Document:

Indenture, between the Trust and Deutsche Bank Trust Company

 Exhibit 4.2 
 (EXECUTION VERSION) 
  

 UPFC AUTO RECEIVABLES TRUST 2007-A 
 Class A-1 5.33% Asset Backed Notes 
 Class A-2 5.46% Asset Backed Notes 
 Class A-3 5.53% Asset Backed Notes 
  

 INDENTURE 
 Dated as of June 1, 2007 
  

 DEUTSCHE BANK TRUST COMPANY
AMERICAS 
 Trustee and Trust Collateral Agent 
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 ARTICLE I        Definitions and Incorporation by Reference
	  	2
			
	 SECTION 1.1
	  	Definitions	  	2
	 SECTION 1.2
	  	Incorporation by Reference of Trust Indenture Act	  	10
	 SECTION 1.3
	  	Rules of Construction	  	10
		
	 ARTICLE II      The Notes
	  	11
			
	 SECTION 2.1
	  	Form	  	11
	 SECTION 2.2
	  	Execution, Authentication and Delivery	  	11
	 SECTION 2.3
	  	Temporary Notes	  	12
	 SECTION 2.4
	  	Registration; Registration of Transfer and Exchange	  	12
	 SECTION 2.5
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	14
	 SECTION 2.6
	  	Persons Deemed Owner	  	14
	 SECTION 2.7
	  	Payment of Principal and Interest; Defaulted Interest	  	15
	 SECTION 2.8
	  	Cancellation	  	16
	 SECTION 2.9
	  	Release of Collateral	  	16
	 SECTION 2.10
	  	Book-Entry Notes	  	16
	 SECTION 2.11
	  	Notices to Clearing Agency	  	17
	 SECTION 2.12
	  	Definitive Notes	  	17
		
	 ARTICLE III     Covenants
	  	18
			
	 SECTION 3.1
	  	Payment of Principal and Interest	  	18
	 SECTION 3.2
	  	Maintenance of Office or Agency	  	18
	 SECTION 3.3
	  	Money for Payments to be Held in Trust	  	18
	 SECTION 3.4
	  	Existence	  	20
	 SECTION 3.5
	  	Protection of Trust Estate	  	20
	 SECTION 3.6
	  	Opinions as to Trust Estate	  	21
	 SECTION 3.7
	  	Performance of Obligations; Servicing of Receivables	  	21
	 SECTION 3.8
	  	Negative Covenants	  	22
	 SECTION 3.9
	  	Annual Statement as to Compliance	  	23
	 SECTION 3.10
	  	Trust May Consolidate, Etc. Only on Certain Terms	  	23
	 SECTION 3.11
	  	Successor or Transferee	  	26
	 SECTION 3.12
	  	No Other Business	  	26
	 SECTION 3.13
	  	No Borrowing	  	26
	 SECTION 3.14
	  	Servicer’s Obligations	  	26
	 SECTION 3.15
	  	Guarantees, Loans, Advances and Other Liabilities	  	26
	 SECTION 3.16
	  	Capital Expenditures	  	26
	 SECTION 3.17
	  	Compliance with Laws	  	26
	 SECTION 3.18
	  	Restricted Payments	  	27
	 SECTION 3.19
	  	Notice of Events of Default	  	27
	 SECTION 3.20
	  	Further Instruments and Acts	  	27
	 SECTION 3.21
	  	Amendments of Sale and Servicing Agreement and Trust Agreement	  	27
	 SECTION 3.22
	  	Income Tax Characterization	  	27
		
	 ARTICLE IV     Satisfaction and Discharge
	  	27

  

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	 SECTION 4.1
	  	Satisfaction and Discharge of Indenture	  	27
	 SECTION 4.2
	  	Application of Trust Money	  	29
	 SECTION 4.3
	  	Repayment of Moneys Held by Note Paying Agent	  	29
		
	 ARTICLE V      Remedies
	  	29
			
	 SECTION 5.1
	  	Events of Default	  	29
	 SECTION 5.2
	  	Rights Upon Event of Default	  	31
	 SECTION 5.3
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	32
	 SECTION 5.4
	  	Remedies	  	34
	 SECTION 5.5
	  	Optional Preservation of the Receivables	  	35
	 SECTION 5.6
	  	Priorities.	  	35
	 SECTION 5.7
	  	Limitation of Suits	  	36
	 SECTION 5.8
	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	37
	 SECTION 5.9
	  	Restoration of Rights and Remedies	  	37
	 SECTION 5.10
	  	Rights and Remedies Cumulative	  	37
	 SECTION 5.11
	  	Delay or Omission Not a Waiver	  	38
	 SECTION 5.12
	  	Control by Noteholders	  	38
	 SECTION 5.13
	  	Waiver of Past Defaults	  	38
	 SECTION 5.14
	  	Undertaking for Costs	  	39
	 SECTION 5.15
	  	Waiver of Stay or Extension Laws	  	39
	 SECTION 5.16
	  	Action on Notes	  	39
	 SECTION 5.17
	  	Performance and Enforcement of Certain Obligations	  	39
		
	 ARTICLE VI     The Trustee and the Trust Collateral Agent
	  	40
			
	 SECTION 6.1
	  	Duties of Trustee	  	40
	 SECTION 6.2
	  	Rights of Trustee	  	42
	 SECTION 6.3
	  	Individual Rights of Trustee	  	43
	 SECTION 6.4
	  	Trustee’s Disclaimer	  	43
	 SECTION 6.5
	  	Notice of Defaults	  	43
	 SECTION 6.6
	  	Reports by Trustee to Holders	  	43
	 SECTION 6.7
	  	Compensation and Indemnity	  	43
	 SECTION 6.8
	  	Replacement of Trustee	  	45
	 SECTION 6.9
	  	Successor Trustee by Merger	  	46
	 SECTION 6.10
	  	Appointment of Co-Trustee or Separate Trustee	  	46
	 SECTION 6.11
	  	Eligibility: Disqualification	  	48
	 SECTION 6.12
	  	Preferential Collection of Claims Against Trust	  	48
	 SECTION 6.13
	  	Appointment and Powers	  	48
	 SECTION 6.14
	  	Performance of Duties	  	48
	 SECTION 6.15
	  	Limitation on Liability	  	49
	 SECTION 6.16
	  	Reliance Upon Documents	  	49
	 SECTION 6.17
	  	Successor Trust Collateral Agent	  	49
	 SECTION 6.18
	  	Compensation	  	51
	 SECTION 6.19
	  	Representations and Warranties of the Trust Collateral Agent and the Trust	  	51
	 SECTION 6.20
	  	Waiver of Setoffs	  	51
	 SECTION 6.21
	  	Control by the Controlling Party	  	52
		
	 ARTICLE VII   Noteholders’ Lists and Reports
	  	52
			
	 SECTION 7.1
	  	Trust To Furnish To Trustee Names and Addresses of Noteholders	  	52
	 SECTION 7.2
	  	Preservation of Information; Communications to Noteholders	  	52
	 SECTION 7.3
	  	Reports by Trust	  	52
	 SECTION 7.4
	  	Reports by Trustee	  	53

  

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	 ARTICLE VIII      Accounts, Disbursements and Releases
	  	53
			
	 SECTION 8.1
	  	Collection of Money	  	53
	 SECTION 8.2
	  	Release of Trust Estate	  	53
	 SECTION 8.3
	  	Opinion of Counse	  	54
		
	 ARTICLE IX     Supplemental Indentures
	  	54
			
	 SECTION 9.1
	  	Supplemental Indentures Without Consent of Noteholders	  	54
	 SECTION 9.2
	  	Supplemental Indentures with Consent of Noteholders	  	56
	 SECTION 9.3
	  	Execution of Supplemental Indentures	  	57
	 SECTION 9.4
	  	Effect of Supplemental Indenture	  	57
	 SECTION 9.5
	  	Conformity With Trust Indenture Act	  	58
	 SECTION 9.6
	  	Reference in Notes to Supplemental Indentures	  	58
		
	 ARTICLE X      Redemption of Notes
	  	58
			
	 SECTION 10.1
	  	Redemption	  	58
	 SECTION 10.2
	  	Form of Redemption	  	59
	 SECTION 10.3
	  	Notes Payable on Redemption Date	  	59
		
	 ARTICLE XI     Miscellaneous
	  	59
			
	 SECTION 11.1
	  	Compliance Certificates and Opinions, etc	  	59
	 SECTION 11.2
	  	Form of Documents Delivered to Trustee	  	61
	 SECTION 11.3
	  	Acts of Noteholders	  	62
	 SECTION 11.4
	  	Notices, etc., to Trustee, Trust and Rating Agencies	  	62
	 SECTION 11.5
	  	Notices to Noteholders; Waiver	  	63
	 SECTION 11.7
	  	Conflict with Trust Indenture Act	  	64
	 SECTION 11.8
	  	Effect of Headings and Table of Contents	  	64
	 SECTION 11.9
	  	Successors and Assigns	  	64
	 SECTION 11.10
	  	Separability	  	64
	 SECTION 11.11
	  	Benefits of Indenture	  	64
	 SECTION 11.12
	  	Legal Holidays	  	65
	 SECTION 11.13
	  	GOVERNING LAW	  	65
	 SECTION 11.14
	  	Counterparts	  	65
	 SECTION 11.15
	  	Recording of Indenture	  	65
	 SECTION 11.16
	  	Trust Obligation	  	65
	 SECTION 11.17
	  	No Petition	  	66
	 SECTION 11.18
	  	Inspection	  	66
	 SECTION 11.19
	  	Intent of the Parties; Reasonableness	  	67

  

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	 EXHIBITS
	  	
	 EXHIBIT A-1
	  	Form of Class A-1 Note	  	
	 EXHIBIT A-2
	  	Form of Class A-2 Notes	  	
	 EXHIBIT A-3
	  	Form of Class A-3 Note	  	
		
	 SCHEDULES
	  	
			
	 SCHEDULE A
	  	Representations and Warranties of the Trust	  	
	 SCHEDULE B
	  	Servicing Criteria To Be Addressed In Assessment Of Compliance	  	

  

 iv 

 (EXECUTION VERSION) 
 INDENTURE dated as of June 1, 2007, between UPFC AUTO RECEIVABLES TRUST 2007-A, a Delaware statutory trust (the “Trust”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation,
as trustee (the “Trustee”) and Trust Collateral Agent (as defined below). 
 Each party agrees as follows for the benefit of
the other party and for the equal and ratable benefit of the Holders of the Trust’s Class A-1 5.33% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 5.46% Asset Backed Notes (the “Class A-2
Notes”) and the Class A-3 5.33% Asset Backed Notes (the “Class A-3 Notes” and together with the Class A-1 Notes and the Class A-2 Notes, the “Notes”). 
 As security for the payment and performance by the Trust of its obligations under this Indenture and the Notes, the Trust has agreed to assign the
Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders and the Security Insurer. 
 MBIA Insurance Corporation (the “Security Insurer”) has issued and delivered a note guaranty insurance policy, dated the Closing Date (the “Note Policy”), pursuant to which the
Security Insurer guarantees Insured Payments, as defined in the Note Policy. 
 As an inducement to the Security Insurer to issue and deliver
the Note Policy, the Trust and the Security Insurer have executed and delivered the Insurance Agreement, dated as of June 14, 2007 (as amended from time to time, the “Insurance Agreement”), among the Security Insurer, the
Trust, the Trustee, the Trust Collateral Agent, the Backup Servicer, the Servicer and UPFC Auto Financing Corporation. 
 As an additional
inducement to the Security Insurer to issue the Note Policy, and as security for the performance by the Trust of the Insurer Trust Secured Obligations and as security for the performance by the Trust of the Trustee Trust Secured Obligations, the
Trust has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trust Secured Parties, as their respective interests may appear. 
  

