copy of such Prospectus; and (iii) if an electronic copy of the Prospectus is delivered by an Underwriter for any purpose, such copy shall be the same electronic file containing the Prospectus in the identical form transmitted electronically to such Underwriter by or on behalf of the Depositor specifically for use by such Underwriter pursuant to this <u>Section</u> <u>4(e)</u>; for example, if the Prospectus is delivered to an Underwriter by or on behalf of the Depositor in a single electronic file in ..pdf format, then such Underwriter will deliver the electronic copy of the Prospectus in the same single electronic file in .pdf format. Each Underwriter further agrees that if it delivers to an investor the Prospectus in .pdf format, upon such Underwriter's receipt of a request from the investor within the period for which delivery of the Prospectus is required, such Underwriter will promptly deliver or cause to be delivered to the investor, without charge to the investor, a paper copy of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the Closing Date, the Representative shall notify the Bank and the Depositor of (i) the date on which each of the Preliminary Prospectus and the Ratings Free Writing Prospectus is first used and (ii) the Time of Sale to which such Time of Sale Information relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Underwriter represents and agrees (i) that it did not enter into any Contract of Sale for any [Underwritten] Notes prior to the Time of Sale and (ii) that it will, at any time that such Underwriter is acting as an "underwriter" (as defined in Section 2(a)(11) of the Securities Act) with respect to the [Underwritten] Notes, deliver to each investor to whom [Underwritten] Notes are sold by it during the period prior to the filing of the Prospectus (as notified to the Underwriters by the Depositor), prior to the applicable time of any such Contract of Sale with respect to such investor, the Preliminary Prospectus and the Ratings Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Depositor, the Bank or an Underwriter determines or becomes aware that any "written communication" (as defined in Rule 405 under the Securities Act) (including without limitation the Preliminary Prospectus or the Ratings Free Writing Prospectus) or oral statement (when considered in conjunction with all information conveyed at the time of the "contract of sale" within the meaning of Rule 159 under the Securities Act and all Commission guidance relating to such rule (the "<u>Contract of Sale</u>")) made or prepared by the Depositor or

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such Underwriter contains an untrue statement of material fact or omits to state a material fact necessary to make the statements, in light of the circumstances under which they were made, not misleading at the time that a Contract of Sale was entered into, either the Depositor or such Underwriter may prepare corrective information, with notice to the other party and, if applicable, the other Underwriters, and such Underwriter shall deliver such information in a manner reasonably acceptable to both parties, to any person with whom a Contract of Sale was entered into based on such written communication or oral statement, and such information shall provide any such person with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adequate disclosure of the contractual arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate disclosure of the person's rights under the existing Contract of Sale at the time termination is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) adequate disclosure of the new information that is necessary to correct the misstatements or omissions in the information given at the time of the original Contract of Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a meaningful ability to elect to terminate or not terminate the prior Contract of Sale and to elect to enter into or not enter into a new Contract of Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Underwriter, severally and not jointly, represents, warrants and agrees that it has not obtained any Third-Party Diligence Report (it being understood that the Third-Party Diligence Report of the Accounting Firm specified in Section 2(a)(xi), has been obtained by the Bank or the Depositor).

SECTION 5. *<u>Covenants of the Depositor</u>*. The Depositor (and, with respect to <u>subsections</u> <u>(i)</u>, <u>(j)</u>, <u>(k)</u>, <u>(l)</u> and <u>(m)</u> below, the Bank) covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If not already effective, the Depositor will use its best efforts to cause the Registration Statement, and any amendment thereto, to become effective. If the Registration Statement has become or becomes effective pursuant to Rule 430D, or filing of the Prospectus is otherwise required under Rule 424(b), the Depositor will file the Prospectus, properly completed, and any supplement thereto, with the Commission pursuant to and in accordance with the applicable rules and regulations of the Commission within the time period prescribed. The Depositor will file with the Commission any Free Writing Prospectus delivered to investors in accordance with Section 11 hereof as the Depositor is required to file under the Securities Act, and will do so within the applicable period of time required under the Securities Act and the rules and regulations thereunder. The Depositor will advise you promptly of any such filing pursuant to Rule 424(b), or deemed effective pursuant to Rule 462.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor will advise you promptly of: (i) any proposal to amend or supplement the Registration Statement as filed, or the Preliminary Prospectus, Ratings Free Writing Prospectus or the Prospectus, and will not effect such amendment or supplement without first furnishing to you a copy of each such proposed amendment or supplement and obtaining your consent, which consent will not unreasonably be withheld, (ii) any request by the Commission for any amendment of or supplement to the Registration Statement, the Preliminary

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Prospectus, the Ratings Free Writing Prospectus or the Prospectus or for any additional information, (iii) the effectiveness of the Registration Statement, or of any amendment or supplement thereto or to the Preliminary Prospectus or the Prospectus, and (iv) the issuance by the Commission or, if the Depositor has knowledge thereof, by any authority administering any state securities or blue sky laws of any stop order suspending the effectiveness of the Registration Statement or the institution or threat of any proceeding for that purpose, and the Depositor will use its best efforts to prevent the issuance of any such stop order and to obtain as soon as possible the lifting of any issued stop order; provided, however, that no such advice shall be necessary for Exchange Act reports filed by the Depositor in the ordinary course that contain opinions, the Transaction Documents, monthly distribution reports, annual reports and suspension of duty to report notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, during the period in which the Prospectus is required by federal securities law or regulation to be delivered in connection with sales by any Underwriter or dealer, any event occurs as a result of which the Prospectus or the Registration Statement, as then amended or supplemented, would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any time to amend or supplement the Prospectus or the Registration Statement, as applicable, to comply with the Securities Act, the Depositor (in compliance with <u>subsections (a)</u> and <u>(b</u>) above) shall promptly notify the Representative of such untrue statement or omission and the Depositor shall promptly prepare and file, or cause to be prepared and filed, with the Commission an amendment or supplement that will correct such statement or omission or effect such compliance. Any such filing shall not operate as a waiver or limitation of any rights of the Underwriters hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Depositor will make (or will cause the Issuer to make) generally available to the Noteholders (the sole Noteholders being the applicable clearing agency in the case of Book-Entry Notes (as defined in <u>Appendix A</u> to the Servicing Agreement)), in each case as soon as practicable, a statement which will satisfy the provisions of Section 11 (a) of the Securities Act (including Rule 158 under the Securities Act) with respect to the [Underwritten] Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Depositor will deliver to the Underwriters, without charge, copies of the Preliminary Prospectus, the Ratings Free Writing Prospectus, the Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities and to such recipients as any Underwriter shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Depositor will arrange to qualify the [Underwritten] Notes for offer and sale under the securities or blue sky laws of such jurisdictions as you reasonably shall request, and will maintain all such qualifications for so long as required for the distribution of the [Underwritten] Notes and, thereafter, to the extent required by such jurisdictions; *provided*, that in connection therewith the Depositor and the Bank shall not be required to qualify to do business in any jurisdiction where it is not now so qualified or to take any action which would subject it to general or unlimited service of process in any jurisdiction where it is not now so subject.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From the date hereof until the retirement of the [Underwritten] Notes, or until none of the Underwriters maintains a secondary market in the [Underwritten] Notes, whichever occurs first, the Depositor will deliver to each of the Underwriters, through the Representative, upon request, the annual statement of compliance and any annual independent certified public accountants' report furnished to the Indenture Trustee pursuant to the Servicing Agreement, promptly after such statements and reports are furnished to the Indenture Trustee; provided, that the Depositor shall not be obligated to deliver any such annual statement of compliance or report to the Underwriters, if such document is timely filed with the Commission under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) So long as any of the [Underwritten] Notes are outstanding or until none of the Underwriters maintains a secondary market in the [Underwritten] Notes, whichever occurs first, the Depositor will deliver to each of the Underwriters, through the Representative all documents distributed to Noteholders, as the Underwriters reasonably may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On or before the Closing Date, the Bank shall cause its computer records relating to the Receivables to be marked to show the Issuer's ownership of the Receivables, and from and after the Closing Date neither the Depositor nor the Bank shall take any action inconsistent with the Issuer's ownership of the Receivables other than as permitted by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the extent, if any, that any of the ratings assigned to the [Underwritten] Notes by any of the rating agencies that initially rate the [Underwritten] Notes are conditional upon the furnishing of documents or the taking of any other actions by the Depositor or the Bank, as the case may be, the relevant party shall furnish, or cause to be furnished, such documents and take any such other actions as promptly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) From the date hereof until the Closing Date, none of the Depositor, the Bank or any trust, including the Issuer, originated, directly or indirectly, by the Depositor or the Bank will offer to sell or sell anywhere any securities similar to the Notes that are collateralized by (directly or indirectly), or evidence an ownership interest in, motor vehicle installment loans or retail installment sale contracts without the prior written consent of each of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Bank shall comply with the representation made by it to each Rating Agency pursuant to paragraphs (a)(3)(iii)(A) through (a)(3)(iii)(E) of Rule 17g-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In connection with the Fifth Third Auto Trust 20[ ]-[ ] transaction, the Bank or (to the extent permitted by the Credit Risk Retention Rules) one or more of its "majority-owned affiliates" (as defined in the Credit Risk Retention Rules) will comply with all requirements imposed upon the "sponsor of a securitization transaction" by the Credit Risk Retention Rule for so long as those requirements are applicable, including retaining the Retained Interest in accordance with the Credit Risk Retention Rules, without any impermissible hedging, transfer or financing of the Retained Interest. The Bank is and will be solely responsible for compliance with the disclosure requirements of the Credit Risk Retention Rules, including the contents of all such disclosures, ensuring that the required pre-sale disclosures are contained in the Preliminary Prospectus, and ensuring that any required post-closing disclosures are provided to investors in a timely and an appropriate method that does not require any involvement of the Underwriters.

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SECTION 6. *<u>Payment of Expenses</u>*. Except as otherwise agreed in writing by the Depositor and the Representative, the Depositor will pay all expenses (including legal fees and disbursements) incident to the transactions contemplated by this Agreement, including: (a) the printing and filing of the Registration Statement, the Ratings Free Writing Prospectus, the Preliminary Prospectus and the Prospectus, and each amendment or supplement thereto, and delivery of copies thereof to the Underwriters, (b) the preparation of this Agreement, (c) the preparation, issuance and delivery of the [Underwritten] Notes to the Underwriters (or any appointed clearing organizations), (d) the fees and disbursements of the Bank's and the Depositor's counsel and accountants, (e) the qualification of the [Underwritten] Notes under state securities laws in accordance with <u>Section</u> <u>5(f)</u> hereof, including filing fees and the fees and disbursements of counsel in connection therewith and in connection with the preparation of any blue sky survey (including the printing and delivery thereof to the Underwriters), (f) any fees charged by rating agencies for the rating (or consideration of the rating) of the [Underwritten] Notes, (g) the fees and expenses incurred with respect to any filing with, and review by, the Financial Industry Regulatory Authority, Inc., DTC or any similar organizations, (h) the fees and disbursements of the Indenture Trustee and its counsel, if any, (i) the fees and disbursements of [ ], [ ], acting in its capacity as owner trustee (in such capacity, the "<u>Owner Trustee</u>") under the Amended and Restated Trust Agreement, to be dated on or about [ ], [ ] (the "<u>Trust Agreement</u>"), between the Depositor and the Owner Trustee, and its counsel, (j) the fees and expenses of the Asset Representations Reviewer and its counsel, and (k) the fees of counsel to the Underwriters.

SECTION 7. *<u>Conditions of the Obligations of the Underwriters</u>*. The obligations of the Underwriters to purchase and pay for the [Underwritten] Notes will be subject to the accuracy of the representations and warranties made herein, to the accuracy of the statements of officers made pursuant hereto, to the performance by the Depositor and the Bank of their obligations hereunder, and to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus and any supplements thereto, and the CEO Certification, shall have been filed (if required) with the Commission in accordance with the Securities Act; and, before the Closing Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted or, to the knowledge of the Depositor or the Underwriters, shall be contemplated by the Commission or by any authority administering any state securities or blue sky law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the Closing Date, you shall have received letters, each identifying the applicable date as of which the respective review procedures were performed, from a third party that is a nationally recognized, independent certified public accounting firm, substantially in the form of the drafts to which you have agreed previously and otherwise substantially in form and substance reasonably satisfactory to you and your counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the date hereof, there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business or operations of the Issuer, the Depositor or the Bank and their respective subsidiaries, taken as a whole, that, in your judgment, is material and adverse and that makes it impracticable to market the [Underwritten] Notes on the terms and in the manner contemplated in the Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) Mayer Brown LLP, special counsel to the Depositor, the Bank, Fifth Third Holdings, LLC ("FTH LLC") and the Issuer, shall have delivered an opinion or opinions, subject to customary qualifications, assumptions, limitations and exceptions, dated the Closing Date, in form and substance reasonably satisfactory to the Representative, with respect to (A) general corporate matters relating to the Bank, the Depositor, the Issuer and FTH LLC, the validity of the Notes, the tax status of the Issuer and the tax treatment of the Notes, the security interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, the Registration Statement, the Preliminary Prospectus and the Prospectus, the effectiveness of such Registration Statement and the information contained in each of the Registration Statement, the Preliminary Prospectus and the Prospectus and (B) certain matters relating to the treatment of the transfer of Receivables by the Bank and FTH LLC, as applicable; and (ii) Mayer Brown LLP, special counsel to the Depositor and the Bank, shall have delivered a negative assurance letter in form and substance satisfactory to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You shall have received an opinion addressed to you, the Depositor and the Servicer of [ ], counsel to the Indenture Trustee, dated the Closing Date and satisfactory in form and substance to you and your counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You shall have received an opinion addressed to you, the Depositor and the Servicer of [ ], counsel to the Owner Trustee and special Delaware counsel to the Depositor, the Issuer and FTH LLC, dated the Closing Date and satisfactory in form and substance to you and your counsel, including with respect to certain matters under Delaware law with respect to the Depositor and the authority of the Depositor to file a voluntary bankruptcy petition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) You shall have received from counsel to the Asset Representations Reviewer a favorable opinion, dated the Closing Date and satisfactory in form and substance to you and your counsel, about certain corporate matters relating to the Asset Representations Reviewer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) You shall have received certificates dated the Closing Date of authorized officers of the Depositor, the Bank and FTH LLC in which such officers shall state that: (i) the representations and warranties made by such entity contained in the Transaction Documents and this Agreement are true and correct, that such party has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under such agreements on or before the Closing Date, and no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are contemplated by the Commission or, to the knowledge of such officers, any authority administering state securities or blue sky laws and (ii) since [ ] there has not occurred any material adverse change in or affecting the condition, financial or otherwise, or in the earnings, business or operations of the Issuer, the Depositor or the Servicer except as disclosed to you in writing prior to the date of the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You shall have received evidence satisfactory to you that, on or before the Closing Date, UCC-1 financing statements have been or will be submitted for filing in all applicable governmental offices reflecting (i) the transfer of the interest of the Bank in the Receivables to FTH LLC pursuant to the Receivables Sale Agreement, (ii) the transfer of the interest of FTH LLC in the Receivables to the Depositor pursuant to the Purchase Agreement, (iii) the transfer of the interest of the Depositor in the Receivables to the Issuer pursuant to the Sale Agreement, and (iv) the Grant by the Issuer to the Indenture Trustee under the Indenture of a security interest in the interest of the Issuer in the Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Representative shall have received evidence of ratings letters that assign the ratings to the Notes specified in the Ratings Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) You shall have received, from each of the Bank, FTH LLC and the Depositor, a certificate executed by a secretary or assistant secretary thereof to which shall be attached certified copies of the: (i) organizational documents, (ii) certificates of good standing and (iii) applicable resolutions of each such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) You shall have received a negative assurance letter from [____________________] with respect to the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus.

The Depositor will provide or cause to be provided to you conformed copies of such opinions, certificates, letters and documents as you or your counsel reasonably request.

SECTION 8. *<u>Termination</u>*. This Agreement shall be subject to termination by notice given by the Representative to the Depositor if: (a) after the execution and delivery of this Agreement and prior to the Closing Date: (i) trading of any securities of Fifth Third Bancorp shall have been suspended on the New York Stock Exchange or the Nasdaq Stock Market, Inc., (ii) trading in securities generally on either the New York Stock Exchange or the Nasdaq Stock Market, Inc. shall have been suspended or limited or minimum or maximum prices shall have been generally established on the New York Stock Exchange or the Nasdaq Stock Market, Inc. by the Commission or the Financial Industry Regulatory Authority, Inc., (iii) any general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State authorities, (iv) a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States or with respect to Clearstream or Euroclear systems in Europe and, in the sole judgment of the Representative, or (v) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis that, in the reasonable judgment of the Representative, is material and adverse, and (b) in the case of any of the events specified above, such event singly or together with any other such event makes it, in the reasonable judgment of the Representative, impracticable to market the [Underwritten] Notes on the terms and in the manner contemplated in the Prospectus.

SECTION 9. *<u>Indemnification and Contribution</u>*. (a) The Depositor and the Bank will, jointly and severally, indemnify and hold harmless each Underwriter, its directors, officers, employees, agents and affiliates, and each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any losses, claims, damages and liabilities (including, without limitation, any reasonable legal or other expenses incurred by any Underwriter in connection with defending or investigating any such action or claim) to which they or any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or

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alleged untrue statement of any material fact contained in (x) the Time of Sale Information, the Prospectus or any amendment, exhibit or supplement thereto, or the Intex CDI File, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, (y) the Registration Statement or any amendment, exhibit or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading or (z) any Form ABS-15G (taken as a whole with the Time of Sale Information) or arise out of or are based upon the omission or alleged omission to state therein, in the light of the circumstances in which they were made, a material fact required to be stated therein or necessary in order to make the statements therein, not misleading; <u>provided</u>, <u>however</u>, that, in the case of the Time of Sale Information, the Prospectus and the Intex CDI File, neither the Depositor nor the Bank will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon (a) an untrue statement or alleged untrue statement in, or omission or alleged omission from, any of such documents in reliance upon and in conformity with the Underwriter Information (as defined below) or (b) any untrue statement in or omission from any Underwriter Free Writing Prospectus (defined below) not in reliance upon and in conformity with (A) any written information furnished to the related Underwriter by the Depositor or the Bank expressly for use therein, (B) information accurately extracted from the Time of Sale Information or Prospectus, which information was not corrected by information subsequently provided by the Depositor or the Bank to the related Underwriter prior to the time of use of such Underwriter Free Writing Prospectus (defined below) or (C) Issuer Information (as defined below) (except for information regarding the status of the subscriptions for the [Underwritten] Notes). This indemnity agreement will be in addition to any liability that each of the Depositor and the Bank may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Depositor, the Bank, their respective directors, officers (including such directors and officers who signed the Registration Statement), employees, agents and affiliates, and each person, if any, who controls such Persons within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, against any losses, claims, damages or liabilities (including, without limitation, any reasonable legal or other expenses incurred by any of them in connection with defending or investigating any such action or claim) to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, Time of Sale Information, the Prospectus or any amendment, exhibit or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with the Underwriter Information (as defined below), and (ii) the failure on the part of any Underwriter to deliver the Time of Sale Information prior to the Time of Sale to any investor with whom such Underwriter entered into a Contract of Sale at such Time of Sale. As used herein, the term "<u>Underwriter Information</u>" means the [third] and [fourth] paragraphs (including the table under such [third] paragraph), the [second] sentence in the [fifth] paragraph, and the [first] sentence in the [sixteenth] paragraph, in each case under the heading "Underwriting" in the Prospectus . This indemnity agreement will be in addition to any liability that each Underwriter may otherwise have.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Depositor, the Bank, their respective directors, officers (including such directors and officers who signed the Registration Statement), employees, agents and affiliates, and each person, if any, who controls such Persons within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and the respective officers, directors and employees of each such person, against any losses, claims, damages or liabilities (including, without limitation, any reasonable legal or other expenses incurred by any of them in connection with defending or investigating any such action or claim) to which the Depositor or the Bank may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon, (i) any untrue statement or alleged untrue statement of any material fact contained in any Underwriter Free Writing Prospectus (defined below), or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (and together with the Time of Sale Information) not misleading and (ii) any statement contained in any Underwriter Free Writing Prospectus (defined below) that conflicts with the information then contained in the Registration Statement or any prospectus that is a part thereof; *provided*, *however*, that with respect to <u>clauses (i)</u> and <u>(ii)</u> above, no Underwriter will be liable to the extent that any such loss, claim, damage or liability arises out of or is based upon any statement in or omission from any Underwriter Free Writing Prospectus (defined below) in reliance upon and in conformity with (A) any written information furnished to the related Underwriter by the Depositor or the Bank expressly for use therein, (B) information accurately extracted from the Time of Sale Information or Prospectus, which information was not corrected by information subsequently provided by the Depositor or the Bank to the related Underwriter prior to the time of use of such Underwriter Free Writing Prospectus (defined below) or (C) Issuer Information (as defined below) (except for information regarding the status of the subscriptions for the [Underwritten] Notes). This indemnity agreement will be in addition to any liability that each Underwriter may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to either <u>subsections (a)</u>, <u>(b)</u> or <u>(c)</u> above, such person (the "<u>indemnified party</u>") promptly shall notify the person against whom such indemnity may be sought (the "<u>indemnifying party</u>") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceedings and shall pay the fees and disbursements of such counsel related to such proceeding; <u>provided</u>, <u>however</u>, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under this <u>Section</u> <u>9</u> or otherwise than under this <u>Section</u> <u>9</u>. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party and the indemnified party agree on the retention of such counsel at the indemnifying party's expense, (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to

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represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one counsel (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. Such counsel shall be designated in writing by the Depositor, in the case of parties indemnified pursuant to <u>subsection (a)</u> above, and by the Representative, in the case of parties indemnified pursuant to <u>subsections (b)</u> and <u>(c)</u> above. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of such indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the indemnification provided for in this Section 9 is unavailable or insufficient to hold harmless an indemnified party under <u>subsection</u> <u>(a)</u>, <u>(b)</u> or <u>(c)</u> above, then each indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in <u>subsection</u> <u>(a)</u>, <u>(b)</u> or <u>(c)</u> above: (i) in such proportion as is appropriate to reflect the relative benefits received by the Depositor, the Bank, the Issuer and their affiliates on the one hand and the Underwriters on the other from the offering of the [Underwritten] Notes, or (ii) if the allocation provided by the preceding <u>clause</u> <u>(i)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in the preceding <u>clause</u> <u>(i)</u> but also the relative fault of the Depositor, the Bank, the Issuer and their affiliates on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Depositor, the Bank, the Issuer and their affiliates on the one hand and the Underwriters on the other in connection with the offering of the [Underwritten] Notes shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses other than underwriting discounts and commissions received by the Underwriters) received by the Depositor, the Bank, the Issuer and their affiliates bear to the total underwriting discounts and commissions received by the Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Depositor, the Bank, the Issuer or their affiliates or by any Underwriter, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Underwriters' respective obligations to contribute pursuant to this <u>Section</u> <u>9</u> are several in proportion to the respective principal amounts of [Underwritten] Notes they have purchased hereunder, and not joint.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties hereto agree that it would not be just or equitable if contribution pursuant to this <u>Section</u> <u>9</u> were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the other provisions of this <u>Section</u> <u>9</u>, no Underwriter (except as may be provided in the agreement among Underwriters relating to the offering of the [Underwritten] Notes) shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter exceed the amount of any damages that such Underwriter otherwise has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution or indemnity from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies that otherwise may be available to any indemnified party at law or in equity.

SECTION 10. *<u>Defaults by an Underwriter</u>*. If any one or more Underwriter(s) fail(s) to purchase and pay for any of the [Underwritten] Notes agreed to be purchased by such Underwriter(s) hereunder, and such failure constitutes a default in the performance of its or their obligations under this Agreement, the remaining Underwriter(s) shall be obligated severally to take up and pay for (in the respective proportions that the amount of [Underwritten] Notes set forth opposite their names in <u>Schedule</u> <u>I</u> bears to the aggregate amount of [Underwritten] Notes set forth opposite the names of all the remaining Underwriter(s)) the [Underwritten] Notes that the defaulting Underwriter(s) agreed but failed to purchase; *provided*, *however*, that if the aggregate amount of [Underwritten] Notes that the defaulting Underwriter(s) agreed but failed to purchase exceeds 10% of the aggregate principal amount of [Underwritten] Notes, the remaining Underwriter(s) shall have the right to purchase all, but shall not be under any obligation to purchase any, of the [Underwritten] Notes, and if such nondefaulting Underwriter(s) do not purchase all the [Underwritten] Notes, this Agreement will terminate without liability to any nondefaulting Underwriter(s). In the event of a default by any Underwriter as set forth in this <u>Section</u> <u>10</u>, the Closing Date shall be postponed for such period, not exceeding seven days, as the remaining Underwriter(s) shall determine in order that the required changes in the Registration Statement and the Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter(s) of any liability to the Depositor, the Bank, their affiliates or any nondefaulting Underwriter(s) for damages occasioned by its default hereunder.

SECTION 11. *<u>Offering Communications</u>*. Other than the Preliminary Prospectus, the Ratings Free Writing Prospectus and the Prospectus, each Underwriter severally represents, warrants and agrees with the Bank and the Depositor that it has not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to

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any "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the [Underwritten] Notes, including, but not limited to any "ABS informational and computational materials" as defined in Item 1101(a) of Regulation AB under the Securities Act unless such Underwriter has obtained the prior written approval of the Bank and the Depositor; <u>provided</u>, <u>however</u>, each Underwriter may prepare and convey to one or more of its potential investors without the consent of the Bank, the Depositor or any of their respective affiliates one or more "written communications" (as defined in Rule 405 under the Securities Act) in the form of (a) an Intex CDI file that does not contain any Issuer Information (as defined below) other than Issuer Information included in the Time of Sale Information previously filed with the Commission (unless such Time of Sale Information is not required to be filed), (b) other written communication containing no more than the following: information contemplated by Rule 134 under the Securities Act and included or to be included in the Time of Sale Information or the Prospectus, as well as a column or other entry showing the status of the subscriptions for the [Underwritten] Notes and/or expected pricing parameters of the [Underwritten] Notes, (c) information customarily included in confirmations of sales of securities and notices of allocations, or (d) and written communications constituting a bona fide electronic road show within the meaning of Rule 433(h) under the Securities Act. As used herein, the following terms have the following respective meanings:

"<u>Issuer Information"</u> means any information of the type specified in clauses (1) – (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform), other than Underwriter Derived Information.

"<u>Underwriter Derived Information</u>" shall refer to information of the type described in clause (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform) when prepared by any Underwriter, including traditional computational and analytical materials prepared by the Underwriter.

"<u>Free Writing Prospectus</u>" means and includes any information relating to the [Underwritten] Notes disseminated by the Depositor or any Underwriter that constitutes a "free writing prospectus" within the meaning of Rule 405 under the Securities Act, including the Ratings Free Writing Prospectus.

<u>"Underwriter Free Writing Prospectus</u>" means a Free Writing Prospectus prepared by or on behalf of an Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Underwriter severally represents, warrants and agrees with the Bank and the Depositor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each Underwriter Free Writing Prospectus prepared by it will not, as of the date such Underwriter Free Writing Prospectus was conveyed or delivered to any prospective purchaser of [Underwritten] Notes, include any untrue statement of a material fact or omit any material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading; *provided*, *however*, that no Underwriter makes such representation, warranty or agreement to the extent such untrue statements or omissions were made in reliance upon and in conformity with information contained in the Time of Sale Information or the Prospectus or any written

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information furnished to the related Underwriter by the Bank or the Depositor specifically for use therein which information was not corrected by information subsequently provided by the Bank or the Depositor to the related Underwriter prior to the time of use of such Underwriter Free Writing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Underwriter Free Writing Prospectus prepared by it shall contain a legend substantially in the form of and in compliance with Rule 433(c)(2)(i) of the Securities Act, and shall otherwise conform to any requirements for "free writing prospectuses" under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each Underwriter Free Writing Prospectus prepared by it shall be delivered to the Bank and the Depositor no later than the time of first use (which shall be no earlier than the date of the first use of the Preliminary Prospectus); *provided*, *however*, if the date of first use is not a Business Day, such delivery shall occur no later than 5:00 p.m. (Eastern Time) on the first Business Day preceding such date of first use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) none of the information in any Underwriter Free Writing Prospectus will conflict with the information then contained in the Registration Statement or any prospectus that is a part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Underwriter has in place, and covenants that it shall maintain, internal controls and procedures which it reasonably believes to be sufficient to ensure full compliance with all applicable legal requirements of the Securities Act and the rules and regulations thereunder with respect to the generation and use of Underwriter Free Writing Prospectuses in connection with the offering of the [Underwritten] Notes. In addition, such Underwriter shall, for a period of at least three years after the date hereof, maintain written and/or electronic records of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Underwriter Free Writing Prospectus used by such Underwriter to solicit offers to purchase [Underwritten] Notes to the extent not filed with the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) regarding each Underwriter Free Writing Prospectus delivered by such Underwriter to an investor, the date of such delivery and identity of such investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) regarding each Contract of Sale entered into by such Underwriter, the date, the identity of the investor and the terms of such Contract of Sale, as set forth in the related confirmation of trade; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such Underwriter shall file any Underwriter Free Writing Prospectus that has been distributed by such Underwriter in a manner reasonably designed to lead to its broad, unrestricted dissemination within the later of two business days after such Underwriter first provides this information to investors and the date upon which the Depositor is required to file the Preliminary Prospectus with the Commission pursuant to Rule 424(h) of the Securities Act or otherwise as required under Rule 433 of the Securities Act; *provided*, *however*, that such Underwriter shall not be required to file any Underwriter Free Writing Prospectus to the extent such Underwriter Free Writing

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Prospectus includes information in a "free writing prospectus," Preliminary Prospectus, Ratings Free Writing Prospectus or Prospectus previously filed with the Commission or that does not contain substantive changes from or additions to a "free writing prospectus" previously filed with the Commission.

SECTION 12. *<u>No Bankruptcy Petition</u>*. Each Underwriter severally covenants and agrees that, before the date that is one year and one day after the payment in full of all [Underwritten] Notes issued by the Issuer or any other common law or statutory trust, limited liability company or limited partnership formed by the Depositor in connection with the issuance of securities, it will not institute against, or join any other person in instituting against, the Depositor, the Issuer or any other such trust, limited liability company or limited partnership any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any Federal or state bankruptcy or similar law.

SECTION 13. *<u>Survival of Representations and Obligations</u>*. The respective indemnities, agreements, representations, warranties and other statements set forth in or made pursuant to this Agreement or contained in certificates of officers submitted pursuant hereto shall remain operative and in full force and effect, regardless of any investigation or statement as to the results thereof, and will survive delivery of and payment for the [Underwritten] Notes. If for any reason the purchase of the [Underwritten] Notes by the Underwriters is not consummated, the Depositor shall remain responsible for the expenses to be paid or reimbursed pursuant to <u>Section</u> <u>6</u> hereof and the obligations pursuant to <u>Section</u> <u>9</u> hereof shall remain in effect. If for any reason the purchase of the [Underwritten] Notes by the Underwriters is not consummated, the Depositor will reimburse the Underwriters (other than any defaulting Underwriter contemplated by <u>Section</u> <u>10</u> hereof) severally, upon demand, for all out-of-pocket expenses (including fees and disbursements of counsel) incurred by any Underwriter in connection with the offering of the [Underwritten] Notes.

SECTION 14. *<u>Notices</u>*. All communications hereunder will be in writing and will be mailed or delivered and confirmed in each case as follows: (a) if to the Underwriters, to the Representative, at [ ]; (b) if to the Depositor, at Fifth Third Holdings Funding, LLC, at 6111 N. River Rd., Rosemont, Illinois 60018; and (c) if to the Bank, at 38 Fountain Square Plaza, Cincinnati, Ohio 45263.

SECTION 15. *<u>Successors</u>*. This Agreement will inure to the benefit of and be binding upon the parties hereto, their respective successors and agents, and the directors, officers and control persons referred to in <u>Section</u> <u>9</u> hereof, and no other person will have any rights or obligations hereunder.

SECTION 16. *<u>Applicable Law, Waiver of Jury Trial, Entire Agreement</u>*. **This Agreement will be governed by and construed in accordance with the law of the State of New York without giving effect to its conflicts of law provisions (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law)**. To the extent permitted by applicable law, each of the parties hereto waives any right to have a jury participate in resolving any dispute, whether sounding in contract, tort or otherwise between the parties hereto arising out of, connected with, related to, or incidental to the relationship between any of them in connection with this Agreement or the transactions contemplated hereby. Instead, any such dispute resolved

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in court will be resolved in a bench trial without a jury. This Agreement represents the entire agreement between the Depositor and the Bank, on the one hand, and the Underwriters, on the other, with respect to the preparation of the Prospectus, the Ratings Free Writing Prospectus or the Preliminary Prospectus, the conduct of the offering and the purchase and sale of the [Underwritten] Notes.

SECTION 17. *<u>Severability of Provisions</u>*. Any covenant, provision, agreement or term of this Agreement that is prohibited or is held to be void 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 or the enforceability of such provision in any other jurisdiction.

SECTION 18. *<u>Amendment</u>*. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought.

SECTION 19. *<u>Headings</u>*. The headings in this Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

SECTION 20. *<u>Counterparts and Electronic Signature</u>*. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 21. *<u>Representation</u>*. You will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and any action under this Agreement taken by you will be binding upon all the Underwriters.

SECTION 22. *<u>Submission to Jurisdiction</u>*. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth in <u>Section</u> <u>14</u> hereof or, if not therein, in the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction.

SECTION 23. *<u>Disclosure of Tax Treatment</u>*. Notwithstanding any other provision of this Agreement, the Depositor and the Bank (and each employee, officer, representative, trustee or other agent, as the case may be, of the Depositor and the Bank) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to the Depositor and the Bank relating to such tax treatment and tax structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For purposes of the foregoing, the term "tax treatment" is the purported or claimed federal income tax treatment of the transactions contemplated hereby, and the term "tax structure" includes any fact that may be relevant to understanding the purported or claimed federal income tax treatment of the transactions contemplated hereby.

[signature pages follow]

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If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed duplicate hereof, whereupon it will become a binding agreement among the undersigned and the remaining Underwriters.

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| |
|:---|
| Very truly yours, |
| FIFTH THIRD HOLDINGS FUNDING, LLC |
| By: |
| Name: |
| Title: |
| FIFTH THIRD BANK, NATIONAL ASSOCIATION |
| By: |
| Name: |
| Title: |

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S-1 *20[ ]-[ ] Underwriting Agreement*

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| | |
|:---|:---|
| The foregoing Underwriting Agreement is hereby confirmed and accepted as of the date first written above. | The foregoing Underwriting Agreement is hereby confirmed and accepted as of the date first written above. |
| [ ] | [ ] |
| By: |  |
|  | Name: |
|  | Title: |

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For itself and as representative of the other several Underwriters named in the Underwriting Agreement.

S-2 *20[ ]-[ ] Underwriting Agreement*

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**SCHEDULE I** 

to Underwriting Agreement

The Underwriters named below are the "<u>Underwriters</u>" for the purpose of this Agreement.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underwriters** | **Class A-1**<br>**Notes** | **Class A-2[-A]**<br>**Notes** | **[Class A-2-B**<br>**Notes]** | **Class A-3**<br>**Notes** | **Class A-4<br>Notes** | **Class B<br>Notes** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  |  |  |  |  |

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-i-

## Exhibit 4.1

**EXHIBIT 4.1** 

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**FIFTH THIRD AUTO TRUST 20[__]-[__]** 

Class A-1 [____]% Auto Loan Asset Backed Notes

Class A-2[-A] [____]% Auto Loan Asset Backed Notes

[Class A-2-B [insert applicable floating rate benchmark] + [____]% Auto Loan Asset Backed Notes]

Class A-3 [____]% Auto Loan Asset Backed Notes

Class A-4 [____]% Auto Loan Asset Backed Notes

Class B [___]% Auto Loan Asset Backed Notes

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**FORM OF** 

**INDENTURE** 

Dated as of [________________]

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[ ],

as the Indenture Trustee

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*20[__]-[__] Indenture* 

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CROSS REFERENCE TABLE<sup>1</sup>

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| | |
|:---|:---|
| TIA<br> Section | Indenture<br> Section |
| 310<br> (a) (1) | 6.11 |
| (a) (2) | 6.11 |
| (a) (3) | 6.10; 6.11 |
| (a) (4) | N.A.<sup>2</sup> |
| (a) (5) | 6.11 |
| (b) | 6.8; 6.11 |
| (c) | N.A. |
| 311<br> (a) | 6.12 |
| (b) | 6.12 |
| (c) | N.A. |
| 312<br> (a) | 7.1 |
| (b) | 7.2 |
| (c) | 7.2 |
| 313<br> (a) | 7.3 |
| (b) (1) | 7.3 |
| (b) (2) | 7.3 |
| (c) | 7.3 |
| (d) | 7.3 |
| 314<br> (a) | 3.9 |
| (b) | 3.6; 11.15 |
| (c) (1) | 11.15 |
| (c) (2) | 11.1 |
| (c) (3) | 11.1 |
| (d) | 11.1 |
| (e) | 11.1 |
| (f) | N.A. |
| 315<br> (a) | 6.1(b) |
| (b) | 6.5 |
| (c) | 6.1(a) |
| (d) | 6.1(c) |
| (e) | 5.13 |
| 316<br> (a) (1) (A) | 5.11 |
| (a) (1) (B) | 5.12 |
| (a) (2) | N.A. |
| (b) | 5.7 |
| (c) | 5.6(b) |
| 317<br> (a) (1) | 5.3(b) |
| (a) (2) | 5.3(d) |
| (b) | 3.3(c) |
| 318<br> (a) | 11.7 |

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<sup>1</sup> Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

<sup>2</sup> N.A. means Not Applicable.

*20[__]-[__] Indenture* 

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**Table of Contents** 

**(continued)** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 | Incorporation by Reference of Trust Indenture Act | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.3 | Other Interpretive Provisions | 2 |
|  ARTICLE II THE NOTES | ARTICLE II THE NOTES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 | Form | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 | Execution, Authentication and Delivery | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.3 | Temporary Notes | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.4 | Registration of Transfer and Exchange | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.5 | Mutilated, Destroyed, Lost or Stolen Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.6 | Persons Deemed Owners | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.7 | Payment of Principal and Interest; Defaulted Interest | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.8 | Cancellation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.9 | Release of Collateral | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.10 | Book-Entry Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.11 | Notices to Clearing Agency | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.12 | Definitive Notes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.13 | Authenticating Agents | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.14 | Paying Agent | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.15 | Tax Treatment | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.16 | Transfer Restrictions on the Retained Notes | 12 |
|  ARTICLE III COVENANTS | ARTICLE III COVENANTS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | Payment of Principal and Interest | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | Maintenance of Office or Agency | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | Money for Payments to Be Held in Trust | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | Existence | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | Protection of Collateral | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | Opinions as to Collateral | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | Performance of Obligations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.8 | Negative Covenants | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.9 | Annual Compliance Statement | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | Restrictions on Certain Other Activities | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.11 | Restricted Payments | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.12 | Notice of Events of Default | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.13 | Further Instruments and Acts | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.14 | Compliance with Laws | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.15 | Perfection Representations, Warranties and Covenants | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.16 | Investment Company Act Representation | 22 |
|  ARTICLE IV SATISFACTION AND DISCHARGE | ARTICLE IV SATISFACTION AND DISCHARGE | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 | Satisfaction and Discharge of Indenture | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 | Application of Trust Money | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 | Repayment of Monies Held by Paying Agent | 23 |

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE V REMEDIES | ARTICLE V REMEDIES | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.1 | Events of Default | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.2 | Acceleration of Maturity; Waiver of Event of Default | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.3 | Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.4 | Remedies; Priorities | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.5 | Optional Preservation of the Collateral | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.6 | Limitation of Suits | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.7 | Rights of Noteholders to Receive Principal and Interest | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.8 | Restoration of Rights and Remedies | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.9 | Rights and Remedies Cumulative | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.10 | Delay or Omission Not a Waiver | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.11 | Control by Noteholders | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.12 | Waiver of Past Defaults | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.13 | Undertaking for Costs | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.14 | Waiver of Stay or Extension Laws | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.15 | Action on Notes | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.16 | Performance and Enforcement of Certain Obligations | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.17 | Sale of Collateral | 34 |
|  ARTICLE VI THE INDENTURE TRUSTEE | ARTICLE VI THE INDENTURE TRUSTEE | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.1 | Duties of the Indenture Trustee | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.2 | Rights of the Indenture Trustee | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.3 | Individual Rights of the Indenture Trustee | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.4 | The Indenture Trustee's Disclaimer | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.5 | Notice of Defaults | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.6 | Reports by the Paying Agent to Noteholders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.7 | Compensation and Indemnity | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.8 | Removal, Resignation and Replacement of the Indenture Trustee | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.9 | Successor Indenture Trustee by Merger | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.10 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.11 | Eligibility; Disqualification | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.12 | Preferential Collection of Claims Against the Issuer | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.13 | Representations and Warranties | 41 |
|  ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.1 | The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.2 | Preservation of Information; Communications Among Noteholders | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.3 | Reports by the Indenture Trustee | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.4 | Statements to Certificateholders and Noteholders | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.5 | Noteholder and Note Owner Demand for Asset Representations Review | 45 |

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*20[__]-[__] Indenture* 

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.1 | Collection of Money | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.2 | Trust Accounts | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.3 | General Provisions Regarding Accounts | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.4 | Additional Withdrawals and Deposits | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.5 | Distributions | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.6 | Release of Collateral | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.7 | Opinion of Counsel | 54 |
|  ARTICLE IX SUPPLEMENTAL INDENTURES | ARTICLE IX SUPPLEMENTAL INDENTURES | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.1 | Supplemental Indentures Without Consent of Noteholders | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.2 | Supplemental Indentures with Consent of Noteholders | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.3 | Execution of Supplemental Indentures | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.4 | Effect of Supplemental Indenture | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.5 | Conformity With Trust Indenture Act | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.6 | Reference in Notes to Supplemental Indentures | 57 |
|  ARTICLE X REDEMPTION OF NOTES | ARTICLE X REDEMPTION OF NOTES | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.1 | Redemption | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.2 | Form of Redemption Notice | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.3 | Notes Payable on Redemption Date | 58 |
|  ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.1 | Compliance Certificates and Opinions, etc | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.2 | Form of Documents Delivered to the Indenture Trustee | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.3 | Acts of Noteholders | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.4 | Notices | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.5 | Notices to Noteholders; Waiver | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.6 | Alternate Payment and Notice Provisions | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.7 | Conflict with Trust Indenture Act | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.8 | Effect of Headings and **Table of Contents** | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.9 | Successors and Assigns | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.10 | Severability | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.11 | Benefits of Indenture | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.12 | Legal Holidays | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.13 | Governing Law | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.14 | Counterparts and Electronic Signature | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.15 | Recording of Indenture | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.16 | Trust Obligation | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.17 | No Petition | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.18 | Intent | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.19 | Submission to Jurisdiction; Waiver of Jury Trial | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.20 | Subordination of Claims | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.21 | Limitation of Liability of Owner Trustee | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.22 | Information Requests | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.23 | [Limitation of Rights] | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.24 | Benefits of Indenture | 67 |

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|  |  | **Page** |
|  [ARTICLE XII COMPLIANCE WITH THE FDIC RULE] | [ARTICLE XII COMPLIANCE WITH THE FDIC RULE] | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.1 | [Purpose | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.2 | Requirements of the FDIC Rule | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.3 | Performance | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.4 | Effect of Risk Retention Rules | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.5 | Actions Upon Repudiation | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.6 | Notice | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.7 | Reservation of Rights | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.8 | USA Patriot Act | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 12.9 | Form 8-K Filings | 73 |
|  Schedule I Perfection Representations, Warranties and Covenants | Schedule I Perfection Representations, Warranties and Covenants |  |
|  Exhibit A Form of Notes | Exhibit A Form of Notes |  |

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*20[__]-[__] Indenture* 

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This INDENTURE, dated as of [_______________] (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), is between FIFTH THIRD AUTO TRUST 20[__]-[__], a Delaware statutory trust (the "<u>Issuer</u>"), and [ ], a [__________________________], solely as Indenture Trustee and not in its individual capacity (the "<u>Indenture Trustee</u>").

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer's Class A-1 [______]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>A-1 Notes</u>"), Class A-2[-A] [____]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>A-2[-A] Notes</u>"), [Class A-2-B [insert applicable floating rate benchmark] + [____]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>A-2[-B] Notes</u>"; and together with the "<u>Class</u> <u>A-2 Notes</u>") Class A-3 [____]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>A-3 Notes</u>"), Class A-4 [____]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>A-4 Notes</u>"; and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "<u>Class</u> <u>A Notes</u>") and Class B [____]% Auto Loan Asset Backed Notes (the "<u>Class</u> <u>B Notes</u>"; and together with the Class A Notes, the "<u>Notes</u>").

**GRANTING CLAUSE** 

The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes [and amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement], equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders [and the Swap Counterparty], all of the Issuer's right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the "<u>Collateral</u>").

The Indenture Trustee, on behalf of the Noteholders [and the Swap Counterparty], acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

The foregoing Grant is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice, priority or distinction except as set forth herein[, (ii) the payment of all amounts payable by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement] and (iii) compliance with the provisions of this Indenture, all as provided in this Indenture.