 1 

 GRANTING CLAUSE 
 The Trust hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Trust Secured Parties, all of the Trust’s right, title and interest in and to (a) the Receivables;
(b) an assignment of the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Trust in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased
by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any proceeds with respect
to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors; (f) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, and in all
investments and proceeds thereof and all rights of the Trust therein (including all income thereon); (g) the Trust’s rights and benefits, but none of its obligations or burdens, under the Sale Agreement, including the delivery
requirements, representations and warranties and the cure and repurchase obligations of United Auto Credit Corporation under the Sale Agreement; (h) all items contained in the Receivable Files and any and all other documents that United Auto
Credit Corporation, as Servicer keeps on file in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles, (i) the Trust’s rights and benefits, but none of its obligations or burdens,
under the Sale and Servicing Agreement (including all rights of the Seller under the Sale Agreement); and (j) all of the Trust’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General
Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (i); and (k) all present and future claims, demands, causes and choses of action in respect of any or all of the foregoing and all
payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, 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 and other property
which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 
 The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Security Insurer. The Trust Collateral Agent hereby
acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the
priorities of their respective interests may be adequately and effectively protected. 
 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1 Definitions. Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture. 
 “Act” has the meaning specified in SECTION 11.3(a). 
  

 2 

 “Affiliate” means, with respect to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly
or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be an Affiliate
of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise. 
 “Authorized Officer” means, with respect to the Trust and the Servicer, any officer or agent acting pursuant to a power of attorney of
the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Trust and who is identified on the list of Authorized Officers delivered by the Servicer to
the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and shall include, with respect to the Trust, any person appointed as attorney-in-fact to act on behalf of the Trust (including the Servicer
and its officers pursuant to Section 10.11 of the Amended and Restated Trust Agreement). 
 “Basic Documents” has the
meaning specified in the Sale and Servicing Agreement. 
 “Book Entry Notes” means a beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a Clearing Agency as described in SECTION 2.10. 
 “Business
Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Irvine, California, Hurst, Texas, New York City, New York or any other location of
any successor Servicer successor, Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 
 “Certificate” means a trust certificate evidencing the beneficial interest of a Certificateholder in the Trust. 
 “Certificateholder” means the Person in whose name a Certificate is registered on the Certificate Register. 
 “Certificate of Trust” means the certificate of trust of the Trust substantially in the form of Exhibit B to the Trust Agreement.

 “Class A-1 Interest Rate” means 5.33% per annum (computed on the basis of a 360-day year and the actual number of
days in the related Interest Period). 
 “Class A-1 Notes” means the Class A-1 5.33% Asset Backed Notes, substantially
in the form of Exhibit A-1. 
  

 3 

 “Class A-2 Interest Rate” means 5.46% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months). 
 “Class A-2 Notes” means the Class A-2 5.46% Asset Backed Notes,
substantially in the form of Exhibit A-2. 
 “Class A-3 Interest Rate” means 5.53% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months). 
 “Class A-3 Notes” means the Class A-3 5.53% Asset Backed Notes,
substantially in the form of Exhibit A-3. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer,
bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means June 14, 2007. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of this Indenture. 
 “Controlling Party” means the Security Insurer, so long as no Insurer Default shall have occurred and be continuing, and the Trustee,
for so long as an Insurer Default shall have occurred and be continuing. 
 “Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Indenture is located at 60
Wall Street, 26th Floor, New York, New York 10005, Attention: Corporate Trust Office, or at such other address as
the Trustee may designate from time to time by notice to the Noteholders, the Security Insurer, the Servicer and the Trust, or the principal corporate trust office of any successor Trustee (the address of which the successor Trustee will notify the
Noteholders and the Trust). 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default. 
 “Definitive Notes” has the meaning specified in SECTION 2.10. 
 “Department of Labor Prohibited Transaction Class Exemption” means Prohibited Transaction Class Exemption (“PTCE”) 84-14, PTCE
90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar exemption. 
  

 4 

 “Distribution Amount” means the sum of (a) Available Funds and (b) Additional
Funds Available. 
 “Distribution Date” has the meaning specified in the Sale and Servicing Agreement. 
 “ERISA” has the meaning specified in SECTION 2.4. 
 “Event of Default” has the meaning specified in SECTION 5.1. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Executive Officer” means, with respect to any
corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect
to any partnership, any general partner thereof. 
 “Grant” means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall
include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the
Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise
and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register. 
 “Indebtedness” means, with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the
deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as lessee under leases which should have been or should be, in accordance with generally accepted accounting principles, recorded as
capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations
or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to
purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the
obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 
  

 5 

 “Indenture” means this Indenture as amended and supplemented from time to time.

 “Independent” means, when used with respect to any specified Person, that the person (a) is in fact independent of
the Trust, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing persons, (b) does not have any direct financial interest or any material indirect financial interest in the Trust, any such other obligor, the
Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Trust, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be
delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of SECTION 11.1, prepared by an Independent appraiser or other expert appointed by an Trust Order and approved by
the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning
thereof. 
 “Insured Payments” has the meaning specified in the Note Policy. 
 “Insurer Trust Secured Obligations” means all amounts and obligations which the Trust may at any time owe to or on behalf of the
Security Insurer under this Indenture, the Insurance Agreement or any other Basic Document. 
 “Interest Rate” means, with
respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate and (iii) Class A-3 Notes, the Class A-3 Interest Rate. 
 “Note” means a Class A-1 Note, a Class A-2 Note or a Class A-3 Note. 
 “Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

 “Note Paying Agent” means the Trustee or any other Person that meets the eligibility standards for the Trustee specified
in SECTION 6.11 and is authorized by the Trust to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Trust. 
 “Note Policy” means the insurance policy issued by the Security Insurer with respect to the Notes, including any endorsements thereto.

 “Note Register” and “Note Registrar” have the respective meanings specified in SECTION 2.4. 

 

 6 

 “Notice of Claim” has the meaning specified in the Sale and Servicing Agreement.

 “Officer’s Certificate” means a certificate signed by any Authorized Officer of the Trust (including the Servicer
pursuant to Section 10.11 of the Amended and Restated Trust Agreement), under the circumstances described in, and otherwise complying with, the applicable requirements of SECTION 11.1 and TIA § 314, and delivered to the Trustee.
Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Trust. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be
employees of or counsel to the Trust and who shall be satisfactory to the Trustee and, if addressed to the Security Insurer, satisfactory to the Security Insurer, and which shall comply with any applicable requirements of SECTION 11.1, and shall be
in form and substance satisfactory to the Trustee, and if addressed to the Security Insurer, satisfactory to the Security Insurer. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Trustee or any
Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and

 (iii) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this
Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided, however,
that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this Indenture until the Security Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as
evidenced by a written notice from the Security Insurer delivered to the Trustee, and the Security Insurer shall be deemed to be the Holder thereof to the extent of any payments thereon made by the Security Insurer; provided, further,
that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Trust, any other
obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the 

  

 7 

 
satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Trust, any other obligor upon the
Notes, the Seller or any Affiliate of any of the foregoing Persons. 
 “Outstanding Amount” means the aggregate principal
amount of all Notes, or class of Notes, as applicable, Outstanding at the date of determination. 
 “Predecessor Note”
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under SECTION 2.5
in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 
 “Rating Agency” means each of Moody’s and Standard & Poor’s, so long as such Persons maintain a rating on the Notes; and if any of Moody’s or Standard & Poor’s no longer maintains a
rating on the Notes, such other nationally recognized statistical rating organization designated by the Seller and acceptable to the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing), notice of which
designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
 “Rating Agency Condition”
means, with respect to any action, that each Rating Agency shall have been given 10 days (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall have notified the Seller, the
Servicer, the Security Insurer, the Trustee, the Owner Trustee and the Trust in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes without regard to the Note Policy. 
 “Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately
preceding such Distribution Date or Redemption Date. 
 “Redemption Date” means in the case of a redemption of the Notes
pursuant to SECTION 10.1(b), the Distribution Date specified by the Servicer or the Trust pursuant to SECTION 10.1(b). 
 “Redemption
Price” means in the case of a redemption of the Receivables pursuant to SECTION 10.1(b), an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid
interest thereon to but excluding the Redemption Date. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed
Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed
Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
  

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 “Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent,
any officer within the Corporate Trust Office of the Trustee, including any Vice President, Assistant Vice President, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent customarily performing functions similar to
those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of June 1, 2007, among the Trust, the
Seller, the Servicer, Trust Collateral Agent, the Backup Servicer and the Designated Backup Subservicer as the same may be amended or supplemented from time to time. 
 “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time. 
 “Sponsor” means United Auto Credit Corporation, in its capacity as sponsor under the Sale and Servicing Agreement, and any Successor
Sponsor thereunder. 
 “State” means any one of the 50 states of the United States of America or the District of Columbia.

 “Termination Date” means the latest of (i) the expiration of the Note Policy and the return of the Note Policy to
the Security Insurer for cancellation, (ii) the date on which the Security Insurer shall have received payment and performance of all Insurer Trust Secured Obligations and (iii) the date on which the Trustee shall have received payment and
performance of all Trustee Trust Secured Obligations. 
 “Trust” means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 
 “Trust Collateral Agent” means, initially, Deutsche Bank Trust Company Americas, in its capacity as collateral agent on behalf of the Trust Secured Parties, including its successors-in-interest, until
and unless a successor Person shall have become the Trust Collateral Agent pursuant to SECTION 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person. 
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and
security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided. 
  

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 “Trust Order” and “Trust Request” means a written order or request
signed in the name of the Trust by any one of its Authorized Officers and delivered to the Trustee. 
 “Trust Secured
Obligations” means the Insurer Trust Secured Obligations and the Trustee Trust Secured Obligations. 
 “Trust Secured
Parties” means each of the Trustees in respect of the Trustee Trust Secured Obligations and the Security Insurer in respect of the Insurer Trust Secured Obligations. 
 “Trustee” means Deutsche Bank Trust Company Americas, a New York banking corporation, not in its individual capacity but as trustee
under this Indenture, or any successor trustee under this Indenture. 
 “Trustee Trust Secured Obligations” means all
amounts and obligations which the Trust may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended
from time to time. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and
Servicing Agreement or the Trust Agreement. 
 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: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the Notes. 
 “indenture security holder” means a
Noteholder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Trust. 
 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 Rules of Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned to it; 
  

 10 

 (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time to time; 
 (iii) “or” is not
exclusive; 
 (iv) “including” means including without limitation; and 
 (v) words in the singular include the plural and words in the plural include the singular. 
 ARTICLE II 
 The Notes 
 SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, in each case together with the Trustee’s
certificate of authentication, shall be in substantially the form set forth in Exhibits A-1, A-2 and A-3, respectively, 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 such 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. 
 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. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1,
A-2 and A-3 are part of the terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Trust by an Authorized Officer of the Owner Trustee. 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 Officer of the Owner Trustee shall bind the Trust, 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
Trustee shall, upon receipt of the Note Policy and Trust Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $54,000,000], Class A-2 Notes for original issue in the aggregate principal
amount of $97,000,000 and Class A-3 Notes for original issue in an aggregate principal amount of $99,000,000. The Class A-1 Notes, Class A-2 Notes and Class A-3 Notes outstanding at any time may not exceed such amounts except as
provided in SECTION 2.5. 
  

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 The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral
multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000). 
 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 Trustee by the
manual signature of one of its authorized signatories, 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 Trust may execute, and upon receipt of an Trust Order the 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 Trust will 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 Trust to be maintained as provided in SECTION 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Trust shall execute and the Trustee 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; Registration of Transfer and Exchange. The Trust shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Trust shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note Registrar” for
the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Trust 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 Trustee is appointed by the Trust as Note Registrar, the Trust will give the 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 Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and
the Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes and the principal amounts and number of
such Notes. 
 Subject to SECTION 2.10 and SECTION 2.12 hereof, upon surrender for registration of transfer of any Note at the office or
agency of the Trust to be maintained as provided in SECTION 3.2, if the requirements of Section 8-401(1) of the UCC are met the Trust 

  

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shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the 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 aggregate principal amount. 
 At the
option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are
so surrendered for exchange, subject to SECTION 2.10 and SECTION 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the Trust shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain
from the Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
 All Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Trust, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 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 the form attached to Exhibits A-1, A-2 and A-3 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“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 Exchange Act, and (ii) accompanied by such other documents as the Trustee may require. 
 Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note, the transferor of such Definitive Note shall be required
to represent and warrant in writing that the prospective transferee either (a) is not an employee benefit plan or other retirement arrangement subject to section 406 of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) or Section 4975 of the Code or any substantially similar applicable law (“Similar Law”) or an entity whose underlying assets are deemed to be assets of a plan described above by reason of such
plan’s investment in the entity (each, a “Benefit Plan”) or (b) is acquiring the Definitive Note for, or on behalf of, a Benefit Plan and the acquisition and holding of the Definitive Note by such prospective transferee is
covered by a Department of Labor Prohibited Transaction Class Exemption and will not cause a non-exempt violation of any Similar Law. Each transferee of a Book Entry Note that is a Benefit Plan shall be deemed to represent that its acquisition and
holding of the Book Entry Note is covered by a Department of Labor Prohibited Transaction Class Exemption and will not cause a non-exempt violation of any Similar Law. 
 No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar 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 SECTION 2.3 or SECTION 9.6 not involving any transfer. 
  

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 The preceding provisions of this section notwithstanding, the Trust shall not be required to make and the
Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Security Insurer (unless an Insurer Default shall have occurred and be continuing) such security or indemnity as may
be required by it to hold the Trust, the Trustee and the Security Insurer harmless, then, in the absence of notice to the Trust, the Note Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the
requirements of Section 8-405 of the UCC are met, the Trust shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
provided, however, 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 Trust may direct the Trustee, in writing, to 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 bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Trust, the Trustee and the Security
Insurer 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 bona fide purchaser, 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 Trust or the Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Trust may require the payment by the Holder of such Note 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 Trustee) connected therewith. 
 Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Trust, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. 
 The provisions of this Section 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. 
 SECTION 2.6 Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Trust, the Trustee and any agent of the Trust or the Trustee, or the Security Insurer may treat the Person in whose name any Note is registered (as of the
Record 

  

 14 

 
Date) 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 none of the Trust, the Security Insurer, the Trustee nor any agent of the Trust or the Trustee shall be affected by notice to the contrary. 
 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 
 (a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note and the Class A-3 Note set forth in Exhibits A-1, A-2 and A-3, respectively, and such interest
shall be due and payable on each Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Trust on the applicable Distribution 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 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 SECTION 2.12, 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 Distribution Date or on the Final Scheduled Distribution Date
(and except for the Redemption Price for any Note called for redemption pursuant to SECTION 10.1(b) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with SECTION 3.3.

 (b) The principal of each Note shall be payable in installments on each Distribution Date, as applicable, as provided in the forms of the
Class A-1 Note, the Class A-2 Note and the Class A-3 Note set forth in Exhibits A-1, A-2 and A-3, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously
paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee, the Noteholders representing not less than a majority of the Outstanding Amount of the Notes (so long as an Insurer Default has occurred and is
continuing) or the Security Insurer (so long as no Insurer Default has occurred and is continuing) has declared the Notes to be immediately due and payable in the manner provided in SECTION 5.2. All principal payments on each class of Notes shall be
made pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Trust, the Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date
on which the Trust expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Distribution 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 SECTION 10.2. 
 (c) If the Trust defaults in a payment of interest on the Notes, and such default is waived by
the Controlling Party, the Trust shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Trust may pay such defaulted interest to the Persons who are
Noteholders on the immediately 

  

 15 

 
following Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record date, which date shall
be at least five Business Days prior to the payment date. The Trust shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Trust shall mail to each Noteholder and
the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
 (d) Promptly
following the date on which all principal of and interest on the Notes has been paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Security Insurer has paid any amount in respect of the Notes under the Note
Policy or otherwise which has not been reimbursed to it, deliver such surrendered Notes to the Security Insurer. 
 SECTION 2.8
Cancellation. Subject to SECTION 2.7(d), all Notes surrendered for payment, registration of transfer, exchange, or redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly
canceled by the Trustee. Subject to SECTION 2.7(d), the Trust may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Trust may have acquired in any manner whatsoever, and all
Notes so delivered shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to SECTION 2.7(d),
all canceled Notes may be held or disposed of by the Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Trust shall timely direct by an Trust Order that they be destroyed or returned to it;
provided that such Trust Order is timely and the Notes have not been previously disposed of by the Trustee. 
 SECTION 2.9 Release of
Collateral. The Trust Collateral Agent shall, on or after the Termination Date, release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any
other Trust Account. The Trust Collateral Agent shall release property from the lien created by this Indenture pursuant to this SECTION 2.9, other than pursuant to SECTION 11.1(b)(v) herein, only upon receipt of an Trust Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of SECTION 11.1. 
 SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry
Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Trust. 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 will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in SECTION 2.12. Unless and until definitive, fully registered Notes (the “Definitive
Notes”) have been issued to Note Owners pursuant to SECTION 2.12: 
 (i) the provisions of this Section shall be in
full force and effect; 
  

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 (ii) the Note Registrar and the 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 Holder of the Notes, and shall have no obligation to the Note Owners;

 (iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the
provisions of this Section shall control; 
 (iv) 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 such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to SECTION 2.12, 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 Notes to such Clearing Agency Participants; 
 (v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a
specified percentage of the Outstanding Amount of the Notes, 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
owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Trustee; and 
 (vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a
certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office. 
 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 SECTION 2.12, the 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. If (i) the Servicer advises the 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 Servicer is unable to locate a qualified successor, (ii) the Servicer at its option advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the
Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the 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 Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration 

  

 17 

 
instructions, the Trust shall execute and the Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.
None of the Trust, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes,
the Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 ARTICLE III 
 Covenants 
 SECTION 3.1 Payment of
Principal and Interest. The Trust 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, the Trust will cause to be distributed all
amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii) for the benefit
of the Class A-2 Notes, to Class A-2 Noteholders and (iii) for the benefit of the Class A-3 Notes, to Class A-3 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest
and/or principal shall be considered as having been paid by the Trust to such Noteholder for all purposes of this Indenture. 
 SECTION 3.2
Maintenance of Office or Agency. The Trust will maintain in New York, New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Trust in respect of the
Notes and this Indenture may be served. The Trust hereby initially appoints the Trustee to serve as its agent for the foregoing purposes. The Trust will give prompt written notice to the Trustee of the location, and of any change in the location, of
any such office or agency. If at any time the Trust shall fail to maintain any such office or agency or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Trust hereby appoints the Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION 3.3 Money
for Payments to be Held in Trust. On or before each Distribution Date and Redemption Date, the Trust shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the
amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act.

 The Trust will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee and the Security Insurer an
instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will: 
 (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 herein provided; 
  

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 (ii) give the Trustee notice of any default by the Trust (or any other obligor upon the
Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii)
at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Note Paying Agent and forthwith pay to the 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 Note Paying Agent at the time of its appointment; and 
 (v) 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. 
 The Trust may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, by Trust Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying
Agent; and upon such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for
two years after such amount has become due and payable shall be discharged from such trust and be paid to the Trust on Trust Request with the consent of the Security Insurer (unless an Insurer Default shall have occurred and be continuing) and shall
be deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Trust for payment thereof (but only to the extent of the amounts so paid to the Trust), and all
liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion thereof had been previously deposited by the Security Insurer or the Trust
Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Security Insurer, such amounts shall be paid promptly to the Security Insurer upon the Trustee’s receipt of a
written request by the Security Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Trust cause to be published once,
in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to 

  

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the Trust. The Trustee shall also adopt and employ, at the expense of the Trust, 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 moneys due and payable but not claimed is determinable from the records of the
Trustee or of any Note Paying Agent, at the last address of record for each such Holder). 
 SECTION 3.4 Existence. Except as
otherwise permitted by the provisions of SECTION 3.10, the Trust will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Trust hereunder is or
becomes, organized under the laws of any other state or of the United States of America, in which case the Trust will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will 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 Trust Estate. The Trust intends the security interest granted pursuant to this Indenture in
favor of the Trust Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Trust shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Trust Secured
Parties, a first lien on and a first priority, perfected security interest in the Trust Estate. The Trust will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 
 (i) grant more effectively all or any portion of the Trust Estate; 
 (ii) maintain or preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent for the benefit
of the Trust Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 
 (iii) perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture; 
 (iv) enforce any of the
Collateral; 
 (v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust
Estate against the claims of all persons and parties; 
 (vi) pay all taxes or assessments levied or assessed upon the Trust
Estate when due; and 
 (vii) maintain or preserve all of the Trust’s right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Sale Agreement and the Sale and Servicing Agreement, including the Trust’s rights under the Sale Agreement and the Sale and Servicing Agreement, to enforce the delivery requirements,
representations and warranties and the cure and repurchase obligations of UACC and the Seller under the Sale Agreement and the Sale and Servicing Agreement. 
  