*20[__]-[__] Indenture*

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Without limiting the foregoing Grant, any Receivable repurchased or purchased (a) by the Servicer pursuant to <u>Section</u> <u>3.6</u> of the Servicing Agreement or (b) by the Bank pursuant to <u>Section</u> <u>3.3</u> of the Receivables Sale Agreement shall be deemed to be automatically released from the lien of this Indenture without any action being taken by the Indenture Trustee upon payment by the applicable purchaser of the related Repurchase Price for such Repurchased Receivable.

**ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE** 

SECTION 1.1 *Definitions*. Capitalized terms are used in this Indenture as defined in <u>Appendix</u> <u>A</u> to the Sale Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the "<u>Sale Agreement</u>"), between the Issuer and Fifth Third Holdings Funding, LLC, as Seller, which contains rules as to usage that are applicable herein.

SECTION 1.2 *Incorporation by Reference of Trust Indenture Act*. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"<u>Commission</u>" means the U.S. Securities and Exchange Commission.

"<u>indenture securities</u>" means the Notes.

"<u>indenture security holder</u>" means a Noteholder.

"<u>indenture to be qualified</u>" means this Indenture.

"<u>indenture trustee</u>" or "<u>institutional trustee</u>" means the Indenture Trustee.

"<u>obligor</u>" on the indenture securities means the Issuer and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

SECTION 1.3 *Other Interpretive Provisions*. All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Indenture, and accounting terms partly defined in this Indenture to the extent not defined, shall have the respective meanings given to them under GAAP (*provided*, that, to the extent that the definitions in this Indenture and GAAP conflict, the definitions in this Indenture shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Indenture are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture and references to any paragraph, subsection, clause or other

2 *20[__]-[__] Indenture*

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subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" and all variations thereof means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

**ARTICLE II THE NOTES** 

SECTION 2.1 *Form*. The Class A-1 Notes, Class A-2[-A Notes, the Class A-2-B] Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes, in each case together with the Indenture Trustee's certificate of authentication, shall be in substantially the form set forth in <u>Exhibit A</u> hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in <u>Exhibit A</u> hereto are part of the terms of this Indenture.

SECTION 2.2 *Execution, Authentication and Delivery*. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

The Indenture Trustee shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an Initial Note Balance of $[_________], Class A-2[-A] Notes for original issue in an Initial Note Balance of $[_________][, Class A-2[-B] Notes for original issue in an Initial Note Balance of $[_________]], Class A-3 Notes for original issue in an Initial Note Balance of $[_________], Class A-4 Notes for original issue in an Initial Note Balance of $[_________] and Class B Notes for original issue in an Initial Note Balance of $[_________]. The Note Balance of Class A-1 Notes, Class A-2[-A Notes, Class A-2-B] Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes Outstanding at any time may not exceed such amounts except as provided in <u>Section</u> <u>2.5</u>.

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $[•] and in integral multiples of $1,000 in excess thereof (except for [two Notes] of each Class which may be issued in a denomination other than an integral multiple of $1,000)[; provided that any Retained Notes shall be issued as Definitive Notes and the Holder of such Retained Notes shall be a Note Owner and a Noteholder for all purposes of this Indenture.]

3 *20[__]-[__] Indenture*

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No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

SECTION 2.3 *Temporary Notes*. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

SECTION 2.4 *Registration of Transfer and Exchange*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall cause to be kept a register (the "<u>Note Register</u>") in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee shall initially be "Note Registrar" for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>, if the requirements of Section 8-401 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like Outstanding Note Balance.

4 *20[__]-[__] Indenture*

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At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like Outstanding Note Balance, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by an "eligible grantor institution" meeting the requirements of the Note Registrar which requirements include membership or participation in the Securities Transfer Agents Medallion Program ("<u>Stamp</u>") or such other "signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not limited to the applicable Internal Revenue Service Form W-8 or W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to <u>Section</u> <u>2.3</u> or <u>Section</u> <u>9.6</u> not involving any transfer.

The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to such Note.

By acquiring a Note (or any interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) shall be deemed to represent and warrant that either (a) it is not acquiring and will not hold such Note (or any interest therein) with the assets of a Benefit Plan or any Plan that is subject to Similar Law; or (b) (i) such Note is rated investment grade by a nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition and holding of such Note (or any interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

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The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

SECTION 2.5 *Mutilated, Destroyed, Lost or Stolen Notes*. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a "protected purchaser" (as contemplated by Article 8 of the UCC), and *provided*, that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; *provided*, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a "protected purchaser" (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a "protected purchaser" (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

Upon the issuance of any replacement Note under this <u>Section</u> <u>2.5</u>, the Issuer or the Indenture Trustee may require the payment by the Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

Every replacement Note issued pursuant to this <u>Section</u> <u>2.5</u> in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

Notwithstanding <u>Section</u> <u>5.9</u>, the provisions of this <u>Section</u> <u>2.5</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

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SECTION 2.6 *Persons Deemed Owners*. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

SECTION 2.7 *Payment of Principal and Interest; Defaulted Interest.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note shall accrue interest at its respective Interest Rate, and such interest shall be payable on each Payment Date as specified therein, subject to <u>Sections 3.1</u> and <u>8.2</u>. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer if an account has been designated by the related Noteholder three (3) Business Days prior to the related Payment Date, and otherwise by check mailed first-class, postage prepaid, to such Person's address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to <u>Section</u> <u>2.12</u>, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to <u>Section</u> <u>10.1</u>) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with <u>Section</u> <u>3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal of each Note shall be payable in installments on each Payment Date as provided in <u>Section</u> <u>8.2</u>. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of a majority of the Outstanding Note Balance have declared the Notes to be immediately due and payable in the manner provided in <u>Section</u> <u>5.2</u> and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Definitive Note is registered at the close of business on the Record Date preceding the Payment Date on which Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in <u>Section</u> <u>10.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date.

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SECTION 2.8 *Cancellation*. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be destroyed or returned to it; *provided*, that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee.

SECTION 2.9 *Release of Collateral*. Subject to <u>Section</u> <u>11.1</u>, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and, unless the Notes have been redeemed in accordance with <u>Section</u> <u>10.1</u> Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer's obligations under TIA Sections 314(c) and 314(d)(1), subject to <u>Section</u> <u>11.1</u> and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order as directed pursuant to an Issuer Order accompanied by an Opinion of Counsel confirming that such release is permitted by such exemptive order.

SECTION 2.10 *Book-Entry Notes*. The Non-Retained Notes, upon original issuance, will be issued in the form of typewritten notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Book-Entry Note shall be issued with respect to each $500 million in principal amount of each Class of Non-Retained Notes and any such lesser amount. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner's interest in such Non-Retained Note, except as provided in <u>Section</u> <u>2.12</u>. Unless and until definitive, fully registered Notes (the "<u>Definitive Notes</u>") have been issued to Note Owners pursuant to <u>Section</u> <u>2.12</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provisions of this Section shall be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder of Non-Retained Notes, and shall have no obligation to the Note Owners;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between or among such Note Owners and the Clearing Agency and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to <u>Section</u> <u>2.12</u>, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Non-Retained Notes to such Clearing Agency Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Note Balance, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants or Persons acting through Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Non-Retained Notes and has delivered such instructions to the Indenture Trustee.

SECTION 2.11 *Notices to Clearing Agency*. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to <u>Section</u> <u>2.12</u> and except with respect to notice and communications to any Holders of Retained Notes, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

SECTION 2.12 *Definitive Notes*. Except for any Retained Notes (which shall be originally issued as Definitive Notes), if (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee is unable to locate a qualified successor, (b) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (c) an Event of Default shall have occurred, and Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Note Balance, voting together as a single Class, advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency or the custodian holding the Book-Entry Notes on behalf of the Clearing Agency at its direction, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

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The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

SECTION 2.13 *Authenticating Agents*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the request of the Issuer, the Indenture Trustee shall appoint one or more Persons (each, an "<u>Authenticating Agent</u>") with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under <u>Sections 2.2</u>, <u>2.3</u>, <u>2.4</u>, <u>2.5</u> and <u>9.6</u>, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by those Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes "by the Indenture Trustee." The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any entity into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of <u>Section</u> <u>6.4</u> shall be applicable to any Authenticating Agent.

SECTION 2.14 *Paying Agent*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may appoint a Paying Agent with respect to the Notes. Initially, the Paying Agent shall be the Indenture Trustee. The Paying Agent shall have the revocable power to withdraw funds from the Collection Account and the Principal Distribution Account and to make distributions to the Noteholders, to the Designated Certificateholder Account, to the Servicer, to the Delaware Trustee, to the Administrator and to the Owner Trustee pursuant to <u>Section</u> <u>8.5</u> of this Indenture. The Indenture Trustee may revoke such power and remove the Paying Agent if the Indenture Trustee determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Indenture in any material respect or for other good cause. Any Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days' written notice to the Depositor and the Indenture Trustee. In the event that the Paying Agent shall have been removed or resigned, the Indenture Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company and may be the Indenture Trustee) with the consent of the Depositor, which consent shall not be unreasonably withheld.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee in its capacity as initial Paying Agent hereunder agrees that it (i) will hold all sums held by it hereunder for payment to the Noteholders in trust for the benefit of the Noteholders entitled thereto until such sums shall be paid to such Person and (ii) shall comply with all requirements of the Code regarding the withholding of payments in respect of United States federal income taxes due from the Noteholders or Note Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Section</u> <u>6.1</u>, <u>6.2</u>, <u>6.3</u>, <u>6.4</u>, <u>6.7</u> and <u>6.9</u> shall be applicable, *mutatis mutandis*, to the Indenture Trustee as Paying Agent. An institution succeeding to the corporate trust or agency business of the Paying Agent shall continue to be the Paying Agent without the execution or filing of any paper or any further act on the part of the Indenture Trustee or such Paying Agent.

SECTION 2.15 *Tax Treatment.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer has entered into this Indenture, and the Notes (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes) shall be issued, with the intention that, solely for United States federal, state and local income, franchise and/or value added tax purposes, the Notes shall qualify as indebtedness secured by the Collateral (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes). The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note, if applicable, that is the Issuer or a Person that is considered to be the same Person as the Issuer for United States federal income tax purposes), agree to treat the Notes for federal, state and local income, franchise and/or value added tax purposes as indebtedness (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto agree that it is their mutual intent that, for all tax and other applicable purposes the Certificates shall not constitute indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For avoidance of doubt, no election will be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or before the date on which it acquires a Note (or interest therein) and thereafter promptly upon request, each Noteholder shall provide Tax Information to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes, including but not limited to FATCA Withholding Tax, or reporting of information under FATCA). Each Noteholder is deemed to understand that by acceptance of a Note, such Noteholder agrees to supply the Tax Information. Further, each Noteholder is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold interest payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with both of the preceding sentences.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To enable the Indenture Trustee to comply with its obligations under FATCA, the Issuer agrees (i) to provide the Indenture Trustee sufficient information about the parties and/or transactions contemplated hereunder that is in its possession (including any information relating to any modification to the terms of such transactions) so the Indenture Trustee can determine whether it has tax related obligations under FATCA and (ii) that the Indenture Trustee shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with FATCA. The terms of this <u>Section</u> <u>2.15(e)</u> shall survive the termination of this Indenture.

SECTION 2.16 *[Transfer Restrictions on the Retained Notes.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Issuer, the Indenture Trustee nor any other Person may register the Retained Notes under the Securities Act or any state securities laws. No Retained Note or any interest therein may be sold or transferred (including by pledge or hypothecation) to any other Person unless such sale or transfer is to a Qualified Institutional Buyer in accordance with Rule 144A (except for transfers of Retained Notes to the Depositor or any of its Affiliates and by the Depositor or any of its Affiliates as part of the initial distribution or any redistribution of the Retained Notes by the Depositor or any of its Affiliates pursuant to a note purchase agreement or any similar agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to any sale or transfer of any Retained Note (or any interest therein) in a transaction pursuant to Rule 144A, each prospective transferee of such Retained Note (or any interest therein) (except for transfers of Notes to the Depositor or any Affiliate thereof (or disregarded entities thereof)) shall be deemed to make the following representations to the Indenture Trustee, the Note Registrar and the Depositor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transferee (A) is a Qualified Institutional Buyer, (B) is aware that the sale of the Retained Notes to it is being made in reliance on the exemption from registration provided by Rule 144A and (C) is acquiring the Retained Notes for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion, and in a principal amount of not less than the minimum denomination of such Retained Note for the purchaser and for each such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Retained Notes may not at any time be held by or on behalf of any Person (other than the Depositor or an Affiliate of the Depositor) that is not a Qualified Institutional Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The transferee understands that the Retained Notes are being offered only in a transaction not involving any public offering in the United States within the meaning of the Securities Act, none of the Retained Notes have been or will be registered under the Securities Act, and, if in the future the transferee decides to offer, resell, pledge or otherwise transfer the Retained Notes, such Retained Notes may only be offered, resold, pledged or otherwise transferred in accordance with this Indenture and the applicable legend on such Retained Notes set forth below. The transferee acknowledges that no representation is made by the Issuer as to the availability of any exemption under the Securities Act or any applicable state securities laws for resale of the Retained Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The transferee understands that an investment in the Retained Notes involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Retained Notes as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Retained Notes, including an opportunity to ask questions of and request information from the Servicer, the Depositor and the Issuer. The transferee has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment in the Retained Notes, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the Holder's or of its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In connection with the transfer of the Retained Notes (a) none of the Issuer, the Servicer, the Depositor, any underwriter of the Retained Notes, nor the Indenture Trustee is acting as a fiduciary or financial or investment adviser for the transferee, (b) the transferee is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee other than in the most current offering memorandum for such Retained Notes and any representations expressly set forth in a written agreement with such party, (c) none of any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee has given to the transferee (directly or indirectly through any other person) any assurance, guarantee, or representation whatsoever as to the expected or projected success, profitability, return, performance, result, effect, consequence, or benefit (including legal, regulatory, tax, financial, accounting, or otherwise) of its purchase or the documentation for the Retained Notes, (d) the transferee has consulted with its own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent it has deemed necessary, and it has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own judgment and upon any advice from such advisers as it has deemed necessary and not upon any view expressed by any underwriter of the Retained Notes, the Issuer, the Servicer, the Depositor, or the Indenture Trustee, (e) the transferee has determined that the rates, prices or amounts and other terms of the purchase and sale of the Retained Notes reflect those in the relevant market for similar transactions, (f) the transferee is purchasing the Retained Notes with a full understanding of all of the terms, conditions and risks thereof (economic and otherwise), and is capable of assuming and willing to assume (financially and otherwise) these risks and (g) the transferee is a sophisticated investor familiar with transactions similar to its investment in the Retained Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The transferee understands that the Retained Notes will bear the legend(s) substantially similar to those set forth in <u>Section</u> <u>2.16(c)</u> unless the Issuer determines otherwise in compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The transferee is not acquiring the Retained Notes with a view to the resale, distribution or other disposition thereof in violation of the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The transferee will provide notice to each Person to whom it proposes to transfer any interest in the Retained Notes of the transfer restrictions and representations set forth in this Indenture, including the Exhibits hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void *ab initio*, and will not operate to transfer any rights to the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Retained Note will bear a legend to the following effect:

THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, 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. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Retained Notes may not be transferred to a Person unrelated to the Issuer unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture Trustee at such time stating that either (x) such Notes will be debt for United States federal income tax purposes or (y) the sale of such Notes will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided pursuant to the preceding sentence is as described in clause (y), the sale or transfer of such Notes must be to a Person who is a United States Tax Person, must not be required to be registered under the Securities Act, and such Notes and the Certificates may at no time be held by more than 95 Persons, directly or indirectly, unless such Opinion of Counsel also states that such Notes will be debt for United States federal income tax purposes. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form may be required by the Administrator as a condition to such transfer. Any Retained Notes whose transfer required the delivery of the Opinion of Counsel as is described in clause (y) will require a similar Opinion of Counsel with respect to each subsequent transfer of such Retained Notes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any purported transfer of a Retained Note not in accordance with this <u>Section</u> <u>2.16</u> shall be null and void *ab initio* and shall not be given effect for any purpose hereunder.]

**ARTICLE III COVENANTS** 

SECTION 3.1 *Payment of Principal and Interest*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to <u>Section</u> <u>8.2</u>, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent the Reserve Account Draw Amount and Available Funds for such Payment Date received by the Servicer during the preceding Collection Period. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [So long as the Class A-2-B Notes are Outstanding, the Indenture Trustee shall obtain [insert applicable floating rate benchmark] in accordance with the definition of "[insert applicable floating rate benchmark]" on each [insert applicable floating rate benchmark] Determination Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator.]

SECTION 3.2 *Maintenance of Office or Agency*. As long as any of the Notes remain Outstanding, the Issuer shall maintain at the applicable Corporate Trust Office, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the applicable Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

SECTION 3.3 *Money for Payments to Be Held in Trust*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As provided in <u>Sections 5.4</u> and <u>8.2</u>, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section and <u>Section</u> <u>8.5</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the close of business on the Business Day prior to each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited into the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes in accordance with <u>Section</u> <u>8.5(a)</u>, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall cause each Paying Agent, other than the Indenture Trustee, to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as provided in the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give the Indenture Trustee written notice of any default by the Issuer of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) comply with all (A) requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon, including FATCA Withholding Tax (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and (B) all applicable reporting requirements in connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such a payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to applicable laws with respect to the escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee to the Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided*, *however*, that the Indenture Trustee or such Paying Agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Noteholder).

SECTION 3.4 *Existence*. The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

SECTION 3.5 *Protection of Collateral*. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders [and the Swap Counterparty] to be prior to all other Liens in respect of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders [and the Swap Counterparty], a first lien on and a first priority, perfected security interest in the Collateral (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuer, and shall take such other action necessary or advisable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Grant more effectively all or any portion of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enforce any of the Collateral; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims of all Persons.

The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; *provided, however*, the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest and shall have no liability in connection with taking or failing to take such action. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents.

SECTION 3.6 *Opinions as to Collateral*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Closing Date, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and security interest of this Indenture, and reciting the details of such action, or (ii) no such action is necessary to make such lien and security interest effective.

SECTION 3.7 *Performance of Obligations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall not take any action and shall use its reasonable efforts not to permit any action to be taken by others, including the Administrator, that would release any Person from any of such Person's material covenants or obligations under any instrument or agreement included in the Collateral or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Transaction Documents or such other instrument or agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer's Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Transaction Document or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction Document.

SECTION 3.8 *Negative Covenants*. So long as any Notes are Outstanding, the Issuer shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage in any activities other than financing, acquiring, owning, pledging and managing the Receivables and the other Collateral as contemplated by this Indenture and the other Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) dissolve or liquidate in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any Lien (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the assets of the Issuer or any part thereof or any interest therein or the proceeds thereof or (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Collateral (it being understood that (A) either each Receivable constituting part of the Collateral is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to the Receivable have been taken or will be taken to perfect a first priority security interest in the Financed Vehicle in favor of the Originator, as secured party and (B) the Issuer shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor about any aspect of the transactions contemplated by the Transaction Documents);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) merge or consolidate with, or transfer substantially all of its assets to, any other Person.

SECTION 3.9 *Annual Compliance Statement*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the Indenture Trustee on or before [March 30<sup>th</sup>] of each calendar year beginning with [March 30], [____], an Officer's Certificate stating, as to the Authorized Officer signing such Officer's Certificate, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case of the first such Officer's Certificate) and of its performance under this Indenture has been made under such Authorized Officer's supervision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the best of such Authorized Officer's knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) file with the Indenture Trustee, within fifteen (15) days after the Issuer is required (if at all) to file the same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section</u> <u>3.9(b)</u> as may be required pursuant to rules and regulations prescribed from time to time by the Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer's Certificates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer.

SECTION 3.10 *Restrictions on Certain Other Activities*. The Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Trust Estate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having the effect of assuring another's payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person; or (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

SECTION 3.11 *Restricted Payments*. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; *provided*, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Delaware Trustee, the Owner Trustee, the Indenture Trustee, the Noteholders[, the Swap Counterparty] and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Servicing Agreement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer will not, directly or indirectly, make distributions from the Trust Accounts.

SECTION 3.12 *Notice of Events of Default*. The Issuer shall promptly deliver to the Indenture Trustee, the Delaware Trustee, the Owner Trustee[, the Swap Counterparty] and each Rating Agency written notice in the form of an Officer's Certificate, of an Event of Default or any event which with the giving of notice, the lapse of time or both would become an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto.

SECTION 3.13 *Further Instruments and Acts*. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

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SECTION 3.14 *Compliance with Laws*. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document.

SECTION 3.15 *Perfection Representations, Warranties and Covenants*. The perfection representations, warranties and covenants attached hereto as <u>Schedule I</u> shall be deemed to be part of this Indenture for all purposes.

SECTION 3.16 *Investment Company Act Representation*. The Issuer hereby represents and warrants to the Indenture Trustee that it is not an "investment company" that is registered or required to be registered under, or otherwise subject to the restrictions of, the Investment Company Act of 1940, as amended.

**ARTICLE IV SATISFACTION AND DISCHARGE** 

SECTION 4.1 *Satisfaction and Discharge of Indenture*. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) <u>Sections 3.3</u>, <u>3.4</u>, <u>3.5</u>, <u>3.8</u>, <u>3.10</u> and <u>3.11</u>, (v) the rights, protections, indemnities and immunities of the Indenture Trustee hereunder and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in <u>Section</u> <u>2.5</u> and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in <u>Section</u> <u>3.3</u>) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date which shall occur within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of <u>clauses (1)</u>, <u>(2)</u> or <u>(3)</u>, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to <u>Section</u> <u>10.1</u>), as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer[, including, without limitation, all amounts owed to the Swap Counterparty, including all Swap Termination Payments] (but without taking into account any distributions to the Designated Certificateholder Account); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer has delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee and if such discharge is not related to a redemption of the Notes in accordance with <u>Section</u> <u>10.1</u>) a certificate from a firm of certified public accountants, each meeting the applicable requirements of <u>Section</u> <u>11.1(a)</u> and, subject to <u>Section</u> <u>11.2</u>, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer's Certificate, stating that the Rating Agency Condition has been satisfied (*provided*, that such Officer's Certificate need not state that the Rating Agency Condition has been satisfied if all amounts owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such Officer's Certificate)).

SECTION 4.2 *Application of Trust Money*. All monies deposited with the Indenture Trustee pursuant to <u>Section</u> <u>4.1</u> shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture. Such monies need not be segregated from other funds except to the extent required herein or by law.

SECTION 4.3 *Repayment of Monies Held by Paying Agent*. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to <u>Section</u> <u>3.3</u> and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE V REMEDIES** 

SECTION 5.1 *Events of Default*. The occurrence and continuation of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default under this Indenture (each, an "<u>Event of Default</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a default in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a default in the payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by the Issuer to duly observe or perform any of its covenants or agreements made in this Indenture (other than (i) a covenant or agreement, a default in the observance or performance of which is elsewhere specifically addressed in this <u>Section</u> <u>5.1</u> or (ii) a covenant or agreement in <u>Section</u> <u>12.2</u>), which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of ninety (90) days after there shall have been given, by registered or certified mail, to the

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Issuer by the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has received written notice or has actual knowledge of such failure) or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a "<u>Notice of Default</u>" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation or warranty of the Issuer made in this Indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for ninety (90) days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee has received written notice or has actual knowledge of such failure) or by Noteholders evidencing at least a majority of the Outstanding Note Balance, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a "<u>Notice of Default</u>" hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Bankruptcy Event with respect to the Issuer;

*provided*, *however*, that a delay in or failure of performance referred to under <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u> above for a period of one hundred twenty (120) days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence.

SECTION 5.2 *Acceleration of Maturity; Waiver of Event of Default*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee shall, if directed by the Noteholders representing not less than a majority of the Outstanding Note Balance, declare all of the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid Note Balance of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of Default specified in <u>Section</u> <u>5.1(e)</u> occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this <u>Article V</u>, the Noteholders representing a majority of the Outstanding Note Balance, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred and (B) all sums paid or advanced by, or indemnities

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owed by the Issuer to, the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel[, and (C) any Net Swap Payments and any Swap Termination Payments then due and payable to the Swap Counterparty under the Interest Rate Swap Agreement]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in <u>Section</u> <u>5.12</u>.

No such rescission shall affect any subsequent default or impair any right consequent thereto.

If the Notes have been declared due and payable or have automatically become due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of <u>Section</u> <u>5.4</u>.

SECTION 5.3 *Collection of Indebtedness and Suits for Enforcement by the Indenture Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer covenants that if (i) a default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five (5) Business Days or more, or (ii) a default is made in the payment of the principal of any Note at the related Final Scheduled Payment Date or the Redemption Date, the Issuer will, upon demand of the Indenture Trustee in writing as directed by a majority of the Outstanding Note Balance, pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case the Issuer shall fail forthwith to pay the amounts described in <u>clause (a)</u> above upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in <u>Section</u> <u>5.4</u>, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, all indemnities owed by the Issuer to, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable laws and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial Proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each Noteholder to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, indemnities owed by the Issuer to, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under <u>Section</u> <u>6.7</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes [and the Swap Counterparty].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

SECTION 5.4 *Remedies; Priorities*. (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to <u>Sections 5.</u><u>2</u> and <u>5.5</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any other remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) subject to <u>Section</u> <u>5</u><u>.17</u>, after an acceleration of the maturity of the Notes pursuant to <u>Section</u> <u>5</u><u>.2</u>, sell the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

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*provided*, *however*, that the Indenture Trustee may not sell or otherwise liquidate the Collateral following an Event of Default unless (A) the Holders of 100% of the Outstanding Note Balance [of the Controlling Class and the Swap Counterparty] have consented to such liquidation, (B) the proceeds of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes [and all amounts due to the Swap Counterparty under the Interest Rate Swap Agreement] or (C) the Event of Default relates to the failure to pay interest or principal when due (a "<u>Payment Default</u>") and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Receivables will not be sufficient on an ongoing basis to make all payments on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of the Holders of 66-2/3% of the Outstanding Note Balance [of the Controlling Class and the Swap Counterparty]. In determining such sufficiency or insufficiency with respect to <u>clauses (B)</u> and <u>(C)</u> of the preceding sentence, the Indenture Trustee may, but need not, obtain at other than its own expense and fully rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Sections 8.2</u> or <u>8.5</u> of this Indenture, if the Indenture Trustee collects any money or property pursuant to this <u>Article V</u> and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account, other than net investment earnings) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Indenture Trustee, the Delaware Trustee, the Owner Trustee (including as Certificate Paying Agent) and the Asset Representations Reviewer, any accrued and unpaid fees, indemnity payments and reasonable expenses permitted under the applicable Transaction Documents; *provided*, that the amounts payable pursuant to this clause will be limited to $[________] per annum in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [*second*, to the Servicer (or any predecessor Servicer, if applicable), for reimbursement of all outstanding Advances[; *provided*, however, that the Available Funds from the Risk Retention Reserve Account may not be used to pay the Servicer so long as the Servicer is an Affiliate of Fifth Third Bank, National Association];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods[; *provided*, however, that the Available Funds from the Risk Retention Reserve Account may not be used to pay the Servicer so long as the Servicer is an Affiliate of Fifth Third Bank, National Association];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [*fourth*, to the Swap Counterparty, any due and unpaid Net Swap Payments;]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, [pro rata, (A) to the Swap Counterparty for any due and unpaid Senior Swap Termination Payments and (B)] to the Class A-1 Noteholders, pro rata, the Accrued Note Interest; provided, that if there are not sufficient funds available to pay the entire amount of the Accrued Note Interest, the amount available shall be applied to the payment of such interest on each Class of Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, if an Event of Default described in <u>Section</u> <u>5.1(a)</u>, <u>(b)</u> or <u>(e)</u> has occurred, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Holders of the Class B Notes, the Class B Noteholders' Monthly Accrued Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the Holders of the Class B Notes, until the Class B Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *[seventh*, if an Event of Default described in <u>Section</u> <u>5.1(c)</u> or <u>(d)</u> has occurred, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Holders of the Class B Notes, the Accrued Note Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Holders of the Class A-1 Notes until the Class A-1 Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, on a pro rata basis (based on the Note Balance of each Class on such Payment Date), until all Classes of the Class A Notes have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the Holders of the Class B Notes until the Class B Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [*eighth*, to the Swap Counterparty, any Subordinated Swap Termination Payments and any other amounts payable by the Issuer to the Swap Counterparty and not previously paid;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, to the Owner Trustee, the Indenture Trustee and the Asset Representations Reviewer, any accrued and unpaid fees, reasonable expenses and indemnity payments which have not previously been paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, any remaining funds shall be distributed to the Designated Certificateholder Account.

The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

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Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this <u>Article V</u>, such amounts shall be deposited into the Collection Account and distributed in accordance with <u>Sections 8.2</u> or <u>8.5</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, in the event that the Bank were to become the subject of an insolvency proceeding and the FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in <u>Section</u> <u>12.5</u> shall be effected instead of <u>Section</u> <u>5.4(b)</u>.

SECTION 5.5 *Optional Preservation of the Collateral*. If the Notes have been declared or are automatically due and payable under <u>Section</u> <u>5.2</u> following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with <u>Section</u> <u>5.4(b)</u>. It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes [and amounts due to the Swap Counterparty] under the Transaction Documents, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain at other than its own expense and fully rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

SECTION 5.6 *Limitation of Suits*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or the other Transaction Documents, or for the appointment of a receiver or trustee, or for any other remedy hereunder, except pursuant to the dispute resolution provisions described in Section 3.4 of the Receivables Sale Agreement, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default or of a breach of the Transaction Documents by a party thereto (a "Claim");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Holders of not less than 25% of the Outstanding Note Balance of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default or Claim, as applicable, in its own name as the Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no direction inconsistent with such written request has been given to the Indenture Trustee during such sixty-day (60) period by the Holders of a majority of the Outstanding Note Balance.

No Noteholder or group of Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and in the manner herein provided.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Note Balance, the Indenture Trustee will take the action, if any, directed by the largest percentage of Noteholders satisfying <u>Section</u> <u>5.6(a)</u>, notwithstanding any other provisions of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner to otherwise control the operation and management of the Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c).

SECTION 5.7 *Rights of Noteholders to Receive Principal and Interest*. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment and such right shall not be impaired without the consent of such Noteholder.

SECTION 5.8 *Restoration of Rights and Remedies*. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

SECTION 5.9 *Rights and Remedies Cumulative*. No right or remedy herein conferred upon or reserved to the Indenture Trustee[, the Swap Counterparty] or to the Noteholders is intended to be exclusive of any other right or remedy except to the extent explicitly set forth herein, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

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SECTION 5.10 *Delay or Omission Not a Waiver*. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this <u>Article</u> <u>V</u> or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

SECTION 5.11 *Control by Noteholders*. Subject to the provisions of <u>Sections 5.4</u>, <u>5.</u><u>6</u>, <u>6.2(d)</u> and <u>6.2(e)</u>, Noteholders holding not less than a majority of the Outstanding Note Balance shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee; *provided*, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such direction shall not be in conflict with any rule of law or with this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the express terms of the proviso and the last sentence of <u>Section</u> <u>5.4(a)</u>, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be by the Holders of Notes representing not less than 100% of the Outstanding Note Balance unless the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the conditions set forth in <u>Section</u> <u>5.5</u> have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Note Balance to sell or liquidate the Trust Estate shall be of no force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction, applicable law and the terms of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such direction shall be in writing;

*provided*, *further*, that, subject to <u>Section</u> <u>6.1</u>, the Indenture Trustee need not take any action that it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action.

SECTION 5.12 *Waiver of Past Defaults*. Prior to the declaration of the acceleration of the maturity of the Notes as provided in <u>Section</u> <u>5.2</u>, the Holders of Notes of not less than a majority of the Outstanding Note Balance, may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

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Upon any such waiver, such Default or Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any prior, subsequent or other Default or Event of Default or impair any right consequent thereto.

SECTION 5.13 *Undertaking for Costs*. All parties to this Indenture agree, and each Noteholder by such Noteholder's acceptance of a Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Balance or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

SECTION 5.14 *Waiver of Stay or Extension Laws*. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

SECTION 5.15 *Action on Notes*. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with <u>Section</u> <u>5.4(b)</u>, if the maturity of the Notes has been accelerated pursuant to <u>Section</u> <u>5.2</u>, or <u>Sections 8.2</u> and <u>8.5</u> of this Indenture, if the maturity of the Notes has not been accelerated.

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SECTION 5.16 *Performance and Enforcement of Certain Obligations*. (a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance (i) by the Seller of its obligations to the Issuer under or in connection with the Sale Agreement, (ii) by the Servicer of its obligations to the Issuer under or in connection with the Servicing Agreement, (iii) by the Seller or FTH LLC, as applicable, of each of their obligations under or in connection with the Purchase Agreement or (iv) by FTH LLC or the Bank, as applicable, of each of their obligations under or in connection with the Receivables Sale Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale Agreement, the Servicing Agreement, the Purchase Agreement and the Receivables Sale Agreement, as the case may be, to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Servicer or FTH LLC thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller of its obligations under the Sale Agreement, by the Servicer of its obligations under the Servicing Agreement, by the Seller or FTH LLC of each of their obligations under or in connection with the Purchase Agreement or by FTH LLC or the Bank of each of their obligations under or in connection with the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Default has occurred and is continuing, the Indenture Trustee may, and, at the direction (which direction shall be in writing) of the Holders of a majority of the Outstanding Note Balance shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller under or in connection with the Sale Agreement, against the Servicer under or in connection with the Servicing Agreement, against the Seller or FTH LLC under or in connection with the Purchase Agreement or against FTH LLC or the Bank under or in connection with the Receivables Sale Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller, the Servicer, the Bank or FTH LLC of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale Agreement, the Servicing Agreement, the Purchase Agreement or the Receivables Sale Agreement, as applicable, and any right of the Issuer to take such action shall be suspended.

SECTION 5.17 *Sale of Collateral*. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to <u>Section</u> <u>5.4(a)</u>, the Indenture Trustee shall publish a notice in an Authorized Newspaper, at other than its own expense, stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, *provided*, *however*, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice to the Seller and the Servicer of any proposed sale, and the Seller, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to <u>Section</u> <u>5.4</u> and this <u>Section</u> <u>5.17</u> shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid.

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**ARTICLE VI THE INDENTURE TRUSTEE** 

SECTION 6.1 *Duties of the Indenture Trustee*. (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and shall use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such Person's own affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the occurrence of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, resolutions, certificates of auditors, opinions or other documents furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, the Indenture Trustee shall examine the certificates, opinions or other documents to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this paragraph does not limit the effect of <u>paragraph (b)</u> of this Section;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in the exercise of any trust or power conferred upon it hereunder in accordance with a direction received by it pursuant to <u>Section</u> <u>5.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to <u>paragraphs (a)</u>, <u>(b)</u> and <u>(c)</u> of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No provision of this Indenture or any other Transaction Document shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or thereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it. None of the provisions of this Indenture shall in any event require the Indenture Trustee to perform or be responsible for the manner of performance of any of the obligations of the Servicer unless the Indenture Trustee becomes the successor Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Every provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Indenture Trustee shall not be required to maintain a fidelity bond or errors and omissions policy in connection with the Transaction Documents.

SECTION 6.2 *Rights of the Indenture Trustee*. Subject to the provisions of <u>Section</u> <u>6.1</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Administrator, any co-trustee or separate trustee appointed in accordance with the provisions of <u>Section</u> <u>6.10</u>, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its discretion or rights or powers conferred upon it by this Indenture; *provided*, *however*, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture, other than requests, demands or directions relating to an Asset Representations Review pursuant to Section 7.5, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee, in its sole discretion, against the reasonable costs, expenses, disbursements, advances and liabilities that might be incurred by it, its agents and its counsel in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indenture Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default, Default, Event of Default, event or information unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Indenture Trustee at the applicable Corporate Trust Office of the Indenture Trustee, and such notice references the Notes and this Indenture, and shall have no duty to take any action to determine whether any such event, default, Default or Event of Default has occurred.

SECTION 6.3 *Individual Rights of the Indenture Trustee*. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Seller, the Owner Trustee, the Delaware Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Seller, the Owner Trustee, the Delaware Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with <u>Section</u> <u>6.11</u>.

SECTION 6.4 *The Indenture Trustee's Disclaimer*. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, shall not be accountable for the Issuer's use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee's certificate of authentication.

SECTION 6.5 *Notice of Defaults*. If a Default occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder, the Owner Trustee, the Delaware Trustee, the Issuer and the Administrator notice of the Default within ninety (90) days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests of Noteholders. In addition, if a Servicer Replacement Event occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall provide the Delaware Trustee, the Owner Trustee and the Administrator written notice of such Servicer Replacement Event.

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SECTION 6.6 *Reports by the Paying Agent to Noteholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent, at the expense of the Issuer, shall make available to each Noteholder, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Paying Agent shall comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

SECTION 6.7 *Compensation and Indemnity*. The Issuer shall cause the Servicer to (i) pay to the Indenture Trustee from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the Indenture Trustee, <u>provided</u>, <u>however</u>, that such fee letter may be amended from time to time after the date hereof to provide for the Indenture Trustee's role as Computation Agent and as agreed to by the Servicer and the Indenture Trustee, (ii) reimburse the Indenture Trustee for all reasonable expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnify the Indenture Trustee for, and hold it harmless against, any and all loss, liability or expense (including reasonable attorneys' fees and expenses) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as Indenture Trustee including any action, claim or suit to enforce the Indenture Trustee's right to indemnification. The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. The Indenture Trustee shall not be indemnified by the Administrator, the Issuer, the Seller, FTH LLC, the Bank or the Servicer against any loss, liability or expense incurred by it or arising from (i) [ ]'s own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty expressly made by [ ] in its individual capacity or any representation or warranty made by [ ] in accordance with <u>Sections</u> <u>8.18</u>, <u>8.19</u> or <u>8.20</u> of the Servicing Agreement or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee.

The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section shall survive the discharge or assignment of this Indenture and the resignation or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in <u>Section</u> <u>5.1(e)</u> with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law.

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Any amounts payable by the Issuer to the Indenture Trustee pursuant to this <u>Section</u> <u>6.7</u> shall be paid by the Issuer in accordance with <u>Section</u> <u>8.5(a)</u> or <u>Section</u> <u>5.4(b)</u> of this Indenture, as applicable.

SECTION 6.8 *Removal, Resignation and Replacement of the Indenture Trustee*. The Indenture Trustee may resign at any time by so notifying the Issuer, [the Swap Counterparty,] the Administrator and the Servicer. The Holders of a majority of the Outstanding Note Balance may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer thirty (30) days in advance, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee, upon thirty (30) days prior notice, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee fails to comply with <u>Section</u> <u>6.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Bankruptcy Event occurs with respect to the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a receiver or other public officer takes charge of the Indenture Trustee or its property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee otherwise becomes incapable of acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly, but no later than thirty (30) days, appoint a successor Indenture Trustee which satisfies the requirements set forth in <u>Section</u> <u>6.11</u>.

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee[, the Swap Counterparty] and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as the Indenture Trustee to the successor Indenture Trustee.

If a successor Indenture Trustee does not take office within thirty (30) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the Outstanding Note Balance may petition any court of competent jurisdiction, at the expense of the Issuer, for the appointment of a successor Indenture Trustee.

If the Indenture Trustee fails to comply with <u>Section</u> <u>6.11</u>, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this <u>Section</u> <u>6.8</u> and payment of all fees and expenses owed to the retiring Indenture Trustee.

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The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee.

SECTION 6.9 *Successor Indenture Trustee by Merger*. Subject to <u>Section</u> <u>6.11</u>, if the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee, *provided*, that such corporation or banking association shall be otherwise qualified and eligible under <u>Section</u> <u>6.11</u>. The Indenture Trustee shall promptly notify the Administrator of any such transaction.

SECTION 6.10 *Appointment of Co-Indenture Trustee or Separate Indenture Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Indenture Trustee and the Administrator acting jointly shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee and the Administrator may consider necessary or desirable. If the Administrator shall not have joined in such appointment within thirty (30) days after the delivery to it of a request to do so, or in the case of an Event of Default shall have occurred and is continuing, the Indenture Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under <u>Section</u> <u>6.11</u> and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under <u>Section</u> <u>6.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being intended that such separate trustee or co-trustee is not authorized to act separately without the Indenture 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 Indenture 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 Collateral 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 Indenture Trustee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any separate trustee or co-trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the 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 Indenture and the conditions of this <u>Article VI</u>. 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 Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may at any time constitute the Indenture 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 Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture.

SECTION 6.11 *Eligibility; Disqualification*. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a) and, in addition, shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term debt rating of at least investment grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee.

SECTION 6.12 *Preferential Collection of Claims Against the Issuer*. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

SECTION 6.13 *Representations and Warranties*. The Indenture Trustee hereby makes the following representations and warranties on which the Issuer and the Noteholders shall rely:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee is a [_____________] duly organized, validly existing and in good standing under the federal laws of [______________]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and to general principles of equity.

**ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS** 

SECTION 7.1 *The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders*. The Issuer shall furnish or cause to be furnished to the Indenture Trustee (a) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished and the Indenture Trustee shall be fully protected with no liability in relying on the most recently provided copy of such list; *provided*, *however*, that so long as (i) the Indenture Trustee is the Note Registrar, or (ii) the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee.

SECTION 7.2 *Preservation of Information; Communications Among Noteholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in <u>Section</u> <u>7.1</u> and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such <u>Section</u> <u>7.1</u> upon receipt of a new list so furnished; *provided*, *however*, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders evidencing not less than 25% of the Outstanding Note Balance to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall (i) promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto and (ii) within five Business Days after receipt of such notice, forward a copy of the list

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of Noteholders produced to such Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes), as applicable, that seeks to communicate with other Noteholders or Note Owners, as applicable, about the exercise of Noteholder and Note Owner rights under this Indenture or the other Transaction Documents may send a request to the Depositor to include information regarding the communication in the Form 10-D to be filed by the Servicer, on behalf of the Issuer, with the Commission relating to the Collection Period in which such request was received. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in case of a Note Owner, a certification from the Note Owner that it is a Note Owner, together with at least one form of documentation, acceptable to the Indenture Trustee, evidencing its ownership of a Note, including, but not limited to, a trade confirmation, account statement, letter from a broker or dealer or other similar document. On receipt of such a request, the Servicer will include in the Form 10-D to be filed (i) a statement that the Issuer has received a request from a Noteholder or a Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Transaction Documents, (ii) the name of the requesting Noteholder or Note Owner, (ii) the date the request was received and (iv) a description of the date and method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. The Servicer will be responsible for any costs associated with including the Noteholder or Note Owner requests in the Form 10-D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer, the Indenture Trustee and Note Registrar shall have the protection of TIA Section 312(c).

SECTION 7.3 *Reports by the Indenture Trustee*. If required by TIA Section 313(a), within sixty (60) days after each March 31, beginning with March 31, 20[ ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

SECTION 7.4 *Statements to Certificateholders and Noteholders*. On each Payment Date, the Relevant Trustee shall forward the Servicer's Certificate provided by the Servicer pursuant to <u>Section</u> <u>3.9</u> of the Servicing Agreement or make available such Servicer's Certificate on its website as described below to the Issuer, the Servicer and each Noteholder and Certificateholder of record as of the most recent Record Date and, if a Certificate Distribution Account shall have been established, the Owner Trustee and the Certificate Paying Agent, which Servicer's Certificate shall contain a statement setting forth for the Collection Period and Payment Date relating to such Determination Date the following information (to the extent applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Class A-1 Note Balance, the Class A-2[-A Note Balance and Class A-2-B] Note Balance, the Class A-3 Note Balance, the Class A-4 Note Balance and the Class B Note Balance, in each case after giving effect to payments on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and end of the related Collection Period, (ii) the amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment Date and (v) the change in such balance from the immediately preceding Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the First Allocation of Principal and Regular Principal Distribution Amount for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Net Pool Balance [and][,][the Pool Factor and][the Note Factor] as of the close of business on the last day of the preceding Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the amount of the Noteholders' Interest Carryover Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the amount of fees to be paid to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, if any, with respect to the related Payment Date and the amount of any unpaid fees to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, if any, and the change in such amount from that of the prior Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate Repurchase Price with respect to Repurchased Receivables paid by the Servicer or the Bank, as applicable, with respect to the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the aggregate amount being distributed on such Payment Date to the Designated Certificateholder Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of Collections for the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a statement that the Servicer has received a communication request for a Noteholder interested in communicating with other Noteholders regarding the possible exercise of rights under the Transaction Documents, the name and contact information for the requesting Noteholder and the date such request was received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Delinquency Percentage and whether the Delinquency Trigger has been met or exceeded;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) whether and when Noteholders or Note Owners, as applicable, have elected to initiate a vote of the Noteholders and Note Owners, as applicable, with respect to an Asset Representations Review to determine whether the Asset Representations Reviewer will conduct an Asset Representations Review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a summary of the findings and conclusions of any Asset Representations Review conducted by the Asset Representations Reviewer; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) information with respect to any change in the Asset Representations Reviewer as required by Item 1121(d)(2) of Regulation AB[; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [*for periods on or after November 23, 2016*: any asset level information as required by Item 1111(h) and Item 1125 of Regulation AB].

No disbursements shall be made directly by the Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise.

The Relevant Trustee will make available via the Relevant Trustee's internet website all reports or notices required to be provided by the Relevant Trustee under this <u>Section</u> <u>7.4</u>. Any information that is disseminated in accordance with the provisions of this <u>Section</u> <u>7.4</u> shall not be required to be disseminated in any other form or manner. The Relevant Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor.

The Indenture Trustee's internet website shall be initially located at [_____________] or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Delaware Trustee, the Owner Trustee, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Indenture Trustee's internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Indenture. The Indenture Trustee shall notify the Noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible.

SECTION 7.5 *Noteholder and Note Owner Demand for Asset Representations Review*. If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger for that Payment Date, the Servicer will notify the Noteholders and Note Owners of that occurrence on the Form 10-D filed for that Payment Date. On or after such Payment Date, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Book-Entry Notes), which in each case provides the documentation set forth in <u>Section</u> <u>7.2(b)(iii)</u>, may make a demand on the Indenture Trustee in accordance with <u>Section</u> <u>11.3</u> to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review. The Servicer will notify investors of the initiation of such a vote on Form 10-D filed for that Payment Date. If Noteholders and Note Owners of at least 5% in the aggregate of the Outstanding Principal Balance of the Notes demand a vote within 90 days after filing of the Form 10-D in which the occurrence of the Delinquency Trigger being met or exceeded was reported, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners (through the Clearing Agency). The Indenture Trustee shall set a record date for purposes of determining the identity of Noteholders

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or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(d) as of the date of the filing of the Form 10-D that disclosed that the Delinquency Percentage met or exceeded the Delinquency Trigger. The vote will be initiated no later than 90 days after the filing of the Form 10-D reporting that the Delinquency Percentage met or exceeded the Delinquency Trigger and will be completed no later than 150 days after such Form 10-D filing. The Servicer and the Administrator on behalf of the Issuer will cooperate with the Indenture Trustee to facilitate the voting process and the Servicer will pay the costs, expenses and liabilities incurred by the Issuer in connection with the voting process. If the Noteholders and Note Owners of a majority of the Outstanding Principal Amount of the Notes that are voted agree for an Asset Representations Review to be conducted, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer directing the Asset Representations Reviewer to commence the Asset Representations Review. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or note the Noteholders and Note Owners have voted for an Asset Representations Review.

**ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES** 

SECTION 8.1 *Collection of Money*. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Collateral, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in <u>Article V</u>.

SECTION 8.2 *Trust Accounts*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Closing Date (or, in the case of <u>clause (iv)</u> below, the date indicated therein), the Issuer shall cause the Servicer to establish the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the benefit of the Noteholders, an Eligible Account (the "<u>Collection Account</u>"), bearing a designation of "[___________]" indicating the Security Interest of the Indenture Trustee and that the funds deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the benefit of the Noteholders, an Eligible Account (the "<u>Principal Distribution Account</u>"), bearing a designation of "[___________]" indicating the Security Interest of the Indenture Trustee and that the funds deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee and which may be a sub-account of the Collection Account. No checks shall be issued, printed or honored with respect to the Principal Distribution Account.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [For the benefit of the Noteholders, an Eligible Account (the "<u>Risk Retention Reserve Account</u>"), bearing a designation of "[___________]" indicating the Security Interest of the Indenture Trustee and that the funds deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Collection Account.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the benefit of the Noteholders, an Eligible Account (the "<u>Reserve Account</u>", and together with the Collection Account[, the Risk Retention Reserve Account] and the Principal Distribution Account, the "<u>Trust Accounts</u>"), bearing a designation of "[___________]" indicating the Security Interest of the Indenture Trustee and that the funds deposited therein are held for the benefit of the Noteholders, such Eligible Account shall be non-interest bearing and established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed or honored with respect to the Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) On or prior to the Payment Date on which any of the Certificates are then held by a Person other than the Depositor or one of its Affiliates, for the benefit of the Certificateholders, in the name of the Issuer, an Eligible Account (the "<u>Certificate Distribution Account</u>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders, which Eligible Account shall be established by and maintained with the Certificate Paying Agent or its designee. No checks shall be issued, printed or honored with respect to the Certificate Distribution Account. For the avoidance of doubt, the Certificate Distribution Account shall not be a Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before each Payment Date, the Issuer shall cause (i) the Servicer to deposit all Collections and Advances and (ii) the Servicer or the Bank as applicable, to deposit all Repurchase Prices with respect to the Collection Period preceding such Payment Date in the Collection Account. On the Business Day prior to each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the Collection Account pursuant to <u>Section</u> <u>4.3</u> of the Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve Account and deposited to the Collection Account pursuant to the Servicer's Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the acceleration of the maturity of the Notes pursuant to <u>Section</u> <u>5.2</u> of this Indenture, on each Payment Date and the Redemption Date, the Indenture Trustee shall distribute the First Allocation of Principal [,][and the Second Allocation of Principal][and][,] the Regular Principal Distribution Amount to Noteholders in respect of principal of the Notes to the extent of the funds therein in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Holders of the Class A-1 Notes, until the Class A-1 Notes are paid in full;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Holders of the Class A-2[-A Notes and the Class A-2-B] Notes, [ratably,] until the Class A-2[-A Notes and Class A-2-B] Notes are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the Holders of the Class A-3 Notes, until the Class A-3 Notes are paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, to the Holders of the Class A-4 Notes, until the Class A-4 Notes are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [*fifth*, to the Holders of the Class B Notes, until the Class B Notes are paid in full.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Payment Date on which the Notes of all Classes have been paid in full, the Indenture Trustee shall take all necessary or appropriate actions, as directed by the Issuer and other than at its own expense, to transfer all of its right, title and interest in the Collection Account (including any investments and investment income) to the Owner Trustee for the benefit of the Certificateholders. Following such transfer, the Issuer shall cause the Servicer to establish the Collection Account with the Owner Trustee to be maintained under the sole dominion and control of the Owner Trustee for the benefit of the Certificateholders and the Certificate Paying Agent will make distributions from the Collection Account pursuant to <u>Section</u> <u>8.5(a)</u>.

SECTION 8.3 *General Provisions Regarding Accounts*. (a) At the direction of the Servicer, funds on deposit in the Collection Account and the Reserve Account shall be invested by the Relevant Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant to standing instructions or otherwise); *provided*, that it is understood and agreed that if the Servicer does not provide such specific written investment direction or provides notification (pursuant to standing instructions or otherwise) that such funds on deposit in the Collection Account and the Reserve Account shall remain uninvested, those funds shall then remain uninvested unless and until the Servicer provides alternate notification with respect to the Collection Account and the Reserve Account; *provided further*, that it is further understood and agreed that neither the Servicer, the Relevant Trustee (subject to <u>Section</u> <u>6.1(c)</u>) nor the Issuer shall be liable for any loss arising from such investment in Permitted Investments. All such Permitted Investments shall be held by or on behalf of the Relevant Trustee as secured party for the benefit of the Noteholders (or, if there are no Notes Outstanding, for the benefit of the Certificateholders); *provided further,* that on each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit in the Collection Account and the Reserve Account shall be distributed to the Servicer as additional servicing compensation and shall not be available to pay the distributions provided for in <u>Section</u> <u>8.5</u>. All investments of funds on deposit in the Collection Account and the Reserve Account shall mature or be liquidated on the next Payment Date. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment and the Servicer directs the Relevant Trustee in writing to dispose of such Permitted Investment. Notwithstanding the foregoing, to the extent so provided in the Servicer's Certificate, the Paying Agent is hereby authorized to liquidate the funds necessary to make the distributions described in Section 8.5 one (1) Business Day prior to each Payment Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Relevant Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Relevant Trustee for the benefit of the Noteholders (or, if there are no Notes outstanding, for the benefit of the Certificateholders). If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Relevant Trustee (unless such Trust Account is an account with the Relevant Trustee) in writing and within ten (10) Business Days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the fact, establish a new Trust Account as an Eligible Account and shall direct the Relevant Trustee to transfer any cash and/or any investments to such new Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to the Trust Account Property, the parties hereto agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Trust Account Property that consists of uninvested funds shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the Relevant Trustee or its designee shall have sole signature authority with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Trust Account Property that is an "uncertificated security" under Article 8 of the UCC and that is not governed by <u>clause (iii)</u> below shall be delivered to the Indenture Trustee or its designee in accordance with <u>paragraph (c)</u> of the definition of "Delivery" and shall be maintained by the Relevant Trustee or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee's (or its designee's) ownership of such security on the books of the issuer thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Trust Account Property that is an uncertificated security that is a "book-entry security" (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire<sup>®</sup> Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with <u>paragraph (b)</u> of the definition of "Delivery" and shall be maintained by the Relevant Trustee or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Relevant Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the extent any Trust Account Property is credited to a securities account, the account agreement establishing such securities account shall provide that the account agreement is governed solely by the law of the State of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and such institution acting as securities intermediary shall have at the time of entry of the account agreement and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee, to the extent it is acting in the capacity of securities intermediary with respect to Trust Account Property, represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is a "securities intermediary," as such term is defined in Section 8-102(a)(14)(ii) of the relevant UCC, that in the ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of the relevant UCC, and an "intermediary" as defined in the Hague Securities Convention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it agrees with the Issuer that pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the Indenture Trustee as securities intermediary is the State of New York and the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention with respect to the Trust Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that there are any other agreements with the Indenture Trustee as securities intermediary governing the Trust Accounts, the parties agree that each and every such agreement is hereby amended to provide that, with respect to the Trust Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All interest and investment income (net of losses and investment expenses) on funds on deposit (i) in the Collection Account shall be distributed to the Servicer in accordance with the provisions of <u>Section</u> <u>3.7</u> of the Servicing Agreement and (ii) in the Reserve Account shall be distributed in accordance with <u>Section</u> <u>8.4(c)</u> of this Indenture and <u>Section</u> <u>3.7</u> of the Servicing Agreement. The Relevant Trustee shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subject to <u>Section</u> <u>6.1(c)</u>, the Relevant Trustee shall not in any way be held liable by reason of any insufficiency in the Collection Account or the Reserve Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Relevant Trustee's failure to make payments on any such Permitted Investments issued by the Relevant Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If (i) investment directions shall not have been given in writing by the Servicer in accordance with <u>Section</u> <u>8.3(a)</u> for any funds on deposit in the Collection Account and the Reserve Account to the Relevant Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to <u>Section</u> <u>5.2</u> or (iii) if the

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Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with <u>Section</u> <u>5.4</u> as if there had not been such a declaration, then the Relevant Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Collection Account and the Reserve Account in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In making or disposing of any investment permitted by this Indenture, the Relevant Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm's-length basis and on standard market terms, whether it or such Affiliate is acting as a subagent of the Relevant Trustee or for any third person or dealing as principal for its own account.

SECTION 8.4 *Additional Withdrawals and Deposits.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent will, on the Business Day prior to each Payment Date, pursuant to the Servicer's Certificate, withdraw from the Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Paying Agent will, on the Business Day prior to the Payment Date relating to each Collection Period, pursuant to the Servicer's Certificate, withdraw from the Reserve Account the Reserve Account Draw Amount and deposit such amount in the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Paying Agent will, on the Business Day prior to each Payment Date, pursuant to the Servicer's Certificate, withdraw from the Reserve Account all investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Account and, on such Payment Date, distribute such investment earnings to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Paying Agent shall receive written instructions from the Servicer (which may be in the form of a written order or request of the Servicer signed by an Authorized Officer of the Servicer upon which the Indenture Trustee shall be fully protected in relying with no liability thereafter) directing the Relevant Trustee to make the foregoing withdrawals and deposits.

SECTION 8.5 *Distributions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to any acceleration of the Notes pursuant to <u>Section</u> <u>5.2</u> and subject to <u>Section</u> <u>8.5(b)</u>, on each Payment Date, the Paying Agent (based solely on information contained in, and as directed by, the Servicer's Certificate delivered on or before the related Determination Date pursuant to <u>Section</u> <u>3.9</u> of the Servicing Agreement) shall make the following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *[first*, to the Servicer (or any predecessor Servicer, if applicable) for reimbursement of outstanding
Advances[; *provided*, however, that the Available Funds from the Risk Retention Reserve Account may not be used to pay the Servicer so long as the Servicer is an Affiliate of Fifth Third Bank, National Association];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second,* to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior
Collection Periods[; *provided*, however, that the Available Funds from the Risk Retention Reserve Account may not be used to pay the Servicer so long as the Servicer is an Affiliate of Fifth Third Bank, National Association];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [ *third*, to the Swap Counterparty, the Net Swap Payment if any, for such payment date;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, [pro rata based on amounts due (i) to the Swap Counterparty, any Senior Swap Termination
Payments for such payment date and (ii)] to the Class A Noteholders, pro rata, the Accrued Note Interest for the related Interest Period; *provided*, that if there are not sufficient funds available to pay the entire amount of the Accrued
Note Interest, the amounts available will be applied to the payment of such interest on the Notes on a pro rata basis based on the amount of interest owed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, to the Principal Distribution Account for distribution to the Noteholders pursuant to <u>Section</u> <u>8.2(c)</u>, the First Allocation of Principal, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *sixth*, to the Class B Noteholders, the Accrued Note Interest for the related Interest Period; *provided*, that if there are not sufficient funds available to pay the entire amount of the Accrued Note Interest, the amounts available will be applied to the payment of such interest on the Notes on a pro rata basis based on the amount of
interest owed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *seventh*, to the Principal Distribution Account for distribution to the Noteholders pursuant to <u>Section</u> <u>8.2(c)</u>, the [Second Allocation of Principal] Regular Principal Distribution Amount, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *eighth*, to the Reserve Account, any additional amounts required to increase the amount in the Reserve
Account up to the Specified Reserve Account Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [ *ninth*, to the swap counterparty, any Subordinated Swap Termination Payment and any other amounts
payable by the issuing entity to the swap counterparty and not previously paid;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *tenth*, to the Owner Trustee (including as Certificate Paying Agent), the Delaware Trustee, the
Indenture Trustee and the Asset Representations Reviewer, fees, expenses and indemnification amounts due and owing under the Servicing Agreement, the Trust Agreement, the Indenture and the Asset Representations Review Agreement, as applicable, which
have not been previously paid; *provided*, that with respect to the Asset Representations Reviewer, such fees, expenses and indemnification amounts must have been due and unpaid for more than 60 days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *eleventh*, to the Designated Certificateholder Account, any funds remaining.

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Notwithstanding any other provision of this <u>Section</u> <u>8.5</u>, following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Paying Agent shall apply all amounts on deposit in the Collection Account pursuant to <u>Section</u> <u>5.4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section</u> <u>8.5(a)</u>, in the event that the Bank were to become the subject of an insolvency proceeding and the FDIC as receiver or conservator for the Bank pays damages as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, then the actions and distributions described in <u>Section</u> <u>12.5</u> of the Indenture shall be effected instead of <u>Section</u> <u>8.5(a)</u>.

SECTION 8.6 *Release of Collateral*. (a) The Indenture Trustee may if permitted by and in accordance with the terms hereof, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in this <u>Article VIII</u> shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding [and all amounts due to the Swap Counterparty under the Transaction Documents have been paid] (as certified by an Authorized Officer of the Issuer in an Officer's Certificate delivered to the Indenture Trustee) and all amounts due to the Indenture Trustee hereunder have been paid in full, release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture as directed by and with documents prepared by the Issuer. Such release shall include release of the lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of <u>Section</u> <u>11.1</u>.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture (or shall be deemed to automatically release the lien of this Indenture without any further action) on any Receivable to be sold (i) the Servicer in accordance with <u>Section</u> <u>3.6</u> of the Servicing Agreement and (ii) the Bank pursuant to <u>Section</u> <u>3.3</u> of the Receivables Sale Agreement.

SECTION 8.7 *Opinion of Counsel*. The Indenture Trustee shall receive at least five (5) days' notice (or such shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to <u>Section</u> <u>8.6</u>, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of

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any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; *provided*, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. Such opinion shall be at other than the Indenture Trustee's expense.

**ARTICLE IX SUPPLEMENTAL INDENTURES** 

SECTION 9.1 *Supplemental Indentures Without Consent of Noteholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the consent of the Noteholders, or any other Person, but with prior notice from the Issuer to each Rating Agency and subject to <u>subsection (d)</u>, the Issuer and the Indenture Trustee (when so directed by an Issuer Request), at any time and from time to time, may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Issuer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

[Notwithstanding the foregoing, no amendment under this <u>Section</u> <u>9.</u>1 shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such action (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency, the Delaware Trustee and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Delaware Trustee, the Owner Trustee and the Indenture Trustee; <u>provided</u>, that no supplemental indenture pursuant to this <u>Section</u> <u>9.1</u> shall be effective which materially and adversely affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this <u>Section</u> <u>9.1</u>, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding <u>subsection (a)</u> of this <u>Section</u> <u>9.1</u>, other than in connection with an amendment pursuant to <u>Section</u> <u>12.1(b)</u> or <u>Section</u> <u>12.4</u>, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Depositor or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof.

SECTION 9.2 *Supplemental Indentures with Consent of Noteholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>subsection (b)</u> of this <u>Section</u> <u>9.2</u>, the Issuer and the Indenture Trustee, when authorized by an Issuer Request, also may, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the Outstanding Note Balance, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; *provided*, [that no such supplemental indenture shall materially and adversely affect the rights or obligations of the Swap Counterparty under this Indenture unless the Swap Counterparty shall have consented in writing to such supplemental indenture (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent); *provided*, *further*,] that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the coin or currency in which, any Note or the interest thereon is payable, reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date or reduce the Redemption Price of any Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the percentage of the Note Balance, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) modify or alter the provisions of the proviso to the definition of the term "<u>Outstanding</u>";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reduce the percentage of the Note Balance, the consent of the Holders of which is required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to <u>Section</u> <u>5.4</u> if the proceeds of such sale would be insufficient to pay the Note Balance plus accrued but unpaid interest on the Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) modify any provision of this <u>Section</u> <u>9.2</u> in any respect materially adverse to the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) permit the creation of any Lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in the Transaction Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) impair the right to institute suit for the enforcement of payment as provided in <u>Section</u> <u>5.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>subsection</u> <u>(a)</u> of this <u>Section</u> <u>9.2</u>, other than in connection with an amendment pursuant to <u>Section</u> <u>12.1(b)</u> or <u>Section</u> <u>12.4</u>, this Indenture may only be amended by the Issuer and the Indenture Trustee if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Depositor or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It shall not be necessary for the Noteholders to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if the Noteholders approve the substance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency, the Delaware Trustee and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Delaware Trustee, the Owner Trustee and the Indenture Trustee; <u>provided</u> that no supplemental indenture pursuant to this <u>Section</u> <u>9.2</u> shall be effective which affects the rights, privileges, indemnities, protections, immunities, obligations or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders and the Certificateholders a copy of such amendment or supplemental indenture. Any failure of the Indenture Trustee to mail such amendment or supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

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SECTION 9.4 *Effect of Supplemental Indenture*. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.5 *Conformity With Trust Indenture Act*. Every amendment of this Indenture and every supplemental indenture executed pursuant to this <u>Article</u> <u>IX</u> shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

SECTION 9.6 *Reference in Notes to Supplemental Indentures*. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this <u>Article IX</u> may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE X REDEMPTION OF NOTES** 

SECTION 10.1 *Redemption*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Notes is subject to redemption in whole, but not in part, at the direction of the Bank, as Servicer, pursuant to <u>Section</u> <u>7.1</u> of the Servicing Agreement, on any Payment Date on which the Bank, as Servicer (or its designee) exercises its option to purchase the Trust Estate (other than the Reserve Account) pursuant to such <u>Section</u>, for a purchase price equal to the Optional Purchase Price, which amount shall be deposited by the Servicer (or its designee) into the Collection Account on the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under [*clauses first* through *seventh*] of <u>Section</u> <u>8.5(a)</u> would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On the Business Day prior to such Payment Date, the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account [(other than interest and investment income (net of losses and investment expenses)] to the Collection Account and on such Payment Date the Outstanding Notes shall be redeemed in whole, but not in part.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Notes are to be redeemed pursuant to <u>Sections 10.1(a)</u> or <u>10.1(b)</u>, the Administrator or the Issuer shall provide at least 15 days' prior notice of the redemption of the Notes to the Delaware Trustee, the Indenture Trustee and the Owner Trustee[, the Swap Counterparty] and the Indenture Trustee shall provide prompt (but not later than 10 days prior to the applicable Redemption Date) notice thereof to the Noteholders.

SECTION 10.2 *Form of Redemption Notice*. Notice of redemption under <u>Section</u> <u>10.1</u> shall be given by the Indenture Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder's address appearing in the Note Register.

All notices of redemption under <u>Section</u> <u>10.1</u> or <u>10.2</u> shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Redemption Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that interest on the Notes shall cease to accrue on the Redemption Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the CUSIP numbers (if applicable) for such Notes.

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall notify each Rating Agency upon redemption of the Notes. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any Note.

SECTION 10.3 *Notes Payable on Redemption Date*. The Notes to be redeemed shall, following notice of redemption as required by <u>Section</u> <u>10.2</u> (in the case of redemption pursuant to <u>Section</u> <u>10.1</u>), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

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**ARTICLE XI MISCELLANEOUS** 

SECTION 11.1 *Compliance Certificates and Opinions, etc.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA in the case of condition precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

Every certificate or opinion in accordance with TIA Section 314(e) with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in <u>Section</u> <u>11.1(a)</u> or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value in accordance with TIA Section 314(d) (within ninety (90) days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of any signer thereof as to the matters described in <u>clause (i)</u> above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value in accordance with TIA Section 314(d) to the Issuer of the property or securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to <u>clause (i)</u> and this <u>clause (ii)</u>, is 10% or more of the Outstanding Note Balance, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer's Certificate is less than $25,000 or less than one percent of the Outstanding Note Balance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as contemplated by <u>Section</u> <u>11.1(b)(v)</u>, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whenever the Issuer is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of any signer thereof as to the matters described in <u>clause (iii)</u> above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Repurchased Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by <u>clause (iii)</u> above and this <u>clause (iv)</u>, equals 10% or more of the Outstanding Note Balance, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer's Certificate is less than $25,000 or less than one percent of the then Outstanding Note Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding <u>Section</u> <u>2.9</u> or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Transaction Documents, including without limitation pursuant to <u>Section</u> <u>10.1</u> of this Indenture, and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Transaction Documents.

SECTION 11.2 *Form of Documents Delivered to the Indenture Trustee*. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

Any certificate of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon an opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion or representations with respect to the matters upon which his or her certificate is based are erroneous. Any such Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate of, or representations by, an officer or officers of the Servicer, the Seller, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or representations with respect to such matters are erroneous.

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Where any Person is required to make, give or execute two (2) or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer's compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in <u>Article VI</u>.

SECTION 11.3 *Acts of Noteholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to <u>Section</u> <u>6.1</u>) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The ownership of Notes shall be proved by the Note Register.

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

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SECTION 11.4 *Notices*. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if an applicable facsimile number or e-mail address is provided on <u>Schedule I</u> to the Sale Agreement), and addressed in each case as specified on <u>Schedule I</u> to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

SECTION 11.5 *Notices to Noteholders; Waiver*. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default.

SECTION 11.6 *Alternate Payment and Notice Provisions*. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices, *provided*, that such methods are reasonable and acceptable to any applicable depository and the Indenture Trustee. The Indenture Trustee shall acknowledge receipt of any instructions from the Issuer regarding any alternate method of notice or payment as described in the preceding sentence. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

SECTION 11.7 *Conflict with Trust Indenture Act*. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

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The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

SECTION 11.8 *Effect of Headings and Table of Contents*. The Article and Section headings herein and the **Table of Contents** are for convenience only and shall not affect the construction hereof.

SECTION 11.9 *Successors and Assigns*. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors.

SECTION 11.10 *Severability*. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 11.11 *Benefits of Indenture*. [The Swap Counterparty shall be a third-party beneficiary to the provisions of this Indenture.] Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than (i) the parties hereto and their successors hereunder, (ii) the Owner Trustee [, the Swap Counterparty] and (iii) the Delaware Trustee, (iv) the Noteholders and (v) any other Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

SECTION 11.12 *Legal Holidays*. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

SECTION 11.13 *Governing Law*. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 11.14 *Counterparts and Electronic Signature*. This Indenture shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied

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manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Indenture or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 11.15 *Recording of Indenture*. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

SECTION 11.16 *Trust Obligation*. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

SECTION 11.17 *No Petition*. Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, 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; *provided* that the foregoing shall in no way limit the rights of the parties hereto to pursue any other creditor rights or remedies that such Persons may have against the Issuer under applicable law.

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SECTION 11.18 *Intent*. It is the intent of the Issuer that the Notes constitute indebtedness for all tax and financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all tax and financial accounting purposes.

SECTION 11.19 *Submission to Jurisdiction; Waiver of Jury Trial*. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>11.4</u> of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **to the extent permitted by applicable law, waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or thereunder.**

SECTION 11.20 *Subordination of Claims*. The Issuer's obligations under this Indenture are obligations solely of the Issuer and will not constitute a claim against the Seller to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture, the Delaware Trustee (in its individual capacity and as the Delaware Trustee), by accepting the benefits of this Indenture, the Certificateholder, by accepting the Certificate, and Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder, each Note Owner [and the Swap Counterparty], by accepting the benefits of this Indenture, 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

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provisions contained in the preceding sentence, each of the Owner Trustee, the Delaware 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 Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholder, by accepting the Certificate, and the Owner Trustee, the Delaware Trustee, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, 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 Indenture.

SECTION 11.21 *Limitation of Liability of Owner Trustee.* It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by [ ], not individually or personally but solely as Owner Trustee of the Issuer in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by [ ], but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ] individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) [ ] has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Indenture and (e) under no circumstances shall [ ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or the other related documents.

SECTION 11.22 *Information Requests*. (a) The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall furnish to the Owner Trustee and the Delaware Trustee from time to time information (which is in the possession of the Indenture Trustee and is freely deliverable) regarding the Issuer or the Transaction Documents as the Owner Trustee or the Delaware Trustee, as applicable, shall reasonably request. The Indenture Trustee shall furnish to the Owner Trustee, the Delaware Trustee and the Seller upon request, a copy of the Note Register.

SECTION 11.23 [*Limitation of Rights]*. [All of the rights of the Swap Counterparty in, to and under this Indenture or any other Transaction Document (including, but not limited to, all of the Swap Counterparty's rights as a third-party beneficiary of this Indenture and all of the Swap Counterparty's rights to receive notice of any action hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder or under any other Transaction Document) 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 under such Interest Rate Swap Agreement.]

SECTION 11.24 *Benefits of Indenture*. Nothing in this Indenture or in the Notes, express or implied, will give to any Person, other than the parties to this Indenture and their successors under this Indenture, and the Noteholders and any other party with rights to payments or distributions under this Indenture, and any other Person with an ownership interest in any portion of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture.

**[ARTICLE XII COMPLIANCE WITH THE FDIC RULE** 

SECTION 12.1 *Purpose*. (a) Each of the Noteholders, by its acceptance of the Notes, each of the Certificateholders, by its acceptance of the Certificates, the Fifth Third Parties and the Relevant Trustee acknowledges and agrees that the purpose of this <u>Article XII</u> is to facilitate compliance by the Fifth Third Parties with the provisions of the FDIC Rule. Each of the Noteholders, the Certificateholders, the Fifth Third Parties and the Relevant Trustee acknowledges that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in this <u>Article XII</u> shall have the effect and meanings that are appropriate under the FDIC Rule as such meanings change over time on the basis of evolving interpretations of the FDIC Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of the FDIC Rule is amended, or any interpretive guidance regarding the FDIC Rule is provided by the FDIC or its staff, as a result of which the Issuer determines that an amendment to this <u>Article XII</u> is necessary or desirable, then the Issuer and the Relevant Trustee shall be authorized and entitled to amend this <u>Article XII</u> in accordance with such FDIC Rule amendment or guidance notwithstanding the requirements set forth in <u>Section</u> <u>9.1</u> and <u>9.2</u>, provided that the Issuer delivers to the Relevant Trustee an Opinion of Counsel to the effect that such amendment is required to remain in compliance with the FDIC Rule. Nothing in this <u>Section</u> <u>12.1(b)</u> shall limit the rights of the Indenture Trustee pursuant to Section 9.3 or the Owner Trustee and the Delaware Trustee pursuant to <u>Section</u> <u>11.1(d)</u> of the Trust Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this <u>Article XII</u>, but subject to the rules of interpretation specified in <u>Section</u> <u>12.1(a)</u> and <u>Section</u> <u>12.1(b)</u>, references to (i) the "sponsor" shall mean the Bank, (ii) the "issuing entity" shall mean, collectively, FTH LLC, the Seller and the Issuer (except in <u>Section</u> <u>12.2(e)</u>, where such term shall have the meaning in the FDIC Rule), (iii) the "servicer" shall mean the Servicer or Administrator, as applicable, (iv) "obligations" or "securitization obligations" shall mean the Notes and, to the extent permitted by the FDIC Rule, the Certificates, and (v) "financial assets" and "securitized financial assets" shall mean the Receivables (except in <u>Section</u> <u>12.2(e)</u>, where "financial assets" shall have the meaning in the FDIC Rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the Fifth Third Parties believes that the transactions and actions contemplated by the Transaction Documents and the Prospectus comply with the requirements of Section 12.2.

SECTION 12.2 *Requirements of the FDIC Rule*. As required by the FDIC Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment of principal and interest on the securitization obligations must be primarily based on the performance of financial assets that are transferred to the issuer and, except for interest rate or currency mismatches between the financial assets and the obligations, shall not be contingent on market or credit events that are independent of such financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The sponsor, issuing entity and/or servicer, as appropriate, shall make available to investors, information describing the financial assets, obligations, capital structure, compensation of relevant parties and relevant historical performance data set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the case of an issuance of obligations that is subject to Regulation AB, on or prior to issuance of obligations and at the time of delivery of any periodic distribution report and, in any event, at least once per calendar quarter, while obligations are outstanding, information about the obligations and the securitized financial assets shall be disclosed to all potential investors at the financial asset or pool level, as appropriate for the financial assets, and security-level to enable evaluation and analysis of the credit risk and performance of the obligations and financial assets. Such information and its disclosure, at a minimum, shall comply with the requirements of Regulation AB or any successor disclosure requirements for public issuances. Information that is unknown or not available to the sponsor or the issuer after reasonable investigation may be omitted if the issuer includes a statement in the offering documents disclosing that the specific information is otherwise unavailable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On or prior to issuance of obligations, the structure of the securitization and the credit and payment performance of the obligations shall be disclosed, including the capital or tranche structure, the priority of payments and specific subordination features; representations and warranties made with respect to the financial assets, the remedies for and the time permitted for cure of any breach of representations and warranties, including the repurchase of financial assets, if applicable; liquidity facilities and any credit enhancements permitted by the FDIC Rule, any waterfall triggers or priority of payment reversal features; and policies governing delinquencies, servicer advances, loss mitigation and write-offs of financial assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) While obligations are outstanding, the issuing entity shall provide to investors information with respect to the credit performance of the obligations and the financial assets, including periodic and cumulative financial asset performance data, delinquency and modification data for the financial assets, substitutions and removal of financial assets, servicer advances, as well as losses that were allocated to such tranche and remaining balance of financial assets supporting such tranche, if applicable, and the percentage of each tranche in relation to the securitization as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In connection with the issuance of the obligations, the nature and amount of compensation paid to the originator, sponsor, rating agency or third-party advisor, any mortgage or other broker, and the servicer(s), and the extent to which any risk of loss on the underlying assets is retained by any of them for such securitization shall be disclosed. The issuer shall provide to investors while any obligations are outstanding any changes to such information and the amount and nature of payments of any deferred compensation or similar arrangements to any of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to <u>Section</u> <u>12.4</u>, the sponsor or a majority-owned affiliate of the sponsor shall retain an economic interest in a material portion, defined as not less than five (5) percent, of the credit risk of the financial assets, in accordance with Regulation RR, 17 C.F.R. §246.1, et. seq., including the restrictions on sale, pledging and hedging set forth therein and any disclosure requirements set forth therein, except for the hedging of interest rate or currency risk, during the term of the securitization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations shall not be predominantly sold to an affiliate (other than (i) a wholly-owned subsidiary consolidated for accounting and capital purposes with the sponsor or (ii) an affiliated broker-dealer who purchases such obligations with a view to promptly reselling such obligations to persons or entities that are neither affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) nor insiders of the sponsor in the ordinary course of such broker-dealer's business pursuant to an underwriting or similar agreement entered into in the ordinary course of business) or an insider of the sponsor; provided that (i) at the time the obligations are sold to the affiliated broker-dealer, such broker-dealer sells not less than 51% of the principal amount of the obligations to persons and entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insiders of the sponsor; (ii) at all times after such obligations are sold to the affiliated broker-dealer, such broker-dealer holds the unsold portion of the obligations with the intent to sell such unsold portion to persons or entities that are not affiliates (other than wholly-owned subsidiaries of the sponsor consolidated for accounting and capital purposes with the sponsor) or insider of the sponsor and (iii) the other requirements of the FDIC Rule, including, without limitation, the requirements of paragraphs (c)(3) and (4) of the FDIC Rule, are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The sponsor shall separately identify in its financial asset data bases the financial assets transferred into any securitization and shall maintain an electronic or paper copy of the closing documents in a readily accessible form, and a current list of all of its outstanding securitizations and issuing entities, and the most recent Form 10-K, if applicable, or other periodic financial report for each securitization and issuer. The sponsor shall make these records readily available for review by the FDIC promptly upon written request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent serving as servicer, custodian or paying agent for the securitization, the sponsor shall not commingle amounts received with respect to the financial assets with its own assets except for the time, not to exceed two Business Days, necessary to clear any payments received.

SECTION 12.3 *Performance*. The Issuer agrees to perform the obligations set forth in <u>Section</u> <u>12.2</u>, except to the extent any such obligation is specifically imposed exclusively upon the servicer or the sponsor.

SECTION 12.4 *Effect of Risk Retention Rules*. <u>Section</u> <u>12.2(c)</u> hereof shall not be construed to require the sponsor to retain any greater economic interest in the credit risk of the financial assets than is required to comply with the FDIC Rule and other applicable law.

SECTION 12.5 *[Actions Upon Repudiation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Sponsor becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for the Sponsor exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer (including any successor Servicer, if the Bank has been replaced as Servicer) shall ascertain whether the FDIC in such capacity will pay damages as provided by paragraph (d)(4)(ii) of the FDIC Rule. Upon making such determination, the Servicer shall promptly, and in any event no more than one Business Day thereafter (or, if the Servicer fails to act, the Noteholders representing not less than a majority of the Outstanding Note Balance or the Majority Certificateholders may), so notify the Delaware Trustee, the Indenture Trustee and the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of the notice specified in <u>Section</u> <u>12.5(a)</u> indicating that a payment will be made, the Relevant Trustee shall make a distribution to Noteholders and Certificateholders of such damages, which date shall be the next Payment Date on which such damages could be distributed (the "applicable distribution date") subject to all applicable provisions of this Indenture, applicable law and the procedures of any applicable Clearing Agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When the applicable distribution date is determined, (i) the Computation Agent shall promptly compute the amount of interest to be paid on each Class of Notes on the applicable distribution date, which interest (unless such applicable distribution date is a Payment Date) shall be the amount accruing up to the applicable distribution date and which shall be computed by pro rating the amount that would otherwise be payable on the next succeeding Payment Date on the basis of (x) the number (in the case of Notes other than the Class A-1 Notes, not to exceed 30) of days elapsed from such preceding Payment Date divided by (y) 30 and (ii) the Owner Trustee, based on written instructions setting forth the damages calculation provided by the Majority Certificateholders, shall notify the Indenture Trustee and the FDIC of the damages due to the Certificateholders pursuant to paragraph (d)(4)(ii) of the FDIC Rule. The Computation Agent shall notify the Delaware Trustee, the Owner Trustee and the Indenture Trustee (if a separate Person) of the applicable amounts of principal and interest to be paid on each Class of Notes not later than the Business Day following the day on which the applicable distribution date is determined. The Owner Trustee shall not be liable for the accuracy or completeness of, nor shall it have any duty to investigate or verify, any calculation of damages provided to it by the Majority Certificateholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Following payment by the FDIC of such damages,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such damages with respect to the Notes shall be deposited into the Principal Distribution Account and such damages with respect to the Certificates shall be deposited into the Designated Certificateholder Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Computation Agent shall promptly, and no later than one Business Day after such damages have been paid by the FDIC, (i) compute the amount, if any, required to be withdrawn from available funds in the Reserve Account and transferred to the Principal Distribution Account so that the amount on deposit in the Principal Distribution Account shall equal the aggregate amount to be distributed as specified in <u>Section</u> <u>12.5(c)</u>, and (ii) promptly inform the Servicer, the Delaware Trustee, the Owner Trustee and the Indenture Trustee (if a separate Person) of such computations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the applicable distribution date, the Indenture Trustee shall, first, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount necessary to pay the Delaware Trustee, the Indenture Trustee and the Owner Trustee any accrued and unpaid fees (including any prior unpaid Delaware Trustee, Indenture Trustee or Owner Trustee fees) and reasonable fees and expenses (including reasonable attorney's fees and expenses, including indemnification amounts) not previously paid and distribute such amount to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, *pro rata* based on amounts due, *second*, based on the computations in <u>Section</u> <u>12.5(e)</u>, withdraw from monies on deposit in the Reserve Account and, if necessary, monies on deposit in the Collection Account the amount so computed and deposit such amount into the Principal Distribution Account and third, cause all amounts deposited in the Principal Distribution Account pursuant to this <u>Section</u> <u>12.5</u> to be applied in accordance with the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *first*, to the Holders of the Notes, ratably, interest on the Notes in the amount computed by the Computation Agent pursuant to <u>Section</u> <u>12.5(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *second*, to the Holders of the Class A-1 Notes, in respect of principal thereon, until the Class A-1 Notes have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *third*, to the Holders of the Class A-2[-A Notes, the Class A-2-B] Notes, the Class A-3 Notes and the Class A-4 Notes, in respect of principal thereon, on a pro rata basis, until all classes of the Notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the applicable distribution date, the Owner Trustee or the Certificate Paying Agent shall, based on the computations in <u>Section</u> <u>12.5(c)</u>, cause all amounts deposited in the Designated Certificateholder Account pursuant to this <u>Section</u> <u>12.5</u> to be distributed to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any funds remaining in the Collection Account and the Reserve Account shall be distributed on the following Payment Date (or on such applicable distribution date, if it is a Determination Date), such distributions to be made in accordance with <u>Section</u> <u>5.4</u> or <u>8.5</u>, as applicable, with the Relevant Trustee to adjust the amounts of such distributions to take into account the amounts distributed on the applicable distribution date.]

SECTION 12.6 *Notice*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Bank becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides a written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall promptly deliver such notice to each of the Fifth Third Parties and the Indenture Trustee, the Delaware Trustee and the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the FDIC (i) is appointed as a conservator or receiver of the Bank and (ii) is in default due to its failure to pay principal or interest when due following the expiration of any cure period hereunder or under the other Transaction Documents, the Indenture Trustee at the direction of the Noteholders representing not less than a majority of the Outstanding Note Balance, the Servicer or the Majority Certificateholders shall be entitled to deliver written notice to the FDIC requesting the exercise of contractual rights hereunder and under the other Transaction Documents. Upon delivery of such notice, the Relevant Trustee may exercise any contractual rights such Relevant Trustee may have in accordance with the Transaction Documents and the FDIC Rule. The Indenture Trustee shall, at the written direction of the Noteholders representing not less than a majority of the Outstanding Note Balance and the Owner Trustee, on behalf of the Issuer, shall, at the written direction of the Majority Certificateholders, exercise such contractual rights.

SECTION 12.7 *Reservation of Rights*. Neither the inclusion of this <u>Article XII</u> in this Indenture nor the compliance by any Person with, or the acknowledgment by any Person of, this Article's provisions constitutes an agreement or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to the Bank, a receiver or conservator will have any rights with respect to the Trust Estate.

SECTION 12.8 *USA Patriot Act*. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, the "<u>USA Patriot Act</u>"), the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA Patriot Act.

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SECTION 12.9 *Form 8-K Filings*. So long as Fifth Third Holdings Funding, LLC is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify Fifth Third Holdings Funding, LLC, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in <u>clause (a)</u> or <u>(b)</u> of the definition thereof as to which Fifth Third Holdings Funding, LLC or the Servicer has actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee.

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IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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|:---|
| **FIFTH THIRD AUTO TRUST 20[__]-[__]** |
| By: [ ], not in its individual capacity but solely as Owner Trustee |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **[ ]**, not in its individual capacity but solely as Indenture Trustee |
| By: |
| Name: |
| Title: |

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Agreed with respect to Sections 7.2(b) and 7.5:

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| |
|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as Servicer |
| By: |
| Name: |
| Title: |

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**SCHEDULE I** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the Indenture, the Issuer hereby represents, warrants and covenants to the Indenture Trustee as follows on the Closing Date:

**<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Collateral in favor of the Indenture Trustee, for the benefit of the Noteholders, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Receivables constitute "chattel paper" (including "electronic chattel paper" or "tangible chattel paper"), "accounts", "instruments", "promissory notes", "payment intangibles" or "general intangibles," within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each Trust Account constitutes either a "deposit account" or a "securities account" within the meaning of the UCC.

**<u>Creation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien.

**<u>Perfection</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Issuer has submitted or will have caused to be submitted on the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Indenture Trustee hereunder for the benefit of the Noteholders; and the Servicer, in its capacity as custodian has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to Receivables that constitute an instrument or tangible chattel paper, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer (in its capacity as custodian) that the Servicer is acting solely as agent of the Indenture Trustee, as pledgee of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. With respect to the Trust Accounts that constitute deposit accounts, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in such Trust Accounts without further consent by the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to such Trust Accounts without further consent by the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the Person having a security entitlement against the securities intermediary in each of such Trust Accounts.

**<u>Priority</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to FTH LLC under the Receivables Sale Agreement, (ii) relating to the conveyance of the Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement, (iv) relating to the security interest granted to the Indenture Trustee under the Indenture or (v) that has been terminated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Neither the Issuer nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an "authoritative copy" (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Seller, the Issuer or the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee.

**<u>Survival of Perfection Representations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Notwithstanding any other provision of the Indenture or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule I</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed.

**<u>No Waiver</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this <u>Schedule I</u>, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants.

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**<u>Issuer to Maintain Perfection and Priority</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Issuer covenants that, in order to evidence the interests of the Indenture Trustee under this Indenture, the Issuer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect, as a first priority interest, the Indenture Trustee's security interest in the Receivables. The Issuer shall, from time to time and within the time limits established by law, prepare and file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the Indenture Trustee's security interest in the Receivables as a first-priority interest.

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<u>Exhibit A</u> 

FORM OF NOTES

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**FORM OF CLASS [A-1] [A-2-A] [A-2-B] [A-3] [A-4] [B] NOTE** 

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| | |
|:---|:---|
| REGISTERED | $___________________<sup>1</sup>____ |
| No. R-________ | CUSIP NO. _______________ |
|  | ISIN NO. ____________________ |

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[For Retained Notes: THIS NOTE OR ANY INTEREST HEREIN HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND THE ISSUER HAS NOT BEEN REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THIS NOTE OR ANY INTEREST HEREIN MAY NOT BE OFFERED, SOLD, 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. FOR THE AVOIDANCE OF DOUBT, THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED TO THE DEPOSITOR OR ANY OF ITS AFFILIATES.

TRANSFERS OF THIS NOTE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.]

[For Non-Retained Notes: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("<u>DTC</u>"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

BY ACQUIRING THIS NOTE, EACH PURCHASER AND TRANSFEREE (AND IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) IT IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) WITH THE ASSETS OF (I) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,

------

<sup>1</sup> Denominations of $[_____] and integral multiples of $[_____] in excess thereof. 

A-1 *20[__]-[__] Indenture*

------

AS AMENDED ("<u>ERISA</u>") WHICH IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE (III) ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING, OR (IV) ANY PLAN (AS DEFINED BELOW) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (B)(I) THE NOTE IS RATED INVESTMENT GRADE BY A NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE OR TRANSFER, AND (II) THE ACQUISITION AND HOLDING OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW. FOR PURPOSES OF THE FOREGOING, "PLAN" MEANS AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF ERISA, WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING.

**FIFTH THIRD AUTO TRUST 20[__]-[__]** 

CLASS [A-1] [A-2-A] [A-2-B [insert applicable floating rate benchmark] +[•]%] [A-3] [A-4] [B] [_______]%

AUTO LOAN ASSET BACKED NOTES

Fifth Third Auto Trust 20[ ]-[ ], a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the "<u>Issuer</u>"), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the [__] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [____________], 20[ ] (each, a "<u>Payment Date</u>") until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2-A] [A-2-B [insert applicable floating rate benchmark] + [•]%] [A-3] [A-4] [B] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent set forth in <u>Sections 2.7</u>, <u>3.1</u>, <u>5.4(b)</u>, <u>8.2</u> and <u>8.5</u> of the Indenture; *provided*, *however*, that the entire Class [A-1] [A-2-A] [A-2-B [insert applicable floating rate benchmark] + [•]%] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the "<u>Final Scheduled Payment Date</u>"), (ii) the Redemption Date, if any, pursuant to <u>Section</u> <u>10.1</u> of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to <u>Section</u> <u>5.2</u> of the Indenture. [Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date.] [Interest on this Note will accrue for each Payment Date, from and including the 15<sup>th</sup> day of the calendar month preceding such Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding the 15<sup>th</sup> day of the month in which such Payment Date occurs.] Interest will be computed on the basis of [actual days elapsed and a 360-day year] [a 360-day year of twelve 30-day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

A-2 *20[__]-[__] Indenture*

------

The principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer.