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 The Trust hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any
financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section. 
 SECTION
3.6 Opinions as to Trust Estate. 
 (a) On the Closing Date, the Trust shall furnish to the Trustee, the Trust Collateral Agent and the
Security Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, 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 execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the
benefit of the Trust Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 
 (b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing
Date, the Trust shall furnish to the Trustee, Trust Collateral Agent and the Security Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the lien and
security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion
of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The Trust will not take any action and will use its
best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate 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
Basic Documents or such other instrument or agreement. 
 (b) The Trust may contract with other Persons acceptable to the Security Insurer
(so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person 

  

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identified to the Trustee and the Security Insurer in an Officer’s Certificate of the Trust shall be deemed to be action taken by the Trust. Initially,
the Trust has contracted with the Servicer to assist the Trust in performing its duties under this Indenture. 
 (c) The Trust will
punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to
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 Sale and Servicing Agreement in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Trust shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Security Insurer and the
Holders of at least a majority of the Outstanding Amount of the Notes. 
 (d) If a responsible officer of the Owner Trustee shall have actual
knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Trust shall promptly notify the Trustee, the Security Insurer and the Rating Agencies thereof in accordance with SECTION 11.4, and shall specify
in such notice the action, if any, the Trust is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with
respect to the Receivables, the Trust shall take all reasonable steps available to it to remedy such failure. 
 (e) The Trust agrees that it
will not waive timely performance or observance by the Servicer or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Security Insurer (unless an Insurer Default shall have occurred and be
continuing) or (y) if the effect thereof would adversely affect the Holders of the Notes. 
 SECTION 3.8 Negative Covenants. So
long as any Notes are Outstanding, the Trust shall not: 
 (i) except as expressly permitted by this Indenture or the Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Trust, including those included in the Trust Estate, unless directed to do so by the Controlling Party; 
 (ii) 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 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; or 
 (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Trust Collateral Agent
created by 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 

  

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Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance
(other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens
that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with
respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) amend, modify or fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party.

 SECTION 3.9 Annual Statement as to Compliance. 
 (a) The Trust will deliver to the Trustee and the Security Insurer, within 120 days after the end of each fiscal year of the Trust (commencing with the fiscal year ended December 31, 2007), and otherwise in
compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that 
 (i) a review of the activities of the Trust during such year and of performance under this Indenture has been made under such Authorized
Officer’s supervision; and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such review, the
Trust has complied with all conditions and covenants under this Indenture and the other Basic Documents 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. 
 (b) On or before March 1st of each calendar year, commencing in 2008 until
and unless a Form 15 suspension notification has been filed with respect to the Trust, the Indenture Trustee shall: 
 (i)
deliver to the Depositor, acting on behalf of the Trust, a report (in form and substance reasonably satisfactory to the Depositor) regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Trust and signed by an authorized officer of the Indenture Trustee, and shall address
each of the Servicing Criteria specified on a certification substantially in the form of Schedule B hereto. 
 SECTION 3.10 Trust May
Consolidate, Etc. Only on Certain Terms. 
 (a) The Trust shall not consolidate or merge with or into any other Person, unless:

 (i) the Person (if other than the Trust) formed by or surviving such consolidation or merger shall be a Person organized
and existing under the laws of the 

  

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United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee and the Security Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every
agreement and covenant of this Indenture on the part of the Trust to be performed or observed, all as provided herein; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Trust shall
have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee and the Security Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not have any
material adverse tax consequence to the Trust, the Security Insurer, any Noteholder or the Certificateholder; 
 (v) any
action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
 (vi) the
Trust shall have delivered to the Trustee and the Security Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this ARTICLE III and that all
conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act); and 
 (vii) so long as no Insurer Default shall have occurred and be continuing, the Trust shall have given the Security Insurer written notice of such consolidation or merger at least 20 Business Days prior to the
consummation of such action and shall have received the prior written approval of the Security Insurer of such consolidation or merger and the Trust or the Person (if other than the Trust) formed by or surviving such consolidation or merger has a
net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not less than the net worth of the Trust immediately prior to giving effect to such consolidation or merger. 
 (b) The Trust shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any
Person, unless: 
 (i) the Person that acquires by conveyance or transfer the properties and assets of the Trust the
conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, and the Security Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all
Notes and the performance or observance of every agreement and covenant of this Indenture and each 

  

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of the Basic Documents on the part of the Trust to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend
and hold harmless the Trust against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons,
then one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
 (ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Trust shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee and the Security Insurer
(so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not have any material adverse tax consequence to the Trust, the Security Insurer, any Noteholder or the Certificateholder; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 
 (vi) the Trust shall have delivered to the Trustee and the Security Insurer an Officer’s Certificate and an Opinion of Counsel each
stating that such conveyance or transfer and such supplemental indenture comply with this ARTICLE III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the
Exchange Act); and 
 (vii) so long as no Insurer Default shall have occurred and be continuing, the Trust shall have given
the Security Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Security Insurer of such conveyance or transfer and the
Trust or the Person (if other than the Trust) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b) not less than the net worth of the Trust
immediately prior to giving effect to such conveyance or transfer. 
 (c) The Trust will not change its jurisdiction of organization without
notifying the Trustee and the Security Insurer and taking any actions necessary to maintain a first priority perfected security interest in the Collateral under this Indenture. 
  

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 SECTION 3.11 Successor or Transferee. 
 (a) Upon any consolidation or merger of the Trust in accordance with SECTION 3.10(a), the Person formed by or surviving such consolidation or merger (if
other than the Trust) shall succeed to, and be substituted for, and may exercise every right and power of, the Trust under this Indenture with the same effect as if such Person had been named as the Trust herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Trust pursuant to SECTION 3.10(b), UPFC Auto Receivables Trust 2007-A will be
released from every covenant and agreement of this Indenture to be observed or performed on the part of the Trust with respect to the Notes immediately upon the delivery of written notice to the Trustee stating that UPFC Auto Receivables Trust
2007-A is to be so released. 
 SECTION 3.12 No Other Business. The Trust shall not engage in any business other than financing,
purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto. 
 SECTION 3.13 No Borrowing. The Trust shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) obligations owing
from time to time to the Security Insurer under the Insurance Agreement and (iii) any other Indebtedness permitted by or arising under the Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Trust’s purchase of
the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay the Trust’s organizational, transactional and start-up expenses. 
 SECTION 3.14 Servicer’s Obligations. The Trust shall cause the Servicer to comply with Sections 4.9, 4.10, 4.11 and 5.10 of the Sale and
Servicing Agreement. 
 SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and
Servicing Agreement or this Indenture, the Trust shall not make any loan or advance or credit to, or 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, or 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. 
 SECTION 3.16
Capital Expenditures. The Trust shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 SECTION 3.17 Compliance with Laws. The Trust 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 Trust to perform its obligations under the Notes, this Indenture or any Basic Document. In order to comply with 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”), the Trustee is required to obtain, verify and record certain information relating to 

  

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individuals and entities which maintain a business relationship with the Trustee. Accordingly, the Trust agrees to provide to the Trustee upon its request
from time to time such identifying information and documentation as may be available for the Trust in order to enable the Trustee to comply with Applicable Law. 
 SECTION 3.18 Restricted Payments. The Trust shall not, directly or indirectly, (i) 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 Trust or otherwise with respect to any ownership or equity interest or security in or of the Trust or to the Servicer, (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Trust may make, or cause to be made,
distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or Trust Agreement. The Trust will not, directly
or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents. 
 SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Trust agrees to give the Trustee, the Security Insurer and the Rating Agencies prompt written notice of
each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement. 
 SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the Security Insurer, the Trust 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. 
 SECTION 3.21 Amendments of Sale and Servicing
Agreement and Trust Agreement. The Trust shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or the
Holders of the Notes consent to amendments thereto as provided therein. 
 SECTION 3.22 Income Tax Characterization. For purposes of
federal income, state and local income and franchise and any other income taxes, the Trust will treat the Notes as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by virtue of
acquisition of its interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 
 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 

  

 27 

 
Noteholders to receive payments of principal thereof and interest thereon, (iv) SECTION 3.3, SECTION 3.4, SECTION 3.5, SECTION 3.8, SECTION 3.10,
SECTION 3.12, SECTION 3.13, SECTION 3.20, SECTION 3.21 and SECTION 3.22, (v) the rights, obligations and immunities of the Trustee hereunder (including the rights of the Trustee under SECTION 6.7 and the obligations of the Trustee under SECTION
4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Trust, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when 
 (A) either

 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen
and that have been replaced or paid as provided in SECTION 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Trust and thereafter repaid to the Trust or discharged from
such trust, as provided in SECTION 3.3) have been delivered to the Trustee for cancellation and the Note Policy has expired and been returned to the Security Insurer for cancellation; or 
 (2) all Notes not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, 
 (ii) will become due and payable at their respective Final Scheduled Distribution Dates within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Trust, 
 and the Trust, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trust
Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (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 Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to SECTION 10.1(b)) as the case
may be; 
 (B) the Trust has paid or caused to be paid all Insurer Trust Secured Obligations, all Trustee Trust Secured
Obligations; and 
 (C) the Trust has delivered to the Trustee, the Trust Collateral Agent and the Security Insurer an
Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee, the Trust Collateral Agent or the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) an Independent Certificate from a
firm of certified public accountants, each meeting the applicable requirements of 

  

 28 

 
SECTION 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been
complied with. If the Indenture has been satisfied and discharged in accordance with the provisions of SECTION 4.1(A)(2) then such opinion of counsel shall also include an opinion that amounts deposited by the Trust in accordance with SECTION
4.1(A)(2) would not be characterized as a voidable preference. 
 SECTION 4.2 Application of Trust Money. All moneys deposited with
the Trustee pursuant to SECTION 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through any Note Paying Agent, as
the Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest and, in the case of the
Class A-3 Certificates, additional amounts to become due pursuant to SECTION 10.1 of the Sale and Servicing Agreement; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing
Agreement or required by law. 
 SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection with the satisfaction and
discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than the Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Trust, be paid to the Trustee to
be held and applied according to SECTION 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such moneys. 
 ARTICLE V 
 Remedies 
 SECTION 5.1 Events of Default. “Event of Default,” wherever used herein, means 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): 
 (i) 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 days (solely for purposes of this clause, a payment on the Notes funded by the Security Insurer or the Collateral Agent pursuant to the Spread Account Agreement shall be deemed to be a payment made by the Trust); or 
 (ii) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable
(solely for purposes of this clause, a payment on the Notes funded by the Security Insurer or the Collateral Agent pursuant to the Spread Account Agreement shall be deemed to be a payment made by the Trust); or 
  

 29 

 (iii) so long as an Insurer Default shall not have occurred and be continuing, an
Insurance Agreement Event of Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Event of Default may not form the basis of an Event of Default unless the Security Insurer shall, upon prior
written notice to the Rating Agencies, have delivered to the Trust and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Event of Default constitutes an Event of Default under the Indenture; or 
 (iv) default in the observance or performance of any covenant or agreement of the Trust made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Trust made in this Indenture, in any Basic Document or in any certificate or any other
writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition
in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such
default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Trustee to the effect that the Trust has commenced, or will promptly
commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Trust by the Trustee or to the Trust and the Trustee by the Security Insurer (or, if an Insurer
Default shall have occurred and is continuing, by the Holders of at least 25% of the Outstanding Amount of the Notes), a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or 
 (v) the filing of a decree or order for relief by a
court having jurisdiction in the premises in respect of the Trust or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Trust or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Trust’s affairs, and such decree or
order shall remain unstayed and in effect for a period of 60 consecutive days; 
 (vi) the commencement by the Trust of a
voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Trust to the entry of an order for relief in an involuntary case under any such law, or the consent by
the Trust to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Trust or for any substantial part of the Trust Estate, or the making by the Trust of any general
assignment for the benefit of creditors, or the failure by the Trust generally to pay its debts as such debts become due, or the taking of action by the Trust in furtherance of any of the foregoing; or 
  