Dated: [_______________], 20[__]

A-3 *20[__]-[__] Indenture*

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| |
|:---|
| **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** |
| By: [ ], not in its individual capacity but solely as Owner Trustee |
| By: |
| Name: |
| Title: |

---

A-4 *20[__]-[__] Indenture*

------

**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

Dated: [ ], 20[ ]

---

| | |
|:---|:---|
| [ ],<br> a national banking association, not in its | [ ],<br> a national banking association, not in its |
| individual capacity but solely as Indenture Trustee | individual capacity but solely as Indenture Trustee |
| By: |  |
|  | Authorized Signatory |

---

A-5 *20[__]-[__] Indenture*

------

**[REVERSE OF NOTE]** 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1 __%] [Class A-2-A __%] [Class A-2-B [insert applicable floating rate benchmark] + __%] [Class A-3 __%] [Class A-4 __%] [Class B __%] Auto Loan Asset-Backed Notes (herein called the "<u>Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] [B] Notes</u>" or the "<u>Notes</u>"), all issued under an Indenture dated as of [__________], 20[ ] (such Indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), between the Issuer and [ ], a [_________], not in its individual capacity but solely as indenture trustee (the "<u>Indenture Trustee</u>"), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the Sale Agreement shall have the meanings assigned to them in the Indenture or in <u>Appendix A</u> of the Sale Agreement.

The Class A-1 Notes, the Class A-2[-A Notes, the Class A-2-B] Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer in the Indenture are for the benefit of the Holders of the Notes.

Principal payable on the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___], 20[ ] (the "<u>Final Scheduled Payment Date</u>"), (ii) the Redemption Date, if any, pursuant to <u>Section</u> <u>10.1</u> of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to <u>Section</u> <u>5.2</u> of the Indenture. All principal payments on the Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] [B] Notes shall be made pro rata to the Class [A-1] [A-2-A] [A-2-B] [A-3] [A-4] [B] Noteholders entitled thereto.

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by wire transfer if an account has been designated by the related Noteholder three Business Days prior to the related Payment Date and otherwise by check mailed to the Person whose name appears as the registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the

A-6 *20[__]-[__] Indenture*

------

Person who was the registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the applicable Corporate Trust Office of the Indenture Trustee or such other address as is selected by the Indenture Trustee pursuant to the terms of the Indenture.

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

It is the intent of the Seller, the Servicer, the Noteholders and the Note Owners that, for purposes of federal, state and local income and franchise tax the Class A-1 Notes, the Class A-2[-A Notes, the Class A-2-B] Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes will qualify as indebtedness of the Issuer (other than Retained Notes that are held by the Issuer or a Person treated as the same Person as the Issuer for United States federal income tax purposes). The Noteholders, by acceptance of a Note, agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness of the Issuer.

Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such 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 any involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

A-7 *20[__]-[__] Indenture*

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This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

A-8 *20[__]-[__] Indenture*

------

**ASSIGNMENT** 

Social Security or taxpayer I.D. or other identifying number of assignee<u> </u>

------

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto<u> </u>

------

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated: _____________ _______________________________ \*/

Signature Guaranteed:<br>Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.<br>

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\*/ NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular without alteration, enlargement or any change whatsoever.

A-9 *20[__]-[__] Indenture*

## Exhibit 5.1

**EXHIBIT 5.1**![LOGO](g336412g06m15.jpg)

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| | |
|:---|:---|
|  | Mayer Brown LLP<br> 71 South Wacker Drive<br>Chicago, IL 60606<br> United States of America<br>T: +1 (312) 782 0600<br>F: +1 (312) 701 7711<br> mayerbrown.com |
| February 10, 2023 | Mayer Brown LLP<br> 71 South Wacker Drive<br>Chicago, IL 60606<br> United States of America<br>T: +1 (312) 782 0600<br>F: +1 (312) 701 7711<br> mayerbrown.com |
|  | Mayer Brown LLP<br> 71 South Wacker Drive<br>Chicago, IL 60606<br> United States of America<br>T: +1 (312) 782 0600<br>F: +1 (312) 701 7711<br> mayerbrown.com |

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Fifth Third Holdings Funding, LLC

6111 N. River Rd.

Rosemont, Illinois 60018

Re: <u>Fifth Third Holdings Funding, LLC</u>

<u>Registration Statement on Form SF-3 (No. 333-267774)</u>

Ladies and Gentlemen:

We have acted as special counsel to Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the "Company"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "Registration Statement"), filed by the Company with the Securities and Exchange Commission (the "Commission"), in connection with the registration by the Company of Asset Backed Notes (the "Notes"). As described in the Registration Statement, the Notes will be issued from time to time in series, with each series being issued by a statutory trust (each, an "Issuer") to be formed by the Company pursuant to a Trust Agreement (each, a "Trust Agreement") between the Company and a trustee. For each series, the Notes will be issued pursuant to an Indenture (the "Indenture") between the related Issuer and an indenture trustee.

In that regard, we are generally familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of any series of Notes and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion, including the Registration Statement and, in each case as filed as an exhibit to the Registration Statement, the form of Underwriting Agreement, the form of Indenture (including the form of Notes included as an exhibit thereto), the form of Amended and Restated Trust Agreement, the form of Receivables Sale Agreement, the form of Purchase Agreement, the form of Sale Agreement, the form of Servicing Agreement, the form of Interest Rate Swap Agreement, the form of Asset Representations Review Agreement and the form of Administration Agreement (collectively, the "Operative Documents"). Terms used herein without definition have the meanings given to such terms in the Registration Statement.

Based on and subject to the foregoing, we are of the opinion that, with respect to the Notes, when (a) the related Indenture has been duly qualified under the Trust Indenture Act of

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including

Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership)

and Tauil & Chequer Advogados (a Brazilian partnership).

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Mayer Brown, LLP

Fifth Third Holdings Funding, LLC

February 10, 2023

1939, as amended, (b) such Notes have been duly executed and issued by the related Issuer, authenticated by the indenture trustee and sold by the Company and (c) payment of the agreed consideration for such Notes shall have been received by the Issuer, such Notes will have been duly authorized by all necessary action of the Issuer and will be legally issued and binding obligations of the Issuer and entitled to the benefits afforded by the related Indenture, except as may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other laws relating to or affecting creditors' rights generally (including, without limitation, fraudulent conveyance laws), and by general principles of equity, regardless of whether such matters are considered in a proceeding in equity or at law.

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Mayer Brown, LLP

Fifth Third Holdings Funding, LLC

February 10, 2023

Our opinions expressed herein are limited to the federal laws of the United States and the laws of the State of New York and Delaware Statutory Trust Act. We hereby consent to the filing of this opinion with the Commission an exhibit to the Registration Statement and to the use of our name therein without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement or this exhibit.

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| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 8.1

**EXHIBIT 8.1**![LOGO](g336412g06m15.jpg)

<br> February 10, 2023 Mayer Brown LLP 71 South Wacker Drive<br>Chicago, IL 60606 United States of America T: +1 (312) 782 0600<br>F: +1 (312) 701 7711 mayerbrown.com

Fifth Third Holdings Funding, LLC

6111 N. River Rd.

Rosemont, Illinois 60018

Re: Fifth Third Holdings Funding, LLC

<u>Registration Statement on Form SF-3 (No. 333-267774)</u>

Ladies and Gentlemen:

We have acted as special federal tax counsel to Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the "Company"), in connection with the above-captioned registration statement (such registration statement, together with the exhibits and any amendments thereto, the "Registration Statement"), filed by the Company with the Securities and Exchange Commission (the "Commission"), in connection with the registration by the Company of Asset Backed Notes (the "Notes"). As described in the Registration Statement, the Notes will be issued from time to time in series, with each series being issued by a statutory trust (each, an "Issuer") to be formed by the Company pursuant to a Trust Agreement (each, a "Trust Agreement") between the Company and a trustee. For each series, the Notes will be issued pursuant to an Indenture (the "Indenture") between the related Issuer and an indenture trustee.

In that regard, we are generally familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of any series of Notes and have examined and relied upon copies of such statutes, documents, corporate records and other instruments as we have deemed necessary or appropriate for the purpose of this opinion, including the Registration Statement and, in each case as filed as an exhibit to the Registration Statement, the form of Underwriting Agreement, the form of Indenture (including the form of Notes included as an exhibit thereto), the form of Amended and Restated Trust Agreement (including the form of Certificate included as an exhibit thereto), the form of Receivables Sale Agreement, the form of Purchase Agreement, the form of Sale Agreement, the form of Servicing Agreement, the form of Interest Rate Swap Agreement, the form of Asset Representations Review Agreement and the form of Administration Agreement (collectively, the "Operative Documents"). Terms used herein without definition have the meanings given to such terms in the Registration Statement.

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including

Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England), Mayer Brown (a Hong Kong partnership)

and Tauil & Chequer Advogados (a Brazilian partnership).

------

Mayer Brown, LLP

Fifth Third Holdings Funding, LLC

The opinion set forth herein is based upon the applicable provisions of the Internal Revenue Code of 1986, as amended, Treasury regulations promulgated and proposed thereunder, current positions of the Internal Revenue Service (the "IRS") contained in published Revenue Rulings and Revenue Procedures, current administrative positions of the IRS and existing judicial decisions. No tax rulings will be sought from the IRS with respect to any of the matters discussed herein. The statutory provisions, regulations and interpretations on which our opinions are based are subject to change, which changes could apply retroactively. In addition, there can be no assurance that positions contrary to those stated in our opinions may not be taken by the IRS.

Based on the foregoing and assuming that the Operative Documents with respect to each series are executed and delivered in substantially the form we have examined and that the transactions contemplated to occur under the Operative Documents in fact occur in accordance with the terms thereof, we hereby confirm that, if we are acting as federal tax counsel with respect to an issuance of Notes, the statements set forth in the form of Prospectus (to the extent they relate to federal income tax consequences) forming part of the Registration Statement under the captions "*Summary of Terms—Tax Status*" and "*Material U.S. Federal Income Tax Consequences*" to the extent that such statements expressly state our opinions or state that our opinion has been or will be provided as to the Notes, accurately reflect our opinion.

We also note that the Operative Documents filed as exhibits to the Registration Statement do not relate to a specific transaction. Accordingly, the above-referenced description of U.S. federal income tax consequences may require modification in the context of an actual transaction. There can be no assurance, however, that the conclusions of U.S. federal tax law presented therein will not be successfully challenged by the IRS or significantly altered by new legislation, changes in IRS position or judicial decisions, any of which challenges or alterations may be applied retroactively with respect to completed transactions.

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Mayer Brown, LLP

Fifth Third Holdings Funding, LLC

We know that we are referred to under the captions referred to above included in the Registration Statement, and we hereby consent to the use of our name therein and to the use of this opinion for filing with the Registration Statement as Exhibit 8.1 thereto, without admitting we are "experts" within the meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement or this exhibit.

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| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 10.1

**EXHIBIT 10.1** 

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**FORM OF** 

**SALE AGREEMENT** 

between

**FIFTH THIRD AUTO TRUST 20[ ]-[ ],** 

as Issuer

and

**FIFTH THIRD HOLDINGS FUNDING, LLC,** 

as Seller

Dated as of [ ]

------

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **<u>PAGE</u>** |
|  ARTICLE I DEFINITIONS AND USAGE | ARTICLE I DEFINITIONS AND USAGE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 | Other Interpretive Provisions | 1 |
|  ARTICLE II PURCHASE | ARTICLE II PURCHASE |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 | Conveyance of Transferred Assets | 2 |
|  ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | Representations and Warranties of Seller | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | Liability of the Seller | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | Merger or Consolidation of, or Assumption of the Obligations of, Seller | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | Seller May Own Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | Sarbanes-Oxley Act Requirements | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | Compliance with Organizational Documents | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | Protection of Title | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.8 | Other Liens or Interests | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.9 | Perfection Representations, Warranties and Covenants | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | [Compliance with the FDIC Rule] | 6 |
|  ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 | Transfers Intended as Sale; Security Interest | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 | Notices, Etc | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 | Choice of Law | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.4 | Headings | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.5 | Counterparts and Electronic Signature | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.6 | Amendment | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.7 | Waivers | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.8 | Entire Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.9 | Severability of Provisions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.10 | Binding Effect | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.11 | Acknowledgment and Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.12 | Cumulative Remedies | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.13 | Nonpetition Covenant | 10 |

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i

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**TABLE OF CONTENTS** 

(continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **<u>PAGE</u>** | **<u>PAGE</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.14 | Submission to Jurisdiction; Waiver of Jury Trial |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.15 | Limitation of Liability of Owner Trustee |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.16 | Information Requests |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.17 | [Limitations of Rights] |  | 12 |

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| | |
|:---|:---|
| Exhibit A | Form of Assignment Pursuant to Sale Agreement |
| Schedule I | Notice Addresses |
| Schedule II | Perfection Representations, Warranties and Covenants |
| Appendix A | Definitions |

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ii

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This SALE AGREEMENT, is made and entered into as of [ ] (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>"), by and between FIFTH THIRD AUTO TRUST 20[ ]-[ ] (the "<u>Issuer</u>"), a Delaware statutory trust (the "<u>Issuer</u>"), and FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company (the "<u>Seller</u>").

WITNESSETH:

WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and

WHEREAS, the Seller is willing to sell such portfolio of motor vehicle receivables and related property to the Issuer on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

SECTION 1.1 <u>Definitions</u>. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix A</u> hereto, which contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" (and all variations thereof) means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

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ARTICLE II

PURCHASE

SECTION 2.1 <u>Conveyance of Transferred Assets</u>. In consideration of the Issuer's sale and delivery to, or upon the order of, the Seller of (i) all of the Notes and (ii) the Certificates on the Closing Date, the Seller does hereby transfer, assign, sell, contribute and otherwise convey to the Issuer without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands, whether now owned or hereafter acquired, in, to and under the Transferred Assets, as evidenced by an assignment substantially in the form of <u>Exhibit A</u> (the "<u>Assignment</u>") delivered on the Closing Date. The sale, transfer, assignment, contribution and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Issuer of any obligation of the Seller, FTH LLC or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 3.1 <u>Representations and Warranties of Seller</u>. The Seller makes the following representations and warranties as of the Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties will survive the conveyance of the Transferred Assets to the Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Seller is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would reasonably be expected to materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Seller of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Seller and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Seller's ability to perform its obligations under, the Transaction Documents).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization 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 (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Transferred Assets or would not materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. 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 the enforcement of 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no 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, (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 or the collectability or enforceability of the Receivables or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Lien Filings</u>. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.

SECTION 3.2 <u>Liability of the Seller</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall indemnify, defend and hold harmless the Issuer, the Delaware Trustee, the Owner Trustee and the Indenture Trustee from and against any loss, liability or expense incurred by reason of the Seller's violation of federal or state securities laws in connection with the registration or the sale of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller will pay any and all taxes levied or assessed upon the Issuer or upon all or any part of the Trust Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indemnification under this <u>Section</u> <u>3.2</u> will survive the resignation or removal of the Delaware Trustee, the Owner Trustee or the Indenture Trustee and the termination or assignment of this Agreement and will include, without limitation, reasonable fees and expenses of counsel and expenses of litigation (including in connection with any action, claim or suit brought to enforce the Indenture Trustee's right to indemnification). If the Seller has made any indemnity payments pursuant to this <u>Section</u> <u>3.2</u> and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Seller, without interest.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Seller's obligations under this <u>Section</u> <u>3.2</u> 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 in derogation of the foregoing, the Issuer, the Servicer, the Delaware Trustee, the Indenture Trustee and the Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have 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, the Issuer, the Servicer, the Delaware Trustee, the Indenture Trustee or the Owner Trustee either (i) asserts an interest in, claim to or benefit in or from, Other Assets or (ii) is deemed to have any such interest in, 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 the Issuer, the Servicer, the Delaware Trustee, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest in, claim to or benefit in or from, Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, 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. The Issuer, the Servicer, the Delaware Trustee, the Indenture Trustee and the Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists for a breach of this <u>Section</u> <u>3.2(e)</u> and the terms of this <u>Section</u> <u>3.2(e)</u> may be enforced by an action for specific performance. The provisions of this <u>Section</u> <u>3.2(e)</u> will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement.

SECTION 3.3 <u>Merger or Consolidation of, or Assumption of the Obligations of, Seller</u>. Any Person (i) into which the Seller may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion, or consolidation to which the Seller shall be a party, (iii) succeeding to the business of the Seller or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. The Seller shall provide notice of any merger, conversion, consolidation or succession pursuant to this <u>Section</u> <u>3.3</u> to the Administrator. Notwithstanding the foregoing, if the Seller enters into any of the foregoing transactions and is

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not the surviving entity, the Seller will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest.

SECTION 3.4 <u>Seller May Own Notes</u>. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by the Seller or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as among all of the Notes. Unless all Notes are owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document.

SECTION 3.5 <u>Sarbanes-Oxley Act Requirements</u>. To the extent any documents are required to be filed or any certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Seller to prepare, sign, certify and file any such documents or certifications on behalf of the Issuer.

SECTION 3.6 <u>Compliance with Organizational Documents</u>. The Seller shall comply with its limited liability company agreement and other organizational documents.

SECTION 3.7 <u>Protection of Title</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall notify the Issuer in writing within ten (10) days following the occurrence of (i) any change in the Seller's organizational structure as a limited liability company, (ii) any change in the Seller's "location" (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Seller's name and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable in the opinion of the Issuer to amend all previously filed financing statements or continuation statements described in <u>paragraph (a)</u> above. The Seller will at all times maintain its "location" within the United States.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Seller shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer (or any subsequent assignee of the Issuer) in such Receivable and that such Receivable is owned by such Person. Indication of such Person's interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time the Seller shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer (or any subsequent assignee of the Issuer).

SECTION 3.8 <u>Other Liens or Interests</u>. Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables or other property transferred to the Issuer against all claims of third parties claiming through or under the Seller.

SECTION 3.9 <u>Perfection Representations, Warranties and Covenants</u>. The Seller hereby makes the perfection representations, warranties and covenants set forth on <u>Schedule II</u> hereto to the Issuer to the extent applicable.

SECTION 3.10 <u>[Compliance with the FDIC Rule</u>. The Seller (i) shall perform the covenants set forth in <u>Article XII</u> of the Indenture applicable to it and (ii) shall facilitate compliance with <u>Article XII</u> of the Indenture by the Fifth Third Parties.]

ARTICLE IV

MISCELLANEOUS

SECTION 4.1 <u>Transfers Intended as Sale; Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and the related Transferred Assets shall not be part of the Seller's estate in the event of a bankruptcy or insolvency of the Seller. The sales and transfers by the Seller of the Receivables and related Transferred Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the event that the Receivables and other Transferred Assets are held to be property of the Seller, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Transferred Assets, then it is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New
York UCC and the UCC of any other applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The conveyance provided for in <u>Section</u> <u>2.1</u> shall be deemed to be a grant by the
Seller of, and the Seller hereby grants to the Issuer, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other
Transferred Assets, to secure such indebtedness and the performance of the obligations of the Seller hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The possession by the Issuer or its agent of the Receivable Files and any other property that constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest
pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and

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

SECTION 4.2 <u>Notices, Etc.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on <u>Schedule I</u> to this Agreement), and addressed in each case as specified on <u>Schedule I</u> to this Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; *provided*, *however*, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

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SECTION 4.3 <u>Choice of Law</u>. **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 4.4 <u>Headings</u>. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

SECTION 4.5 <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 4.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement (including <u>Appendix A</u> hereto) may be amended by the Seller without the consent of the Indenture Trustee, any Noteholder, the Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Seller delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Rating Agency Condition is satisfied with respect to such amendment and the Seller notifies the
Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

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[*provided*, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement (including <u>Appendix A</u>) may also be amended from time to time by the Seller, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>4.6</u>, the Seller shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; <u>provided</u>, that no amendment pursuant to this <u>Section</u> <u>4.6</u> shall be effective which materially and adversely affects the rights, protections or duties of the Owner Trustee, the Delaware Trustee, or the Indenture Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate of the Seller or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding <u>subsections (a)</u> or <u>(b)</u> of this <u>Section</u> <u>4.6</u>, this Agreement may only be amended by the Seller if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Seller or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

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SECTION 4.7 <u>Waivers</u>. No failure or delay on the part of the Seller, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Issuer or the Seller in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

SECTION 4.8 <u>Entire Agreement</u>. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

SECTION 4.9 <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

SECTION 4.10 <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

SECTION 4.11 <u>Acknowledgment and Agreement</u>. By execution below, the Seller expressly acknowledges and consents to the Grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders [and the Swap Counterparty]. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Issuer under this Agreement in the event that the Issuer shall fail to exercise the same.

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

SECTION 4.13 <u>Nonpetition Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party 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

10 *Sale Agreement* *(20[ ]-[ ])*

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Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

SECTION 4.14 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>4.2</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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

SECTION 4.15 <u>Limitation of Liability of Owner Trustee</u>. It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by [ ], not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by [ ] but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on [ ], individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) [ ] has made no investigation as to the accuracy or completeness of any

11 *Sale Agreement* *(20[ ]-[ ])*

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representations and warranties made by the Issuer in this Agreement and (v) under no circumstances shall [ ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related document.

SECTION 4.16 <u>Information Requests</u>. The parties hereto shall provide any information reasonably requested by the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

SECTION 4.17 <u>[Limitations of Rights]</u>. [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 as a third party beneficiary of this Agreement and 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 under such Interest Rate Swap Agreement.]

[Signatures Follow]

12 *Sale Agreement* *(20[ ]-[ ])*

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

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| | |
|:---|:---|
| **FIFTH THIRD HOLDINGS FUNDING, LLC** | **FIFTH THIRD HOLDINGS FUNDING, LLC** |
| By: |  |
|  | Name: |
|  | Title: |

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S-1 *Sale Agreement* *(20[ ]-[ ])*

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| | |
|:---|:---|
| **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** | **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** |
| By: | [ ], |
|  | not in its individual capacity but |
|  | solely as Owner Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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S-2 *Sale Agreement* *(20[ ]-[ ])*

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**EXHIBIT A** 

**FORM OF ASSIGNMENT PURSUANT TO** 

**SALE AGREEMENT** 

**[ ]** 

For value received, in accordance with the Sale Agreement (the "<u>Agreement</u>"), dated as of [ ], between Fifth Third Auto Trust 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), and Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the "<u>Seller</u>"), on the terms and subject to the conditions set forth in the Agreement, the Seller does hereby sell, transfer, assign and otherwise convey to the Issuer without recourse (subject to the obligations in the Agreement) on [ ], all of its right, title, interest, claims and demands in, to and under the Transferred Assets, whether now owned or hereafter acquired.

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

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Agreement and is governed by the Agreement.

Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Appendix A to the Agreement.

[Remainder of page intentionally left blank.]

Exhibit A-1 *Sale Agreement* *(20[ ]-[ ])*

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

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| |
|:---|
| **FIFTH THIRD HOLDINGS FUNDING, LLC** |
| By: |
| Name: |
| Title: |

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Exhibit A-2 *Sale Agreement* *(20[ ]-[ ])*

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**SCHEDULE I** 

**NOTICE ADDRESSES** 

If to the Issuer:

[ ]

If to the Owner Trustee:

[ ]

If to the Indenture Trustee:

[ ]

If to Seller:

Fifth Third Holdings Funding, LLC

6111 N. River Road

Rosemont, Illinois 60018

Facsimile no. [ ]

Attention: [ ]

If to the Servicer or Sponsor:

Fifth Third Bank, National Association

38 Fountain Square Plaza

Cincinnati, Ohio 45263

Facsimile no. [ ]

Attention: [ ]

Schedule I-1 *Sale Agreement* *(20[ ]-[ ])*

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**SCHEDULE II** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the Agreement, the Seller hereby represents, warrants and covenants to the Issuer as follows on the Closing Date:

**<u>General</u>**

1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Transferred Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

2. The Receivables constitute "chattel paper" (including "electronic chattel paper" or "tangible chattel paper") "accounts", "instruments", "promissory notes", "payment intangibles" or "general intangibles", within the meaning of the applicable UCC.

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors' rights generally.

**<u>Creation</u>**

4. Immediately prior to the sale, transfer, contribution, assignment and conveyance of a Receivable by the Seller to the Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of the Issuer) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will have good and marketable title to such Receivable free and clear of any Lien.

5. The Seller has received all consents and approvals to the sale of the Receivables hereunder to the Issuer required by the terms of the Receivables that constitute instruments.

**<u>Perfection</u>**

6. The Seller has submitted or will have caused to be submitted on, the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Seller to the Issuer and the security interest in the Receivables granted to the Issuer hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser".

Schedule II-1 *Sale Agreement* *(20[ ]-[ ])*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of the Issuer; or

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

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

**<u>Priority</u>**

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

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

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

11. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Seller, the Issuer or the Indenture Trustee.

**<u>Survival of Perfection Representations</u>**

12. Notwithstanding any other provision of the Sale Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule III</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed.

Schedule II-2 *Sale Agreement* *(20[ ]-[ ])*

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**<u>No Waiver</u>**

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

Schedule II-3 *Sale Agreement* *(20[ ]-[ ])*

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APPENDIX A

**DEFINITIONS** 

**(see attached)** 

Appendix A-1 *Sale Agreement* *(20[ ]-[ ])*

## Exhibit 10.2

**EXHIBIT 10.2** 

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**FORM OF** 

**SERVICING AGREEMENT** 

by and among

**FIFTH THIRD AUTO TRUST 20[ ]-[ ],** 

as Issuer

**FIFTH THIRD BANK, NATIONAL ASSOCIATION,** 

as Servicer

and

**[ ]**,

as Indenture Trustee

Dated as of [ ]

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**TABLE OF CONTENTS** 

ARTICLE I

DEFINITIONS AND USAGE

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| | | |
|:---|:---|:---|
|  SECTION 1.1 | Definitions | 1 |
|  SECTION 1.2 | Other Interpretive Provisions | 1 |
| ARTICLE II | ARTICLE II |  |
| SERVICER AS CUSTODIAN | SERVICER AS CUSTODIAN |  |
|  SECTION 2.1 | Custody of Receivable Files | 2 |
| ARTICLE III | ARTICLE III |  |
| ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY | ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY |  |
|  SECTION 3.1 | Duties of Servicer | 4 |
|  SECTION 3.2 | Collection of Receivable Payments | 5 |
|  SECTION 3.3 | Realization Upon Receivables | 6 |
|  SECTION 3.4 | Maintenance of Security Interests in Financed Vehicles | 7 |
|  SECTION 3.5 | Covenants of Servicer | 7 |
|  SECTION 3.6 | Purchase of Receivables Upon Breach | 7 |
|  SECTION 3.7 | Servicing Fee | 8 |
|  SECTION 3.8 | Administrator's Fee | 8 |
|  SECTION 3.9 | Servicer's Certificate | 8 |
|  SECTION 3.10 | Annual Officer's Certificate; Notice of Servicer Replacement Event | 8 |
|  SECTION 3.11 | Annual Registered Public Accounting Firm Attestation Report | 9 |
|  SECTION 3.12 | Servicer Expenses | 9 |
|  SECTION 3.13 | Exchange Act Filings | 9 |
|  SECTION 3.14 | Sarbanes-Oxley Act Requirements | 10 |
|  SECTION 3.15 | [Compliance with the FDIC Rule] | 10 |
| ARTICLE IV | ARTICLE IV |  |
| DISTRIBUTIONS; ACCOUNTS; STATEMENTS TO THE CERTIFICATEHOLDERS AND THE NOTEHOLDERS | DISTRIBUTIONS; ACCOUNTS; STATEMENTS TO THE CERTIFICATEHOLDERS AND THE NOTEHOLDERS |  |
|  SECTION 4.1 | Establishment of Accounts | 10 |
|  SECTION 4.2 | Remittances | 10 |
|  SECTION 4.3 | Additional Deposits and Payments | 10 |
|  SECTION 4.4 | [Reserved] | 11 |
|  SECTION 4.5 | No Duty to Confirm | 11 |
|  SECTION 4.6 | [Interest Rate Swap Agreement.] | 11 |

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i

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
| ARTICLE V | ARTICLE V |  |
| THE SERVICER | THE SERVICER |  |
|  SECTION 5.1 | Representations of the Servicer | 13 |
|  SECTION 5.2 | Indemnities of Servicer | 14 |
|  SECTION 5.3 | Merger or Consolidation of, or Assumption of the Obligations of, Servicer | 15 |
|  SECTION 5.4 | Limitation on Liability of Servicer and Others | 16 |
|  SECTION 5.5 | Delegation of Duties | 16 |
|  SECTION 5.6 | The Bank Not to Resign as Servicer | 16 |
|  SECTION 5.7 | Servicer May Own Notes | 17 |
| ARTICLE VI | ARTICLE VI |  |
| REPLACEMENT OF SERVICER | REPLACEMENT OF SERVICER |  |
|  SECTION 6.1 | Replacement of Servicer | 17 |
|  SECTION 6.2 | Notification to Noteholders and Certificateholders | 18 |
| ARTICLE VII | ARTICLE VII |  |
| OPTIONAL PURCHASE | OPTIONAL PURCHASE |  |
|  SECTION 7.1 | Optional Purchase of Trust Estate | 19 |
| ARTICLE VIII | ARTICLE VIII |  |
| MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS |  |
|  SECTION 8.1 | Amendment | 19 |
|  SECTION 8.2 | Protection of Title | 20 |
|  SECTION 8.3 | Notices, Etc | 21 |
|  SECTION 8.4 | Choice of Law | 22 |
|  SECTION 8.5 | Headings | 22 |
|  SECTION 8.6 | Counterparts and Electronic Signature | 22 |
|  SECTION 8.7 | Waivers | 22 |
|  SECTION 8.8 | Entire Agreement | 22 |
|  SECTION 8.9 | Severability of Provisions | 23 |
|  SECTION 8.10 | Binding Effect | 23 |
|  SECTION 8.11 | Cumulative Remedies | 23 |
|  SECTION 8.12 | Nonpetition Covenant | 23 |
|  SECTION 8.13 | Submission to Jurisdiction; Waiver of Jury Trial | 23 |

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ii

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  SECTION 8.14 | Limitation of Liability | 24 |
|  SECTION 8.15 | Third-Party Beneficiaries | 25 |
|  SECTION 8.16 | Information Requests | 25 |
|  SECTION 8.17 | Regulation AB | 25 |
|  SECTION 8.18 | Information to Be Provided by the Indenture Trustee | 25 |
|  SECTION 8.19 | Form 8-K Filings | 27 |
|  SECTION 8.20 | Cooperation | 27 |
|  SECTION 8.21 | Not Applicable to the Bank in Other Capacities | 27 |
|  SECTION 8.22 | USA Patriot Act and Other Applicable Law | 27 |

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| | |
|:---|:---|
|  Exhibit A | Servicing Criteria to be Addressed in Indenture Trustee's Assessment of Compliance |
|  Exhibit B | Form of Indenture Trustee's Annual Certification |
|  Exhibit C | Form of Indenture Trustee's Annual Certification Regarding Item 1117 and Item 1119 of Regulation AB |
|  Exhibit D | Form of Servicer's Certificate |

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iii

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This SERVICING AGREEMENT, dated as of [ ] (together with all exhibits, schedules and appendices hereto and as from time to time amended, supplemented or otherwise modified and in effect, this "<u>Agreement</u>"), by and among FIFTH THIRD AUTO TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), FIFTH THIRD BANK, NATIONAL ASSOCIATION, a national banking association (the "<u>Bank</u>"), as servicer (in such capacity, the "<u>Servicer</u>"), and [ ], a [ ], as indenture trustee (the "<u>Indenture Trustee</u>").

WHEREAS, the Issuer has acquired a portfolio of motor vehicle receivables, including motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans; and

WHEREAS, the Bank is willing to service such motor vehicle receivables and related property on behalf of the Issuer;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

SECTION 1.1 <u>Definitions</u>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix A</u> to the Sale Agreement, dated as of the date hereof, between Fifth Third Holdings Funding, LLC, as seller (the "<u>Seller</u>"), and the Issuer, which contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (*provided*, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" (and all variations thereof) means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision herein.

*Servicing Agreement* *(20[ ]-[ ])*

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ARTICLE II

SERVICER AS CUSTODIAN

SECTION 2.1 <u>Custody of Receivable Files</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Custody</u>. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer, upon the execution and delivery of this Agreement, hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act solely on behalf of and for the benefit of the Issuer and the Indenture Trustee on behalf of the Noteholders as custodian of the following documents or instruments, which are hereby or will hereby be constructively delivered to the Servicer on behalf of and for the benefit of the Indenture Trustee, as pledgee of the Issuer pursuant to the Indenture with respect to each Receivable (but only to the extent applicable to such Receivable and only to the extent held in tangible paper or electronic form) (the "<u>Receivable Files</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fully executed original, electronically authenticated original or authoritative copy of the Contract (in
each case within the meaning of the UCC) related to such Receivable, including any written amendments or extensions thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original credit application or a photocopy thereof to the extent held in paper form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the original Certificate of Title or, if not yet received, evidence that an application therefor has been
submitted with the appropriate authority, a guaranty of title from a Dealer or such other document (electronic or otherwise, as used in the applicable jurisdiction) that the Servicer keeps on file, in accordance with its Customary Servicing
Practices, evidencing the security interest of the Originator in the Financed Vehicle; <u>provided</u>, <u>however</u>, that in lieu of being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged
by the Servicer to obtain or hold Certificates of Title; **  and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any and all other documents that the Servicer keeps on file, in accordance with its Customary Servicing
Practices, relating to a Receivable, an Obligor or a Financed Vehicle (but only to the extent applicable to such Receivable and only to the extent held in tangible paper form or electronic form).

The foregoing appointment of the Servicer is deemed to be made with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Safekeeping</u>. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Issuer and the Indenture Trustee, as pledgee of the Issuer. In performing its duties as custodian, the Servicer shall act in accordance with its Customary Servicing Practices. The Servicer may, in accordance with its Customary Servicing Practices: (i) maintain all or a portion of the Receivable Files in electronic form and (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees. The Servicer will maintain control of all electronic chattel paper evidencing a Receivable. After the satisfaction and discharge of the Indenture, the Servicer shall act as custodian of the Receivable Files for the benefit of the Issuer.

2 *Servicing Agreement* *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maintenance of and Access to Records</u>. The Servicer will maintain each Receivable File in the United States (it being understood that the Receivable Files, or any part thereof, may be maintained at the offices of any Person to whom the Servicer has delegated responsibilities in accordance with <u>Section</u> <u>5.5</u>). The Servicer will make available to the Issuer and the Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files upon request. The Servicer will provide access to the Receivable Files, and the related accounts, records and computer systems maintained by the Servicer at such times as the Issuer or the Indenture Trustee direct, but only upon reasonable notice and during the normal business hours, which do not unreasonably interfere with the Servicer's normal operations, at the respective offices of the Servicer; <u>provided</u>, <u>however</u>, that in the case of this <u>clause (c)</u>, an officer of the Bank must be present during any such visit or discussion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Release of Documents</u>. Upon written instructions from the Indenture Trustee, the Servicer will release or cause to be released any document in the Receivable Files to the Indenture Trustee, the Indenture Trustee's agent or the Indenture Trustee's designee, as the case may be, at such place or places as the Indenture Trustee may designate, as soon thereafter as is practicable, to the extent it does not unreasonably interfere with the Servicer's normal operations. Any document so released will be handled by the Indenture Trustee with due care and returned to the Servicer for safekeeping as soon as the Indenture Trustee or its agent or designee, as the case may be, has no further need therefor. The Servicer shall not be responsible for any loss occasioned by the failure of the Indenture Trustee or its agent or designee to return any document or any delay in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Instructions; Authority to Act</u>. All instructions from the Indenture Trustee will be in writing and signed by an Authorized Officer of the Indenture Trustee, and the Servicer will be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of such written instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Custodian's Indemnification</u>. Subject to <u>Section</u> <u>5.2</u>, the Servicer as custodian will indemnify the Issuer and the Indenture Trustee for any and all liabilities, obligations, losses, compensatory damages, <u>payments</u>, costs or expenses (including reasonable legal fees and expenses) of any kind whatsoever that may be imposed on, incurred by or asserted against the Issuer or the Indenture Trustee (including in connection with any action, claim or suit brought to enforce the Indenture Trustee's right to indemnification) as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files; *provided*, *however*, that the Servicer will not be liable to the Indenture Trustee or to the Issuer for any portion of any such amount resulting from the willful misconduct, bad faith or negligence of the Indenture Trustee or the Issuer.

3 *Servicing Agreement* *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effective Period and Termination</u>. The Servicer's appointment as custodian will be deemed effective as of the Cut-Off Date and will continue in full force and effect until terminated pursuant to this Section. If the Bank resigns as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Servicer have been terminated under <u>Section</u> <u>6.1</u>, the appointment of the Servicer as custodian hereunder may be terminated by the Indenture Trustee (acting at the direction of the Noteholders), or by the Noteholders evidencing not less than a majority of the Outstanding Note Balance (or, if the Notes are no longer Outstanding, by the Majority Certificateholders), in the same manner as the Relevant Trustee or such Noteholders (or Certificateholders) may terminate the rights and obligations of the Servicer under <u>Section</u> <u>6.1</u>. As soon as practicable after any termination of such appointment, the Servicer will deliver to the successor custodian the Receivable Files and the related accounts and records maintained by the Servicer at such place or places as the successor custodian may reasonably designate. No such termination or resignation shall be given effect until a successor custodian has assumed the duties as custodian hereunder and in the Transaction Documents.

ARTICLE III

ADMINISTRATION AND SERVICING OF

RECEIVABLES AND TRUST PROPERTY

SECTION 3.1 <u>Duties of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer is hereby appointed by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service, administer and make collections on the Receivables in accordance with its Customary Servicing Practices, subject to the provisions herein, using the degree of skill and attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer's duties will include collection and posting of all payments, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax information to Obligors, accounting for Collections and furnishing monthly and annual statements to the Indenture Trustee with respect to distributions. The Servicer is not required under the Transaction Documents to make any disbursements via wire transfer or otherwise on behalf of an Obligor. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of <u>Section</u> <u>3.2</u> and any other provision in this Agreement restricting the Servicer or specifying obligations different from the Customary Servicing Practices, the Servicer will follow its Customary Servicing Practices and will have full power and authority to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Delaware Trustee, the Indenture Trustee, the Noteholders, the Certificateholder, or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Receivables or to the Financed Vehicles securing such Receivables. The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer, a Proceeding to enforce a Receivable or an Insurance Policy or to commence or participate in any other Proceeding (including a bankruptcy Proceeding) relating to or involving

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer hereby agrees that upon its resignation and the appointment of a successor Servicer hereunder, the Servicer will terminate its activities as Servicer hereunder in accordance with <u>Section</u> <u>6.1</u>, and, in any case, in a manner which the Indenture Trustee (acting at the direction of the Noteholders) reasonably determines will facilitate the transition of the performance of such activities to such successor Servicer, and the Servicer shall cooperate with and assist such successor Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not be required to maintain a fidelity bond or error and omissions policy or to monitor whether Obligors maintain an Insurance Policy on the Financed Vehicles.

SECTION 3.2 <u>Collection of Receivable Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same become due in accordance with its Customary Servicing Practices. Subject to <u>Section</u> <u>3.5</u>, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any Receivable in accordance with its Customary Servicing Practices; <u>provided</u>, <u>however</u>, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the latest Final Scheduled Payment Date of any Notes issued under the Indenture or (ii) reduces the Contract Rate or Outstanding Principal Balance with respect to any Receivable, in either case, other than as required by applicable law (including, without limitation, by the Servicemembers Civil Relief Act) or court order or in connection with a settlement in the event the Receivable becomes a Defaulted Receivable, it will promptly purchase such Receivable in the manner provided in <u>Section</u> <u>3.6</u>; <u>provided</u>, <u>further</u>, that the Servicer shall not make a modification described in the preceding <u>clause (i)</u> or <u>(ii)</u> that would trigger a purchase pursuant to <u>Section</u> <u>3.6</u> for the sole purpose of purchasing a Receivable from the Issuer. The Servicer shall not be required to make any advances of funds or guarantees regarding collections, cash flows or distributions. Subject to the proviso of the second sentence

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of this <u>Section</u> <u>3.2</u>, the Servicer and its Affiliates (each in its individual capacity and not on behalf of the Issuer) may engage in any marketing practice or promotion or any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster or slower timing of the payment of the Receivables. The Servicer and its Affiliates (each in its individual capacity and not on behalf of the Issuer) may also sell insurance or debt cancellation products, including products which result in the cancellation of some or all of the amount of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable.

SECTION 3.3 <u>Realization Upon Receivables</u>. On behalf of the Issuer, the Servicer will use commercially reasonable efforts, consistent with its Customary Servicing Practices, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual payment in full is unlikely unless it determines in its sole discretion that repossession will not increase the Liquidation Proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer will follow such Customary Servicing Practices as it deems necessary or advisable, which may include reasonable efforts to realize upon any recourse to any Dealer and selling the Financed Vehicle at a public or private sale. The foregoing will be subject to the provision that, in any case in which the Financed Vehicle has suffered damage, the Servicer shall not be required to expend funds in connection with the repair or the repossession of such Financed Vehicle unless it determines in its sole discretion that such repair and/or repossession will increase the Liquidation Proceeds by an amount greater than the amount of such expenses. In addition, the Servicer may from time to time (but is not required to) sell any deficiency balance in accordance with its Customary Servicing Practices; <u>provided</u>, <u>however</u>, that (i) each sale must be made at a price equal to the fair market value of such deficiency balance in cash in immediately available funds and (ii) such sale must be without recourse, representation or warranty by the Issuer or the Servicer (other than any representation or warranty regarding the absence of Liens, that the Issuer has good title to the deficiency balance, or similar representation or warranty). Net proceeds of any such sale allocable to the Receivable will constitute Liquidation Proceeds, and the sole right of the Issuer and the Indenture Trustee with respect to any such sold Receivables will be to receive such Liquidation Proceeds. Upon such sale, the Servicer will mark its computer records indicating that any such receivable sold is no longer a Receivable. The Servicer is authorized to take any and all actions necessary or appropriate on behalf of the Issuer to evidence the sale of the Receivable free from any Lien or other interest of the Issuer or the Indenture Trustee.

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SECTION 3.5 <u>Covenants of Servicer</u>. Unless required by law or court order, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with repossession or (c) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.

SECTION 3.6 <u>Purchase of Receivables Upon Breach</u>. Upon discovery by any party hereto (with respect to the Indenture Trustee, upon receipt of written notice or actual knowledge by a Responsible Officer of the Indenture Trustee) of a breach of any of the covenants set forth in <u>Section</u> <u>3.2</u>, <u>3.3</u>, <u>3.4</u> or <u>3.5</u> with respect to any Receivable which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering, or receiving such notice or actual knowledge, as applicable, such breach shall give prompt written notice thereof to the other parties hereto; *provided*, that delivery of a Servicer's Certificate which identifies the Receivables that are being or have been purchased pursuant to this <u>Section</u> <u>3.6</u> shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; *provided*, *further*, that the failure to give such notice shall not affect any obligation of the Servicer hereunder. Following a breach described in the preceding sentence, the Servicer shall either (a) correct or cure such breach or (b) purchase such Receivable from the Issuer, in either case on or before the Payment Date following the end of the Collection Period which includes the sixtieth (60<sup>th</sup>) day (or, if the Servicer elects, an earlier date) after the date that the Servicer became aware or was notified of such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to receive and retain timely payment in full on such Receivable. Any such purchase by the Servicer shall be at a price equal to the Repurchase Price. In consideration for such purchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on the date of such purchase, if such purchase date is not a Payment Date or, if such purchase date is a Payment Date, then prior to the close of business on the Business Day prior to such purchase date. Upon payment of such Repurchase Price by the Servicer, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or

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assignment, in each case without recourse or representation and as prepared by and at the expense of the Servicer, as shall be reasonably necessary to vest in the Servicer or its designee any Receivable and the related Transferred Assets purchased pursuant hereto. It is understood and agreed that the obligation of the Servicer to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer[, the Swap Counterparty] and the Indenture Trustee.

SECTION 3.7 <u>Servicing Fee</u>. On each Payment Date, the Issuer shall pay to the Servicer the Servicing Fee in accordance with <u>Section</u> <u>8.5</u> of the Indenture for the immediately preceding Collection Period as compensation for its services. In addition, the Servicer will be entitled to retain all Supplemental Servicing Fees. The Servicer also will be entitled to receive investment earnings (net of investment losses and expenses) on funds deposited in the Collection Account and the Reserve Account during each Collection Period.

SECTION 3.8 <u>Administrator</u><u>'</u><u>s Fee</u>. The Servicer shall pay the fees and expenses of the Administrator described in <u>Section</u> <u>3</u> of the Administration Agreement.

SECTION 3.9 <u>Servicer</u><u>'</u><u>s Certificate</u>. On or before the Determination Date preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee and each Paying Agent, with a copy to each of the Rating Agencies [and to the Swap Counterparty], a Servicer's Certificate containing all information necessary to make the payments, transfers and distributions pursuant to <u>Section</u> <u>4.3</u> and <u>Sections 8.2</u>, <u>8.4</u> and <u>8.5</u> of the Indenture on such Payment Date. At the sole option of the Servicer, each Servicer's Certificate may be delivered in electronic or hard copy format. If the Servicer has reported that the Delinquency Percentage has met or exceeded the Delinquency Trigger for the related Collection Period, the Servicer shall also provide notice of such event to Fifth Third Bank, National Association, the Indenture Trustee and the Depositor. No disbursements shall be made directly by the Servicer to a Noteholder or a Certificateholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise.

SECTION 3.10 <u>Annual Officer</u><u>'</u><u>s Certificate; Notice of Servicer Replacement Event</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, the Servicer will deliver to the Issuer, with a copy to the Indenture Trustee, on or before March 30 of each calendar year, beginning on March 30, [ ], an Officer's Certificate (with appropriate insertions) providing such information as is required under Item 1123 of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer will deliver to the Issuer, with a copy to the Indenture Trustee promptly after having obtained knowledge thereof written notice in an Officer's Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Replacement Event. Except to the extent set forth in this <u>Section</u> <u>3.10(b)</u>, <u>Section</u> <u>6.2</u> and <u>Section</u> <u>8.20</u> of this Agreement and <u>Section</u> <u>3.12</u> and <u>Section</u> <u>6.5</u> of the Indenture, the Transaction Documents do not require any policies or procedures to monitor any performance or other triggers and events of default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, the Servicer will deliver to the Issuer on or before March 30 of each year, beginning on March 30, [ ], a report regarding the Servicer's assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

SECTION 3.11 <u>Annual Registered Public Accounting Firm Attestation Report</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Seller is filing any reports with respect to the Issuer under the Exchange Act, on or before the ninetieth (90<sup>th</sup>) day following the end of each fiscal year, beginning with the fiscal year ending December 31, [ ], the Servicer shall cause a firm of independent registered public accountants (who may also render other services to the Servicer, the Seller or their respective Affiliates) to furnish to the Issuer, with a copy to the Indenture Trustee, the Bank, the Servicer and the Seller each attestation report on assessments of compliance with the Servicing Criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets, or which otherwise comply with any rule, regulation, "no action" letter or similar guidance promulgated by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section</u> <u>3.11(a)</u>, the Servicer, however, shall not be obligated to add as an addressee or reliance party with respect to any report described above any Person who does not comply with or agree to the required procedures of such firm of independent certified public accountants, including but not limited to execution of engagement letters or access letters regarding such reports.

SECTION 3.12 <u>Servicer Expenses</u>. The Servicer shall pay all expenses (other than Liquidation Expenses) incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to the Noteholders and the Certificateholder. The Servicer shall also pay all fees, expenses and indemnities of the Indenture Trustee (as described in, and pursuant to the limitations set forth in, <u>Section</u> <u>6.7</u> of the Indenture), the Asset Representations Reviewer (as described in, and pursuant to the limitations set forth in, <u>Section</u> <u>4.3</u> of the Asset Representations Review Agreement), the Administrator (as described in, and pursuant to the limitations set forth in, <u>Section</u> <u>3</u> of the Administration Agreement), the Owner Trustee and the Delaware Trustee (each as described in, and pursuant to the limitations set forth in, <u>Sections 8.1</u> and <u>8.2</u> of the Trust Agreement).

SECTION 3.13 <u>Exchange Act Filings</u>. The Issuer hereby authorizes the Servicer and the Seller, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder.

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SECTION 3.14 <u>Sarbanes-Oxley Act Requirements</u>. To the extent any documents are required to be filed or any certification is required to be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Servicer to prepare, sign, certify and file any such documents or certifications on behalf of the Issuer.

SECTION 3.15 <u>Compliance with the FDIC Rule</u>. [The Servicer (i) shall perform the covenants set forth in <u>Article XII</u> of the Indenture applicable to it and (ii) shall facilitate compliance with <u>Article XII</u> of the Indenture by the Fifth Third Parties.]

ARTICLE IV

DISTRIBUTIONS; ACCOUNTS;

STATEMENTS TO THE CERTIFICATEHOLDERS

AND THE NOTEHOLDERS

SECTION 4.1 <u>Establishment of Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall cause to be established the Trust Accounts and, if applicable, the Certificate Distribution Account in the manner set forth in <u>Section</u> <u>8.2(a)</u> of the Indenture. If the Certificate Distribution Account, if applicable, ceases to be an Eligible Account, the Servicer, on behalf of the Owner Trustee, shall comply with <u>Section</u> <u>5.6</u> of the Trust Agreement if such Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof. If any Trust Account ceases to be an Eligible Account, the Servicer shall comply with <u>Section</u> <u>8.3(b)</u> of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer may, but shall not be obligated to, select Permitted Investments with respect to funds on deposit in the Collection Account and the Reserve Account in accordance with <u>Section</u> <u>8.3</u> of the Indenture.

SECTION 4.2 <u>Remittances</u>. [The Servicer shall deposit an amount equal to all Collections into the Collection Account within the time after its receipt thereof, not to exceed two (2) Business Days, necessary for the Servicer to clear any payments of Collections received. Pending deposit in the Collection Account, Collections may be used by the Servicer at its own risk and are not required to be segregated from its own funds.]

SECTION 4.3 <u>Additional Deposits and Payments</u>. (a) On the date specified in <u>Section</u> <u>3.6</u> of this Agreement, the Servicer will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased by the Servicer pursuant to <u>Section</u> <u>3.6</u> on such date and the Servicer will deposit into the Collection Account all amounts, if any, to be paid under <u>Section</u> <u>7.1</u> in connection with the Optional Purchase. All such deposits with respect to any such date which is a Payment Date will be made, in immediately available funds by the close of business on the Business Day prior to such Payment Date related to such Collection Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [On each Payment Date, the Servicer shall deposit into the Collection Account prior to 11:00 a.m., New York City time, an advance in an amount equal to the *lesser of* (a) any shortfall in the amounts available to make the payments in [*clauses first* through *seventh*] of <u>Section</u> <u>4.4(a)</u> and (b) the aggregate scheduled monthly payments due on Receivables but not received during and prior to the related Collection Period (an "<u>Advance</u>"); *provided*, *however*, that the Servicer will not be obligated to make an Advance if the Servicer reasonably determines in its sole discretion that such Advance is not likely to be repaid from future cash flows from the Receivables. No Advances will be made with respect to Defaulted Receivables.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Indenture Trustee will promptly, on the day of receipt, deposit into the Collection Account all Net Swap Receipts received by it under the Interest Rate Swap Agreement in immediately available funds.]

SECTION 4.4 [<u>Reserved</u>]

SECTION 4.5 <u>No Duty to Confirm</u>. The Indenture Trustee, the Delaware Trustee and the Owner Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth in the Servicer's Certificate delivered by the Servicer to the Indenture Trustee, the Delaware Trustee and the Owner Trustee, and the Indenture Trustee, the Delaware Trustee and the Owner Trustee shall be fully protected in relying upon such Servicer's Certificate with no liability therefor. Delivery of the Servicer's Certificate to the Indenture Trustee, the Delaware Trustee and the Owner Trustee is for informational purposes only and the Indenture Trustee's, the Delaware Trustee's and the Owner Trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of its covenants hereunder (as to which the Indenture Trustee, the Delaware Trustee and the Owner Trustee are entitled to rely exclusively on Officer's Certificates).

SECTION 4.6 [<u>Interest Rate Swap Agreement</u>.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of this <u>Section</u> <u>4.8</u>, the Issuer may from time to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any "Termination Event" or "Event of Default" (each as defined in the Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this <u>Section</u> <u>4.7(a)</u>, the Issuer may not enter into any additional interest rate swap agreements.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [In the event of any early termination of any Interest Rate Swap Agreement, (i) upon written direction and notification of such early termination, the Indenture Trustee shall establish the Swap Termination Payment Account over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal[, and in which no Person other than the Indenture Trustee, the Swap Counterparty[, the Issuer] and the Noteholders shall have any legal or beneficial interest], (ii) any Swap Termination Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty; *provided*, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap Agreement; *provided*, *further* that the Swap Counterparty shall only receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap Replacement Proceeds necessary to make up any deficiency shall be remitted to the Swap Termination Payment Account.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Issuer shall promptly, following the early termination of any Initial Interest Rate Swap Agreement due to an "Event of Default" or "Termination Event" (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination Payment Account unless entering into such Replacement Interest Rate Swap Agreement will cause the Rating Agency Condition not to be satisfied.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [To the extent that (i) the funds available in the Swap Termination Payment Account exceed the costs of entering into a Replacement Interest Rate Swap Agreement or (ii) the Issuer determines not to replace the Initial Interest Rate Swap Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the Swap Termination Payment Account (other than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the order of priority specified in <u>Section</u> <u>4.4(a)</u> on the following Payment Date. In any other situation, amounts on deposit in the Swap Termination Payment Account at any time shall be invested pursuant to <u>Section</u> <u>4.1(b)</u> and on each Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used to cover any shortfalls in the amounts payable under <u>clauses [</u>*<u>first</u>* through *<u>seventh</u>*] under <u>Section</u> <u>4.4(a)</u>, *provided*, that in no event will the amount withdrawn from the Swap Termination Payment Account on such Payment Date exceed the amount of Net Swap Receipts that would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been no termination of such transaction. Any amounts remaining in the Swap Termination Payment Account after payment in full of the Class B Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in <u>Section</u> <u>4.4(a)</u> on the following Payment Date.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [If the Swap Counterparty is required to post collateral under the terms of the Interest Rate Swap Agreement, upon written direction and notification of such requirement, the Indenture Trustee shall establish the Swap Collateral Account (the "<u>Swap Collateral Account</u>") over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal, and in which no Person other than the Indenture Trustee, the Swap Counterparty and the Noteholders shall have any legal or beneficial interest. The Indenture Trustee shall deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Swap Collateral Account shall be (i) for application to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or (ii) to return collateral to the Swap Counterparty when and as required by the Interest Rate Swap Agreement.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [If at any time the Interest Rate Swap Agreement becomes subject to early termination due to the occurrence of an "Event of Default" or "Termination Event" (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee shall use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Interest Rate Swap Agreement and consistent with the terms hereof. To the extent not fully paid from Swap Replacement Proceeds, any Swap Termination Payment owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement shall be payable to the Swap Counterparty in installments made on each following Payment Date until paid in full in accordance with the order of priority specified in <u>Section</u> <u>4.4(a)</u>. To the extent that the Swap Replacement Proceeds exceed any such Swap Termination Payments (or if there are no Swap Termination Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess of such Swap Termination Payments, if any, shall be included in Available Funds and allocated and applied in accordance with the order of priority specified in <u>Section</u> <u>4.4(a)</u> on the following Payment Date.]

ARTICLE V

THE SERVICER

SECTION 5.1 <u>Representations of the Servicer</u>. The Servicer makes the following representations and warranties as of the Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the Issuer and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Servicer is a banking corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Servicer has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would reasonably be expected to materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Servicer and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Servicer's ability to perform its obligations under, the Transaction Documents).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no Proceedings pending or, to the knowledge of the Servicer, threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Servicer of its obligations under this Agreement or any of the other Transaction Documents or the collectability or enforceability of the Receivables or (iv) relate to the Servicer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

SECTION 5.2 <u>Indemnities of Servicer</u>. The Servicer will be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer will defend, indemnify and hold harmless the Issuer, the Owner Trustee, the Delaware Trustee, the Indenture Trustee and the Seller and their respective directors, officers, employees and agents from and against any and all costs, fees, expenses, losses, damages, claims, obligations, payments and liabilities, arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of a Financed Vehicle, including, but not limited to, the costs of defending any claim or bringing any claim to enforce their rights, including the Servicer's indemnification obligations hereunder. The Servicer will compensate and indemnify the Administrator to the extent and subject to the conditions set forth in <u>Section</u> <u>3</u> of the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer will indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein or in the other Transaction Documents, if any, including, without limitation, any sales, gross receipts, general corporation, tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the conveyance of the Receivables to the Issuer or the issuance and original sales of the Notes, or asserted with respect to ownership of the Receivables, or federal or other Applicable Tax State income taxes arising out of the transactions

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contemplated by this Agreement and the other Transaction Documents) and costs and expenses in defending against the same or of defending any claim or bringing any claim to enforce their rights, including the Servicer's indemnification obligations hereunder. For the avoidance of doubt, the Servicer will not indemnify for any costs, fees, expenses, losses, claims, damages, obligations, payments or liabilities due to the credit risk of the Obligor and for which reimbursement would constitute recourse for uncollectible Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer will indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Delaware Trustee and the Seller and their respective directors, officers, employees and agents from and against any and all costs, fees, expenses, losses, claims, damages, obligations, payments and liabilities to the extent that such cost, fee, expense, loss, claim, damage, obligation, payment or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith (other than errors in judgment) of the Servicer in the performance of its duties under this Agreement or any other Transaction Document to which it is a party, or by reason of its failure to perform its obligations or of reckless disregard of its obligations and duties under this Agreement or any other Transaction Document to which it is a party or of defending any claim or bringing any claim to enforce their rights, including the Servicer's indemnification obligations hereunder; *provided*, *however*, that the Servicer will not indemnify for any costs, fees, expenses, losses, claims, damages, obligations, payments or liabilities arising from its breach of any covenant for which the repurchase of the affected Receivables is specified as the sole remedy pursuant to <u>Section</u> <u>3.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer will compensate and indemnify the Owner Trustee and the Delaware Trustee to the extent and subject to the conditions set forth in <u>Sections 8.1</u> and <u>8.2</u> of the Trust Agreement. The Servicer will compensate and indemnify the Indenture Trustee to the extent and subject to the conditions set forth in <u>Section</u> <u>6.7</u> of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indemnification under this <u>Section</u> <u>5.2</u> by the Bank (or any successor thereto pursuant to <u>Section</u> <u>6.1</u>) as Servicer, with respect to the period such Person was the Servicer, will survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement and the Trust Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee and will include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this <u>Section</u> <u>5.2</u> and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Servicer, without interest.

SECTION 5.3 <u>Merger or Consolidation of, or Assumption of the Obligations of, Servicer</u>. Any Person (i) into which the Servicer may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion or consolidation to which the Servicer shall be a party, (iii) succeeding to the business of the Servicer or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Servicer under this Agreement, will be the successor to the Servicer under this Agreement without the execution or filing of any document or any further act on the part of any of the

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parties to this Agreement anything herein to the contrary notwithstanding. The Servicer shall provide prior notice of the effective date of any merger, conversion, consolidation or succession pursuant to this <u>Section</u> <u>5.3</u> to the Issuer, the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Seller. The Servicer shall provide the Seller in writing such information as reasonably requested by the Seller to comply with its Exchange Act reporting obligations with respect to a successor Servicer.

SECTION 5.4 <u>Limitation on Liability of Servicer and Others</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer will be under any liability to the Issuer, the Indenture Trustee, the Owner Trustee, the Delaware Trustee, the Noteholders[, the Swap Counterparty] or the Certificateholders, except as provided in <u>Section</u> <u>5.2</u> of this Agreement and as otherwise provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; <u>provided</u>, <u>however</u>, that this provision will not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance or bad faith in the performance of duties or by reason of its failure to perform its obligations or of reckless disregard of obligations and duties under this Agreement, or by reason of negligence in the performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer or employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer's Certificate of the Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any matters arising under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in this Agreement, the Servicer will not be under any obligation to appear in, prosecute, or defend any legal action that is not incidental to its duties to service the Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; *provided*, *however*, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Noteholders and the Certificateholder under this Agreement. In such event, the legal expenses and costs of such action and any liability resulting therefrom will be expenses, costs and liabilities of the [Servicer].

SECTION 5.5 <u>Delegation of Duties</u>. The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties as custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including, without limitation, its duties as custodian) to sub-contractors who are in the business of performing such duties; *provided*, that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties.

SECTION 5.6 <u>The Bank Not to Resign as Servicer</u>. Subject to the provisions of <u>Sections</u> <u>5.3</u> and <u>5.5</u>, the Bank will not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. Notice of any such determination permitting the resignation of the Bank will be communicated to the Issuer and the

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Indenture Trustee, the Delaware Trustee and Owner Trustee at the earliest practicable time (and, if such communication is not in writing, will be confirmed in writing at the earliest practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Issuer, the Delaware Trustee, the Indenture Trustee and Owner Trustee concurrently with or promptly after such notice. No such resignation will become effective until a successor Servicer has (i) assumed the responsibilities and obligations of the Bank as Servicer and (ii) provided in writing the information reasonably requested by the Seller to comply with its reporting obligations under the Exchange Act with respect to a replacement Servicer.

SECTION 5.7 <u>Servicer May Own Notes</u>. The Servicer, and any Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement, without preference, priority or distinction as among all of the Notes. Unless all Notes are owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document.

ARTICLE VI

REPLACEMENT OF SERVICER

SECTION 6.1 <u>Replacement of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Servicer Replacement Event shall have occurred and be continuing, the Relevant Trustee shall, at the direction of 66<sup>2</sup>⁄<sub>3</sub>% of the Outstanding Note Balance (or, if no Notes are Outstanding, the Majority Certificateholders), by notice given to the Servicer, the Owner Trustee, the Delaware Trustee, the Issuer, the Administrator, [the Swap Counterparty,] the Certificateholders and the Noteholders, terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the event the Servicer is removed or resigns as Servicer with respect to servicing the Receivables, the Relevant Trustee, acting at the direction of 66<sup>2</sup>⁄<sub>3</sub>% of the Outstanding Note Balance (or, if no Notes are Outstanding, the Majority Certificateholders), shall appoint a successor Servicer. Upon the Servicer's receipt of notice of termination the predecessor Servicer will continue to perform its functions as Servicer under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor Servicer has not been appointed at the time when the predecessor Servicer ceases to act as Servicer in accordance with this Section, the Indenture Trustee without further action will automatically be appointed the successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally unable or is unwilling to so act, will appoint, or petition a court of competent jurisdiction to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than $100,000,000 and whose regular business includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Noteholders holding not less than a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, the Majority Certificateholders) may waive any Servicer Replacement Event. Upon any such waiver, such Servicer Replacement Event shall cease to exist and be deemed to have been cured and not to have occurred and any Servicer Replacement Event arising therefrom shall be deemed not to have occurred for every purpose of this Agreement, but no such waiver shall extend to any prior, subsequent or other Servicer Replacement Event or impair any right consequent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If replaced, the Servicer agrees that it will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to a successor Servicer. All reasonable costs and expenses incurred in connection with transferring the Receivable Files to the successor Servicer and all other reasonable costs and expenses incurred in connection with the transfer to the successor Servicer related to the performance by the Servicer hereunder will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this <u>Section</u> <u>6.1</u>, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement with respect to the Receivables, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer, including indemnification obligations as set forth in <u>Section</u> <u>5.2(e)</u>. In such event, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise; *provided*, *however*, that the Indenture Trustee shall have no liability or obligation to act unless directed to do so pursuant to written direction from the Noteholders. No Servicer shall resign or be relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed Servicer for the Receivables shall have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In connection with such appointment, the Issuer may make such arrangements for the compensation of the successor Servicer out of Available Funds as it and such successor Servicer will agree; *provided*, *however*, that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement.

SECTION 6.2 <u>Notification to Noteholders and Certificateholders</u>. Upon any termination of, or appointment of a successor to, the Servicer pursuant to this <u>Article VI</u>, the Indenture Trustee will give prompt (but in any event, no later than five (5) Business Days) written notice thereof to the Owner Trustee, the Delaware Trustee, the Issuer and the Administrator and to the Noteholders and Certificateholders at their respective addresses of record.

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ARTICLE VII

OPTIONAL PURCHASE

SECTION 7.1 <u>Optional Purchase of Trust Estate</u>. The Servicer shall have the right at its option (the "<u>Optional Purchase</u>") to purchase (and/or to designate one or more other Persons to purchase) the Trust Estate (other than the Reserve Account) from the Issuer on any Payment Date if both of the following conditions are satisfied: (a) as of the last day of the related Collection Period, the Net Pool Balance has declined to 10% or less of the Net Pool Balance as of the Cut-Off Date and (b) the sum of the Optional Purchase Price and Available Funds for such Payment Date would be sufficient to pay [(x) the amounts required to be paid under [clauses first through eighth] of <u>Section</u> <u>8.5(a)</u> of the Indenture (assuming that such Payment Date is not a Redemption Date) and (y) the Outstanding Note Balance (after giving effect to the payments described in the preceding clause (x))]. The purchase price for the Trust Estate (other than the Reserve Account) (the "Optional Purchase Price") shall equal the Net Pool Balance plus accrued and unpaid interest on the Receivables, which amount shall be deposited by the Servicer (or its designee) into the Collection Account on the Redemption Date. If the Servicer, exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

SECTION 8.1 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Servicer without the consent of the Indenture Trustee, the Issuer, [the Swap Counterparty,] any Noteholder, the Owner Trustee, the Delaware Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the
Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment;

[provided, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the Servicer, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders approve 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>8.1</u>, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Issuer, the Owner Trustee, the Delaware Trustee and the Indenture Trustee; <u>provided</u>, that no amendment pursuant to this <u>Section</u> <u>8.1</u> shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee, the Delaware Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Delaware Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate of the Depositor or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Indenture Trustee, the Owner Trustee and the Delaware Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Indenture Trustee's, the Owner Trustee's or the Delaware Trustee's, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding subsections (a) or (b) of this <u>Section</u> <u>8.1</u>, this Agreement may only be amended by the Servicer if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Servicer or an Opinion of Counsel delivered to the Indenture Trustee, the Delaware Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the consent of Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

SECTION 8.2 <u>Protection of Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) in accordance with its Customary Servicing Practices accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer in such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Issuer's interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full, repurchased by the Seller pursuant to <u>Section</u> <u>3.8</u> of the Sale Agreement, repurchased by FTH LLC pursuant to <u>Section</u> <u>3.3</u> of the Purchase Agreement, purchased by the Servicer in accordance with <u>Section</u> <u>3.6</u> hereof or repurchased by the Bank pursuant to <u>Section</u> <u>3.3</u> of the Receivables Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If at any time the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer, upon receipt of reasonable prior notice, shall permit the Indenture Trustee, the Owner Trustee, the Delaware Trustee and their respective agents at any time during normal business hours, to the extent it does not unreasonably interfere with the Servicer's normal operations, to inspect, audit and, to the extent permitted by applicable law, make copies of and abstracts from Servicer's (or any Sub-Servicer's) records regarding any Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon request, the Servicer shall furnish to the Issuer, the Delaware Trustee or the Indenture Trustee, within thirty (30) Business Days, a list of all Receivables (by contract number and name of Obligor) then owned by the Issuer, together with a reconciliation of such list to each of the Servicer's Certificates furnished before such request indicating removal of Receivables from the Issuer.

SECTION 8.3 <u>Notices, Etc.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on <u>Schedule I</u> to the Sale Agreement), and addressed in each case as specified on <u>Schedule I</u> to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; <u>provided</u>, <u>however</u>*,* that any notice to a Noteholder mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

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SECTION 8.4 <u>Choice of Law</u>. **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 8.5 <u>Headings</u>. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

SECTION 8.6 <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 8.7 <u>Waivers</u>. No failure or delay on the part of the Servicer, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

SECTION 8.8 <u>Entire Agreement</u>. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

22 *Servicing Agreement* *(20[ ]-[ ])*

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SECTION 8.9 <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

SECTION 8.10 <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

SECTION 8.11 <u>Cumulative Remedies</u>. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

SECTION 8.12 <u>Nonpetition Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

SECTION 8.13 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

23 *Servicing Agreement* *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>8.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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

SECTION 8.14 <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [ ] ("<u>BNYM</u>"), not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee and the Issuer is made and intended not as personal representations, undertakings and agreements by BNYM but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on BNYM, individually or personally, to perform any covenant either expressed or implied contained herein of the Owner Trustee or the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) BNYM has made no investigation as to the accuracy or completeness of any representations and warranties made by the Owner Trustee or the Issuer in this Agreement and (e) under no circumstances shall BNYM be personally liable for the payment of any indebtedness or expenses of the Owner Trustee or the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Owner Trustee or the Issuer under this Agreement or any other related documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of <u>Articles VI</u>, <u>VII</u> and <u>VIII</u> of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by [ ], not in its individual capacity but solely as Indenture Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Indenture Trustee be personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Indenture Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of <u>Article VI</u> of the Indenture.

24 *Servicing Agreement* *(20[ ]-[ ])*

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SECTION 8.15 <u>Third-Party Beneficiaries</u>. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the Noteholders and the Certificateholder and their respective successors and permitted assigns and [each of] the Owner Trustee [,][and] Delaware Trustee [and the Swap Counterparty] shall be express third party beneficiaries hereof and may enforce the provisions hereof as if they were parties hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder.

SECTION 8.16 <u>Information Requests</u>. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

SECTION 8.17 <u>Regulation AB</u>. The Servicer shall cooperate fully with the Seller and the Issuer to deliver to the Seller and the Issuer (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Seller or the Issuer to permit the Seller to comply with the provisions of Regulation AB and its reporting obligations under the Exchange Act, together with such disclosures relating to the Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Seller to be necessary in order to effect such compliance.

SECTION 8.18 <u>Information to Be Provided by the Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the Seller is filing reports under the Exchange Act with respect to the Issuer, the Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Seller, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Seller; <u>provided</u>, <u>however</u>, that, the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Seller, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Seller, in writing, such updated information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as available but no later than March 15 of each calendar year for so long as the Seller is filing reports with respect to the Issuer under the Exchange Act, commencing on March 15, [ ], the Indenture Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Seller a report regarding the Indenture Trustee's assessment of compliance with the
Servicing Criteria during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and
Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in <u>Exhibit A</u> or such other criteria as mutually agreed upon by the
Seller and the Indenture Trustee;

25 *Servicing Agreement* *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Seller a report for inclusion in the Seller's filing of Exchange Act Form 10-K with respect to the Issuer that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered to the Seller pursuant to the preceding paragraph. Such attestation
shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver to the Seller and any other Person that will be responsible for signing the certification (a
" <u>Sarbanes Certification</u> ") required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act) on
behalf of the Issuer or the Seller, a back-up certification substantially in the form attached hereto as <u>Exhibit B</u> or such form as mutually agreed upon by the Seller and the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver to the Seller the certification substantially in the form attached hereto as <u>Exhibit C</u> or
such other form as is mutually agreed upon by the Seller and the Indenture Trustee regarding any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item 1119 Party and any Form 10-D Disclosure Item; *provided*, *that*, such notification need only be made if the affiliation or relationships have changed between the Indenture Trustee and any Item 1119 Party.

The Indenture Trustee acknowledges that the parties identified in <u>clause (iii)</u> above may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall provide the Seller and the Servicer (each, a "<u>Transaction Party</u>" and, collectively, the "<u>Transaction Parties</u>") with (i) notification, as soon as practicable and in any event within ten (10) Business Days, of all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable pursuant to demands under the Transaction Documents and (ii) promptly upon request by a Transaction Party, any other information reasonably requested by a Transaction Party to facilitate compliance by the Transaction Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee be deemed to be a "securitizer" as defined in Section 15G(a) of the Exchange Act nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB. The Transaction Parties hereby acknowledge and agreed that the Indenture Trustee's reporting is limited to information that it has received or acquired solely in its capacity as indenture trustee under this Agreement and the Indenture and not in any other capacity. The Transaction Parties further hereby acknowledge and agree that, other than any express duties or responsibilities as trustee under the Transaction Documents, the Indenture Trustee has no duty or obligation to undertake any investigation or inquiry related to repurchase demand activity in connection with any Transaction Documents, and no obligations or duties are otherwise implied by this section.

26 *Servicing Agreement* *(20[ ]-[ ])*

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SECTION 8.19 <u>Form 8-K Filings</u>. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify the Seller, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in <u>clause (a)</u> or <u>(b)</u> of the definition thereof as to which the Servicer has actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee.

SECTION 8.20 <u>Cooperation</u>. The parties hereto acknowledge and agree that the purpose of <u>Sections 8.18</u> and <u>8.19</u> is to facilitate compliance by the Seller and Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. Neither the Seller nor the Servicer shall exercise its right to request delivery of information or other performance under these provisions other than in good faith in order to comply with the Securities Act, the Exchange Act, the rules and regulations of the Commission under the Securities Act and the Exchange Act and any comments or requests of the Commission. The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate with the Seller to deliver to the Seller and Servicer such information necessary in the good faith determination of the Seller and Servicer to permit the Seller or such Servicer to comply with the provisions of Regulation AB.

SECTION 8.21 <u>Not Applicable to the Bank in Other Capacities</u>. Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity.

SECTION 8.22 <u>USA Patriot Act and Other Applicable Law</u>. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the USA Patriot Act, the Financial Crimes Enforcement Network's (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions ("<u>Applicable Law</u>"), the Indenture Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with Applicable Law.

[Signatures Follow]

27 *Servicing Agreement* *(20[ ]-[ ])*

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

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| | |
|:---|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION,**<br> as Servicer | **FIFTH THIRD BANK, NATIONAL ASSOCIATION,**<br> as Servicer |
| By: |  |
|  | Name: |
|  | Title: |

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S-1 *Servicing Agreement* *(20[ ]-[ ])*

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| | |
|:---|:---|
| **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** | **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** |
| By: | [ ], |
|  | not in its individual capacity but |
|  | solely as Owner Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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S-2 *Servicing Agreement* *(20[ ]-[ ])*

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| | |
|:---|:---|
| **[ ]**, not in its individual capacity but solely as Indenture Trustee | **[ ]**, not in its individual capacity but solely as Indenture Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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S-3 *Servicing Agreement* *(20[ ]-[ ])*

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EXHIBIT A

**SERVICING CRITERIA TO BE ADDRESSED IN** 

**INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE** 

The assessment of compliance to be delivered by the Indenture Trustee shall address, at a

minimum, the criteria identified below as "<u>Applicable Servicing Criteria</u>":

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| | | |
|:---|:---|:---|
| ***Servicing Criteria*** | ***Servicing Criteria*** | ***Applicable***<br> ***Servicing Criteria*** |
| **Reference** | **Criteria** |  |
|  | **General Servicing Considerations** |  |
| 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. |  |
| 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. |  |
| 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. |  |
| 1122(d)(1)(iv) | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |  |
| 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. |  |
|  | **Cash Collection and Administration** |  |
| 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. |  |
| 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |
| 1122(d)(2)(iii) | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. |  |
| 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |
| 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |
| 1122(d)(2)(vi) | Unissued checks are safeguarded so as to prevent unauthorized access. |  |

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A-1 *Exhibit A to Servicing Agreement* *(20[ ]-[ ])*

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| | | |
|:---|:---|:---|
| ***Servicing Criteria*** | ***Servicing Criteria*** | ***Applicable***<br> ***Servicing Criteria*** |
| **Reference** | **Criteria** |  |
| 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. |  |
|  | **Investor Remittances and Reporting** |  |
| 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. |  |
| 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | (solely with respect to remittance)<br> X |
| 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |
| 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. | X |
|  | **Pool Asset Administration** |  |
| 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents. |  |
| 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements |  |
| 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. |  |
| 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents. |  |
| 1122(d)(4)(v) | The Servicer's records regarding the accounts and the accounts agree with the Servicer's records with respect to an obligor's unpaid principal balance. |  |
| 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. |  |
| 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. |  |

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A-2 *Exhibit A to Servicing Agreement* *(20[ ]-[ ])*

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| | | |
|:---|:---|:---|
| ***Servicing Criteria*** | ***Servicing Criteria*** | ***Applicable***<br> ***Servicing Criteria*** |
| **Reference** | **Criteria** |  |
| 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |
| 1122(d)(4)(ix) | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. |  |
| 1122(d)(4)(x) | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements. |  |
| 1122(d)(4)(xi) | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. |  |
| 1122(d)(4)(xii) | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission. |  |
| 1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements. |  |
| 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. |  |
| 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |  |

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A-3 *Exhibit A to Servicing Agreement* *(20[ ]-[ ])*

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**EXHIBIT B** 

**FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION** 

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| | |
|:---|:---|
| **Re:** | **FIFTH THIRD AUTO TRUST 20[ ]-[ ]**  |

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[ ], not in its individual capacity but solely as indenture trustee (the "<u>Indenture Trustee</u>"), certifies to Fifth Third Holdings Funding, LLC (the "<u>Seller</u>"), and its officers, with the knowledge and intent that they will rely upon this certification, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It has reviewed the report on assessment of the Indenture Trustee's compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and Item 1122 of Regulation AB (the "<u>Servicing Assessment</u>"), and the registered public accounting firm's attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB (the "<u>Attestation Report</u>") that were delivered by the Indenture Trustee to the Seller pursuant to the Servicing Agreement (the "<u>Agreement</u>"), dated as of [ ], by and among Fifth Third Bank, National Association (the "<u>Bank</u>"), the Indenture Trustee and Fifth Third Auto Trust 20[ ]-[ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Servicing Assessment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To the best of its knowledge, all of the information required to be provided by the Indenture Trustee pursuant to <u>Sections 8.19</u> and <u>8.20</u> of the Agreement has been provided to the Seller.

Dated: ____________, 20[ ]

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| |
|:---|
| [ ], not in its |
| individual capacity but solely as Indenture Trustee |
| By: |
| Name: |
| Title: |

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B-1 *Exhibit B to Servicing Agreement* *(20[ ]-[ ])*

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**EXHIBIT C** 

**FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION** 

**<u>REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB</u>**

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

[ ], a [ ] ("<u>[ </u><u> </u><u> </u><u> ]</u>"), does hereby certify to the Sponsor, the Depositor and the Issuing Entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. As of the date of the Form 10-K, there are no pending legal Proceedings against [ ] or Proceedings known to be contemplated by governmental authorities against [ ] that would be material to the investors in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date of the Form 10-K, there are the following affiliations, as contemplated by Item 1119 of Regulation AB, between [ ] and any of Fifth Third Bank, National Association (in its capacity as Originator, Servicer and Administrator), Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the Owner Trustee, the Delaware Trustee and the Issuing Entity, or any affiliates of such parties: [__________]

IN WITNESS WHEREOF, [ ] has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized.

Dated: ____________, 20[ ]

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| |
|:---|
| [ ], not in its |
| individual capacity but solely as Indenture Trustee |
| By: |
| Name: |
| Title: |

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C-1 *Exhibit C to Servicing Agreement* *(20[ ]-[ ])*

## Exhibit 10.3

**EXHIBIT 10.3** 

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**FORM OF** 

**PURCHASE AGREEMENT** 

dated as of [ ]

between

**FIFTH THIRD HOLDINGS, LLC** 

and

**FIFTH THIRD HOLDINGS FUNDING, LLC** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I | DEFINITIONS AND USAGE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 | Other Interpretive Provisions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARTICLE II | PURCHASE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 | Agreement to Sell and Contribute on the Closing Date | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 | Consideration and Payment | 2 |
|  ARTICLE III | REPRESENTATIONS, WARRANTIES AND COVENANTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | Representations and Warranties of FTH LLC | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | Protection of Title | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | Other Liens or Interests | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | Perfection Representations, Warranties and Covenants | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | [Compliance with the FDIC Rule] | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | FTH LLC May Own Notes | 5 |
|  ARTICLE IV | MISCELLANEOUS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 | Transfers Intended as Sale; Security Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 | Notices, Etc | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 | Choice of Law | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.4 | Headings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.5 | Counterparts and Electronic Signature | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.6 | Amendment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.7 | Waivers | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.8 | Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.9 | Severability of Provisions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.10 | Binding Effect | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.11 | Acknowledgment and Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.12 | Cumulative Remedies | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.13 | Nonpetition Covenant | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.14 | Submission to Jurisdiction; Waiver of Jury Trial | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.15 | [Limitation of Rights] | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.16 | Information Requests | 10 |

---

i

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**EXHIBITS** 

Exhibit A Form of Assignment Pursuant to Purchase Agreement <br> Schedule I Perfection Representations, Warranties and Covenants

ii

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This PURCHASE AGREEMENT is made and entered into as of [ ] (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") by FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company ("<u>FTH LLC</u>"), and FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company (the "<u>Purchaser</u>").

WITNESSETH:

WHEREAS, the Purchaser desires to purchase from FTH LLC a portfolio of motor vehicle receivables, including motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and

WHEREAS, FTH LLC is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

SECTION 1.1 <u>Definitions</u>. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix</u> <u>A</u> to the Sale Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the "<u>Sale Agreement</u>") between the Purchaser, as seller, and Fifth Third Auto Trust 20[ ]-[ ], as issuer, which contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" and all variations thereof means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

*Purchase Agreement (20[ ]-[ ])*

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ARTICLE II

PURCHASE

SECTION 2.1 <u>Agreement to Sell and Contribute on the Closing Date</u>. On the terms and subject to the conditions set forth in this Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands in, to and under each of (a) the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired, as evidenced by an assignment substantially in the form of <u>Exhibit A</u> ("<u>Assignment</u>") delivered on the Closing Date and (b) the Receivables Sale Agreement (the "<u>Purchased Assets</u>"). The sale, transfer, assignment, contribution and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of FTH LLC or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.

SECTION 2.2 <u>Consideration and Payment</u>. In consideration of the transfer of the Purchased Assets conveyed to the Purchaser pursuant to <u>Section</u> <u>2.1</u> on the Closing Date, the Purchaser shall pay in cash to FTH LLC on such date an amount equal to the estimated fair market value of the Purchased Assets on the Closing Date. Such purchase price shall be paid in cash to FTH LLC in an amount agreed to between FTH LLC and the Purchaser, and, to the extent not paid in cash by the Purchaser, shall be paid by a capital contribution by FTH LLC in an undivided interest in such Purchased Assets that increases its equity interest in the Purchaser in an amount equal to the excess of the estimated fair market value of the Purchased Assets over the amount of cash paid by the Purchaser to FTH LLC.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 3.1 <u>Representations and Warranties of FTH LLC</u>. FTH LLC makes the following representations and warranties as of the Closing Date on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets to the Purchaser pursuant to this Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. FTH LLC is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. FTH LLC has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would reasonably be expected to materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Purchased Assets.

-2- *Purchase Agreement (20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by FTH LLC of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of FTH LLC and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or FTH LLC's ability to perform its obligations under, the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by FTH LLC of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Purchased Assets or would not materially and adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which FTH LLC is a party constitutes the legal, valid and binding obligation of FTH LLC enforceable against FTH LLC in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no Proceedings pending or, to the knowledge of FTH LLC, threatened against FTH LLC before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by FTH LLC of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables or (iv) relate to FTH LLC that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Lien Filings</u>. FTH LLC is not aware of any material judgment, ERISA or tax lien filings against FTH LLC.

-3- *Purchase Agreement (20[ ]-[ ])*

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SECTION 3.2 <u>Protection of Title</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) FTH LLC shall notify the Purchaser in writing within ten (10) days following the occurrence of (i) any change in FTH LLC's organizational structure as a limited liability company, (ii) any change in FTH LLC's "location" (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in FTH LLC's name and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable in the opinion of the Purchaser to amend all previously filed financing statements or continuation statements described in <u>paragraph (a)</u> above. FTH LLC will at all times maintain its "location" within the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) FTH LLC shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and that such Receivable is owned by such Person. Indication of such Person's interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time FTH LLC shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, FTH LLC shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the Purchaser).

SECTION 3.3 <u>Other Liens or Interests</u>. Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, FTH LLC shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and FTH LLC shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all claims of third parties claiming through or under FTH LLC.

SECTION 3.4 <u>Perfection Representations, Warranties and Covenants</u>. The representations, warranties and covenants set forth on <u>Schedule I</u> are true and correct to the extent that they are applicable.

-4- *Purchase Agreement (20[ ]-[ ])*

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SECTION 3.5 <u>[Compliance with the FDIC Rule</u>. FTH LLC (i) shall perform the covenants set forth in <u>Article XII</u> of the Indenture applicable to it and (ii) shall facilitate compliance with <u>Article XII</u> of the Indenture by the Fifth Third Parties.]

SECTION 3.6 <u>Merger or Consolidation of, or Assumption of the Obligations of, FTH LLC</u>. Any Person (i) into which FTH LLC may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion, or consolidation to which FTH LLC shall be a party, (iii) succeeding to the business of FTH LLC or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of FTH LLC under this Agreement, will be the successor to FTH LLC under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if FTH LLC enters into any of the foregoing transactions and is not the surviving entity, FTH LLC will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest.

SECTION 3.7 <u>FTH LLC May Own Notes</u>. FTH LLC, and any Affiliate of FTH LLC, may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not FTH LLC or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by FTH LLC or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as among all of the Notes. Unless all Notes are owned by the Issuer, FTH LLC, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, FTH LLC, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document.

ARTICLE IV

MISCELLANEOUS

SECTION 4.1 <u>Transfers Intended as Sale; Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and the related Purchased Assets shall not be part of FTH LLC's estate in the event of a bankruptcy or insolvency of FTH LLC. The sales and transfers by FTH LLC of the

-5- *Purchase Agreement (20[ ]-[ ])*

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Receivables and the related Purchased Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, FTH LLC, except as otherwise specifically provided herein. The limited rights of recourse specified herein against FTH LLC are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of FTH LLC, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The conveyance provided for in <u>Section</u> <u>2.1</u> shall be deemed to be a grant by FTH LLC of, and FTH LLC hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of FTH LLC hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The possession by the Purchaser or its agent of the Receivable Files and any other property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and

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

SECTION 4.2 <u>Notices, Etc.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on <u>Schedule I</u> to the Sale Agreement), and addressed in each case as specified on <u>Schedule I</u> to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; *provided*, *however*, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

-6- *Purchase Agreement (20[ ]-[ ])*

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SECTION 4.3 <u>Choice of Law</u>. **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 4.4 <u>Headings</u>. The section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement.

SECTION 4.5 <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 4.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by FTH LLC and the Purchaser without the consent of the Indenture Trustee, the Issuer, any Noteholder, the Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) FTH LLC or the Purchaser delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Rating Agency Condition is satisfied with respect to such amendment and FTH LLC or the Purchaser notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

-7- *Purchase Agreement (20[ ]-[ ])*

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[*provided,* that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by FTH LLC and the Purchaser, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance (voting as a single class) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>4.6</u>, FTH LLC or the Purchaser shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, FTH LLC or the Purchaser shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; <u>provided</u>, that no amendment pursuant to this <u>Section</u> <u>4.6</u> shall be effective which materially and adversely affects the rights, protections or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate from the Depositor or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding <u>subsections (a)</u> or <u>(b)</u> of this <u>Section</u> <u>4.6</u>, this Agreement may only be amended by FTH LLC and the Purchaser if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of FTH LLC or the Purchaser or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

-8- *Purchase Agreement (20[ ]-[ ])*

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SECTION 4.7 <u>Waivers</u>. No failure or delay on the part of the Purchaser, the Servicer, FTH LLC, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or FTH LLC in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

SECTION 4.8 <u>Entire Agreement</u>. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

SECTION 4.9 <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

SECTION 4.10 <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

SECTION 4.11 <u>Acknowledgment and Agreement</u>. By execution below, FTH LLC expressly acknowledges and consents to the conveyance of the Purchased Assets and the assignment of all rights and obligations of FTH LLC related thereto by the Purchaser to the Issuer pursuant to the Sale Agreement and the Grant of a security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders [and the Swap Counterparty]. In addition, FTH LLC hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement in the event that the Purchaser shall fail to exercise the same.

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

SECTION 4.13 <u>Nonpetition Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party 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

-9- *Purchase Agreement (20[ ]-[ ])*

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to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

SECTION 4.14 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>4.2</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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

SECTION 4.15 [<u>Limitation of Rights</u>]. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, 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 under such Interest Rate Swap Agreement.]

SECTION 4.16 Information Requests. The parties hereto shall provide any information reasonably requested by the Issuer, the Purchaser or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

[Remainder of Page Intentionally Left Blank]

-10- *Purchase Agreement (20[ ]-[ ])*

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

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| |
|:---|
| **FIFTH THIRD HOLDINGS, LLC** |
| By: |
| Name: |
| Title: |
| **FIFTH THIRD HOLDINGS FUNDING, LLC** |
| By: |
| Name: |
| Title: |

---

S-1 *Purchase Agreement (20[ ]-[ ])*

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**EXHIBIT A** 

**FORM OF** 

**ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT** 

**[ ]** 

For value received, in accordance with the Purchase Agreement dated as of [ ], (the "<u>Agreement</u>"), between Fifth Third Holdings, LLC, a Delaware limited liability company ("<u>FTH LLC</u>"), and Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the "<u>Purchaser</u>"), on the terms and subject to the conditions set forth in the Agreement, FTH LLC does hereby transfer, assign, sell, contribute and otherwise convey to the Purchaser without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest claims and demands in, to and under the Receivables Sale Agreement, the Receivables set forth on the schedule of Receivables delivered by FTH LLC to the Purchaser on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired.

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

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Agreement and is governed by the Agreement.

Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in the Agreement or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of [ ], 20[ ], between Fifth Third Auto Trust [ ]- [ ] and the Purchaser, as seller.