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 (vii) the Trust becoming taxable as an association or a publicly traded partnership
taxable as a corporation for federal or state income tax purposes. 
 The Trust shall deliver to the Trustee and the Security Insurer, within
five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action
the Trust is taking or proposes to take with respect thereto. 
 SECTION 5.2 Rights Upon Event of Default. 
 (a) If an Insurer Default shall not have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Trustee shall at
the written direction of the Security Insurer declare that the Notes shall become immediately due and payable at par, together with accrued interest thereon; provided, however, that if an Event of Default pursuant to subclauses (v) or
(vi) of SECTION 5.1 shall have occurred and be continuing, the Trustee shall, regardless of any written direction thereto, declare that the Notes shall become immediately due and payable at par, together with accrued interest thereon. If the
Notes shall have been declared immediately due and payable following an Event of Default, the Controlling Party may exercise any of the remedies specified in SECTION 5.4(a). In the event of any acceleration of any Notes by operation of this SECTION
5.2, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to the Sale and Servicing Agreement for Insured Payments on the Notes. Payments under the Note Policy following acceleration of any Notes shall be applied
by the Trustee: 
 FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for interest; and 
 SECOND: to Noteholders for
amounts due and unpaid on the Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal. 
 (b) In the event any Notes are accelerated due to an Event of Default, the Security Insurer shall have the right (in addition to its obligation to pay
Insured Payments on the Notes in accordance with the Note Policy), but not the obligation, to make payments under the Note Policy or otherwise of interest and principal due on such Notes, in whole or in part, on any date or dates following such
acceleration as the Security Insurer, in its sole discretion, shall elect. 
 (c) If an Insurer Default shall have occurred and be continuing
and an Event of Default shall have occurred and be continuing, the Trustee in its discretion may, or, if so requested in writing by Holders holding Notes representing not less than a majority of the Outstanding Amount of the Notes, shall declare by
written notice to the Trust that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon. 
 (d) 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 Trustee as hereinafter in this ARTICLE V provided,
then the Security Insurer in its sole 

  

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discretion or if an Insurer Default has occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of the Notes, by
written notice to the Trust and the Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Trust
has paid or deposited with the 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 the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and 
 (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 SECTION 5.12. 
 No such rescission shall affect any subsequent default or impair any
right consequent thereto. 
 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee. 
 (a) The Trust covenants that if (i) 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 days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Trust will pay to the 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 Trustee and its agents and counsel. 
 (b) Each Trust Secured Party hereby irrevocably and unconditionally appoints the Controlling
Party as the true and lawful attorney-in-fact of such Trust Secured Party for so long as such Trust Secured Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate,
paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Trust Secured Party such acts, things and deeds for or on behalf of and in the name of such Trust Secured Party under this
Indenture (including specifically under SECTION 5.4) and under the Basic Documents which such Trust Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the
purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the
administration, maintenance or disposition of the Trust Estate. 
  

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 (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion but with the
consent of the Controlling Party and shall, at the written direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Controlling Party 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 Trustee by this Indenture or by law. 
 (d) [Reserved] 
 (e) In case there shall be pending, relative to the Trust or any other obligor upon the Notes or any Person having or claiming an ownership interest in
the Trust estate, proceedings under Title 11 of the United States 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 Trust or its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Trust or other obligor upon the
Notes, or to the creditors or property of the Trust or such other obligor, the 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 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 with the Security Insurer’s consent or at the direction of the Security Insurer
(in each case, so long as the Security Insurer is the Controlling Party): 
 (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 Trustee (including any claim for reasonable compensation
to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result
of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such proceedings; 
 (ii) unless prohibited
by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 
 (iii) to collect and receive any moneys 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 Trustee on their behalf; and 
 (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 Trustee or the Noteholders allowed in any judicial proceedings relative to the Trust, its creditors and its property; 
  

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 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by
each of such Noteholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of
negligence or bad faith. 
 (f) Nothing herein contained shall be deemed to authorize the 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 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. 
 (g) All rights of action
and of asserting claims under this Indenture, the Spread Account Agreement or under any of the Notes, may be enforced by the 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 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
Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes. 
 (h) In any Proceedings brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee shall be held to represent all the Holders of the Notes,
and it shall not be necessary to make any Noteholder a party to any such proceedings. 
 SECTION 5.4 Remedies. 
 (a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do or, so long as the Security Insurer is the Controlling
Party, may direct the Trustee to do, one or more of the following (subject to SECTION 5.5): 
 (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 Trust
and any other obligor upon such Notes moneys adjudged due; 
 (ii) institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Trust Estate; 
 (iii) exercise any remedies of a secured party
under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 
 (iv) direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and 

  

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conducted in any manner permitted by law; provided, however, that if the Trustee is the Controlling Party, the Trustee may not sell or
otherwise liquidate the Trust Estate following an Event of Default unless: 
 (A) such Event of Default is of the type
described in SECTION 5.1(i) or SECTION 5.1(ii); or 
 (B) either 
 (x) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or 
 (y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due
and unpaid upon such Notes for principal and interest and amounts due to the Security Insurer, or 
 (z) The Trustee
determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee provides prior
written notice to the Rating Agencies and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. 
 In determining
such sufficiency or insufficiency with respect to clause (y) and (z), the Trustee may, but need not, obtain and conclusively 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. 
 SECTION 5.5 Optional Preservation
of the Receivables . If the Trustee is the Controlling Party and if the Notes have been declared to be due and payable under SECTION 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and
annulled, the Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain possession of the Trust Estate. It is the desire 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 Security Insurer, and the Trustee shall take such desire into account when determining whether or not to direct the Trust Collateral Agent to maintain possession of the Trust Estate. In
determining whether to direct the Trust Collateral Agent to maintain possession of the Trust Estate, the Trustee may, but need not, obtain and conclusively 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. 
 SECTION 5.6
Priorities. 
 (a) Following (1) the acceleration of the Notes pursuant to SECTION 5.2 or (2) if an Insurer Default shall
have occurred and be continuing, the occurrence of an Event of Default pursuant to SECTION 5.1(i), SECTION 5.1(ii), SECTION 5.1(iv), SECTION 5.1(v), or SECTION 5.1(vi), of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to
Section 10.1(b) 

  

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of the Sale and Servicing Agreement, the Distribution Amount, including any money or property collected pursuant to SECTION 5.4 of this Indenture and any
such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in the following order of priority: 
 FIRST: amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer Event of Default), the Owner Trustee, the Trustee, the Backup Servicer, the Designated Backup Subservicer, the
Collateral Agent and the Trust Collateral Agent, respectively, pursuant to priorities (i) and (ii) of Section 5.7(b) of the Sale and Servicing Agreement and not previously distributed, in the order of such priorities as set forth
therein and without limitation, preference or priority of any kind within such priorities; 
 SECOND: to Noteholders for
amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 
 THIRD: to Holders of the Class A-1 Notes for amounts due and unpaid on the Class A-1 Notes for principal, until the Outstanding
Amount of the Class A-1 Notes is reduced to zero; 
 FOURTH: to Holders of the Class A-2 Notes and the
Class A-3 Notes for amounts due and unpaid on those Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on those Notes for principal, until the Outstanding Amount of each of the
Class A-2 Notes and the Class A-3 Notes has been reduced to zero; 
 FIFTH: amounts due and owing and required to be
distributed to the Security Insurer pursuant to priority (v) or (viii) of Section 5.7(b) of the Sale and Servicing Agreement and not previously distributed); 
 SIXTH: to the Class A-3 Notes, additional amounts due if the Servicer does not exercise its rights with respect to the optional
purchase as provided in Section 10.1 of the Sale and Servicing Agreement; 
 SEVENTH: to the Collateral Agent to be
applied as provided in the Spread Account Agreement. 
 (b) The Trustee may fix a record date and payment date for any payment to Noteholders
pursuant to this SECTION 5.6. At least 15 days before such record date the Trust shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 
 SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder
has previously given written notice to the Trustee of a continuing Event of Default; 
  

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 (ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made
written request to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;

 (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the
Holders of a majority of the Outstanding Amount of the Notes; and 
 (vi) an Insurer Default shall have occurred and be
continuing; 
 it being understood and intended that no one or more Noteholders shall have any right in any manner whatever 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 Holders or to enforce any right under this Indenture, except in the manner
herein provided. 
 SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other
provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, 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 Holder. 
 SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party 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 Trustee or to such Noteholder, then and in every such case the Trust, the 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 Trustee and the Noteholders shall continue as though no such Proceeding had
been instituted. 
 SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the
Controlling Party or to the Noteholders is intended to be exclusive of any other right or remedy, 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 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the Controlling
Party, the Security Insurer 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 ARTICLE V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may
be. 
 SECTION 5.12 Control by Noteholders. If the Trustee is the Controlling Party, the Holders of a majority of the Outstanding
Amount of the Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee with respect to the Notes or exercising any trust or power conferred on the Trustee; provided that

 (i) such direction shall not be in conflict with any rule of law or with this Indenture; 
 (ii) subject to the express terms of SECTION 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the
Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
 (iii) if the conditions set forth in
SECTION 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the
Trust Estate shall be of no force and effect; and 
 (iv) the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction; 
 provided, however, that, subject to ARTICLE VI, the Trustee need not take any action that it
determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action. 
 SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in SECTION 5.4, the
Security Insurer or, if an Insurer Default shall have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding Amount of the Notes 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 or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the
Trust, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
  

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 Upon any such waiver, such 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 subsequent or other Default or Event of Default or impair
any right consequent thereto. 
 SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note
by such Holder’s acceptance thereof 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 Trustee for any action
taken, suffered or omitted by it as 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 and expenses, including reasonable
attorneys’ fees and expenses, 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 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 Amount of the Notes 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 5.15 Waiver of Stay or Extension Laws. The Trust 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
Trust (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 Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.16 Action on Notes. The 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 Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Trust 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
Trust. 
 SECTION 5.17 Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Trust agrees to take all such lawful action as the
Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Trust under or in connection with the Sale and Servicing Agreement in accordance with the terms
thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Trust under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee, including the
transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations
under the Sale and Servicing Agreement. 
  