[Remainder of page intentionally left blank]

A-1 *Purchase Agreement (20[ ]-[ ])*

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

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| |
|:---|
| **FIFTH THIRD HOLDINGS, LLC** |
| By: |
| Name: |
| Title: |

---

A-2 *Purchase Agreement (20[ ]-[ ])*

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**SCHEDULE I** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the Agreement, FTH LLC hereby represents, warrants, and covenants to the Purchaser as follows on the Closing Date:

**<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from FTH LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Receivables constitute "chattel paper" (including "electronic chattel paper" or "tangible chattel paper"), "accounts", "instruments", "promissory notes", "payment intangibles" or "general intangibles", within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors' rights generally.

**<u>Creation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by FTH LLC to the Purchaser, FTH LLC owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of the Purchaser) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Purchaser, the Purchaser will have good and marketable title to such Receivable free and clear of any Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. FTH LLC has received all consents and approvals to the sale of the Receivables hereunder to the Purchaser required by the terms of the Receivables that constitute instruments.

**<u>Perfection</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FTH LLC has submitted or will have caused to be submitted, on the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from FTH LLC to the Purchaser, and the security interest in the Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the

Schedule I-1 *Purchase Agreement* *(20[ ]-[ ])*

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original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to Receivables that constitute an instrument or tangible chattel paper, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All original executed copies of each such instrument or tangible chattel paper have been delivered to the
Indenture Trustee, as pledgee of the Issuer; or

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

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

**<u>Priority</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. FTH LLC is not aware of any material judgment, ERISA or tax lien filings against FTH LLC.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Purchaser, the Issuer or the Indenture Trustee.

Schedule I-2 *Purchase Agreement* *(20[ ]-[ ])*

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**<u>Survival of Perfection Representations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Notwithstanding any other provision of the Purchase Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule</u> <u>I</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed.

**<u>No Waiver</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Purchaser shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this <u>Schedule</u> <u>I</u>, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants.

Schedule I-3 *Purchase Agreement* *(20[ ]-[ ])*

## Exhibit 10.5

**EXHIBIT 10.5** 

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**FORM OF** 

**ADMINISTRATION AGREEMENT** 

**among** 

**FIFTH THIRD AUTO TRUST 20[ ]–[ ],** 

**as Issuer** 

**FIFTH THIRD BANK, NATIONAL ASSOCIATION** 

**as Administrator** 

**and** 

**[ ],** 

**as Indenture Trustee** 

**Dated as of [ ]** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Duties of the Administrator | 2 |
| 2. | Records | 3 |
| 3. | Compensation; Payment of Fees and Expenses | 3 |
| 4. | Independence of the Administrator | 3 |
| 5. | No Joint Venture | 4 |
| 6. | Other Activities of the Administrator | 4 |
| 7. | Representations and Warranties of the Administrator | 4 |
| 8. | Administrator Replacement Events; Termination of the Administrator | 5 |
| 9. | Action upon Termination or Removal | 7 |
| 10. | Liens | 7 |
| 11. | Notices | 7 |
| 12. | [Compliance with the FDIC Rule] | 7 |
| 13. | Amendments | 7 |
| 14. | Governing Law; Submission to Jurisdiction; Waiver of Jury Trial | 9 |
| 15. | Headings | 10 |
| 16. | Counterparts and Electronic Signature | 10 |
| 17. | Entire Agreement | 10 |
| 18. | Severability of Provisions | 10 |
| 19. | Not Applicable to the Bank in Other Capacities | 10 |
| 20. | Benefits of the Administration Agreement | 11 |
| 21. | Delegation of Duties | 11 |
| 22. | Assignment | 11 |
| 23. | Nonpetition Covenant | 11 |
| 24. | Other Interpretive Provisions | 12 |
| 25. | USA PATRIOT Act and other Applicable Law | 12 |
| 26. | [Limitation of Rights] | 13 |

---

i

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This ADMINISTRATION AGREEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>"), dated as of [ ], is among FIFTH THIRD AUTO TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), FIFTH THIRD BANK, NATIONAL ASSOCIATION, a national banking association, as administrator (the "<u>Bank</u>" or in its capacity as administrator, the "<u>Administrator</u>"), and [ ], a [ ], as indenture trustee (the "<u>Indenture Trustee</u>"). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in <u>Appendix A</u> to the Sale Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the "<u>Sale Agreement</u>"), by and between Fifth Third Holdings Funding, LLC (the "<u>Seller</u>"), as seller, and the Issuer, which contains rules as to usage that are applicable herein.

W I T N E S S E T H :

WHEREAS, the Seller, [ ], acting thereunder not in its individual capacity, but solely as owner trustee (the "<u>Owner Trustee</u>"), and [ ], acting thereunder not in its individual capacity, but solely as Delaware trustee (the "<u>Delaware Trustee</u>") have entered into the Amended and Restated Trust Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified and in effect from time to time, the "<u>Trust Agreement</u>");

WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the Certificate pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including, (i) the Sale Agreement; (ii) the Indenture, (iii) the Note Depository Agreement, (iv) the Servicing Agreement, [(v) the Interest Rate Swap Agreement], (vi) the Asset Representations Review Agreement and (vii) the Trust Agreement (and each of the agreements referred to in <u>clauses (i)</u> through <u>(vi)</u> are referred to herein collectively as the "<u>Issuer Documents</u>");

WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee pursuant to the Indenture;

WHEREAS, pursuant to the Issuer Documents, the Issuer is required to perform certain duties;

WHEREAS, the Issuer desires to have the Administrator perform certain of the duties of the Issuer, and to provide such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request;

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer on the terms set forth herein;

NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

*Administration Agreement* <br> *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Duties with Respect to the Issuer Documents</u>. The Administrator shall perform all of its duties as Administrator under this Agreement and the Issuer Documents and administer and perform the duties and obligations of the Issuer under the Issuer Documents; <u>provided</u>, <u>however</u>, except as otherwise provided in the Issuer Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding the Issuer's duties and obligations under the Issuer Documents. The Administrator shall monitor the performance of the Issuer and shall advise the Issuer when action is necessary to comply with the Issuer's duties and obligations under the Issuer Documents. Other than such items to be performed by the Owner Trustee pursuant to <u>Sections 5.3</u> and <u>5.4</u> of the Trust Agreement and by the Paying Agent pursuant to <u>Section</u> <u>6.6(a)</u> and <u>(b)</u> of the Indenture, the Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer to prepare, execute, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer or the Owner Trustee all such documents, reports, filings, instruments, certificates, notices and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, execute, file or deliver pursuant to the Issuer Documents or otherwise by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices to Rating Agencies</u>. The Administrator, on behalf of the Issuer, shall give notice to each Rating Agency (which notice shall be given promptly upon the Administrator being notified thereof by the Depositor, the Owner Trustee, the Indenture Trustee or the Servicer) of: (i) any material breach of the perfection representations, warranties and covenants contained in <u>Schedule II</u> of the Sale Agreement and <u>Schedule I</u> of the Indenture; (ii) the termination of, and/or appointment of a successor to, the Servicer pursuant to <u>Sections 6.1</u> of the Servicing Agreement; (iii) any waiver of a Servicer Replacement Event pursuant to <u>Section</u> <u>6.1(b)</u> of the Servicing Agreement; (iv) any Officer's Certificate of the Issuer delivered pursuant to <u>Section</u> <u>3.9</u> of the Indenture; (v) any Officer's Certificate delivered pursuant to <u>Section</u> <u>3.12</u> of the Indenture with respect to any Event of Default under the Indenture; (vi) any notice of Default pursuant to <u>Section</u> <u>6.5</u> of the Indenture; (vii) any resignation or removal of the Indenture Trustee pursuant to <u>Section</u> <u>6.8</u> of the Indenture; (viii) any merger or consolidation of the Indenture Trustee pursuant to <u>Section</u> <u>6.9</u> of the Indenture; (ix) any supplemental indenture pursuant to <u>Sections 9.1</u> or <u>9.2</u> of the Indenture; (x) any notice of merger, consolidation or succession of the Servicer pursuant to <u>Section</u> <u>5.3</u> of the Servicing Agreement; (xi) any amendment pursuant to <u>Section</u> <u>13</u> of this Agreement; and (xii) any merger or consolidation of the Seller pursuant to <u>Section</u> <u>3.3</u> of the Sale Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer in accordance with <u>Section</u> <u>9.2</u> of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Action by Administrator</u>. Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or breach of the Issuer's covenants, agreements or obligations under any of the Issuer Documents.

2 *Administration Agreement* <br> *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Non-Ministerial Matters; Exceptions to Administrator Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary in this Agreement, with respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless, within a reasonable time before the taking of such action, the Administrator shall have notified the Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters" shall include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the appointment of successor Note Registrars, successor Paying Agents, successor Indenture Trustees, successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent or the Indenture Trustee of its obligations under the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the removal of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (x) make any payments to the Noteholders under the Transaction Documents or (y) except as provided in the Transaction Documents, sell the Trust Estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>. The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time during normal business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation; Payment of Fees and Expenses</u>. As compensation for the performance of the Administrator's obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to receive $[ ] annually which shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independence of the Administrator</u>. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer.

3 *Administration Agreement* <br> *(20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Joint Venture</u>. Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on the Administrator or the Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or liability on behalf of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Other Activities of the Administrator</u>. Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuer, the Owner Trustee, the Delaware Trustee or the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Administrator</u>. The Administrator represents and warrants to the Issuer, the Owner Trustee and the Indenture Trustee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Administrator is a national association validly existing and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator's ability to perform its obligations under, the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or any other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Administrator is a party constitutes the legal, valid and binding obligation of the Administrator enforceable against the Administrator in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of banking corporations from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Administrator Replacement Events; Termination of the Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>clause (d)</u> below, the Administrator may resign from its duties hereunder by providing the Issuer with at least sixty (60) days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>clauses (d)</u> and <u>(e)</u> below, the Issuer may remove the Administrator without cause by providing the Administrator with at least sixty (60) days' prior written notice; *provided*, that, for so long as any Notes are Outstanding, the Rating Agency Condition shall have been satisfied in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The occurrence of any one of the following events (each, an "<u>Administrator Replacement Event</u>") shall also entitle the Issuer, subject to <u>Section</u> <u>22</u> hereof, to terminate and replace the Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Administrator to deliver or cause to be delivered to the Indenture Trustee or the Owner Trustee for deposit into the Collection Account any payment required to be so delivered by the Administrator under the terms of this Agreement, which failure continues unremedied for five (5) Business Days after discovery thereof by a Responsible Officer of the Administrator or receipt by a Responsible Officer of the Administrator of written notice thereof from the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee receives written notice or has actual knowledge) or Noteholders evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, from the Majority Certificateholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure by the Administrator to duly observe or perform in any material respect any other of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer, the Noteholders or the Certificateholders, and which continues unremedied for ninety (90) days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee receives written notice or has actual knowledge) or Noteholders evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, by the Majority Certificateholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any representation or warranty of the Administrator made in this Agreement or any certificate delivered by the Administrator pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer, the Noteholders or the Certificateholders, and which failure continues unremedied for ninety (90) days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee (to the extent a Responsible Officer of the Indenture Trustee receives written notice or has actual knowledge) or Noteholders evidencing at least a majority of the Outstanding Note Balance (or, if no Notes are Outstanding, by the Majority Certificateholders);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrator suffers a Bankruptcy Event;

provided, further, that (A) if any delay or failure of performance referred to in clause (i) above shall have been caused by force majeure or other similar occurrence, the five (5) Business Day grace period referred to in such clause (i) shall be extended for an additional sixty (60) calendar days and (B) if any delay or failure of performance referred to in clause (b) above shall have been caused by force majeure or other similar occurrence, the ninety (90) day grace period referred to in such clause (ii) or clause (iii) shall be extended for an additional sixty (60) calendar days. The existence or occurrence of any "material instance of noncompliance" (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (i), (ii) or (iii) above has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to <u>Section</u> <u>22</u> hereof, by notice given to the Administrator, the Delaware Trustee and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for services hereunder for all periods following such termination; *provided*, *however*, that such termination shall not become effective until such time as the Issuer, subject to <u>Section</u> <u>22</u> hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination or upon a resignation of the Administrator in accordance with <u>Section</u> <u>8(a)</u> hereof, all rights, powers, duties and responsibilities of the Administrator under this Agreement shall vest in and be assumed by any successor Administrator appointed by the Issuer, subject to <u>Section</u> <u>22</u> hereof, pursuant to a management or administration agreement between the Issuer and such successor Administrator, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor Administrator), and the successor Administrator is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator, as attorney-in-fact or otherwise, all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect such vesting and assumption. Further, in such event, the Administrator shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the administration of the Issuer to the new Administrator. No resignation or removal of the Administrator shall be effective until a successor Administrator shall have been appointed by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer, subject to <u>Section</u> <u>22</u> hereof, may waive in writing any Administrator Replacement Event by the Administrator in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past Administrator Replacement Event, such Administrator Replacement Event shall cease to exist, and any Administrator Replacement Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other Administrator Replacement Event or impair any right consequent thereon.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Action upon Termination or Removal</u>. Promptly upon the effective date of termination of this Agreement pursuant to <u>Section</u> <u>8</u>, or the removal or resignation of the Administrator pursuant to <u>Section</u> <u>8</u>, the Administrator shall be entitled to be paid by the Servicer all fees and reimbursable expenses accruing to it to the date of such termination or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liens</u>. The Administrator will not directly or indirectly create, allow or suffer to exist any Lien on the Collateral other than Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on Schedule I to the Sale Agreement), and addressed in each case as specified on Schedule I to the Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>[Compliance with the FDIC Rule</u>. The Administrator (i) shall perform the covenants set forth in <u>Article XII</u> of the Indenture applicable to it and (ii) shall facilitate compliance with <u>Article XII</u> of the Indenture by the Fifth Third Parties.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee, any Noteholder, the Issuer, [the Swap Counterparty] Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrator delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

[*provided,* that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the Administrator and the Indenture Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders[; <u>provided</u>, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)]. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders and Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>13</u>, the Administrator shall provide written notification of the substance of such amendment to each Rating Agency, the Delaware Trustee and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to each Rating Agency, the Delaware Trustee, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 13 shall be effective which materially and adversely affects the rights, protections or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Delaware Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate of the Depositor or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Indenture Trustee and the Owner Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Indenture Trustee's or the Owner Trustee's, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding subsections (a) or (b) of this Section 13, this Agreement may only be amended by the Administrator if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Administrator or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to

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approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>11</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Headings</u>. The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Entire Agreement</u>. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Not Applicable to the Bank in Other Capacities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any entity (i) into which the Administrator may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger sale, transfer, conversion or consolidation to which the Administrator shall be a party, or any entity succeeding to the business of the Administrator or (ii) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp and which executes an agreement of assumption to perform every obligation of the Administrator under this Agreement, shall be the successor to the Administrator under this Agreement, in each case, without the execution or filing of any paper of any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Benefits of the Administration Agreement</u>. Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Delaware Trustee, the Owner Trustee, any separate trustee or co-trustee appointed under <u>Section</u> <u>6.10</u> of the Indenture [and the Swap Counterparty], any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee and the Delaware Trustee are each third party beneficiaries of this Agreement and are entitled to the rights and benefits hereunder and may enforce the provisions hereof as if there were parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Delegation of Duties</u>. The Administrator may, at any time without notice or consent, delegate (a) any or all of its duties under the Transaction Documents to any of its Affiliates or (b) specific duties to sub-contractors or other professional services firms (including accountants, outside legal counsel or similar concerns) who are in the business of performing such duties; <u>provided</u>, that no such delegation shall relieve the Administrator of its responsibility with respect to such duties and the Administrator shall remain obligated hereunder as if the Administrator alone were performing such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Assignment</u>. The Administrator hereby acknowledges and agrees that for so long as any Notes are outstanding, the Indenture Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement in the event the Issuer shall fail to exercise the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Nonpetition Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Limitation of Liability</u>. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [ ] ("[ ]"), not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee and the Issuer is made and intended not as personal representations, undertakings and agreements by [ ] but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ], individually or personally, to perform any covenant either expressed or implied contained herein of the Owner Trustee or the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) [ ] has made no investigation as to the accuracy or completeness of any representations and warranties made by the Owner Trustee or the Issuer in this Agreement and (e) under no circumstances shall [ ] be personally liable for the payment of any indebtedness or expenses of the Owner Trustee or the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Owner Trustee or the Issuer under this Agreement or any other related documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of <u>Articles VI</u>, <u>VII</u> and <u>VIII</u> of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (*provided*, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" and all variations thereof means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>USA PATRIOT Act and other Applicable Law.</u> In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering ("Applicable Law", for example section 326 of the USA PATRIOT Act of the United States), the Indenture Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees to provide to the Indenture Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Indenture Trustee to comply with Applicable Law. [<u>Limitation of Rights]</u> [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, 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 under such Interest Rate Swap Agreement.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>[Limitation of Rights].</u> [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, 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 under such Interest Rate Swap Agreement.]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

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| **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** |
| By: [ ], not in its individual capacity but solely as Owner Trustee |
| By: |
| Name: |
| Title: |

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|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as Administrator |
| By: |
| Name: |
| Title: |

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|:---|
| [____________________________], |
| not in its individual capacity, but solely as Indenture Trustee |
| By: |
| Name: |
| Title: |

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S-3 *Administration Agreement* <br> *(20[ ]-[ ])*

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Joinder of Servicer:

Fifth Third Bank, National Association, as Servicer, joins in this Agreement solely for purposes of <u>Section</u> <u>3</u>.

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|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION**, as Servicer |
| By: |
| Name: |
| Title: |

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S-4 *Administration Agreement* <br> *(20[ ]-[ ])*

## Exhibit 10.6

**EXHIBIT 10.6** 

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**FORM OF** 

**RECEIVABLES SALE AGREEMENT** 

dated as of [ ]

between

**FIFTH THIRD BANK, NATIONAL ASSOCIATION** 

and

**FIFTH THIRD HOLDINGS, LLC** 

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| | | |
|:---|:---|:---|
|  ARTICLE I DEFINITIONS AND USAGE | ARTICLE I DEFINITIONS AND USAGE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 | DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 | OTHER INTERPRETIVE PROVISIONS | 1 |
|  ARTICLE II PURCHASE | ARTICLE II PURCHASE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 | AGREEMENT TO SELL AND CONTRIBUTE ON THE CLOSING DATE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 | CONSIDERATION AND PAYMENT | 2 |
|  ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | REPRESENTATIONS AND WARRANTIES OF THE BANK | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | REPRESENTATIONS AND WARRANTIES OF THE BANK AS TO EACH RECEIVABLE | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | REPURCHASE UPON BREACH | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | DISPUTE RESOLUTION | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | PROTECTION OF TITLE | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | OTHER LIENS OR INTERESTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.8 | OFFICIAL RECORD | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.9 | [COMPLIANCE WITH THE FDIC RULE] | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, THE BANK | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.11 | THE BANK MAY OWN NOTES | 9 |
|  ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 | TRANSFERS INTENDED AS SALE; SECURITY INTEREST | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 | NOTICES, ETC. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 | CHOICE OF LAW | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.4 | HEADINGS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.5 | COUNTERPARTS AND ELECTRONIC SIGNATURE | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.6 | AMENDMENT | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.7 | WAIVERS | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.8 | ENTIRE AGREEMENT | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.9 | SEVERABILITY OF PROVISIONS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.10 | BINDING EFFECT | 13 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.11 | ACKNOWLEDGMENT AND AGREEMENT | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.12 | CUMULATIVE REMEDIES | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.13 | NONPETITION COVENANT | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.14 | SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.15 | [LIMITATION OF RIGHTS] | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.16 | NOT APPLICABLE TO THE BANK IN OTHER CAPACITIES | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.17 | INFORMATION REQUESTS | 14 |

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**<u>EXHIBITS</u>**

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| | |
|:---|:---|
| Exhibit A | Form of Assignment Pursuant to Receivables Sale Agreement |
| Schedule I | Representations and Warranties with Respect to the Receivables Transferred by the Bank to FTH LLC |
| Schedule II | Perfection Representations, Warranties and Covenants |

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This RECEIVABLES SALE AGREEMENT is made and entered into as of [ ] (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") by FIFTH THIRD BANK, NATIONAL ASSOCIATION, a national banking association (the "Bank"), and FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company ("FTH LLC").

WITNESSETH:

WHEREAS, FTH LLC desires to purchase from the Bank a portfolio of motor vehicle receivables, including motor vehicle retail installment sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks, vans and other motor vehicles; and

WHEREAS, the Bank is willing to sell such portfolio of motor vehicle receivables and related property to FTH LLC on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

SECTION 1.1 <u>Definitions</u>. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix</u> <u>A</u> to the Sale Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the "<u>Sale Agreement</u>"), between Fifth Third Holdings Funding, LLC, as seller, and Fifth Third Auto Trust 20[ ]-[ ], as issuer, which contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term "including" and all variations thereof means "including without limitation"; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

*Receivables Sale Agreement (20[ ]-[ ])*

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ARTICLE II

PURCHASE

SECTION 2.1 <u>Agreement to Sell and Contribute on the Closing Date</u>. On the terms and subject to the conditions set forth in this Agreement, the Bank does hereby transfer, assign, sell, contribute and otherwise convey to FTH LLC without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands in, to and under the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired, as evidenced by an assignment substantially in the form of Exhibit A ("<u>Assignment</u>") delivered on the Closing Date (the "<u>Bank Transferred Assets</u>"). The sale, transfer, assignment, contribution and conveyance made hereunder does not constitute and is not intended to result in an assumption by FTH LLC of any obligation of the Bank to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.

SECTION 2.2 <u>Consideration and Payment</u>. In consideration of the transfer of the Bank Transferred Assets conveyed to FTH LLC on the Closing Date, FTH LLC shall pay in cash to the Bank on such date an amount equal to the estimated fair market value of the Bank Transferred Assets on the Closing Date.

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 3.1 <u>Representations and Warranties of the Bank</u>. The Bank makes the following representations and warranties as of the Closing Date on which FTH LLC will be deemed to have relied in acquiring the Bank Transferred Assets. The representations and warranties will survive the conveyance of the Bank Transferred Assets to FTH LLC pursuant to this Agreement, the conveyance of the Bank Transferred Assets by FTH LLC to the Seller pursuant to the Purchase Agreement, the conveyance of the Bank Transferred Assets by the Seller to the Issuer pursuant to the Sale Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Bank is a banking corporation validly existing and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Bank has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would reasonably be expected to materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents or affect the enforceability or collectability of the Receivables or any other part of the Bank Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Bank of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Bank and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is

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subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Bank's ability to perform its obligations under, the Transaction Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Bank of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectability of the Receivables or any other part of the Bank Transferred Assets or would not materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Bank is a party constitutes the legal, valid and binding obligation of the Bank enforceable against the Bank in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no Proceedings pending or, to the knowledge of the Bank, threatened against the Bank before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Bank of its obligations under this Agreement or any of the other Transaction Documents or the collectability or enforceability of the Receivables, or (iv) relate to the Bank that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Lien Filings</u>. The Bank is not aware of any material judgment, ERISA or tax lien filings against the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Selection Procedures</u>. No selection procedures believed by the Bank to be adverse to the Noteholders were utilized in selecting the Receivables from the Bank's portfolio of retail installment sale contracts and installment loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Ordinary Course</u>. The transactions contemplated by this Agreement and the other Transaction Documents to which the Bank is a party are in the ordinary course of the Bank's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Security Interest</u>. No Receivables are pledged, assigned, sold, subject to a security interest or otherwise conveyed other than pursuant to the Transaction Documents. The Bank has not authorized the filing of and is not aware of any financing statements against the Bank that includes a description of collateral covering any Receivable other than any financing statement

-3- *Receivables Sale Agreement (20[ ]-[ ])*

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relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Receivables hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected by the filing of a financing statement) in favor of FTH LLC which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Bank.

SECTION 3.2 <u>Representations and Warranties of the Bank as to each Receivable</u>. The Bank hereby makes the representations and warranties set forth on <u>Schedule I</u> as to the Receivables sold, contributed, transferred, assigned and otherwise conveyed to FTH LLC under this Agreement on which such representations and warranties FTH LLC is relying in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement or as of the Cut-off Date, as applicable, but shall survive the conveyance of the Receivables to the Seller under the Purchase Agreement, the conveyance of the Receivables by the Seller to the Issuer under the Sale Agreement and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Bank shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents. Any inaccuracy in any of such representations or warranties shall be deemed not to constitute a breach of such representations or warranties if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable.

SECTION 3.3 <u>Repurchase upon Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank hereby covenants and agrees that if the Bank discovers or is notified by a Requesting Party with a Repurchase Request regarding a breach of any of the Bank's representations and warranties set forth in <u>Section</u> <u>3.2</u> with respect to any Receivable at the time such representations and warranties were made, the Bank will investigate the Receivable to confirm the breach and determine if the breach materially and adversely affects the interests of the Issuer or the Noteholders and triggers a repurchase event ("<u>Repurchase Event</u>"). Upon discovery by any party hereto of a Repurchase Event, the party discovering such breach shall give prompt written notice thereof to the other party hereto; <u>provided</u>, that delivery of a Servicer's Certificate which identifies the Receivables that are being or have been repurchased shall be deemed to constitute prompt written notice of such breach; <u>provided</u>, <u>further</u>, that the failure to give such notice shall not affect any obligation of the Bank under this <u>Section</u> <u>3.3(a)</u>. Following a Repurchase Event, the Bank shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Issuer, in either case on or before the Payment Date following the end of the Collection Period which includes the sixtieth (60<sup>th</sup>) day (or, if the Bank elects, an earlier date) after the date that the Bank became aware of or was notified of and confirmed such breach. Any such breach or failure will be deemed not to have a material adverse effect on the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to receive and retain payment in full on such Receivable. Any such purchase by the Bank shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Bank shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00

-4- *Receivables Sale Agreement (20[ ]-[ ])*

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a.m., New York City time on the date of such repurchase, if such repurchase date is not a Payment Date or, if such repurchase date is a Payment Date, then prior to the close of business on the Business Day prior to such repurchase date. Upon payment of such Repurchase Price by the Bank, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Bank to evidence such release, transfer or assignment or more effectively vest in the Bank or its designee any Receivable and the related Bank Transferred Assets repurchased pursuant hereto. It is understood and agreed that the obligation of the Bank to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to FTH LLC, the Depositor, the Issuer, the Noteholders, the Delaware Trustee, the Owner Trustee, the Certificateholders and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all Receivables repurchased by the Bank pursuant to this Agreement, FTH LLC (or its assignee) shall assign, without recourse, representation or warranty, to the Bank all of FTH LLC's right, title and interest in and to such Receivables and all security and documents relating thereto.

SECTION 3.4 <u>Dispute Resolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Requesting Party submits a Repurchase Request to the Bank pursuant to Section 3.3(a) of this Agreement and the Repurchase Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by the Bank, the Requesting Party shall have the right to refer the matter, at its discretion, to either mediation (including non-binding arbitration) or binding arbitration pursuant to this <u>Section</u> <u>3.4</u>. Dispute resolution to resolve any repurchase request will be available regardless of whether the Noteholders vote to direct an Asset Representations Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Requesting Party will provide notice in accordance with the provisions of Section 4.2 of its intention to refer the matter to mediation (including non-binding arbitration) or binding arbitration, as applicable, to the Bank, with a copy to FTH LLC, the Issuer, the Depositor, the Owner Trustee and the Indenture Trustee. The Bank agrees that it will participate in the resolution method selected by the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a binding arbitration shall be binding upon the Requesting Party, the Issuer, the Owner Trustee and the Indenture Trustee with respect to the Receivable that is the subject matter of the Repurchase Request, and, in that situation, issues relating to that Receivable may not be re-litigated by the Requesting Party or the Bank or become the subject of a subsequent Repurchase Request by the Requesting Party in mediation (including non-binding arbitration), arbitration, court, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Requesting Party selects mediation as the resolution method, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The mediation will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]] selected by the Requesting Party pursuant to such association's mediation procedures in effect at such time.

-5- *Receivables Sale Agreement (20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The mediator will be impartial, knowledgeable about and experienced with the laws of the State of [___] that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by the AAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Requesting Party selects arbitration (including non-binding arbitration) as the resolution method, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The arbitration will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]] jointly selected by the parties, and if the Requesting Party and the Bank are unable to agree on an association, by the AAA, and conducted pursuant to such association's arbitration procedures in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of [_______] that are relevant to the repurchase dispute and will be appointed from a list of neutrals maintained by AAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The arbitrator will make its final determination no later than [__] days after appointment or as soon as practicable thereafter. The arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by it[, and the Bank shall not be required to pay more than the applicable Repurchase Price with respect to any receivable which the Bank is required to repurchase under the terms of this Agreement]. In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys' fees to the Requesting Party and the Bank as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the Requesting Party and the Bank. For binding arbitration, the determination of the arbitrator will be final and non-appealable (absent manifest error), except for actions to confirm or vacate the determination permitted under federal or state law, and may be entered and enforced in any court with jurisdiction over the Requesting Party and the Bank and the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) By selecting binding arbitration, the Requesting Party waives the right to sue in court, including the right to a trial by jury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The following provisions will apply to both mediations (including non-binding arbitrations) and arbitrations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any mediation or arbitration will be held in [New York, New York] or such other location mutually agreed to by the Requesting Party and the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding this dispute resolution provision, the Requesting Party and the Bank will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law;

-6- *Receivables Sale Agreement (20[ ]-[ ])*

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Other than as publicly available with the Commission or otherwise publicly disclosed, the details and/or existence of any unfulfilled Repurchase Request, any meetings or discussions regarding any unfulfilled Repurchase Request, mediations or arbitration proceedings conducted under this Section 3.4, including all offers, promises, conduct and statements, whether oral or written, made in the course of the Requesting Party and the Bank's attempt to resolve an unfulfilled Repurchase Request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, "<u>Confidential Information</u>"), shall be and remain confidential and inadmissible (except as permitted in accordance with applicable law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this Section 3.4) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Bank, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively "Representatives"), as reasonably required in connection with any resolution procedure under this Section 3.4, if the disclosing party (a) directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be disclosed.

SECTION 3.5 <u>Protection of Title</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank shall notify FTH LLC in writing within ten (10) days following the occurrence of (i) any change in the Bank's organizational structure as a banking corporation, (ii) any change in the Bank's "location" (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Bank's name and shall take all action prior to

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making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable in the opinion of FTH LLC to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Bank will at all times maintain its "location" within the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of FTH LLC (or any subsequent assignee of FTH LLC) in such Receivable and that such Receivable is owned by such Person. Indication of such Person's interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If at any time the Bank shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Bank shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by FTH LLC (or any subsequent assignee of FTH LLC).

SECTION 3.6 <u>Other Liens or Interests</u>. Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Bank shall not sell, pledge, assign or transfer the Receivables or other property transferred to FTH LLC to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and the Bank shall defend the right, title and interest of FTH LLC in, to and under such Receivables or other property transferred to FTH LLC against all claims of third parties claiming through or under the Bank.

SECTION 3.7 <u>Perfection Representations, Warranties and Covenants</u>. The perfection representations, warranties and covenants set forth on <u>Schedule II</u> hereto are true and correct to the extent that they are applicable.

SECTION 3.8 <u>Official Record</u>. So long as the Notes remain outstanding, this Agreement shall be treated as an official record of the Bank within the meaning of Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. Section 1823(e)).

SECTION 3.9 <u>[Compliance with the FDIC Rule</u>. The Bank (i) shall perform the covenants set forth in <u>Article XII</u> of the Indenture applicable to it and (ii) shall facilitate compliance with <u>Article XII</u> of the Indenture by the Fifth Third Parties.]

SECTION 3.10 <u>Merger or Consolidation of, or Assumption of the Obligations of,</u> the Bank. Any Person (i) into which the Bank may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion, or consolidation to which the Bank shall be a party, (iii) succeeding to the business of the Bank, or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned

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directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Bank under this Agreement, will be the successor to the Bank under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if the Bank enters into any of the foregoing transactions and is not the surviving entity, the Bank will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest.

SECTION 3.11 <u>The Bank May Own Notes</u>. The Bank, and any Affiliate of the Bank, may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not the Bank or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by the Bank or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as among all of the Notes. Unless all Notes are owned by the Issuer, the Bank, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Bank, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any other Transaction Document.

ARTICLE IV

MISCELLANEOUS

SECTION 4.1 <u>Transfers Intended as Sale; Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and the related Bank Transferred Assets shall not be part of the Bank's estate in the event of a bankruptcy or insolvency of the Bank. The sales and transfers by the Bank of the Receivables and the related Bank Transferred Assets hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Bank, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Bank are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectability of the Receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the event that the Receivables and other Bank Transferred Assets are held to be property of the Bank, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Bank Transferred Assets, then it is intended that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The conveyance provided for in Section 2.1 shall be deemed to be a grant by the Bank of, and the Bank hereby grants to FTH LLC, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Bank Transferred Assets, to secure such indebtedness and the performance of the obligations of the Bank hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The possession by FTH LLC or its agent of the Receivable Files and any other property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be "possession by the secured party" or possession by FTH LLC or a Person designated by FTH LLC, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and

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

SECTION 4.2 <u>Notices, Etc.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on <u>Schedule I</u> to the Sale Agreement), and addressed in each case as specified on <u>Schedule I</u> to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; *provided*, *however*, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

SECTION 4.3 <u>Choice of Law</u>**.** THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 4.4 <u>Headings</u>. The section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement.

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SECTION 4.5 <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 4.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Bank and FTH LLC without the consent of the Indenture Trustee, the Issuer, any Noteholder, the Delaware Trustee, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank or FTH LLC delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Rating Agency Condition is satisfied with respect to such amendment and the Bank or FTH LLC notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

[*provided*, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the Bank and FTH LLC, with the consent of (i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, and (ii) the Majority Certificateholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders or Certificateholders to approve

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the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders and Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>4.6</u>, the Bank or FTH LLC shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Bank or FTH LLC shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; provided, that no amendment pursuant to this <u>Section</u> <u>4.6</u> shall be effective which materially and adversely affects the rights, protections or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate from the Seller or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding subsections (a) or (b) of this <u>Section</u> <u>4.6</u>, this Agreement may only be amended by the Bank and FTH LLC if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Bank or FTH LLC or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

SECTION 4.7 <u>Waivers</u>. No failure or delay on the part of FTH LLC, the Servicer, the Bank, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on FTH LLC or the Bank in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

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SECTION 4.8 <u>Entire Agreement</u>. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

SECTION 4.9 <u>Severability of Provisions</u>. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

SECTION 4.10 <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree.

SECTION 4.11 <u>Acknowledgment and Agreement</u>. By execution below, the Bank expressly acknowledges and consents to the conveyance of the Bank Transferred Assets and the assignment of all rights and obligations of the Bank related thereto by FTH LLC to the Seller pursuant to the Purchase Agreement and by the Seller to the Issuer pursuant to the Sale Agreement and the Grant of a security interest in the Receivables and the other Bank Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders [and the Swap Counterparty]. In addition, the Bank hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of FTH LLC under this Agreement in the event that FTH LLC shall fail to exercise the same.

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

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

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SECTION 4.14 <u>Submission to Jurisdiction; Waiver of Jury Trial</u>. Each of the parties hereto hereby irrevocably and unconditionally:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>4.2</u> of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

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

SECTION 4.15 <u>[Limitation of Rights]</u>. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, 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 under such Interest Rate Swap Agreement.]

SECTION 4.16 <u>Not Applicable to the Bank in Other Capacities</u>. Nothing in this Agreement shall affect any obligation the Bank may have in any other capacity.

SECTION 4.17 <u>Information Requests</u>. The parties hereto shall provide any information reasonably requested by the Issuer, Fifth Third Holdings Funding, LLC or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

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

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| |
|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title: |
| **FIFTH THIRD HOLDINGS, LLC** |
| By: |
| Name: |
| Title: |

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S-1 *Receivables Sale Agreement (20[ ]-[ ])*

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**EXHIBIT A** 

**FORM OF** 

**ASSIGNMENT PURSUANT TO RECEIVABLES SALE AGREEMENT** 

**[ ]** 

For value received, in accordance with the Receivables Sale Agreement, dated as of [ ], (the "Agreement"), between Fifth Third Bank, National Association, a national banking association (the "Bank"), and Fifth Third Holdings, LLC, a Delaware limited liability company ("FTH LLC"), on the terms and subject to the conditions set forth in the Agreement, the Bank does hereby transfer, assign, sell, contribute and otherwise convey to FTH LLC without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest, claims and demands in, to and under the Receivables set forth on the schedule of Receivables delivered by the Bank to FTH LLC on the date hereof the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned or hereafter acquired.

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

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Agreement and is governed by the Agreement.

Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in the Agreement or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of [ ], 20[ ], between Fifth Third Auto Trust [ ]-[ ] and Fifth Third Holdings Funding, LLC.

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A-1 *Receivables Sale Agreement (20[ ]-[ ])*

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

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| |
|:---|
| **FIFTH THIRD BANK, NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title: |

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A-2 *Receivables Sale Agreement (20[ ]-[ ])*

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**SCHEDULE I** 

**REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES** 

(a) *Characteristics of Receivables*. As of the Cut-Off Date (or
such other date as may be specifically set forth below), each Receivable: (i) has been fully executed or electronically authenticated (as defined by the UCC) by the Obligor thereto; (ii) contains provisions that permit the repossession and
sale of the Financed Vehicle upon a default under the Receivable by the Obligor; (iii) provided, at origination, for level monthly payments which fully amortize the initial Outstanding Principal Balance over the original term; *provided*,
that the amount of the first or last payment may be different from the level payment but in no event more than three times the level monthly payment; (iv) was originated in the United States. **  

(b) *Individual Characteristics*. As of the Cut-Off Date (or such
other date as may be specifically set forth below), each Receivable has the following individual characteristics: (i) the Receivable is secured by a new or used automobile, light duty truck, van or other motor vehicle; (ii) the Receivable
had an original term to maturity of not more than [ ] months and not less than [ ] months and the Receivable has a remaining term to maturity of not less than [ ] months;
(iii) the Receivable has a scheduled maturity date on or before [ ]; (iv) the Receivable was not more than [ ] days past due; (v) the Receivable was not noted in the
records of the Servicer as being the subject of any pending bankruptcy or insolvency Proceeding; and (vi) the Receivable is a Simple Interest Receivable. **  

(c) *Security Interest.* The Receivable, is secured by a first priority perfected security interest in the
Financed Vehicle in favor of the Bank, as secured party, or all necessary actions have been commenced that would result in a first priority perfected security interest in the Financed Vehicle in favor of the Bank, as secured party, which security
interest, in either case, is assignable and has been so assigned (x) by the Bank to FTH LLC, (y) by FTH LLC to the Seller and (z) by the Seller to the Issuer.

(d) *Compliance with Law.* The Receivable complied at the time it was originated or made, in all material
respects with all requirements of law in effect at that time and applicable to such Receivable.

(e) *Binding Obligation.* The Receivable constitutes the legal and binding payment obligation in writing of
the Obligor, enforceable in all respects by the holder thereof in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other laws, equitable principles and consumer protection laws
and the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor.

(f) *Receivable in Force.* As of the Cut-Off Date, the Bank's
records related to the Receivables do not indicate that any Receivable was satisfied, subordinated or rescinded or that the related Financed Vehicle was released from the lien granted by the Receivable in whole or in part.

Schedule I-1 *Receivables Sale Agreement (20[ ]-[ ])*

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(g) *No Waiver*. As of the Cut-Off Date, no provision of a
Receivable has been expressly waived in writing in any material respect, except by instruments or documents identified in the related Receivable File.

(h) *No Default*. Except for payment delinquencies continuing for a period of not more than 30 days as of
the Cut-Off Date, the records of the Servicer did not disclose any payment defaults under the terms of the Receivable existed as of the Cut-Off Date.

(i) *Insurance.* Under the terms of the Receivable, the Obligor is required to maintain physical damage
insurance covering the related Financed Vehicle.

(j) *No Government Obligor.* The Obligor on each Receivable is not listed on the Bank's electronic
records as the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the United States of America or any state thereof or any local government.

(k) *Good Title.* As of the Closing Date, and immediately prior to the sale and transfer herein
contemplated, the Bank had good and marketable title to each Receivable free and clear of all Liens (except Permitted Liens and any Lien which will be released prior to the sale and transfer of such Receivable to FTH LLC) and, immediately upon the
sale ad transfer thereof to FTH LLC, FTH LLC will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens).

(l) *One Original.* There is only one authenticated original or authoritative copy of the Contract (in each
case within the meaning of the UCC) related to each Receivable.

(m) *No Defenses*. The Bank's electronic records related to the Receivables do not reflect any right
of rescission, setoff, counterclaim or defense, or of the same being asserted or threatened with respect to any Receivable.

Schedule I-2 *Receivables Sale Agreement (20[ ]-[ ])*

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**SCHEDULE II** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the Agreement, the Bank hereby represents, warrants, and covenants to FTH LLC as follows on the Closing Date:

**<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other Bank Transferred Assets in favor of FTH LLC, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Receivables constitute "chattel paper" (including "electronic chattel paper" or "tangible chattel paper"), "accounts", "instruments", "promissory notes", "payment intangibles" or "general intangibles," within the meaning of the applicable UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Bank, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Bank, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors' rights generally.

**<u>Creation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the Bank to FTH LLC, the Bank owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of FTH LLC) and immediately after the sale, transfer, assignment and conveyance of such Receivable to FTH LLC, FTH LLC will have good and marketable title to such Receivable free and clear of any Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Bank has received all consents and approvals to the sale of the Receivables hereunder to FTH LLC required by the terms of the Receivables that constitute instruments.

**<u>Perfection</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Bank has submitted or will have caused to be submitted, on the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Bank to FTH LLC and the security interest in the Receivables granted to FTH LLC hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser."

Schedule II-1 *Receivables Sale Agreement (20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to Receivables that constitute an instrument or tangible chattel paper, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All original executed copies of each such instrument or tangible chattel paper have been delivered to the
Indenture Trustee, as pledgee of the Issuer; or

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

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

**<u>Priority</u>**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than FTH LLC, the Seller, the Issuer or the Indenture Trustee.

Schedule II-2 *Receivables Sale Agreement (20[ ]-[ ])*

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**<u>Survival of Perfection Representations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Notwithstanding any other provision of this Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule</u> <u>II</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed.

**<u>No Waiver</u>**

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

Schedule II-3 *Receivables Sale Agreement (20[ ]-[ ])*

## Exhibit 10.7

**EXHIBIT 10.7** 

**FIFTH THIRD AUTO TRUST 20[ ]-[ ]** 

**FORM OF** 

**AMENDED AND RESTATED TRUST AGREEMENT** 

**among** 

**FIFTH THIRD HOLDINGS FUNDING, LLC,** 

**as the Depositor,** 

**[ ],** 

**as the Owner Trustee** 

**and** 

**[ ],** 

**as the Delaware Trustee** 

**Dated as of [___________]** 

------

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
| | | **Page** |
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 | Capitalized Terms | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 | Other Interpretive Provisions | 1 |
|  ARTICLE II ORGANIZATION | ARTICLE II ORGANIZATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 | Name | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 | Office | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.3 | Purposes and Powers | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.4 | Appointment of the Owner Trustee and the Delaware Trustee | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.5 | Initial Capital Contribution of Trust Estate | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.6 | Declaration of Trust | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.7 | Organizational Expenses; Liabilities of the Holders | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.8 | Title to the Trust Estate | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.9 | Representations and Warranties of the Depositor | 4 |
|  ARTICLE III CERTIFICATES AND TRANSFER OF CERTIFICATES | ARTICLE III CERTIFICATES AND TRANSFER OF CERTIFICATES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | Initial Ownership | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | Authentication of Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | Form of the Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | Registration of Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | Transfer of Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | Lost, Stolen, Mutilated or Destroyed Certificates | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | Appointment of the Certificate Paying Agent | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.8 | Maintenance of Office or Agency | 12 |
|  ARTICLE IV ACTIONS BY OWNER TRUSTEE | ARTICLE IV ACTIONS BY OWNER TRUSTEE | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 | Prior Notice to Certificateholders with Respect to Certain Matters | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 | Action by Certificateholders with Respect to Certain Matters | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 | Action by Certificateholders with Respect to Bankruptcy | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.4 | Restrictions on Certificateholders' Power | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.5 | Acts of Certificateholders; Majority Control | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.6 | [Compliance with the FDIC Rule] | 14 |

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**TABLE OF CONTENTS** 

(continued)

**Page**

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| | | |
|:---|:---|:---|
|  ARTICLE V | APPLICATION OF TRUST FUNDS; CERTAIN DUTIES | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.1 | Application of Trust Funds | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.2 | Sarbanes-Oxley Act | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.3 | Signature on Returns; Partnership Representative | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.4 | Accounting and Reports to Certificateholders, the Internal Revenue Service and Others | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.5 | Method of Payment | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.6 | Certificate Distribution Account | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 5.7 | FATCA | 16 |
|  ARTICLE VI | AUTHORITY AND DUTIES OF OWNER TRUSTEE | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.1 | General Authority | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.2 | General Duties | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.3 | Action upon Instruction | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.4 | No Duties Except as Specified in this Agreement or in Instructions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.5 | No Action Except under Specified Documents or Instructions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.6 | Restrictions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.7 | Relevant Trustee | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6.8 | Reporting | 20 |
|  ARTICLE VII | CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.1 | Acceptance of Trusts and Duties | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.2 | Preservation of Information; Communications to Certificateholders | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.3 | Statements to Certificateholders | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.4 | Notice of Events of Default | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.5 | Representations and Warranties | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.6 | Reliance; Advice of Counsel | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.7 | Not Acting in Individual Capacity | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.8 | The Owner Trustee and the Delaware Trustee May Own Notes | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.9 | Rule 144A Information | 26 |

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**TABLE OF CONTENTS** 

(continued)

**Page** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 7.10 | Duties of the Delaware Trustee | 26 |
|  ARTICLE VIII | COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.1 | The Owner Trustee's and the Delaware Trustee's Compensation | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.2 | Indemnification | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.3 | Payments to the Owner Trustee and to the Delaware Trustee | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 8.4 | Rights, Protections, Immunities and Indemnities of the Certificate Paying Agent Relevant Trustee and Paying Agent | 28 |
|  ARTICLE IX | TERMINATION OF TRUST AGREEMENT | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.1 | Termination of Trust Agreement | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.2 | Dissolution of the Issuer | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 9.3 | Limitations on Termination | 29 |
|  ARTICLE X | SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.1 | Eligibility Requirements for the Owner Trustee and the Delaware Trustee | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.2 | Resignation or Removal of the Owner Trustee and the Delaware Trustee | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.3 | Successor Owner Trustee or Delaware Trustee | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.4 | Merger or Consolidation of the Owner Trustee or the Delaware Trustee | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 10.5 | Appointment of Co-Trustee or Separate Trustee | 32 |
|  ARTICLE XI | MISCELLANEOUS | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.1 | Amendments | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.2 | No Legal Title to Trust Estate in Certificateholders | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.3 | Limitations on Rights of Others | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.4 | Notices | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.5 | Severability | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.6 | Separate Counterparts and Electronic Signature | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.7 | Successors and Assigns | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.8 | No Petition | 37 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.9 | Headings | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.10 | Governing Law | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.11 | Waiver of Jury Trial | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.12 | Information Requests | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.13 | Form 10-D and Form 10-K Filings | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.14 | Form 8-K Filings | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.15 | Information to Be Provided by the Owner Trustee and the Delaware Trustee | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 11.16 | USA Patriot Act Compliance | 40 |

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

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-iv-

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This **AMENDED AND RESTATED TRUST AGREEMENT** is made as of [_____________] (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") between **FIFTH THIRD HOLDINGS FUNDING, LLC**, a Delaware limited liability company, as the depositor (the "<u>Depositor</u>"), **[ ]**, a [_______________], as the owner trustee (in such capacity, the "<u>Owner Trustee</u>") and **[ ]**, a [_______________], as the Delaware trustee (in such capacity, the "<u>Delaware Trustee</u>").