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 (b) If the Trustee is a Controlling Party and if an Event of Default has occurred and is continuing, the
Trustee may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to ARTICLE VI, exercise all rights, remedies, powers, privileges and claims of the Trust against the Seller or the Servicer
under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Trust thereunder and to
give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Trust to take such action shall be suspended. 
 ARTICLE VI 
 The Trustee and the Trust Collateral Agent 
 SECTION 6.1 Duties of Trustee. 
 (a)
If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a Party and use the same degree of care and skill in its exercise as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; however, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and 
  

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 (iii) the Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to SECTION 5.12. 
 (d) The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Trust. 
 (e) Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder 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 reasonably satisfactory to it against such risk or liability is not assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this SECTION 6.1 and to the provisions of the
TIA. 
 (h) The Trustee shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Security Insurer at
the expense of the Trust, during the Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the
Trustee’s affairs and actions, as such affairs and actions relate to the Trustee’s duties with respect to the Notes, with the Trustee’s officers and employees responsible for carrying out the Trustee’s duties with respect to the
Notes. 
 (i) The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and
Servicing Agreement. 
 (j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any proceeds of
any claim on the Note Policy in trust solely for the use and benefit of the Noteholders. 
 (k) Without limiting the generality of this
SECTION 6.1, the Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to
the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance,
(iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or verify the
contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to
inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Trust’s, the 

  

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Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of
the Receivable Files under the Sale and Servicing Agreement. 
 (l) In no event shall Deutsche Bank Trust Company Americas, in any of its
capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
 SECTION 6.2 Rights of Trustee. 
 (a) The 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 Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in
reliance on the Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, the Trust, UPFC Auto
Financing Corporation, United Auto Credit Corporation or CenterOne Financial Services LLC or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes 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. 
 (f) The
Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the
provisions of this Indenture, unless such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; provided,
however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Security Insurer (so long as no Insurer Default shall have occurred and be 

  

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continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount
thereof; provided, however, that the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand. 
 (h) The Trustee shall not be
liable for any losses on investments except for losses resulting from the failure of the Trustee to make an investment in accordance with written instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note
Registrar, the rights and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar. 
 SECTION 6.3
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Trust or its Affiliates with the same rights it would have if it were not Trustee. Any
Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with SECTION 6.11, and SECTION 6.12. 
 SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this
Indenture, the Trust Estate or the Notes, it shall not be accountable for the Trust’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Trust in the Indenture or in any document issued in connection
with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 SECTION 6.5 Notice of
Defaults. If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder and the
Security Insurer notice of the Default within 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 Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by Trustee to Holders. The Trustee shall deliver to each Noteholder such information as may be reasonably required to enable such Holder to prepare its federal and state income tax
returns. 
 SECTION 6.7 Compensation and Indemnity. 
 (a) Pursuant to Section 5.7(b) of the Sale and Servicing Agreement, the Trust shall, or shall cause the Servicer to, pay to the Trustee, the Collateral Agent, the Trust Collateral Agent and the Backup Servicer,
from time to time compensation for their respective services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Trust shall cause the Servicer to reimburse the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Backup Servicer and the Designated Backup Subservicer for all 

  

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reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s, the Backup Servicer’s, the Designated Backup Subservicer’s, the Collateral Agent’s and the Trust Collateral Agent’s agents,
counsel, accountants and experts. The Trust shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and their respective officers, directors,
employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the administration of this Trust and the performance of its duties
hereunder and under the Basic Documents. The Trustee, Trust Collateral Agent, the Collateral Agent, the Backup Servicer or the Designated Backup Subservicer shall notify the Trust and the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer or the Designated Backup Subservicer to so notify the Trust and the Servicer shall not relieve the Trust of its obligations hereunder or the
Servicer of its obligations under Article XI of the Sale and Servicing Agreement. The Trust shall cause the Servicer to defend the claim, and the Trustee, Trust Collateral Agent, the Collateral Agent, the Backup Servicer or the Designated Backup
Subservicer may have separate counsel and the Trust shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Trust nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred by
the Trustee, Trust Collateral Agent, Collateral Agent, Backup Servicer or the Designated Backup Subservicer through the Trustee’s, Trust Collateral Agent’s, Collateral Agent’s, Backup Servicer’s or the Designated Backup
Subservicer’s own willful misconduct, negligence or bad faith. 
 (b) The Trust’s payment obligations to the Trustee pursuant to
this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Collateral Agent or the Backup Servicer or the Designated Backup Subservicer. When the Trustee, the
Trust Collateral Agent, the Collateral Agent, the Backup Servicer or the Designated Backup Subservicer incurs expenses after the occurrence of a Default specified in SECTION 5.1(v) or SECTION 5.1(vi) with respect to the Trust, the expenses are
intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. Notwithstanding anything else set forth in this Indenture or the Basic
Documents, the Trustee agrees that the obligations of the Trust (but not the Servicer) to the Trustee hereunder and under the Basic Documents shall be with recourse to the Trust Estate only and specifically shall not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Trust, the Trust Estate, the Seller and amounts held pursuant of the Spread Account Agreement shall be limited to the right to receive the distributions
referred to in Section 5.7(b) of the Sale and Servicing Agreement. 
 (c) In no event shall the Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer and the Designated Backup Subservicer be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee, the
Trust Collateral Agent, the Collateral Agent, the Backup Servicer and the Designated Backup Subservicer have been advised of the likelihood of such loss or damage and regardless of the form of action. 
  

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 (d) In no event shall the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer
and the Designated Backup Subservicer be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or
undeclared) terrorism, fire, riot, embargo and government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement.

 SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by so notifying the Trust and the Security Insurer. The
Trust may and, at the request of the Security Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if: 
 (i) the Trustee fails to comply with SECTION 6.11; 
 (ii) a court having jurisdiction in the
premises in respect of the Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall
have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or
ordering the winding-up or liquidation of the Trustee’s affairs; 
 (iii) an involuntary case under the federal
bankruptcy laws, as now or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; 
 (iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any
other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for
the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any of the foregoing; or

 (v) the Trustee otherwise becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein
as the retiring Trustee), the Trust shall promptly appoint a successor Trustee acceptable to the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing). If the Trust fails to appoint such a successor Trustee, the
Security Insurer may appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee, the Security Insurer (provided that no Insurer Default shall have occurred and be continuing) and to the Trust. Thereupon the resignation or removal of the retiring Trustee shall 

  

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become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture subject to satisfaction
of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 
 If a successor Trustee does not take office within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Trust, the
Security Insurer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with SECTION 6.11, the Security Insurer, so long as the Insurer is the Controlling Party, or, if the Security Insurer is
not the Controlling Party, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee
pursuant to SECTION 6.8 and payment of all fees and expenses owed to the outgoing Trustee. 
 Notwithstanding the replacement of the Trustee
pursuant to this Section, the Trust’s and the Servicer’s obligations under SECTION 6.7 shall continue for the benefit of the retiring Trustee. 
 SECTION 6.9 Successor Trustee by Merger. If the 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 Trustee. The Trustee shall provide the Rating Agencies and the Security Insurer prior written notice of any such transaction.

 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 
 (a) Notwithstanding any other provisions
of this Indenture, at any time, 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 Trustee with the consent of the Security Insurer (so long as an Insurer
Default shall not have occurred and be continuing) 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 

  

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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 Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under SECTION 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under SECTION 6.8 hereof. 
 (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: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the 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 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 Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title
to the Trust 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 Trustee; 
 (ii) no 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 
 (iii) the Trustee may at any time accept the resignation of or remove
any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the 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 Indenture and the conditions of this ARTICLE VI. 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 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 Trustee. Every such instrument shall be filed with the Trustee.

 (d) Any separate trustee or co-trustee may at any time constitute the 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, dissolve, become insolvent, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  

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 (e) Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be
borne by the Trust Estate. 
 SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of
TIA § 310(a). The Trustee 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 it shall have a long term, senior unsecured debt rating of BBB-, or an
equivalent rating, or better by the Rating Agencies. The Trustee shall provide copies of such reports to the Security Insurer upon request. The Trustee shall comply with TIA § 310(b). 
 SECTION 6.12 Preferential Collection of Claims Against Trust. The Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
 SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Trust Secured Parties hereby appoints Deutsche Bank Trust Company Americas, as the Trust Collateral Agent with
respect to the Collateral, and Deutsche Bank Trust Company Americas hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the Trust Secured Parties, to maintain custody and possession of such
Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions of this Indenture and the other Basic Documents. Each Trust Secured Party hereby authorizes the Trust
Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the
terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney. The Trust Collateral Agent shall act upon and in
compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that the Trust Collateral Agent shall not act in accordance with any
instructions (i) which are not authorized by, or are in violation of the provisions of, this Indenture, (ii) which are in violation of any applicable law, rule or regulation or (iii) for which the Trust Collateral Agent has not
received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to
act only following and in accordance with such instructions. 
 SECTION 6.14 Performance of Duties . The Trust Collateral Agent shall
have no duties or responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust
Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with the indemnification of the Controlling Party (or, if the Controlling Party is the Trustee, with the indemnification of the
Noteholders). The Trust Collateral Agent shall, and hereby agrees that it will, subject to this Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement. 
  

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 SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent nor any of its directors,
officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable for its negligence, bad faith or willful misconduct; nor
shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Trust of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term or provision of this
Indenture, the Trust Collateral Agent shall incur no liability to the Trust or the Trust Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the Collateral, except for the negligence, bad faith or willful
misconduct on the part of the Trust Collateral Agent, and, further, shall incur no liability to the Trust Secured Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Trust Secured Parties. The Trust
Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other
document reasonably believed by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trust Collateral Agent) the Trust
Collateral Agent shall not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to
independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust Collateral Agent may consult with counsel, and shall not
be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any obligation to exercise any of the remedial rights or powers
vested in it by this Indenture or to follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless it shall have received reasonable security or
indemnity satisfactory to the Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it. 
 SECTION
6.16 Reliance Upon Documents. In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably
believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or
opinion contained in any such document or instrument. 
 SECTION 6.17 Successor Trust Collateral Agent. 
 (a) Merger. Any Person into which the Trust Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may
sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall (provided it is
otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to and interest in the Collateral and all of the trusts, powers, discretions,
immunities, privileges and 

  

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other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary by the Trust to perfect, or continue the perfection of, the security interest of the Trust Secured Parties in the
Collateral; provided that any such successor shall also be the successor Trustee under SECTION 6.9. 
 (b) Resignation. The Trust
Collateral Agent and any successor Trust Collateral Agent may resign at any time by so notifying the Trust and the Security Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder.

 (c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at any time (and should be removed at any time that
the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Trust Secured Party and the Trust. A temporary successor may be removed at any time to
allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective
date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof,
and (ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in SECTION 3.6. 
 (d) Acceptance by
Successor. The Controlling Party shall have the sole right to appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor and to the Trustee, each Trust Secured Party and the Trust an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will
effectuate the delivery of all Collateral to the successor Trust Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and
obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either Trust Secured Party or the Trust, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers
of such predecessor hereunder. In the event that any instrument in writing from the Trust or an Trust Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly vest in such successor the estates,
properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Trust Collateral Agent, be
forthwith executed, acknowledged and delivered by the Trustee or the Trust, as the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and appointing a successor
hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Trust Collateral Agent in each
place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 
  

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 SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any compensation
for the performance of its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 
 SECTION 6.19
Representations and Warranties of the Trust Collateral Agent and the Trust (A) The Trust Collateral Agent represents and warrants to the Trust and to each Trust Secured Party as follows: 
 (a) Due Organization. The Trust Collateral Agent is a New York banking corporation and is duly authorized and licensed under applicable law to
conduct its business as presently conducted. 
 (b) Corporate Power. The Trust Collateral Agent has all requisite right, power and
authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder. 
 (c) Due
Authorization. The execution and delivery by the Trust Collateral Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have
been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust
Collateral Agent, of this Indenture and such other Basic Documents. 
 (d) Valid and Binding Indenture. The Trust Collateral Agent has
duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent,
enforceable against the Trust Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’
rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
 (B)
The Trust hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule A is true and correct. Such representations and warranties speak as of the execution
and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived. 
 SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly waives any and all rights of setoff that the Trust Collateral Agent may otherwise at any time have under applicable law with respect
to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement. 
  