**RECITALS** 

WHEREAS, the Depositor, the Owner Trustee and the Delaware Trustee entered into that certain Trust Agreement dated as of [________________] (the "<u>Original Trust Agreement</u>") and filed a certificate of trust with the Secretary of State of the State of [_________], 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 <u>Appendix A</u> to the Sale Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the "<u>Sale Agreement</u>") between the Issuer and the Seller, which contains rules as to usage that are applicable herein.

SECTION 1.2 *Other Interpretive Provisions*. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Agreement and all such certificates and other documents, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the State of Delaware and not otherwise defined in this Agreement are used as defined in that Article; (c) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule or Exhibit are references to Articles, Sections, Schedules and Exhibits in or to this Agreement, and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such

*Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

------

Section or definition; (e) the term "including" and all such variations thereof 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; (g) references to any Person include that Person's successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

**ARTICLE II** 

**ORGANIZATION** 

SECTION 2.1 *Name*. The trust created under the Original Trust Agreement and continued hereby is known as "Fifth Third Auto Trust 20[ ]-[ ]" (the "<u>Issuer</u>"), in which name the Owner Trustee, the Delaware Trustee, the Administrator and the Servicer (to the extent set forth in the Transaction Documents) 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 Delaware office of the Issuer shall be in the care of the Delaware Trustee at its Corporate Trust Office, or at such other address in the State of Delaware as the Delaware Trustee may designate by written notice to each Certificateholder, the Depositor and the Administrator. The New York, New York office of the Issuer shall be in care of the Owner Trustee at its Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to each Certificateholder, the Depositor and the Administrator.

SECTION 2.3 *Purposes and Powers*. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to issue the Notes pursuant to the Indenture and to issue the Certificates pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificates and to pay interest on and principal of the Notes to the Noteholders and to make distributions to the Certificateholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;]

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

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

2 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Certificateholders and payments to 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 and the Delaware Trustee*. Upon execution of this Agreement, the Owner Trustee shall continue as owner trustee of the Issuer and shall have all the rights, powers and duties set forth herein. Upon execution of this Agreement, the Delaware Trustee shall continue as Delaware trustee of the Issuer for the sole purpose of satisfying Section 3807(a) of the Statutory Trust Statute.

SECTION 2.5 *Initial Capital Contribution of Trust Estate*. As of the date of the Original Trust Agreement, the Depositor sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate.

SECTION 2.6 *Declaration of Trust*. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of such statutory trust and that, for United States federal, state and local income, franchise and value added tax purposes, (i) for so long as the Issuer has, or is deemed to have, a single beneficial owner, it shall be disregarded as an entity separate from its single beneficial owner and (ii) if the Issuer has, or is deemed to have, more than one beneficial owner it shall be treated as a partnership that is not a "publicly traded partnership" as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Code. The parties hereto agree that the Issuer will file or cause to be filed annual or other necessary tax returns, reports and other forms consistent with the foregoing tax characterization of the Issuer, as applicable, unless otherwise

3 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

------

required by pertinent tax law. No election shall be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. Effective as of the date hereof, the Owner Trustee and the Delaware Trustee, as applicable, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee and the Delaware 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 Statute, such filing hereby being ratified and approved in all respects. Notwithstanding anything herein or in the Statutory Trust Statute 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*.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Certificateholder (including the Depositor) shall have any personal liability for any liability or obligation of the Issuer.

SECTION 2.8 *Title to the Trust Estate*. Legal title to all of the Trust Estate shall be vested at all times in the Issuer as a separate legal entity.

SECTION 2.9 *Representations and Warranties of the Depositor*. The Depositor hereby represents and warrants to the Owner Trustee and the Delaware Trustee that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Depositor is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as now conducted. The Depositor has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Depositor to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Depositor of each Transaction Document to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Depositor and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than, in the case of clauses (A), (B) and (C), violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Depositor's ability to perform its obligations under, the Transaction Documents to which it is a party).

4 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings which have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Depositor to perform its obligations under the Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Depositor is a party constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors' rights generally and, if applicable, the rights of creditors of limited liability companies from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no Proceedings pending or, to the knowledge of the Depositor, threatened against the Depositor before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Depositor of its obligations under this Agreement or any of the other Transaction Documents or the collectability or enforceability of the Receivables or (iv) relate to the Depositor that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Situs of Issuer</u>. The Issuer shall be located in the State of Delaware and administered in the State of Delaware [or the State of New York]. 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.]

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**ARTICLE III** 

**CERTIFICATES AND TRANSFER OF CERTIFICATES** 

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

SECTION 3.2 *Authentication of Certificates*.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Certificates shall represent 100% of the beneficial interest in the Issuer and shall, to the fullest extent permitted by applicable law, be fully paid and nonassessable.

SECTION 3.3 *Form of the Certificates*. The initial Certificate, upon issuance, will be a typewritten, definitive Certificate substantially in the form of Exhibit A hereto and shall be registered in the name of Fifth Third Holdings Funding, LLC or its nominee as the initial registered owner thereof.

SECTION 3.4 *Registration of Certificates*. The Owner Trustee, in its capacity as "Certificate Registrar" shall maintain at its office referred to in <u>Section</u> <u>2.2</u>, or at the office of any agent appointed by it and approved in writing by the Certificateholders at the time of such appointment, a register (the "<u>Certificate Register</u>") for the registration and transfer of any Certificate, and the Owner Trustee or such agent shall promptly notify the Indenture Trustee of any change in the registered ownership of a Certificate. Prior to the presentment for registration of transfer of any Certificate, the Owner Trustee and the Indenture Trustee or any agent of the Owner Trustee, the Indenture Trustee and the Depositor may treat the Person in whose name any Certificate is registered (as of the applicable Record Date) as the owner of such Certificate for the purpose of receiving distributions on such Certificate and for all other purposes whatsoever and unless the Certificate Register is notified of such change in ownership the only available recourse such transferee shall have shall be to the person in whose name the related Certificate is registered.

SECTION 3.5 *Transfer of Certificates*. (a) Any Certificateholder may assign, convey or otherwise transfer all or any of its right, title and interest in the related Certificate; <u>provided</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (a) such transferee is either an Affiliate of the Depositor or (b) (1) is a Qualified Institutional Buyer, (2) is aware that the sale or resale of the Certificates to it is being made in reliance on the exemption from registration provided by Rule 144A, and (3) is acquiring the Certificates for its own account or for one or more accounts, each of which is a Qualified Institutional Buyer, and as to each of which the owner exercises sole investment discretion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such transferee understands that the Certificates will bear the applicable legends set forth in <u>Section</u> <u>3.5(h)</u>;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such transferee understands that an investment in the Certificates involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The transferee has had access to such financial and other information concerning the Issuer and the Certificates as it deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Certificates. The transferee has such knowledge and experience in financial and business matters that the transferee is capable of evaluating the merits and risks of its investment in the Certificates, and the transferee and any accounts for which it is acting are each able to bear the economic risk of the holder's or of such investment;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) unless such transferee is an Affiliate of the Depositor, the transferee provides a Certificate Investor Representation Letter substantially in the form of <u>Exhibit B</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) such transferee acknowledges that the Issuer, the Owner Trustee and others will rely upon the truth and accuracy of the acknowledgements, representations, warranties and agreements in this <u>Section</u> <u>3.5</u> and agrees that if any of the acknowledgements, representations, warranties or agreements made by it in connection with its purchase of the Certificates are no longer accurate, the transferee will promptly notify the Issuer and the Owner Trustee.

Each Certificateholder will represent and warrant that it is not (and will not be) a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law and is not (and will not be) accepting or holding such Certificate (or any interest therein) on behalf of or with assets of a Benefit Plan or a governmental, non-U.S. or church plan which is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in <u>clause (vi)</u> above is met and shall incur no liability to any Person in the event the Certificateholder does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificates, any Certificateholder may transfer all or any portion of the Percentage Interest evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by a registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by (a) a written instrument of transfer in the form of the "Assignment" attached to the Form of Certificate attached hereto as <u>Exhibit A</u> and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require; <u>provided</u>*,* <u>however</u>, that the Owner Trustee shall not require the signature of the Depositor to be medallion guaranteed for the transfers from the Depositor to any applicable transferees on the date hereof, (b) an executed direction letter regarding registration of such transfer in the form attached hereto as <u>Exhibit D</u>, and (c) the documents required by <u>Sections 3.5(a)(viii)</u> and <u>3.5(f)</u> hereof. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor's Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its Percentage Interest in the Certificate Register and issue, execute and deliver to such Certificateholder a Certificate evidencing such Percentage Interest. In the event a transferor transfers only a portion of its Percentage Interest, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor's new Percentage Interest and shall issue, execute and deliver to such transferee a new Certificate evidencing such transferee's Percentage Interest. Subsequent to each transfer of beneficial interest and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever (other than for purposes of <u>clauses (d)</u> and <u>(e)</u> of this <u>Section</u> <u>3.5</u>), the Person in whose name any Certificate is registered as the sole owner of the Percentage Interest evidenced by such Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As a condition precedent to any registration of transfer under this <u>Section</u> <u>3.5</u>, 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless the transferee has certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to <u>clauses (d)</u> and <u>(e)</u> of this <u>Section</u> <u>3.5</u>. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No transfer (or purported transfer) of all or any part of a Certificateholder's interest (or any economic interest therein), whether to another Certificateholder or to a Person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void <u>ab</u> <u>initio</u>, and no Person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates and the Retained Notes. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates and the Retained Notes, each Person indirectly owning an interest in a Certificate (or a Retained Note) through a partnership (including any entity treated as a partnership for United States federal income tax purposes), a grantor trust, an S corporation or an entity wholly owned and disregarded as separate from (within the meaning of Treasury Regulation Section 301.7701-3) any of the foregoing (each such entity, a "flow-through entity") shall be treated as a Certificateholder (or as a Holder of a Retained Note), as applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner's interest in the flow-through entity is attributable to the flow-through entity's interest (direct or indirect) in the Issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each transferee shall provide a certification of non-foreign status, in such form as may be requested by the Seller or the Owner Trustee (e.g., IRS Form W-9), signed under penalties of perjury (and such other certification, representations or opinion of counsel as may be requested by the Seller or the Owner Trustee), or other information or documentation requested by the Seller or the Owner Trustee to determine, in its sole discretion, that payments on such Certificates will not be subject to withholding under U.S. tax law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a Responsible Officer of the Owner Trustee becomes aware that (1) a transfer or attempted or purported transfer of any Certificate or interest therein was consummated in compliance with the provisions of this <u>Section</u> <u>3.5</u> on the basis of a materially incorrect certification from the transferor or purported transferee, (2) a transferee failed to deliver to the Owner Trustee the certificate required to be delivered under <u>Section</u> <u>3.5(a)(viii)</u> or (3) the Certificateholder of any Certificate or interest therein is in material breach of any representation or agreement set forth in any certificate or any deemed representation or agreement of such Certificateholder, the Owner Trustee will direct the Certificate Registrar not to register such attempted or purported transfer and, if a transfer has been registered, such transfer shall be absolutely null and void ab initio and shall not operate to transfer any rights to the purported transferee (such purported transferee, a "Disqualified Transferee") and the last preceding Certificateholder of such Certificateholder that was not a Disqualified Transferee shall be restored to all rights as a Certificateholder thereof retroactively to the date of the purported transfer of such Certificate by such Certificateholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Certificate will bear a legend to the following effect:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each transferee (including each purchaser and subsequent transferee as a condition precedent to any transfer of the Certificate) and, if different, each beneficial owner of a Certificate shall promptly provide the Issuer, Depositor and Administrator any reasonably requested information, documentation or material to enable the Issuer to make any of the elections described in Section 5.3(b) and otherwise comply with Sections 6221 through 6241 of the Code (and any corresponding provision of state law). Each Certificateholder (including each purchaser and subsequent transferee as a condition precedent to any transfer of the Certificate) and, if different, each beneficial owner of a Certificate shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a beneficial owner of a Certificate not properly taking into account or paying its allocated adjustment or liability under Section 6226 of the Code (or any corresponding provision of state law) and (ii) attributable to the good faith management or defense of an audit under Sections 6221 through 6241 of the Code (or any corresponding provision of state law) or otherwise suffered due to actions the Issuer and its affiliates take in good faith with respect to and to comply with the rules under Sections 6221 through 6241 of the Code (or any corresponding provision of state law).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) As of the effective date of this Agreement, the Depositor intends to retain the Certificates. Although there is no present intent to effect any subsequent transfer of the Certificates, in the event that the Depositor did intend to transfer any of the Certificates to a third party, the parties to this Agreement pursuant to Section 11(f) will amend the transfer provisions in this Section 3.5 as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity.

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

SECTION 3.7 *Appointment of the Certificate Paying Agent*. At any time that a Certificate Distribution Account exists, having been established in accordance with the terms of the Indenture, the Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to <u>Section</u> <u>5.5</u> and shall report the amounts of such distributions to the Owner Trustee and the Servicer. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that

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the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent shall initially be [____________________], and any co-paying agent chosen by the Certificate Paying Agent. [__________________] shall be permitted to resign as Certificate Paying Agent upon thirty (30) days' written notice to the Owner Trustee. If [___________________] shall no longer be the Certificate Paying Agent, the Administrator shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or a trust company). The Administrator shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent appointed by the Administrator to execute and deliver to the Owner Trustee a written agreement in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent shall hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. Subject to applicable laws with respect to the escheat of funds, the Certificate Paying Agent shall return all funds that have remained unclaimed by a Certificateholder for two (2) years to the Owner Trustee. Immediately upon its removal, a Certificate Paying Agent shall return all funds (including any unclaimed funds) in its possession to the Owner Trustee. The rights, protections and indemnities of the Owner Trustee under <u>Article VII</u> and <u>Sections 8.2</u> and <u>9.2</u> of this Agreement shall apply to the Owner Trustee also in its role as Certificate Paying Agent for so long as the Owner Trustee shall act as Certificate Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise.

SECTION 3.8 *Maintenance of Office or Agency*. As long as any of the Certificates remain Outstanding, the Issuer shall maintain at the applicable Corporate Trust Office, an office or agency where Certificates may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Certificates and this Agreement may be served. The Issuer hereby initially appoints the Owner Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Owner Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Owner Trustee with the address thereof, such surrenders, notices and demands may be made or served at the applicable Corporate Trust Office, and the Issuer hereby appoints the Owner Trustee as its agent to receive all such surrenders, notices and demands.

**ARTICLE IV** 

**ACTIONS BY OWNER TRUSTEE** 

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the appointment pursuant to the Indenture of a successor Indenture Trustee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the
Indenture or this Agreement.

SECTION 4.2 *Action by Certificateholders with Respect to Certain Matters*. The Owner Trustee shall not have the power, except upon the direction of the Majority Certificateholders, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator pursuant to <u>Section</u> <u>8</u> of the Administration Agreement or (c) appoint a successor Administrator pursuant to <u>Section</u> <u>8</u> of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Majority Certificateholders at the time of such action.

SECTION 4.3 *Action by Certificateholders with Respect to Bankruptcy*. To the fullest extent permitted by law, the Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance of all Notes has been reduced to zero [and all amounts owed to the Swap Counterparty under the Transaction Documents have been paid] without the prior written approval of each Certificateholder and the delivery to the Owner Trustee by each Certificateholder of a certification that such Certificateholders reasonably believe that the Issuer is insolvent.

SECTION 4.4 *Restrictions on Certificateholders' Power*. No Certificateholder shall direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to (i) any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents, (ii) <u>Section</u> <u>2.3</u>, or (iii) applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given.

SECTION 4.5 *Acts of Certificateholders; Majority Control.* (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Owner Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Certificateholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and (subject to Article VI) conclusive in favor of the Owner Trustee and the Issuer, if made in the manner provided in this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Owner Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership of Certificates shall be proved by the Certificate Register.

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

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

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

**ARTICLE V** 

**APPLICATION OF TRUST FUNDS; CERTAIN DUTIES** 

SECTION 5.1 *Application of Trust Funds*. Deposits into the Certificate Distribution Account shall be made in accordance with the provisions of the Indenture and this Agreement. On each Payment Date, after a Certificate Distribution Account has been established in accordance with the terms of the Indenture, the Certificate Paying Agent shall withdraw from the Certificate Distribution Account and distribute to the Certificateholders, pro rata based on the Percentage Interest of each Certificateholder, all funds received in accordance with the provisions of the Indenture and this Agreement. Subject to the lien of the Indenture, the Certificate Paying Agent shall promptly distribute to the Certificateholders all other amounts (if any) received by the Certificate Paying Agent on behalf of the Issuer in respect of the Trust Estate (pro rata based on the Percentage Interest of each such Certificateholder). After the termination of the Indenture in accordance with its terms, the Certificate Paying Agent shall distribute all amounts received (if any) by the Owner Trustee on behalf of the Issuer in respect of the Trust Estate in accordance with the provisions of this Agreement. If any withholding tax is imposed on any Issuer payment to, or is imposed on any allocable Issuer income of, a Certificateholder, such tax shall reduce the amount otherwise distributable to the

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Certificateholder in accordance with this <u>Section</u> <u>5.1</u>; <u>provided,</u> <u>that,</u> the Owner Trustee shall not have an obligation to withhold any such amount if and for so long as the Depositor is the sole Certificateholder. The Owner Trustee will withhold from amounts otherwise allocable or distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) upon the written direction of the Depositor. The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution or income allocation, the Owner Trustee may in its sole discretion withhold such amounts in accordance with this <u>Section</u> <u>5.1</u>. If a Certificateholder wishes to apply for a refund of any such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

SECTION 5.2 *Sarbanes-Oxley Act*. Notwithstanding anything to the contrary herein or in any Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant to the Exchange Act, or any other documents pursuant to the Sarbanes-Oxley Act.

SECTION 5.3 *Signature on Returns; Partnership Representative*. (a) The Administrator shall prepare (or cause to be prepared) and shall sign, on behalf of the Issuer, the Issuer's tax returns, if any, unless applicable law requires a Certificateholder to sign such documents. In the event that the Issuer is required to be treated as a partnership for United States federal income tax purposes, the Certificateholder that is a United States Tax Person holding the largest Certificate Percentage Interest shall sign the tax returns of the Issuer. In the event that two or more Certificateholders would be described in the preceding sentence then Certificateholder with the alphabetically first name shall be so designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Issuer is classified as a partnership for federal income tax purposes, the Certificateholder that is a United States Tax Person holding the largest Certificate Percentage Interest (or if such Certificateholder is ineligible, an Affiliate of such Certificateholder that is a United States Tax Person) is hereby designated as the partnership representative under Section 6223(a) of the Code (and any corresponding provision of state law), and as the tax matters partner for any applicable state law purposes, unless it designates another person, and the Issuer (or Depositor or Administrator on its behalf) shall take any action necessary to effect such designation (including working with the Depositor to designate any designated individual required under the law). The Issuer shall or the Depositor or the Administrator shall cause the Issuer to, to the extent eligible, make the election under Section 6221(b) of the Code (and any corresponding provision of state law) with respect to determinations of adjustments at the partnership level and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding

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sentence is not available, to the extent applicable, the Issuer shall or the Depositor or the Administrator shall cause the Issuer to make the election under Section 6226(a) of the Code (and any corresponding provision of state law) with respect to the alternative to payment of imputed underpayment by partnership and take any other action such as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding the foregoing, each of the Issuer, Depositor and Administrator is authorized, in its sole discretion, to make any available election related to Sections 6221 through 6241 of the Code (or any corresponding provision of state law) and take any action necessary for the Issuer to comply with Sections 6221 through 6241 of the Code (or any corresponding provision of state law).

SECTION 5.4 *Accounting and Reports to Certificateholders, the Internal Revenue Service and Others*. The Owner Trustee shall (a) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information as may be required (including, if applicable, Schedule K-1) to enable each Certificateholder to prepare its federal and state income tax returns and (c) collect or cause to be collected any withholding tax as described in and in accordance with <u>Section</u> <u>5.1</u> with respect to income or distributions to Certificateholders.

SECTION 5.5 *Method of Payment*. Subject to the Indenture, distributions required to be made to a Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to a Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to such Certificateholder by wire transfer, in immediately available funds, to the account of such Certificateholder designated by such Certificateholder to the Owner Trustee in writing.

SECTION 5.6 *Certificate Distribution Account*. A Certificate Distribution Account shall be established pursuant to and solely to the extent required by <u>Section</u> <u>8.2</u> of the Indenture. The Certificateholders shall possess all right, title and interest in and to all funds on deposit from time to time in such Certificate Distribution Account and all proceeds thereof. Except as otherwise provided herein or in the Indenture, such Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time, such Certificate Distribution Account ceases to be an Eligible Account, the Owner Trustee (or the Servicer on behalf of the Owner Trustee, if such Certificate Distribution Account is not then held by the Owner Trustee or an Affiliate thereof) shall within ten (10) Business Days establish a new Certificate Distribution Account as an Eligible Account and shall transfer any cash then on deposit in the Certificate Distribution Account to such new Certificate Distribution Account. Funds in the Certificate Distribution Account shall remain uninvested.

SECTION 5.7 *FATCA*. The Depositor and each Certificateholder or holder of an interest in a Certificate covenants with the Owner Trustee and the Certificate Paying Agent that it will provide the Owner Trustee and the Certificate Paying Agent with sufficient information so as to enable the Owner Trustee and the Certificate Paying Agent to determine whether or not each of the Owner Trustee and the Certificate Paying Agent, respectively, is obliged, in respect of any

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payments to be made by it pursuant to this Trust Agreement, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). The Owner Trustee and the Certificate Paying Agent shall be entitled to deduct FATCA Withholding Tax and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA Withholding Tax.

**ARTICLE VI** 

**AUTHORITY AND DUTIES OF OWNER TRUSTEE** 

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

SECTION 6.2 *General Duties*. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Transaction Documents and to administer the Issuer in the interest of the Certificateholders, subject to Transaction Documents, and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee shall have no obligation

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to administer, service or collect the Receivables or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Receivables. For the avoidance of doubt, the Owner Trustee shall not be required to perform any of the obligations of the Issuer under any Transaction Document that are required to be performed by the Bank, the Seller, the Servicer, the Depositor, the Administrator or the Indenture Trustee.

SECTION 6.3 *Action upon Instruction*. (a) Subject to <u>Article IV</u>, and in accordance with the Transaction Documents, the Certificateholders may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to <u>Article IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>7.1</u>, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Majority Certificateholders (or, if specifically required, all Certificateholders) received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation, at the request, order or direction of any Certificateholder or any other Person, unless such Certificateholder or such Person has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby, including such advances as the Owner Trustee shall reasonably request.

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SECTION 6.4 *No Duties Except as Specified in this Agreement or in Instructions*. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to <u>Section</u> <u>6.3</u>; 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. [ ] 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, [ ] that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to the genuineness, value, sufficiency or validity of the Trust Estate.

SECTION 6.5 *No Action Except under Specified Documents or Instructions*. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to <u>Section</u> <u>6.3</u>.

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 <u>Section</u> <u>2.3</u> or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would for United States federal income, state and local income and franchise tax purposes, (i) affect the treatment of the Notes as indebtedness, (ii) be deemed to cause a taxable exchange of the Notes or (iii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership taxable as a corporation for United States federal income, state and local income or franchise and value added tax purposes. No Certificateholder shall direct the Owner Trustee to take action that would violate the provisions of this <u>Section</u> <u>6.6</u> or applicable law (and in the event any such direction is given by the Certificateholders to the Owner Trustee, the Owner Trustee shall not be obligated to follow such direction).

SECTION 6.7 *Relevant Trustee*. Following the payment in full of principal and interest on the Notes, the Owner Trustee shall assume the role of Relevant Trustee for all purposes under the Transaction Documents and shall perform the obligations of the Relevant Trustee under the Indenture. In furtherance of the foregoing, <u>Article 7</u>, <u>Article 8</u> and <u>Article 12</u> of the Indenture are hereby incorporated by reference into this Agreement.

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SECTION 6.8 *Reporting*. Upon receipt by the Owner Trustee from the Depositor of any reports or general loan data, the Owner Trustee will forward such reports in the form received to the Certificateholders; <u>provided</u>*,* that the Owner Trustee shall not be required to forward any such reports to any Certificateholder who is the Depositor or an Affiliate of the Depositor. The Owner Trustee shall have no duty or obligations to review, verify or confirm the reports or any information contained therein, and shall have no liability in connection therewith. Delivery of the Servicer Certificate to the Owner Trustee, as provided for in the Transaction Documents, is for informational purposes only and the Owner Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of its covenants hereunder (as to which the Owner Trustee is entitled to rely exclusively on Officer's Certificates).

**ARTICLE VII** 

**CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE** 

SECTION 7.1 *Acceptance of Trusts and Duties*. Each of the Owner Trustee and the Delaware 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. Neither the Owner Trustee nor the Delaware Trustee shall 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 negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in <u>Section</u> <u>7.5</u> expressly made by [ ] or [ ], as applicable, in their individual capacities (iii) for liabilities arising from the failure of [ ] to perform obligations expressly undertaken by it in the third sentence of <u>Section</u> <u>6.4</u> or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee or the Delaware Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence) of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Owner Trustee nor the Delaware Trustee shall be personally liable for any error of judgment made in good faith by any of its officers or employees unless it is proved that such Persons were negligent in ascertaining the pertinent facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Owner Trustee nor the Delaware Trustee shall be liable with respect to any action taken or omitted to be taken in good faith by it in accordance with the instructions of the Depositor, the Administrator or any Certificateholder delivered in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Agreement shall require the Owner Trustee or the Delaware Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under no circumstances shall the Owner Trustee or the Delaware Trustee be personally liable for any representation, warranty, covenant, obligation or indebtedness of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Owner Trustee nor the Delaware Trustee shall be personally responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee or the Delaware Trustee, as applicable, or for the form, character, genuineness, sufficiency, value or validity of the Trust Estate, or for or in respect of the accuracy, validity or sufficiency of any statement of any other party in the Transaction Documents, the Certificates or any other document supplied to the Owner Trustee or the Delaware Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Owner Trustee nor the Delaware Trustee shall be deemed to have knowledge or notice of any event or information, including any Event of Default, or be required to act upon any event or information (including the sending of any notice), unless written notice of such event or information is received by a Responsible Officer and such notice references the event or information. Absent written notice in accordance with this Section, the Owner Trustee and the Delaware Trustee may assume that no such event has occurred. Neither the Owner Trustee nor the Delaware Trustee shall have any obligation to inquire into, or investigate as to, the occurrence of any such event (including any Event of Default). For purposes of determining the Owner Trustee's and the Delaware Trustee's responsibility and liability hereunder, whenever reference is made in this Trust Agreement to any event (including, but not limited to, an Event of Default), such reference shall be construed to refer only to such event of which the Owner Trustee or the Delaware Trustee, as the case may be, has received written notice as described in this Section. Knowledge of the Owner Trustee and the Delaware Trustee shall not be attributed or imputed to [ ]'s or [ ]'s other roles in the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each of the Owner Trustee and the Delaware Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Trust Agreement and the other Transaction Documents to which it is a party and no implied covenants or obligations shall be read into this Agreement or the other Transaction Documents against the Owner Trustee or the Delaware Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither the Owner Trustee nor the Delaware Trustee shall be under any obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Transaction Document, at the request, order or direction of any of the Depositor, the Certificateholders or the Administrator, unless the Depositor, such Certificateholders or the Administrator have advanced necessary costs and offered to the Owner Trustee or the Delaware Trustee, as the case may be, reasonable security or indemnity satisfactory to the Owner Trustee or the Delaware Trustee against the costs, expenses and liabilities

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that may be incurred by it therein or thereby. The right of each of the Owner Trustee and the Delaware Trustee to perform any discretionary act enumerated in this Agreement or in any Transaction Document shall not be construed as a duty, and neither the Owner Trustee nor the Delaware Trustee shall be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Anything in this Agreement to the contrary notwithstanding, in no event shall the Owner Trustee or the Delaware Trustee be liable under or in connection with this Agreement or the Trust for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Neither the Owner Trustee nor the Delaware Trustee shall be required to investigate any claims with respect to any breach of a representation or warranty under any of the Transaction Documents. For the avoidance of doubt, neither the Owner Trustee nor the Delaware Trustee shall be responsible for evaluating the qualifications of any mediator or arbitrator, or be personally liable for paying the fees or expenses of any mediation or arbitration initiated by a requesting party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither the Owner Trustee nor the Delaware Trustee shall be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Owner Trustee and the Delaware Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance of their respective obligations as soon as practicable under the circumstances.

SECTION 7.2 *Preservation of Information; Communications to Certificateholders* . (a) The Owner Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Certificateholders received by the Owner Trustee in its capacity as the Certificate Registrar; <u>provided</u>, <u>however</u>, that so long as the Owner Trustee is the Certificate Registrar, no list separate from the Certificate Register shall be required to be preserved or maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Certificateholders may communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates. Upon receipt by the Owner Trustee of any written request by three or more Certificateholders or by one or more Certificateholders holding in the aggregate more than 25% of the Percentage Interests to receive a copy of the most current list of Certificateholders together with a copy of the communication that the applicant proposes to send, the Owner Trustee shall distribute such list to the requesting Certificateholders; <u>provided</u>, that the Owner Trustee may elect not to

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afford the requesting Certificateholders access to the list of Certificateholders if it agrees to mail the desired communication or proxy, on behalf of and at the expense of the requesting Certificateholders, to all Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

SECTION 7.3 *Statements to Certificateholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of written notice from the Indenture Trustee pursuant to <u>Section</u> <u>7.4</u> of the Indenture of any change in the Indenture Trustee's website pursuant to which the Relevant Trustee shall make available the Servicer's Certificate, the Owner Trustee shall promptly give notice to each Certificateholder of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent the Owner Trustee has assumed the role of Relevant Trustee pursuant to the terms of <u>Section</u> <u>6.7</u>, the Owner Trustee may make all reports or notices required to be provided by the Owner Trustee under <u>Section</u> <u>7.4</u> of the Indenture; <u>provided</u>, <u>however</u>, that the Owner Trustee shall, if requested by the Administrator, deliver any such reports or notices in writing to the Administrator. Any information that is disseminated in accordance with the provisions of this <u>Section</u> <u>7.3</u> shall not be required to be disseminated in any other form or manner. The Owner Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee's website shall be initially located at [_____________________] or at such other address as shall be specified by the Owner Trustee from time to time in writing to the Certificateholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Owner Trustee's website, the Owner Trustee may require registration and the acceptance of a disclaimer. The Owner Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Owner Trustee shall notify Certificateholders in writing of any changes in the address or means of access to the website where the reports are accessible. Assistance in access to the website can be obtained by calling the Owner Trustee's customer service desk at [__________].

SECTION 7.4 *Notice of Events of Default*. The Owner Trustee shall promptly give notice to each Certificateholder of any (a) Default or Event of Default of which it has been provided notice pursuant to <u>Section</u> <u>6.5</u> of the Indenture and (b) Servicer Replacement Event of which it has been provided notice pursuant to <u>Section</u> <u>6.1</u> of the Servicing Agreement.

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SECTION 7.5 *Representations and Warranties*. [ ] hereby represents and warrants to the Depositor for the benefit of the Certificateholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a [_______________] duly [incorporated] and validly existing in good standing under the laws of [________________] and having an office within the State of [_________]. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws.

(2) [ ] hereby represents and warrants to the Depositor for the benefit of the Certificateholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a Delaware banking corporation duly organized and validly existing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes a legal, valid and binding obligation of the Delaware Trustee, enforceable against the Delaware 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws.

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SECTION 7.6 *Reliance; Advice of Counsel*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Owner Trustee nor the Delaware Trustee shall incur any 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. Each of the Owner Trustee and the Delaware 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 and the Delaware 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 and the Delaware Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon (the costs of which shall be paid by the party requesting such action). Neither the Owner Trustee nor the Delaware Trustee need investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate, information, statement, representation or warranty or any fact or matter stated in any such document and, in the absence of bad faith on its part, may conclusively rely thereon as to the truth of the statements and the correctness of the opinions expressed therein..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and the Delaware Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee and the Delaware 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 and the Delaware Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such Persons.

SECTION 7.7 *Not Acting in Individual Capacity*. Except as provided in this <u>Article VII</u>, in accepting the trusts hereby created, [ ] acts solely as the Owner Trustee and the Delaware Trustee, respectively, hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee or the Delaware 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.

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

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

SECTION 7.10 *Duties of the Delaware Trustee*. The Delaware Trustee is appointed to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) Statutory Trust Statute that the Issuer have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties or liabilities of the Owner Trustee. The duties of the Delaware Trustee shall be limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) the execution of any certificates required to be filed by the Statutory Trust Statute which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Statute. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto with respect to the Issuer, the beneficial owners thereof or any other person, it is hereby understood and agreed by the other parties hereto that such duties and liabilities will be replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this <u>Section</u> <u>7.10</u>. The Delaware Trustee shall have all the rights, privileges and immunities of the Owner Trustee. In addition to the foregoing, the Delaware Trustee also hereby agrees to execute and deliver all amendments or supplements to this Agreement, delivered to it for execution pursuant to <u>Section</u> <u>11.1</u>, if such amendments or supplements do not materially or adversely affect the rights or duties of the Delaware Trustee.

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**ARTICLE VIII** 

**COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE** 

SECTION 8.1 *The Owner Trustee's and the Delaware Trustee's Compensation*. The Depositor shall cause the Servicer to pay to [____________] pursuant to <u>Section</u> <u>3.12</u> of the Servicing Agreement from time to time compensation for all services rendered by the Owner Trustee, the Certificate Paying Agent and the Delaware Trustee, as the case may be, under this Agreement pursuant to (i) a fee letter among the Servicer, the Owner Trustee and the Certificate Paying Agent and (ii) a fee letter between the Servicer and the Delaware Trustee (which compensation, in each case, shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); *provided, however*, that such fee letter with respect to the Owner Trustee may be amended from time to time after the date hereof to provide for the Owner Trustee's role as Computation Agent and as agreed to by the Servicer and the Owner Trustee. The Servicer, pursuant to <u>Section</u> <u>3.12</u> of the Servicing Agreement and the fee letters described in the preceding sentence, shall reimburse the Owner Trustee, the Certificate Paying Agent and the Delaware Trustee upon their request for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee, the Certificate Paying Agent and the Delaware Trustee, as applicable, in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as the Owner Trustee, the Certificate Paying Agent and the Delaware Trustee may employ in connection with the exercise and performance of their rights and its duties hereunder), except any such expense as may be attributable to their willful misconduct, 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 <u>Sections 8.5</u> or <u>5.4(b)</u> of the Indenture, as applicable.

SECTION 8.2 *Indemnification*. The Depositor shall cause the Servicer to agree to indemnify the Owner Trustee, the Delaware Trustee and the Certificate Paying Agent, each in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the "<u>Indemnified Parties</u>") from and against, any and all loss, liability, fee, expense, tax, penalty, action, suit, cost or claim (including reasonable legal fees and expenses (including any legal fees or expenses incurred in connection with any action or suit brought by an Indemnified Party to enforce any indemnification or other obligation of the Servicer)) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against [ ] or [ ], each 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 [ ] or [ ] hereunder; *provided*, *however*, that neither the Depositor nor the Servicer shall be liable for or required to indemnify [ ] or [ ] from and against any of the foregoing expenses arising or resulting from (i) [ ] or [ ]'s own willful misconduct, bad faith or negligence, (ii) the inaccuracy of any representation or warranty expressly made by [ ] or [ ] in their individual capacities or any representation or warranty made by [ ] or [ ] in accordance with <u>Section</u> <u>11.13</u> or <u>Section</u> <u>11.14</u>, (iii) liabilities arising from the failure of [ ] or [ ] to perform obligations expressly undertaken by it in the third sentence of <u>Section</u> <u>6.4</u> or (iv) taxes, fees or

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other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee or the Delaware Trustee. To the extent not paid by the Servicer, such indemnification shall be paid in accordance with <u>Sections 8.5</u> or <u>5.4 (b)</u> of the Indenture, as applicable. The obligations under this <u>Section</u> <u>8.2</u> shall survive the resignation or removal of the Owner Trustee and the Delaware Trustee, or the termination or assignment of this Agreement or any of the other Transaction Documents.

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

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

**ARTICLE IX** 

**TERMINATION OF TRUST AGREEMENT** 

SECTION 9.1 *Termination of Trust Agreement*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall wind up, dissolve and terminate and this Agreement (other than provisions hereof which by their terms survive termination) shall terminate upon the final distribution by the Certificate Paying Agent of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Servicing Agreement and <u>Article V</u> of this Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle any such Certificateholder's legal representatives or heirs to claim an accounting or to take any Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice of any dissolution and termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders, and if the Owner Trustee is notified of a redemption of the Notes by the Administrator or the Issuer pursuant to <u>Section</u> <u>10.1(c)</u> of the Indenture, such notice shall be mailed within five (5) Business Days of the Owner Trustee's receipt of such notice from the Issuer or Administrator. Each such notice to a Certificateholder shall state (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Owner

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Trustee therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the Certificates at the office of the Owner Trustee therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of each Certificate, the Certificate Paying Agent shall cause to be distributed to such Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Payment Date pursuant to <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice any of the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the Trust Estate after exhaustion of such remedies shall be distributed by the Certificate Paying Agent to the last Certificateholder of record identified in the Certificate Register for each such remaining Certificate.

SECTION 9.2 *Dissolution of the Issuer*. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act. At the direction of the Administrator, the Owner Trustee shall (i), upon surrender of the outstanding Certificates or as otherwise provided in <u>Section</u> <u>9.1(c)</u>, cause the Certificate Paying Agent to distribute the remaining Trust Estate (if any) in accordance with <u>Section</u> <u>9.1</u> hereof, and (ii) cause the Certificate of Trust to be cancelled by executing and filing, at the expense of the Depositor, a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute, at which time the Issuer shall terminate and this Agreement (other than <u>Article VIII</u>) shall be of no further force or effect.

SECTION 9.3 *Limitations on Termination*. Except as provided in <u>Section</u> <u>9.1</u>, neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Issuer.

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**ARTICLE X** 

**SUCCESSOR OWNER TRUSTEES AND ADDITIONAL** 

**OWNER TRUSTEES** 

SECTION 10.1 *Eligibility Requirements for the Owner Trustee and the Delaware 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 Delaware Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner Trustee or the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee or the Delaware Trustee, as applicable, shall resign immediately in the manner and with the effect specified in <u>Section</u> <u>10.2</u>.

If at any time the Owner Trustee or Delaware Trustee, as applicable, shall cease to be eligible in accordance with the provisions of <u>Section</u> <u>10.1</u> and shall fail to resign after written request therefor by the Depositor or the Administrator, or if at any time the Owner Trustee or Delaware Trustee, as applicable, shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or Delaware Trustee, as applicable, or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or Delaware Trustee or of either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor or the Administrator may remove such Owner Trustee or Delaware Trustee, as applicable. If the Depositor or the Administrator

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shall remove the Owner Trustee or Delaware Trustee, as applicable, under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee or Delaware Trustee, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee or Delaware Trustee, as applicable, so removed and one copy to the successor Owner Trustee or Delaware Trustee, as applicable, and shall pay all fees owed to the outgoing Owner Trustee or Delaware Trustee, as applicable.

Any resignation or removal of the Owner Trustee or Delaware Trustee, as applicable, and appointment of a successor Owner Trustee or Delaware Trustee, as applicable, pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee or Delaware Trustee, as applicable, pursuant to <u>Section</u> <u>10.3</u> and payment of all fees and expenses owed to the outgoing Owner Trustee or Delaware Trustee, as applicable. The Depositor shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee or Delaware Trustee, as applicable, to each of the Rating Agencies.

SECTION 10.3 *Successor Owner Trustee or Delaware Trustee*. Any successor Owner Trustee or Delaware Trustee, as applicable, appointed pursuant to <u>Section</u> <u>10.2</u> shall execute, acknowledge and deliver to the Depositor, the Administrator and to its predecessor Owner Trustee or Delaware Trustee, as applicable, an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee or Delaware Trustee, as applicable, shall become effective and such successor Owner Trustee or Delaware Trustee, as applicable, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee or Delaware Trustee, as applicable. The predecessor Owner Trustee or Delaware Trustee, as applicable, shall upon payment of its fees and expenses deliver to the successor Owner Trustee or Delaware Trustee, as applicable, all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee or Delaware Trustee, as applicable, 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 or Delaware Trustee, as applicable, all such rights, powers, duties and obligations.

No successor Owner Trustee or Delaware Trustee, as applicable, shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee or Delaware Trustee, as applicable, shall be eligible pursuant to <u>Section</u> <u>10.1</u>.

Upon acceptance of appointment by a successor Owner Trustee or Delaware Trustee, as applicable, pursuant to this Section, the Depositor shall mail (or shall cause to be mailed) notice of the successor of such Owner Trustee or Delaware Trustee, as applicable, to each Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Depositor shall fail to mail (or cause to be mailed) such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee or Delaware Trustee, as applicable, the successor Owner Trustee or Delaware Trustee, as applicable, shall cause such notice to be mailed at the expense of the Depositor. Any successor Delaware Trustee appointed pursuant to <u>Section</u> <u>10.2</u> shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and the principal place of business of such successor Delaware Trustee in the State of Delaware.

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SECTION 10.4 *Merger or Consolidation of the Owner Trustee or the Delaware Trustee*. Any Person into which the Owner Trustee or Delaware Trustee, as applicable, may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee or Delaware Trustee, as applicable, shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee or Delaware Trustee, as applicable, 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 or Delaware Trustee, as applicable, hereunder; *provided,* that such Person shall be eligible pursuant to <u>Section</u> <u>10.1</u>; and *provided, further* that the Delaware Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Depositor, the Administrator and all Certificateholders.

SECTION 10.5 *Appointment of Co-Trustee or Separate Trustee*. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting the activities of the Issuer under the Transaction Documents including any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Depositor and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to <u>Section</u> <u>10.1</u> and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to <u>Section</u> <u>10.3</u>.

Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, or as otherwise set forth in its appointment document, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate 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 Administrator or Majority Certificateholders

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Depositor and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Depositor and the Administrator.

Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located.