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 SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent shall comply with
notices and instructions given by the Trust only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be continuing, the Trust Collateral Agent shall act upon and comply with
notices and instructions given by the Controlling Party alone in the place and stead of the Trust. 
 ARTICLE VII 
 Noteholders’ Lists and Reports 
 SECTION 7.1 Trust To Furnish To Trustee Names and Addresses of Noteholders. The Trust will furnish or cause to be furnished to the Trustee (a) not more than five days after the earlier of (i) each Record Date and
(ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee may request in writing,
within 30 days after receipt by the Trust of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as the Trustee is the Note
Registrar, no such list shall be required to be furnished. The Trustee or, if the Trustee is not the Note Registrar, the Trust shall furnish to the Security Insurer in writing on an annual basis on each June 30 and at such other times as the
Security Insurer may request a copy of the list. 
 SECTION 7.2 Preservation of Information; Communications to Noteholders.

 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the
most recent list furnished to the Trustee as provided in SECTION 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such SECTION 7.1
upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with
respect to their rights under this Indenture or under the Notes. 
 (c) The Trust, the Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
 SECTION 7.3 Reports by Trust. 
 (a) The Trust shall: 
 (i)
file with the Trustee, within 15 days after the Trust is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Trust may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
  

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 (ii) file with the Trustee and the Commission in accordance with rules and regulations
prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Trust with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; and 
 (iii) supply to the Trustee (and the Trustee shall transmit by mail to all Noteholders described in TIA
§ 313(c)) such summaries of any information, documents and reports required to be filed by the Trust pursuant to clauses (i) and (ii) of this SECTION 7.3(a) as may be required by rules and regulations prescribed from time to time
by the Commission. 
 (b) Unless the Trust otherwise determines, the fiscal year of the Trust shall end on December 31 of each year.

 SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60 days after each March 31, beginning with
March 31, 2008, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b).

 A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Trust shall notify the Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE
VIII 
 Accounts, Disbursements and Releases 
 SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the 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 Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing Agreement. The Trustee shall apply all such money received by it, or
cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default
occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the 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 ARTICLE V. 
 SECTION 8.2 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses and other amounts pursuant to SECTION 6.7, the Trust Collateral Agent may, with the consent of the Security Insurer, for so long as it is the Controlling Party, and when required by the
provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a 

  

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manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust
Collateral Agent as provided in this ARTICLE VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 
 (b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the Trustee pursuant to SECTION 6.7 and all amounts
due to the Security Insurer under the Basic Documents have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Trust or any other Person entitled thereto any funds
then on deposit in the Trust Accounts. The Trustee shall release property from the lien of this Indenture pursuant to this SECTION 8.2(b) only upon receipt of an Trust Request accompanied by an Officer’s Certificate, an Opinion of Counsel and
(if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of SECTION 11.1. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least seven days’ notice when requested by the Trust to take any action pursuant to SECTION 8.2(a), accompanied by copies
of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in form and substance satisfactory to the Trustee, stating the legal effect of 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, however, 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,
without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. An Opinion of Counsel shall not be required in connection with the release of a
Receivable that has been paid off in full by its Obligor. 
 ARTICLE IX 
 Supplemental Indentures 
 SECTION 9.1 Supplemental Indentures Without Consent
of Noteholders. 
 (a) Without the consent of the Holders of any Notes but with the consent of the Security Insurer (unless an Insurer
Default shall have occurred and be continuing) and with prior notice to the Rating Agencies by the Trust, as evidenced to the Trustee, the Trust and the Trustee, when authorized by an Trust Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 
 (i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 
  

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 (ii) to evidence the succession, in compliance with the applicable provisions hereof, of
another person to the Trust, and the assumption by any such successor of the covenants of the Trust herein and in the Notes contained; 
 (iii) to add to the covenants of the Trust, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Trust; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with
any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such action shall not adversely
affect the interests of the Holders of the Notes; 
 (vi) to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of ARTICLE VI; or 
 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 
 The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained. 
 (b) The Trust and the Trustee, when authorized by an Trust Order, may, also without the
consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Trust and with the prior written consent of the Security Insurer (unless an Insurer Default shall have occurred and be continuing), as evidenced to the
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 Holders
of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 
 (c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no amendment under SECTION 9.1 or SECTION 9.2 shall materially
adversely affect the Security Insurer without the Security Insurer’s prior consent. 
 (d) In order to comply with any rules adopted by
the Securities and Exchange Commission, the Trust and the Trustee, when authorized by a Trust Order, may, with the consent of the Security Insurer, which consent shall not be unreasonably withheld, and without the 

  

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consent of any of the Holders of the Notes and without any prior notice to the Rating Agencies, 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 as may be necessary, in the judgment of the Depositor and its counsel, to comply with any rules promulgated by the Securities
and Exchange Commission and any interpretations thereof by the staff of the Securities and Exchange Commission. 
 SECTION 9.2
Supplemental Indentures with Consent of Noteholders. The Trust and the Trustee, when authorized by a Trust Order, also may, with prior notice to the Rating Agencies, with the consent of the Security Insurer (unless an Insurer Default shall
have occurred and be continuing) and with the consent of the Holders of not less than a majority of the outstanding Amount of the Notes, by Act of such Holders delivered to the Trust and the 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 Holders of the Notes under this Indenture;
provided, however, that, if an Insurer Default has occurred and is continuing, such supplemental indenture will not materially and adversely affect the interest of the Security Insurer; provided further, that subject to the express
rights of the Security Insurer under the Basic Documents, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the
Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 
 (ii) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in ARTICLE V, to the payment of any such amount due on the Notes on or after
the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (iii) reduce the
percentage of the Outstanding Amount of the Notes, 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; 
 (iv) modify or alter the
provisions of the proviso to the definition of the term “Outstanding”; 
 (v) reduce the percentage of the
Outstanding Amount of the Notes required to direct the Trustee to direct the Trust to sell or liquidate the Trust Estate pursuant to SECTION 5.4; 
  

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 (vi) modify any provision of this Section except to increase any percentage specified
herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 
 (vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest
or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the
Notes contained herein; or 
 (viii) 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 any of the Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Holder
of any Note of the security provided by the lien of this Indenture. 
 The Trustee may determine whether or not any Notes would be affected
by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable for any such determination made in
good faith. 
 It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the
Trust and the Trustee of any supplemental indenture pursuant to this Section, the Trustee, at the expense of the Trust, shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in
general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture
permitted by this ARTICLE IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under
this Indenture or otherwise. 
 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 Trustee, the Trust and the Holders of the Notes shall thereafter be 

  

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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 ARTICLE IX 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 ARTICLE IX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Trust or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Trust, to any such supplemental indenture may be prepared and executed by the Trust and authenticated and delivered
by the Trustee in exchange for Outstanding Notes. 
 ARTICLE X 
 Redemption of Notes 
 SECTION 10.1 Redemption. 
 (a) The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer or the Seller pursuant to Section 10.1(a) of the
Sale and Servicing Agreement, on any Distribution Date on which the Servicer or Seller exercises its option to purchase the Trust Estate (with the consent of the Security Insurer if such purchase would result in a claim on the Note Policy or would
result in any amount owing to the Security Insurer under the Insurance Agreement remaining unpaid) pursuant to said Section 10.1(a) for a purchase price equal to the Redemption Price; provided, however, that the Trust has
available funds sufficient to pay the Redemption Price and all amounts due and payable to the Security Insurer under the Insurance Agreement. The Servicer or the Trust shall furnish the Security Insurer and the Rating Agencies notice of such
redemption. If the Notes are to be redeemed pursuant to this SECTION 10.1(b), the Servicer or the Trust shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Trust shall deposit with the
Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying with SECTION 10.2 to each Holder of Notes.

 (b) In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit
in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or
the Trust shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date. 
  

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 SECTION 10.2 Form of Redemption. 
 (a) Notice of redemption under SECTION 10.1(b) shall be given by the 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 shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price; 
 (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 Trust to be maintained as provided in SECTION 3.2); and 
 (iv) that interest on the Notes shall cease to accrue on the Redemption Date. 
 Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Trust. Failure to give notice of redemption, or any
defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 
 (b) Prior notice of
redemption under SECTION 10.1(b) is not required to be given to Noteholders. 
 SECTION 10.3 Notes Payable on Redemption Date. The
Notes to be redeemed shall, following notice of redemption, as required by SECTION 10.2 (in the case of redemption pursuant to SECTION 10.1(b)), on the Redemption Date, become due and payable at the Redemption Price, and (unless the Trust 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. 
 ARTICLE XI 
 Miscellaneous 

SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the Trust to the Trustee or the Trust Collateral
Agent to take any action under any provision of this Indenture, the Trust shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to the Security Insurer (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, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and
(iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants 

  

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meeting the applicable requirements of this Section, 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. 
 (a) Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (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; 
 (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; 
 (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 
 (iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any Collateral or other property or securities with the Trust Collateral Agent that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Trust shall, in addition to any obligation imposed in SECTION 11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent and the Security Insurer an
Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Trust of the Collateral or other property or securities to be so deposited. 

(ii) Whenever the Trust is required to furnish to the Trust Collateral Agent and the Security Insurer an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Trust shall also deliver to the Trust Collateral Agent and the Security Insurer an Independent Certificate as to the same matters, if
the fair value to the Trust of the 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 Trust, as set forth in the certificates
delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Trust
as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes. 
 (iii) Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Trust
shall also furnish to the Trust Collateral Agent and the Security Insurer an Officer’s Certificate certifying or stating the opinion of 

  

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each person signing such certificate as to the fair value (within 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. 
 (iv) Whenever the Trust is required to furnish to the Trust Collateral Agent and the Security Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described
in clause (iii) above, the Trust shall also furnish to the Trust Collateral Agent and the Security Insurer an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than
Purchased Receivables, Sold Receivables and Defaulted 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 clause (iii) above
and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, 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 1 percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding
SECTION 2.9 or any other provision of this Section, the Trust may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the
Trust Accounts as and to the extent permitted or required by the Basic Documents. 
 SECTION 11.2 Form of Documents Delivered to
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 or opinion of an Authorized Officer of the Trust may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters
upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by,
an officer or officers of the Servicer, the Seller or the Trust, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Trust, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any
Person is required to make, give or execute two 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. 
  

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 Whenever in this Indenture, in connection with any application or certificate or report to the Trustee,
it is provided that the Trust shall deliver any document as a condition of the granting of such application, or as evidence of the Trust’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 Trust to have such application granted
or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
ARTICLE VI. 
 SECTION 11.3 Acts of Noteholders. 
 (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
Trustee, and, where it is hereby expressly required, to the Trust. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” 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 SECTION 6.1) conclusive in favor of the Trustee and the Trust, if
made in the manner provided in this Section. In the event the 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 Amount of the
Notes, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the Trustee. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes 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 Trustee or the Trust in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION 11.4 Notices, etc., to Trustee, Trust and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act
of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: 
 (a) The
Trustee by any Noteholder or by the Trust shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon
receipt to the Trustee at its Corporate Trust Office, or 
  

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 (b) The Trust by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if
personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Trust addressed to: UPFC Auto Receivables Trust 2007-A, in care of Wells Fargo
Delaware Trust Company, 919 Market Street, Suite 1600, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Trustee by Trust. The Trust shall promptly transmit any
notice received by it from the Noteholders to the Trustee. 
 (c) The Security Insurer by the Trust or the Trustee shall be sufficient for
any purpose hereunder if in writing and mailed by registered mail or personally delivered or telexed or telecopied to the recipient as follows: 
  

			
	To the Security Insurer:	 	 MBIA Insurance Corporation
 113 King Street,
Armonk
 New York 10504
 Attention: IPM-SF (UPFC Auto Receivables
2007-A)
 Facsimile No.: (914)
765-3810                                      
  

 (In each case in which notice or other communication to the Security Insurer refers to an Event of Default, a
claim on the Note Policy or with respect to which failure on the part of the Security Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of
the General Counsel “URGENT MATERIAL ENCLOSED.”) 
 Notices required
to be given to the Rating Agencies by the Trust, the Trustee or the Owner Trustee shall be in writing, personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s,
at the following address: Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s, A Division of The
McGraw-Hill Companies, Inc., 55 Water Street, 40th Floor, New York, New York 10041, Attention of Asset Backed
Surveillance Department; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 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 here in provided shall conclusively be presumed to have been duly given. 
  