**ARTICLE XI** 

**MISCELLANEOUS** 

SECTION 11.1 *Amendments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the parties hereto, without the consent of the Indenture Trustee, any Noteholder, any Certificateholder, the Issuer [,the Swap Counterparty] or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Depositor delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment;

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[provided, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the parties hereto, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>11.1</u>, the Depositor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture Trustee; <u>provided</u>, that no amendment pursuant to this <u>Section</u> <u>11.1</u> shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Delaware Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate from the Depositor or the Administrator stating that all conditions precedent to the execution and delivery of such amendment have been satisfied. Each of the Owner Trustee and the Delaware Trustee, as applicable, may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner Trustee's or the Delaware Trustee's as applicable, own rights, privileges, duties or immunities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding <u>subsections (a)</u> or <u>(b)</u> of this <u>Section</u> <u>11.1</u>, this Agreement may only be amended by the Depositor if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Depositor or an Opinion of Counsel delivered to the Owner Trustee and the Delaware Trustee, materially and

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adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee and the Delaware Trustee may prescribe,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, this Agreement may be amended without the consent of any Holder, Noteholder, Note Owner, the Issuer or any other person to add (as described in Section 3.5(h) hereof) transfer restrictions in Section 3.5 as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity; *provided*, *however*, that any such amendment that adversely affects the Owner Trustee's, the Delaware Trustee's or the Indenture Trustee's, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement shall not be effective without the prior written consent of such affected party.

SECTION 11.2 *No Legal Title to Trust Estate in Certificateholders*. Neither the Depositor nor any Certificateholder shall have legal title to any part of the Trust Estate. Each Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with <u>Articles V</u> and <u>IX</u>. No transfer, by operation of law or otherwise, of any right, title or interest of a Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

SECTION 11.3 *Limitations on Rights of Others*. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Delaware Trustee, the Depositor, the Administrator, the Certificateholders and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. [All of the rights of the Swap Counterparty in, to and under this Agreement, if any, shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms hereof and the payment in full of all amounts owing to the Swap Counterparty.]

SECTION 11.4 *Notices*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or email (if an applicable facsimile number or email address is provided on <u>Schedule I</u> to the Sale Agreement), and addressed in each case as specified on <u>Schedule I</u> to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee hereby agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured email, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Owner Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the list. If such party sending such instruction or direction elects to give the Owner Trustee email or facsimile instructions (or instructions by a similar electronic method) and the Owner Trustee in its discretion elects to act upon such instructions, the Owner Trustee's understanding of such instructions shall be deemed controlling. The Owner Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Owner Trustee's reliance upon and compliance with such instructions notwithstanding whether such instructions conflict or are inconsistent with a subsequent written instruction. The party sending such instruction or direction agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Owner Trustee, including without limitation the risk of the Owner Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

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 and Electronic Signature*. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or

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photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

SECTION 11.7 *Successors and Assigns*. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor, the Owner Trustee and its successors, the Delaware Trustee and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

SECTION 11.8 *No Petition*.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor's obligations under this Agreement are obligations solely of the Depositor and will not constitute a claim against the Depositor to the extent that the Depositor does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, the Delaware Trustee (in its individual capacity and as the Delaware 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 Depositor. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Delaware Trustee, the Indenture Trustee, each Noteholder or Note Owner and each Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, the Delaware Trustee (in its individual capacity and as the Delaware 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.

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SECTION 11.10 *Governing Law*. **THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 11.11 *Waiver of Jury Trial*. To the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document or any matter arising hereunder or thereunder.

SECTION 11.12 *Information Requests*. The parties hereto shall provide any information reasonably requested by the Seller, the Servicer, the Issuer, the Depositor or any of their Affiliates at the expense of the Seller, the Servicer, the Issuer, the Depositor or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

SECTION 11.13 *Form 10-D and Form 10-K Filings*. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and until the Depositor notifies the Owner Trustee and the Delaware Trustee that such action is no longer required (i) no later than each Payment Date, the Owner Trustee and the Delaware Trustee, as applicable, shall notify the Depositor of any Form 10-D Disclosure Item with respect to the Owner Trustee or the Delaware Trustee, as applicable, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor; <u>provided</u> <u>that</u> no such notification need be made if there has been no change to such Form 10-D Disclosure Items from those disclosed on the previous Payment Date, and (ii) on or before March 15 of each calendar year for so long as the Depositor is filing Exchange Act Reports with respect to the Issuer, commencing on March 15, 2020, the Owner Trustee and the Delaware Trustee shall, upon written request of the Depositor, each deliver to the Depositor the certification substantially in the form attached hereto as <u>Exhibit E</u> or such form as mutually agreed upon by the Depositor and the Owner Trustee or the Delaware Trustee, as applicable, regarding any affiliations or relationships (as contemplated in Item 1119 of Regulation AB) between the Owner Trustee or the Delaware Trustee, as applicable, and any Item 1119 Party and any Form 10-D Disclosure Item.

SECTION 11.14 *Form 8-K Filings*. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer and until the Depositor notifies the Owner Trustee and the Delaware Trustee, as applicable, that such action is no longer required, the Owner Trustee or the Delaware Trustee, as applicable, shall promptly notify the Depositor, but in no event later than four (4) Business Days after its occurrence, of any Reportable Event described in <u>clause (e)</u> of the definition thereof with respect to the Owner Trustee or the Delaware Trustee, as applicable, of which a Responsible Officer of the Owner Trustee or the Delaware Trustee, as applicable, has actual knowledge (other than a Reportable Event described in <u>clause (e)</u> of the definition thereof as to which the Depositor or the Servicer has actual knowledge). The Owner Trustee and the Delaware Trustee shall be deemed to have actual knowledge of any such event solely to the extent that it relates to the Owner Trustee or the Delaware Trustee, as applicable, in its individual capacity or any action by the Owner Trustee or the Delaware Trustee, as applicable, under this Agreement.

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SECTION 11.15 *Information to Be Provided by the Owner Trustee and the Delaware Trustee*. The Owner Trustee and the Delaware Trustee shall provide the Depositor and the Servicer (each, a "<u>Transaction Party</u>" and, collectively, the "<u>Transaction Parties</u>") with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all written demands communicated to a Responsible Officer of the Owner Trustee or the Delaware Trustee for the purchase, repurchase or replacement of any Receivable pursuant to <u>Section</u> <u>3.6</u> of the Servicing Agreement or <u>Section</u> <u>3.3</u> of the Receivables Sale Agreement, as applicable, and (ii) promptly upon reasonable request in writing by a Transaction Party, any other information reasonably requested by a Transaction Party that is in the Owner Trustee's or the Delaware Trustee's possession and reasonably accessible to it to facilitate compliance by the Transaction Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee or the Delaware Trustee be deemed to be a "securitizer" as defined in Section 15G(a) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have (A) any responsibility or liability for making any filing to be made by a securitizer under the Exchange Act or Regulation AB or (B) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities with respect to the transactions contemplated by the Transaction Documents. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

SECTION 11.16 *USA Patriot Act Compliance*. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act, the Owner Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Owner Trustee. The parties to this Agreement agree that they will provide the Owner Trustee with such information as it may request in order for the Owner Trustee to satisfy the requirements of the USA Patriot Act.

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

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| |
|:---|
| **[ ]**, as Owner Trustee |
| By: |
| Name: |
| Title: |

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S-1 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

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| |
|:---|
| **[ ]**, as Delaware Trustee |
| By: |
| Name: |
| Title: |

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S-2 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

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| |
|:---|
| **FIFTH THIRD HOLDINGS FUNDING, LLC**, as Depositor |
| By: |
| Name: |
| Title: |

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S-3 *Amended and Restated* <br> *Trust Agreement (20[ ]-[ ])*

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EXHIBIT A

FORM OF CERTIFICATE

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| | |
|:---|:---|
| NUMBER | ____% PERCENTAGE INTEREST |
| R-____ | CUSIP NO. ____________ |
|  | ISIN ____________ |

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FIFTH THIRD AUTO TRUST 20[ ]-[ ]

CERTIFICATE

Evidencing the [ ]% Percentage Interest in all of the assets of the Issuer (as defined below), which consist primarily of motor vehicle receivables, including motor vehicle retail installment sales contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans.

**(This Certificate does not represent an interest in or obligation of Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, Fifth Third Bank or any of their respective Affiliates, except to the extent described below.)** 

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

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA") WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" AS DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING BY REASON OF SUCH EMPLOYEE BENEFIT PLAN'S OR OTHER PLAN'S INVESTMENT IN THE ENTITY (EACH A "BENEFIT PLAN") OR (D) A GOVERNMENTAL, CHURCH, NON-U.S. OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE.

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THIS CERTIFIES THAT [___________] is the registered owner of a [ ]% nonassessable, fully-paid Percentage Interest in the Trust Estate of FIFTH THIRD AUTO TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>") formed by Fifth Third Holdings Funding, LLC, a Delaware limited liability company, as depositor (the "<u>Depositor</u>").

The Issuer was created pursuant to a Trust Agreement dated as of [_________________] (as amended and restated as of [_______________], (the "<u>Trust Agreement</u>")), among the Depositor, [___________], not in its individual capacity, but solely as owner trustee (the *"<u>Owner Trustee</u>"*), and [___________], not in its individual capacity, but solely as Delaware trustee (the "<u>Delaware Trustee</u>"), 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 <u>Appendix A</u> to the Sale Agreement, dated as of [_________], between the Depositor and the Issuer as the same may be amended or supplemented from time to time.

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein.

The Holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders [and the Swap Counterparty] as described in the Indenture, the Servicing Agreement and the Trust Agreement, as applicable.

**THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such Person shall not authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person shall not commence or join with any other Person 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.

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By accepting and holding this Certificate (or any interest herein), the Holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law and is not purchasing on behalf of a Benefit Plan or a governmental, church, non-U.S. or other plan which is subject to any Similar Law, and that the Holder is a United States Person as defined in Code Section 7701(a)(30).

It is the intention of the parties to the Trust Agreement that, solely for purposes of United States federal income or state and local income, franchise and value added tax purposes, (1) for so long as the Issuer has, or is deemed to have, but a single beneficial owner, including a single beneficial owner of the Certificates, it shall be disregarded as an entity separate from its single beneficial owner and (2) if the Issuer has, or is deemed to have, more than one beneficial owner, including more than one beneficial owner of its Certificates, it shall be treated as a partnership that is not a "publicly traded partnership" as defined in Treasury Regulation Section 1.7704-1 promulgated under the Code. No election shall be made by or on behalf of the Issuer to be classified as an association taxable as a corporation for United States federal income tax purposes. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment.

By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents a Percentage Interest only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document.

[Each Certificateholder, by acceptance of this Certificate, acknowledges and agrees that the purpose of <u>Article XII</u> of the Indenture is to facilitate compliance with the FDIC Rule by the Bank, the Depositor, the Servicer, FTH LLC and the Issuer (collectively, the "Fifth Third Parties") and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set forth in <u>Article XII</u> of the Indenture shall have the effect and meanings that are appropriate under the FDIC Rule as such effect and meanings change over time on the basis of evolving interpretations of the FDIC Rule.]

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

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| | |
|:---|:---|
|  | **FIFTH THIRD AUTO TRUST 20[ ]-[ ]** |
|  | By: [ ], not in its individual capacity, but solely as Owner Trustee |
| Dated:<u> </u> |  |
|  | By: |
|  | Name: |
|  | Title: |

---

------

OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

---

| | |
|:---|:---|
| **[ ]**, not in its individual capacity but solely as Owner Trustee | **[ ]**, not in its individual capacity but solely as Owner Trustee |
| By: |  |
|  | Authenticating Agent |
| By: |  |
|  | Authorized Signatory |

---

------

**ASSIGNMENT** 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

**[_________________________]** 

------

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

------

the within Certificate, (**Asset Backed Certificate No. R-[__] issued by Fifth Third Auto Trust 20[ ]-[ ])**, and all rights thereunder, hereby irrevocably constituting and appointing

<u> </u>Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises

Dated: ______________, [_____]

**[TRANSFEROR]** 

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

------

EXHIBIT B

**FORM OF CERTIFICATE INVESTOR REPRESENTATION LETTER** 

Relating to the

Fifth Third Auto Trust 20[ ]-[ ] Asset Backed Certificates

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| | |
|:---|:---|
| Fifth Third Auto Trust 20[ ]-[ ], as Issuer <br>c/o [_______________]<br> [_______________] <br>[_______________] <br>[_______________] <br>Attention: [________________] | [_______________], as Owner Trustee <br>[_______________] <br>[_______________] <br>[_______________] <br>Attention: [_______________] |
| [Transferor] <br>[Address] |  |

---

Ladies and Gentlemen:

In connection with the purchase or acquisition of one or more certificates issued by Fifth Third Auto Trust 20[ ]-[ ] (the "*<u>Certificates</u>*") pursuant to the Amended and Restated Trust Agreement, dated as of [_________] (the "*<u>Trust Agreement</u>*"), among Fifth Third Holdings Funding, LLC, a Delaware limited liability company, as the depositor (the "*<u>Depositor</u>*"), [_________], [_________], not in its individual capacity, but solely as the owner trustee (the "*<u>Owner Trustee</u>*"), and [_________], [_________], not in its individual capacity, but solely as the Delaware trustee (the "*<u>Delaware Trustee</u>*"), the transferee named below (the "*<u>Transferee</u>*") hereby represents, warrants, covenants and agrees as follows (terms used but not defined herein have the respective meanings given to such terms in the Trust Agreement):

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

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

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

B-1 *Amended and Restated* <br> *Trust Agreement (2014-1)*

------

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Transferee acknowledges and agrees that no transfer (or purported transfer) of any Certificate shall be
effective, and any such transfer (or purported transfer) shall be void *ab initio*, and no person shall otherwise become a Certificateholder, if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect
holders of an interest in the Certificates and the Retained Notes. For purposes of determining whether the Issuer will have more than 95 holders of an interest in the Certificates and the Retained Notes, each Person indirectly owning an interest in
a Certificate (or a Retained Note) through a partnership (including any entity treated as a partnership for United States federal income tax purposes), a grantor trust, an S corporation or an entity wholly owned and disregarded as separate from
(within the meaning of Treasury Regulation Section 301.7701-3) any of the foregoing (each such

B-2 *Amended and Restated* <br> *Trust Agreement (2014-1)*

------

entity, a "<u>flow-through entity</u>") shall be treated as a Certificateholder (or as a Holder of a Retained Note), as applicable, unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner's interest in the flow-through entity is attributable to the flow-through entity's interest (direct or indirect) in the Issuer. <br>

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

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

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

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

B-3 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Transferee is not purchasing or holding the Certificates (or any interest therein) by or for the account
of or with the assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA), which is subject to Title I of ERISA, (b) a "plan" as described by Section 4975(e)(1) of the Code, which is subject to
Section 4975 of the Code, (c) any entity deemed to hold the assets of any of the foregoing by reason of such employee benefit plan's or plan's investment in the entity or (d) a governmental, church, non-U.S. or other plan that is subject to any federal, state, local or other law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of
the Code.

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

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

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

**This letter is not a commitment by the Transferee to purchase any Certificate or a commitment to sell any Certificate to the Transferee.** 

You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

[Signature Page Follows]

B-4 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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

---

| |
|:---|
| Executed by |
| <br> Name of Transferee |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| Transferee's Address: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: |

---

B-5 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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EXHIBIT C

**FORM OF NOTICE OF REQUESTS TO REPURCHASE RECEIVABLES** 

[________]

[Depositor]

[Servicer]

Re: Fifth Third Auto Trust 20[ ]-[ ] – Notice of Requests to Repurchase Receivables

Reference is hereby made to the Amended and Restated Trust Agreement, dated as of [_______________] (the "Trust Agreement"), among Fifth Third Holdings Funding, LLC, as depositor (the "Depositor"), [________], not in its individual capacity, but solely as owner trustee (the "Owner Trustee"), and [________], not in its individual capacity, but solely as Delaware trustee (the "Delaware Trustee"). Capitalized terms used herein and not otherwise defined shall have the meanings assigned such terms in the Trust Agreement. This Notice is being delivered pursuant to <u>Section</u> <u>11.15</u> of the Trust Agreement.

The Owner Trustee hereby certifies as to the checked option below:

[ ] During the period from and including [_________] to but excluding [________], the Owner Trustee received no requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be repurchased with respect to such Notes or Certificates.

[ ] During the period from and including [___________] to but excluding [_________], the Owner Trustee received one or more requests from the holders of any of the Notes or Certificates outstanding during that period requesting that any Receivables be repurchased with respect to such Notes or Certificates. Copies of such requests received in writing are attached hereto, and details of any such requests received orally are as set forth below:

Date of Request

Number of Receivables

Aggregate Principal Balance of Receivables Subject to Request

[REMINDER OF PAGE INTENTIONALLY LEFT BLANK]

C-1 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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| |
|:---|
| [_______________], |
| not in its individual capacity<br> but solely as Owner Trustee |
| By: |
| Name: |
| Title: |

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C-2 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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EXHIBIT D

**FORM OF REGISTRATION OF CERTIFICATE TRANSFER DIRECTION LETTER** 

**PURSUANT TO THE TRUST AGREEMENT** 

[_______], 20[ ]

[_______________]

as Certificate Registrar and Owner Trustee

of Fifth Third Auto Trust 20[ ]-[ ]

[_______________]

[_______________]

[_______________]

Attention: [_______________]

Reference is hereby made to the Amended and Restated Trust Agreement, dated as of [_______________] (the "<u>Trust Agreement</u>"), among Fifth Third Holdings Funding, LLC, as Depositor (the "<u>Depositor</u>"), [_________], not in its individual capacity, but solely as Owner Trustee (the "<u>Owner Trustee</u>"), and [_________], not in its individual capacity, but solely as Delaware Trustee (the "<u>Delaware Trustee</u>"), governing Fifth Third Auto Trust 20[ ]-[ ] (the "Issuer"). Capitalized terms not defined herein shall have the meanings assigned to such terms in the Trust Agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Written instrument of transfer executed by Transferor with signature medallion guaranteed;<sup>1</sup>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Certificate Investor Representation Letter executed by Transferee;

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

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

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

D-1 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) to deliver said authenticated Certificates to the addresses specified in the corresponding column on <u>Schedule A</u> hereto.

The wire instructions of each Certificateholder are set forth on <u>Schedule A</u> hereto.

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

[Signature Page Follows]

D-2 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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| |
|:---|
| **[TRANSFEROR]** |
| By: |
| Name: |
| Title: |
| **[TRANSFEREE]** |
| By: |
| Name: |
| Title: |

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D-3 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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<u>SCHEDULE A</u> 

[To be updated]

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| | | | | |
|:---|:---|:---|:---|:---|
| Name of<br> Transferee | Tax ID Number<br> of Transferee | Percentage<br> Interest<sup>2</sup> | Delivery<br>Address | Wire<br>Instructions |

---

------

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

D-4 *Amended and Restated* <br> *Trust Agreement (2014-1)*

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EXHIBIT E

**FORM OF OWNER TRUSTEE'S ANNUAL CERTIFICATION** 

**<u>REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB</u>**

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

[ ], a [ ] ("[ ]"), does hereby certify to the Sponsor, the Depositor and the Issuing Entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We confirmed on [ ] that the following continues to fulfill the Reg AB 1117 reporting requirement for [ ]:

"In the ordinary course of business, [ ] is named as a defendant in or made a party to pending and potential legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("<u>RMBS</u>") transactions, [ ] has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, [ ] denies liability and intends to defend the litigations vigorously."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date of the Form 10-K, to best of the knowledge of the undersigned officer, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between [ ] and any of Fifth Third Bank, National Association, a national banking association, Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the Indenture Trustee and the Issuing Entity, or any affiliates of such parties.

IN WITNESS WHEREOF, [ ] has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized.

Dated: ____________, 20[ ]

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| |
|:---|
| [ ], as Owner Trustee |
| By: |
| Name: |
| Title: |

---

------

**FORM OF DELAWARE TRUSTEE'S ANNUAL CERTIFICATION** 

**<u>REGARDING ITEM 1117 AND ITEM 1119 OF REGULATION AB</u>**

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

[ ], a [ ] ("[ ]"), does hereby certify to the Sponsor, the Depositor and the Issuing Entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We confirmed on [ ] that the following continues to fulfill the Reg AB 1117 reporting requirement for [ ]

"In the ordinary course of business, [ ] is named as a defendant in or made a party to pending and potential legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization ("<u>RMBS</u>") transactions, [ ] has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, [ ] denies liability and intends to defend the litigations vigorously."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As of the date of the Form 10-K, to best of the knowledge of the undersigned officer, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between [ ] and any of Fifth Third Bank, National Association, a national banking association, Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the Indenture Trustee and the Issuing Entity, or any affiliates of such parties.

IN WITNESS WHEREOF, [ ] has caused this certificate to be executed in its corporate name by an officer thereunto duly authorized.

Dated: ____________, 20[ ]

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| |
|:---|
| [ ] |
| By: |
| Name: |
| Title: |

---

E-2 *Amended and Restated* <br> *Trust Agreement (2014-1)*

## Exhibit 10.8

**EXHIBIT 10.8** 

**ASSET REPRESENTATIONS REVIEW AGREEMENT** 

among

FIFTH THIRD AUTO TRUST 20[•]-[•],

as Issuer,

FIFTH THIRD BANK, NATIONAL ASSOCIATION

as Servicer

and

[•],

as Asset Representations Reviewer

Dated as of [•], 20[•]

------

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I USAGE AND DEFINITIONS | ARTICLE I USAGE AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Usage and Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2. | Additional Definitions | 1 |
|  ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER | ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | Engagement; Acceptance | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2. | Confirmation of Scope | 2 |
|  ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS | ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Review Notices | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | Identification of Subject Receivables | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. | Review Materials | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. | Performance of Reviews | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. | Review Reports | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6. | Limitations on Review Obligations | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7. | Dispute Resolution | 5 |
|  ARTICLE IV ASSET REPRESENTATIONS REVIEWER | ARTICLE IV ASSET REPRESENTATIONS REVIEWER | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Representations and Warranties | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | Covenants | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | Fees, Expenses and Indemnities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. | Limitation on Liability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. | Indemnification by Asset Representations Reviewer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6. | Indemnification of Asset Representations Reviewer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7. | Inspections of Asset Representations Reviewer | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8. | Delegation of Obligations | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.9. | Confidential Information | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10. | Personally Identifiable Information | 11 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER | ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | Eligibility Requirements for Asset Representations Reviewer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Resignation and Removal of Asset Representations Reviewer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Successor Asset Representations Reviewer | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4. | Merger, Consolidation or Succession | 14 |
|  ARTICLE VI OTHER AGREEMENTS | ARTICLE VI OTHER AGREEMENTS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | Independence of Asset Representations Reviewer | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | No Petition | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | Limitation of Liability of Owner Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | Termination of Agreement | 15 |
|  ARTICLE VII MISCELLANEOUS PROVISIONS | ARTICLE VII MISCELLANEOUS PROVISIONS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | Amendments | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. | Assignment; Benefit of Agreement; Third Party Beneficiaries | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3. | Notices | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4. | Governing Law; Submission to Jurisdiction; Waiver of Jury Trial | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5. | No Waiver; Remedies | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6. | Severability | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7. | Headings | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.8. | Counterparts and Electronic Signature | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule A | Representations and Warranties, Review Materials and Tests |  |

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ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of [•], 20[•] (this "<u>Agreement</u>"), among FIFTH THIRD AUTO TRUST 20[•]-[•], a Delaware statutory trust, as issuer (the "<u>Issuer</u>"), FIFTH THIRD BANK, NATIONAL ASSOCIATION, a national banking association ("<u>Fifth Third Bank</u>"), as servicer (the "<u>Servicer</u>"), and [•], a [•], as asset representations reviewer (the "<u>Asset Representations Reviewer</u>").

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made by Fifth Third Bank, as Seller, about the Receivables in the pool.

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows.

ARTICLE I

USAGE AND DEFINITIONS

Section 1.1. <u>Usage and Definitions</u>. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale Agreement, dated as of the date hereof (the "Sale Agreement"), between the Issuer, and the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to "writing" include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the rules and regulations thereunder and any successors thereto; the term "including" means "including without limitation;" and the term "or" is not exclusive.

Section 1.2. <u>Additional Definitions</u>. The following terms have the meanings given below:

"<u>Asset Representations Review</u>" means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to <u>Section</u> <u>3.4</u>.

"<u>Confidential Information</u>" has the meaning stated in <u>Section</u> <u>4.9(b)</u>.

"<u>Information Recipients</u>" has the meaning stated in <u>Section</u> <u>4.9(a)</u>.

"<u>Issuer PII</u>" has the meaning stated in <u>Section</u> <u>4.10(a)</u>.

"<u>Personally Identifiable Information</u>" or "<u>PII</u>" has the meaning stated in <u>Section</u> <u>4.10(a)</u>.

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"<u>Review Fee</u>" has the meaning stated in <u>Section</u> <u>4.3(b)</u>.

"<u>Review Materials</u>" means, for an Asset Representations Review and a Subject Receivable, the documents and other materials for each Test listed under "Review Materials" in <u>Schedule A</u>.

"<u>Review Report</u>" means, for an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to <u>Section</u> <u>3.5</u>.

"<u>Test</u>" has the meaning stated in <u>Section</u> <u>3.4(a)</u>.

"<u>Test Complete</u>" has the meaning stated in <u>Section</u> <u>3.4(c)</u>.

"<u>Test Fail</u>" has the meaning stated in <u>Section</u> <u>3.4(a)</u>.

"<u>Test Incomplete</u>" has the meaning stated in <u>Section</u> <u>3.4(a)</u>.

"<u>Test Pass</u>" has the meaning stated in <u>Section</u> <u>3.4(a)</u>.

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

Section 2.1. <u>Engagement; Acceptance</u>. The Issuer engages [•] to act as the Asset Representations Reviewer for the Issuer. [•] accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement.

Section 2.2. <u>Confirmation of Scope</u>. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents.

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

Section 3.1. <u>Review Notices</u>. On receipt of a Review Notice in accordance with Section 7.5 of the Indenture, the Asset Representations Reviewer will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations Review until a Review Notice is received.

Section 3.2. <u>Identification of Subject Receivables</u>. Within [•] [Business Days][calendar days] after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer a list of the Subject Receivables.

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Section 3.3. <u>Review Materials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Access to Review Materials</u>. The Servicer will give the Asset Representations Reviewer access to the Review Materials maintained by the Servicer for all of the Subject Receivables within [•] [Business Days][calendar days] after receipt of the Review Notice in one or more of the following ways in the Servicer's reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Receivables at one of the properties of the Servicer during the normal business hours of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Missing or Insufficient Review Materials</u>. The Asset Representations Reviewer will promptly review the Review Materials to determine if, in its reasonable judgment, any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [•] [Business Days][calendar days] before completing the Asset Representations Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within [•] [Business Days][calendar days] after receipt of notification. [If the missing or insufficient Review Materials have not been provided by the Servicer within [•] [Business Days][calendar days] after receipt of notification, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete.

Section 3.4. <u>Performance of Reviews</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Test Procedures</u>. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed under "Tests" in <u>Schedule A</u> for each representation and warranty (each, a "<u>Test</u>"), using the Review Materials listed for each such Test in <u>Schedule A</u>. For each Test and Subject Receivable, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a "<u>Test Pass</u>"), if the Test has not been satisfied (a "<u>Test Fail</u>") or if the Test could not be concluded as a result of missing or incomplete Review Materials (a "<u>Test Incomplete</u>"). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to the same Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Period</u>. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables within [•] [Business Days][calendar days] after receiving access to the Review Materials under <u>Section</u> <u>3.3(a)</u>. However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under <u>Section</u> <u>3.3(b)</u>, the review period will be extended for an additional [•] [Business Days][calendar days].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Completion of Review for Certain Subject Receivables</u>. Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by the Obligor or purchased from the Issuer by Fifth Third Bank according to the applicable Transaction Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Review of such Receivables will be considered complete (a "<u>Test Complete</u>"). In this case, the Review Report will indicate a Test Complete for the Receivables and the related reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Previously Reviewed Receivable</u>. If a Subject Receivable was included in a prior Asset Representations Review, the Asset Representations Reviewer will not conduct additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer to provide missing Review Material for such Subject Receivable and the Servicer elects to have such Subject Receivable included in the current Asset Representations Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Representations Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Duplicative Tests</u>. If the same Test is required for more than one representation or warranty listed on <u>Schedule</u> <u>A</u>, the Asset Representations Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable representation or warranty on the Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination of Review</u>. If an Asset Representations Review is in process and all of the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than [•] ([•]) calendar days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately and will have no obligation to deliver a Review Report.

Section 3.5. <u>Review Reports</u>. <u>(a)</u> Within [•] ([•]) calendar days after the end of the review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Representations Review to be included in the Issuer's Form 10-D report for the Collection Period in which the Review Report is received, including a description of each Test Fail and Test Incomplete, if any, from the Asset Representations Review. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details on the Test results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Questions About Review</u>. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Servicer until payment in full of the Notes. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Servicer and will direct such Persons to submit written questions or requests to the Servicer.

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Section 3.6. <u>Limitations on Review Obligations</u>. The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The Asset Representations Reviewer will have no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Representations Review under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine which Receivables are Subject Receivables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to confirm the validity of the Review Materials; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to take any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Receivables.

Section 3.7. <u>Dispute Resolution</u>. The Asset Representations Reviewer acknowledges and agrees that any Review Report may be used by the Issuer, the Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer's, the Seller's or the Servicer's use of any Review Report; provided that the Asset Representations Reviewer will be reimbursed for its out-of-pocket expenses incurred in its participation in any dispute resolution proceeding.

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

Section 4.1. <u>Representations and Warranties</u>. The Asset Representations Reviewer represents and warrants as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Qualification</u>. The Asset Representations Reviewer is duly organized and validly existing as a [•] in good standing under the laws of [•]. The Asset Representations Reviewer is qualified as a [•] in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power, Authority and Enforceability</u>. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflicts and No Violation</u>. The execution, delivery and performance by the Asset Representations Reviewer of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer's obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer's knowledge, any order, rule or regulation of a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Consent Required</u>. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations that have previously been obtained and filings that 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 Asset Representations Reviewer to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Proceedings</u>. There are no proceedings or investigations pending or threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under, or the validity or enforceability of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Eligibility</u>. The Asset Representations Reviewer meets the eligibility requirements in <u>Section</u> <u>5.1</u> and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in <u>Section</u> <u>5.1</u>.

Section 4.2. <u>Covenants</u>. The Asset Representations Reviewer covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Eligibility</u>. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in <u>Section</u> <u>5.1</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Systems; Personnel</u>. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Representations Reviews as required by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Maintenance of Review Materials</u>. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Representations Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

Section 4.3. <u>Fees, Expenses and Indemnities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>[Monthly][Annual] Fee</u>. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, [a monthly][an annual][an upfront] fee of $[•]. The [monthly][annual][upfront] fee will be payable by the Servicer on the Closing Date and on each anniversary thereof until this Agreement is terminated; provided, that in the year in which all public Notes are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are no longer outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Fee</u>. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer and the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with <u>Section</u> <u>3.4(f)</u>, and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of [$[•] for each Subject Receivable][$[•] per hour][insert any other rate agreed for which the Asset Representations Review was started (the "<u>Review Fee</u>"). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Representations Review in accordance with <u>Section</u> <u>3.4(f)</u>. The Servicer will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations Reviewer. If an Asset Representations Review is terminated in accordance with <u>Section</u> <u>3.4(f)</u>, the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than five Business Days before the final Payment Date in order to be reimbursed no later than the final Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reimbursement of Travel Expenses</u>. If the Servicer provides access to the Review Materials at one of its properties, the Servicer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Representations Review upon receipt of a detailed invoice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Fees, Expenses and Indemnities</u>. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within [•] ([•]) [calendar days][Business Days] following the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this <u>Section</u> <u>4.3</u> and the indemnities provided for in <u>Section</u> <u>4.6(a)</u> shall be paid by the Issuer pursuant to the priority of payments set forth in Section 8.5 or Section 5.4 of the Indenture; <u>provided</u>, that prior to any such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been outstanding for at least [•] ([•]) [calendar days][Business Days]. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid amounts.

Section 4.4. <u>Limitation on Liability</u>. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

Section 4.5. <u>Indemnification by Asset Representations Reviewer</u>. The Asset Representations Reviewer will indemnify each of the Issuer, the Servicer, the Depositor, the Seller, the Sponsor, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) the Asset Representations Reviewer's failure to comply with the requirements of applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations Reviewer's breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations Reviewer's obligations under this <u>Section</u> <u>4.5</u> will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

Section 4.6. <u>Indemnification of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification</u>. The Servicer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an "<u>Indemnified Person</u>"), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer's willful misconduct, bad faith or negligence (other than errors in judgment), (ii) the Asset Representations Reviewer's failure to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer's breach of any of its representations, warranties, covenants or other obligations in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings</u>. Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under <u>Section</u> <u>4.6(a)</u>, notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Servicer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified Person. If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival of Obligations</u>. The Servicer's obligations under this <u>Section</u> <u>4.6</u> will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment</u>. If the Servicer makes any payment under this <u>Section</u> <u>4.6</u> and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Servicer.

Section 4.7. <u>Inspections of Asset Representations Reviewer</u>. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer or the Servicer, during the Asset Representations Reviewer's normal business hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer's obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer's or the Servicer's representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer's officers and employees. Each of the Issuer and the Servicer will, and will cause its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

Section 4.8. <u>Delegation of Obligations</u>. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the parties to this Agreement, which may be withheld in such party's sole discretion.

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Section 4.9. <u>Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Treatment</u>. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this <u>Section</u> <u>4.9</u>, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the "<u>Information Recipients</u>") other than for the purposes of performing Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Fifth Third Bank or its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition</u>. "<u>Confidential Information</u>" means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lists of Subject Receivables and any related Review Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) origination and servicing guidelines, policies and procedures and form contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives.

However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients' files and records or other evidence in the Information Recipients' possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Protection</u>. The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in <u>Section</u> <u>4.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Disclosure</u>. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if

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permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer's expense, in the Issuer's and the Servicer's pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Responsibility for Information Recipients</u>. The Asset Representations Reviewer will be responsible for a breach of this <u>Section</u> <u>4.9</u> by its Information Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Violation</u>. The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer, and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this <u>Section</u> <u>4.9</u>, the prevailing party will be entitled to reimbursement of costs and expenses, including reasonable attorney's fees, incurred by it for the enforcement.

Section 4.10. <u>Personally Identifiable Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definitions</u>. "<u>Personally Identifiable Information</u>" or "<u>PII</u>" means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification number or "VIN", any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. "<u>Issuer PII</u>" means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Use of Issuer PII</u>. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer's business, including any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Limitations</u>. In addition to the use and protection requirements described in <u>Section</u> <u>4.10(b)</u>, the Asset Representations Reviewer's disclosure of Issuer PII is also subject to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Breach</u>. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return or Disposal of Issuer PII</u>. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer's possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer's further use or disclosure of Issuer PII to that required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance; Modification</u>. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer's compliance with this <u>Section</u> <u>4.10</u>. The Asset Representations Reviewer and the Issuer agree to modify this <u>Section</u> <u>4.10</u> as necessary from time to time for either party to comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Audit of Asset Representations Reviewer</u>. The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer's compliance with this <u>Section</u> <u>4.10</u> during the Asset Representations Reviewer's normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this <u>Section</u> <u>4.10(g)</u> with the inspections described in <u>Section</u> <u>4.7</u>. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer's obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Affiliates and Third Parties</u>. If the Asset Representations Reviewer processes the PII of the Issuer's Affiliates or a third party when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this <u>Section</u> <u>4.10</u>, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this <u>Section</u> <u>4.10</u> against the Asset Representations Reviewer as if each were a signatory to this Agreement.

ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

Section 5.1. <u>Eligibility Requirements for Asset Representations Reviewer</u>. The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Delaware Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the Receivables prior to the Closing Date.

Section 5.2. <u>Resignation and Removal of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Resignation of Asset Representations Reviewer</u>. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in <u>Section</u> <u>5.1</u>. The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Removal of Asset Representations Reviewer</u>. If any of the following events occur, the Issuer, by notice to the Asset Representations Reviewer, may, and in the case of clause (i) below, shall, remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Asset Representations Reviewer no longer meets the eligibility requirements in <u>Section</u> <u>5.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an Insolvency Event of the Asset Representations Reviewer occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Resignation or Removal</u>. The Issuer will notify the Servicer and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Continue to Perform After Resignation or Removal</u>. No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to <u>Section</u> <u>5.3(b)</u>.

Section 5.3. <u>Successor Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Engagement of Successor Asset Representations Reviewer</u>. Following the resignation or removal of the Asset Representations Reviewer, the Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of <u>Section</u> <u>5.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Effectiveness of Resignation or Removal</u>. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Transition and Expenses</u>. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer's rights and obligations under this Agreement to the successor Asset Representations Reviewer. [The Asset Representations Reviewer][The Servicer] will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer's obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

Section 5.4. <u>Merger, Consolidation or Succession</u>. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer's obligations under this Agreement (unless the assumption happens by operation of law).

ARTICLE VI

OTHER AGREEMENTS

Section 6.1. <u>Independence of Asset Representations Reviewer</u>. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless authorized by the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or

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represent the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee and will not be considered an agent of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee, the Delaware Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

Section 6.2. <u>No Petition</u>. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement.

Section 6.3. <u>Limitation of Liability of Owner Trustee</u>. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by [ ], not individually or personally but solely as Owner Trustee of the Issuer in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by [ ], but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ], individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) [ ] has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall [ ] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

Section 6.4. <u>Termination of Agreement</u>. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

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ARTICLE VII

MISCELLANEOUS PROVISIONS

Section 7.1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the parties hereto, but without the consent of the Seller, the Indenture Trustee, the Owner Trustee, the Delaware Trustee, any of the Noteholders or the Certificateholders or any other Person subject to one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Servicer delivers an Opinion of Counsel or an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Rating Agency Condition is satisfied with respect to such Amendment and the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; [*provided*, that such amendment shall not materially and adversely affect the rights or obligations of the Swap Counterparty or the Issuer under the Interest Rate Swap Agreement unless the Swap Counterparty shall have consented in writing to such amendment (and such consent shall be deemed to have been given if the Swap Counterparty does not object in writing within ten (10) Business Days after receipt of a written request for such consent)].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the parties hereto with the consent of (i) the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance, voting as a single class, and (ii) the Majority Certificateholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of the Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Noteholders and Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any amendment pursuant to this <u>Section</u> <u>7.1</u>, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Servicer shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee; provided, that no amendment pursuant to this <u>Section</u> <u>7.1</u> shall be effective which materially and adversely affects the rights, protections or duties of the Delaware Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any amendment to this Agreement, the Delaware Trustee, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer's Certificate from the Servicer or the Administrator that all conditions precedent to the execution and delivery of such amendment have been satisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding subsections (a) or (b) of this <u>Section</u> <u>7.1</u>, this Agreement may only be amended by the parties hereto if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer's Certificate of the Servicer or an Opinion of Counsel delivered to the Delaware Trustee, the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. It will not be necessary for the Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if the Certificateholders approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by the Certificateholders will be subject to such reasonable requirements as the Owner Trustee may prescribe.

Section 7.2. <u>Assignment; Benefit of Agreement; Third Party Beneficiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assignment</u>. Except as stated in <u>Section</u> <u>5.4</u>, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Benefit of Agreement; Third-Party Beneficiaries</u>. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, the Delaware Trustee and the Owner Trustee will be a third-party beneficiaries of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have any right or obligation under this Agreement except as set forth in <u>Section</u> <u>4.10(h)</u>.

Section 7.3. <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Delivery of Notices</u>. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for an email, when receipt is confirmed by telephone or reply email from the recipient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice Addresses</u>. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the case of the Servicer, to Fifth Third Bank, 38 Fountain Square Plaza, Cincinnati, Ohio 45263, (b) in the case of the Issuer or the Owner Trustee, to Fifth Third Auto Trust 20[•]-[•], c/o [•], (c) in the case of the Indenture Trustee, to [•], and (d) in the case of the Asset Representations Reviewer, to [•] or, (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to each other party.

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Section 7.4. <u>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</u>. **THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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.**

EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT IN ANY OF THE AFORESAID COURTS, THAT ANY SUCH COURT LACKS JURISDICTION OVER SUCH PARTY. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

Section 7.5. <u>No Waiver; Remedies</u>. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.6. <u>Severability</u>. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 7.7. <u>Headings</u>. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 7.8. <u>Counterparts and Electronic Signature</u>. This Agreement shall be valid, binding, and enforceable against a party only when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied

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manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the effectiveness thereof.

[Remainder of Page Left Blank]

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EXECUTED BY:

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| | |
|:---|:---|
| FIFTH THIRD AUTO TRUST 20[•]-[•],<br> as Issuer | FIFTH THIRD AUTO TRUST 20[•]-[•],<br> as Issuer |
| By: | [•], not in its individual capacity, but solely as Owner Trustee |
| By: |  |
|  | Name: |
|  | Title: |
| FIFTH THIRD BANK, NATIONAL | FIFTH THIRD BANK, NATIONAL |
| ASSOCIATION | ASSOCIATION |
|  | as Servicer |
| By: |  |
|  | Name: |
|  | Title: |
| [•], | [•], |
|  | as Asset Representations Reviewer |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to Asset Representations Review Agreement]

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Schedule A

Representations and Warranties, Review Materials and Tests

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| | | |
|:---|:---|:---|
| **Representations and Warranty** | **Review Materials** | **Tests** |

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## Exhibit 24.2

**EXHIBIT 24.2** 

Fifth Third Holdings Funding, LLC

6111 N. River Rd.

Rosemont, Illinois 60018

February 10, 2023

I, Bryan D. Preston, am Director and President of Fifth Third Holdings Funding, LLC (the "Company") and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of directors of the Company as of February 10, 2023, and such resolutions have not been amended, rescinded or otherwise modified.

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| |
|:---|
| /s/ Bryan D. Preston |
| Name: Bryan D. Preston |
| Director and President |

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I, H. Samuel Lind, as an Assistant Secretary of the Company, certify that Bryan D. Preston is the duly elected and qualified Director and President of the Company and that the signature above is his signature.

EXECUTED as of February 10, 2023

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| |
|:---|
| /s/ H. Samuel Lind |
| Name: H. Samuel Lind |
| Assistant Secretary |

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\* \* \*

RESOLVED, that the President, Chief Financial Officer, Treasurer, Secretary, any Assistant Treasurer, any Assistant Secretary, and any Senior Vice President, Vice President and any other duly appointed officer of the Company (each, a "<u>Designated Officer</u>" and collectively, the "<u>Designated Officers</u>") are each hereby authorized, in the name and on behalf of the Company, to have prepared, executed and filed, or caused to have been prepared and filed with the SEC, (i) a registration statement on Form SF-3 for registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of asset-backed securities in addition to any securities currently outstanding (the "<u>Securities</u>") directly or indirectly secured by motor vehicle retail installment sale contracts and installment loans and other related assets, and any and all amendments (including, without limitation, post-effective amendments) or supplements thereto, together with the prospectus, all documents required as exhibits to such registration statement or any amendments or supplements and other documents which may be required to be filed with the SEC with respect to the registration of the Securities under the Securities Act (such registration statement, the "<u>New Registration Statement</u>") and (ii) any other documents, including without limitation amendments and supplements to registration statements, Forms 8-K, Forms 10-K, Forms 10-D, Forms SE, Forms ABS-15G, Forms ABS-EE or letters or agreements relating to the asset-backed securities issued in connection with the registration statement on Form SF-3, and to take any and all other action that any such Designated Officer shall deem necessary or advisable in connection with the foregoing;

RESOLVED, FURTHER, that the foregoing resolutions shall not limit the persons who are authorized to execute the New Registration Statement and it is hereby provided that each of the members of the Board and each of the officers of the Company are authorized, but not required, to sign the New Registration Statement and each member of the Board and each officer of the Company signing the New Registration Statement is authorized to appoint an agent and/or attorney-in-fact to execute future amendments and other documents relating to the New Registration Statement.

## Exhibit 36.1

**EXHIBIT 36.1** 

**OFFICER'S CERTIFICATE** 

1. I have reviewed the prospectus relating to the Class A-1, Class A-2[-A, Class A-2-B,] Class A-3, Class A-4 Notes and Class B Notes of Fifth Third Auto Trust 20[•]-[•] (the "<u>securities</u>") and am familiar with, in all material respects, the following: The characteristics of the securitized assets underlying the offering (the "<u>securitized assets</u>"), the structure of the securitization, and all material underlying transaction agreements as described in the prospectus;

2. Based on my knowledge, the prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading;

3. Based on my knowledge, the prospectus and other information included in the registration statement of which it is a part fairly present, in all material respects, the characteristics of the securitized assets, the structure of the securitization and the risks of ownership of the securities, including the risks relating to the securitized assets that would affect the cash flows available to service payments or distributions on the securities in accordance with their terms; and

4. Based on my knowledge, taking into account all material aspects of the characteristics of the securitized assets, the structure of the securitization, and the related risks as described in the prospectus, there is a reasonable basis to conclude that the securitization is structured to produce, but is not guaranteed by this certification to produce, expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the securities (or other scheduled or required distributions on the securities, however denominated) in accordance with their terms as described in the prospectus.

5. The foregoing certifications are given subject to any and all defenses available to me under the federal securities laws, including any and all defenses available to an executive officer that signed the registration statement of which the prospectus referred to in this certification is part.

By:<br>

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| | |
|:---|:---|
| Name: | [Chief Executive Officer of the Depositor |
| Title: | Chief Executive Officer of Fifth Third Holdings Funding, LLC |
| Date: | [Date of the final prospectus] |

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