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 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 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 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 Event of Default. 
 SECTION 11.6 [Reserved] 
 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. 
 The provisions of TIA §§ 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 Trust shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in this Indenture
shall bind its successors. 
 SECTION 11.10 Separability. 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 Security Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely upon and directly
to enforce such provisions of this Indenture so long as no Insurer Default shall have occurred and be continuing. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable 

  

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right, remedy or claim under this Indenture. The Security Insurer may disclaim any of its rights and powers under this Indenture (in which case the Trustee
may exercise such right or power hereunder), but not its duties and obligations under the Note Policy, upon delivery of a written notice to the Trustee. 
 In exercising any of its voting rights, rights to direct or consent or any other rights as the Security Insurer under this Indenture or any other Basic Document, subject to the terms and conditions of this Indenture,
the Security Insurer shall not have any obligation or duty to any Person to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or at its discretion or any failure by it to act
or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects any Noteholder, the Trust or any other Person. 
 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 an 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, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING
IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 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 Trust and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any
other counsel reasonably acceptable to the Trustee and the Security Insurer) 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 Trustee or the Trust Collateral Agent under this Indenture or the Collateral Agent under the Spread Account Agreement. 
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Trust, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup
Servicer, the Designated Backup Subservicer or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer,
the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Trust or (iii) any
partner, owner, 

  

 65 

 
beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the
Backup Servicer, the Designated Backup Subservicer or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the
Backup Servicer, the Designated Backup Subservicer or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer 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. For all purposes of this Indenture, in the performance of any duties or obligations of the Trust hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement. 
 SECTION 11.17 No Petition. The Trustee
and the Trust Collateral Agent, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller or the Trust, or join in any institution against the
Seller, or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the Basic Documents. 
 SECTION 11.18 Inspection. The Trust agrees that, on reasonable prior notice,
it will permit any representative of the Trustee or of the Security Insurer, during the Trust’s normal business hours, to examine all the books of account, records, reports, and other papers of the Trust, to make copies and extracts therefrom,
to cause such books to be audited by independent certified public accountants, and to discuss the Trust’s affairs, finances and accounts with the Trust’s officers, employees, and independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known,
(ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects
of the Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate
or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved
in advance by the Servicer or the Trust or (E) to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the
information being disclosed, or (iii) any other disclosure authorized by the Servicer or the Trust. 
  

 66 

 SECTION 11.19 Intent of the Parties; Reasonableness. Neither the Trust nor the Seller (acting on
behalf of the Trust) shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and
regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The 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 comply, at its discretion and subject
to the advice of its counsel, with requests made by the Trust (or the Seller, acting on behalf of the Trust) in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. In connection
with this transaction, the Indenture Trustee shall cooperate fully with the Trust (or the Seller, acting on behalf of the Trust) to deliver to the Trust (or the Seller, acting on behalf of the Trust), any and all statements, reports, certifications,
records and any other information necessary in the good faith determination of the Trust (or the Seller, acting on behalf of the Trust) to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to
the Indenture Trustee, any Subservicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Trust (or the Seller, acting on behalf of the Trust) to be necessary in order to effect such compliance. 
 The Trust (or the Seller, acting on behalf of the Trust) shall cooperate with the Indenture Trustee by providing timely notice of requests for
information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment or the Trust to comply with Regulation AB. 
 [SIGNATURE PAGE FOLLOWS] 
  

 67 

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

			
	UPFC AUTO RECEIVABLES TRUST 2007-A
		
	 By:
	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in
its individual capacity but solely as Trustee and Trust Collateral Agent

		
	By:	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
	Name:	 	
	Title:	 	

 [Signature Page to Indenture] 
  

 68 

 (EXECUTION VERSION) 
 EXHIBIT A-1 
  

			
	 REGISTERED
 No. 1
	  	$54,000,000

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 91531G AA9 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Trust 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. 
 UPFC AUTO RECEIVABLES TRUST 2007-A 
 CLASS A-1 5.33% ASSET BACKED NOTE 
 UPFC Auto Receivables Trust 2007-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Trust”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $54,000,000 payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $54,000,000 and the denominator of which is $54,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant
to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 16, 2008 Distribution Date (the “Final Scheduled Distribution Date”). The Trust will
pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from June 14, 2007. Interest will be computed on the basis of a 360-day year and the actual number of days in the
related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Trust with respect to this Note
shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  

 Exhibit A-1 Page 1 

 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of Scheduled Payments, all as more fully set forth in the Note Policy.

 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 Trustee whose name 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. 
  

 Exhibit A-1 Page 2 

 IN WITNESS WHEREOF, the Trust has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

					
	Date: June     , 2007	 	UPFC AUTO RECEIVABLES TRUST 2007-A
			
		 	By:	 	 WELLS FARGO DELAWARE TRUST COMPANY,
 not in its
individual capacity but Solely as Owner Trustee under the Trust Agreement

			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: June ___, 2007	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not
in its individual capacity but solely as Trustee

			
		 	By:	 	 
		 		 	Authorized Signer

  

 Exhibit A-1 Page 3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Trust, designated as its Class A-1 5.33% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated
as of June 1, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Trust and Deutsche Bank Trust Company Americas, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Trust, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. 
 Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 16, 2007. The term “Distribution Date,” shall be deemed to
include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date,
if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Security Insurer has declared the Notes to
be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event
of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears
as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that 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.), 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 

  

 Exhibit A-1 Page 4 

 
submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Distribution 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 then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Trust, will notify the Person who was the Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office. 
 The Trust shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Trust pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“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 Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 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 (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Trust, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Trust or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
  

 Exhibit A-1 Page 5 

 Prior to the due presentment for registration of transfer of this Note, the Trust, the Trustee and the
Security Insurer and any agent of the Trust, the Trustee or the Security Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Trust, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Trust and the rights of the Holders of the Notes under the Indenture
at any time by the Trust with the consent of the Security Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Trust with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and 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 notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder. 
 The term “Trust” as used in this Note includes any
successor to the Trust under the Indenture. 
 The Trust is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 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.

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Trust,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wells Fargo Delaware Trust Company in its individual capacity, any owner of a beneficial
interest in the Trust, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants, obligations or 

  

 Exhibit A-1 Page 6 

 
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Trust. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Trust for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 Exhibit A-1 Page 7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
                        
                                        
                                        
                                        
                                (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                                     
                                       1	  		  	  

		  		  	Signature Guaranteed:
	  
	  		  		  	  

	 1
	 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. 

  

 Exhibit A-1 Page 8 

 STATEMENT OF INSURANCE 
  

							
	OBLIGATIONS:	  	UPFC Auto Receivables Trust 2007-A	  		  	
		  	$54,000,000 Class A-1 Notes	  		  	
		  	$97,000,000 Class A-2 Notes	  		  	
		  	$99,000,000 Class A-3 Notes	  		  	

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance Policy
(the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of Deutsche Bank Trust Company Americas (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, the Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). The Policy also does not cover any additional amounts due to any holder
described in the second paragraph of Section 10.1(a) of the Sale and Servicing Agreement following the Servicer’s failure to exercise its optional redemption right pursuant to Section 10.1(a) of the Sale and Servicing Agreement.

 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal
Agent (as described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment
in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with
respect to such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the
Insurer, provided that if such documents are received after 12:00 noon, New York City time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in
bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in
which case such payment shall be disbursed to such Owner. 
  

 Exhibit A-1 Page 9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon, New York
City time, on the later of the Distribution Date on which the related Deficiency Amount is due or the Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal Agent for the
Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York City time, on such Business Day, it will be
deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not to have been received by
the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer and Deutsche Bank Trust
Company Americas, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer, UPFC Auto Financing
Corporation, as Seller, United Auto Credit Corporation, as Servicer, Deutsche Bank Trust Company Americas, as Trust Collateral Agent and as Backup Servicer, and Centerone Financial Services LLC, as Designated Backup Subservicer, without regard to
any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by the Insurer. 
 “Business
Day” means any day other than (a) a Saturday or a Sunday or (b) a day on which banking institutions in New York City, Irvine, California, Hurst, Texas, Wilmington, Delaware or in the city in which the corporate trust office of the
Trustee under the Indenture or the Owner Trustee under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  

 Exhibit A-1 Page 10 

 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if
any, of: (a) Scheduled Payments over (b) the sum, without duplication, of (i) the amount actually deposited into or otherwise available in the Note Distribution Account on such Distribution Date (excluding amounts to be drawn under
the Note Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means
(a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the
telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached hereto, the original of which is subsequently delivered by registered or certified mail, from the Trustee specifying
the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as
defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction. 
 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of the date of execution of the Policy, without giving effect to any subsequent
amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any
notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address as the Insurer shall specify in writing to the Trustee. 
 The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other address as the Fiscal Agent
shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance provided by the Policy is not
covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is
not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 Exhibit A-1 Page 11 

 (EXECUTION VERSION) 
 EXHIBIT A-2 
  

			
	REGISTERED	  	$97,000,000
		
	No. 1	  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 91531G AB7 
 Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to the Trust 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. 
 UPFC AUTO RECEIVABLES TRUST 2007-A 
 CLASS A-2 5.46% ASSET BACKED NOTE 
 UPFC Auto Receivables Trust 2007-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
“Trust”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $97,000,000 payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $97,000,000 and the denominator of which is $97,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant
to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 15, 2010 Distribution Date (the “Final Scheduled Distribution Date”). The Trust will
pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent
Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from June 14, 2007. Interest will be computed on the basis of a 360 day year consisting of twelve 30-day months.
Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on
this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Trust with respect to this Note shall be applied first to
interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
  

 Exhibit A-2 Page 1 

 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of Scheduled Payments, all as more fully set forth in the Note Policy.

 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 Trustee whose name 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. 
  

 Exhibit A-2 Page 2 

 IN WITNESS WHEREOF, the Trust has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

					
	Date: June     , 2007	 	UPFC AUTO RECEIVABLES TRUST 2007-A
			
		 	By:	 	 WELLS FARGO DELAWARE TRUST COMPANY,
 not in its
individual capacity but solely as Owner Trustee under the Trust Agreement

			
		 	By:	 	 
		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: June     , 2007	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in
its individual capacity but solely as Trustee

			
		 	By:	 	 
		 		 	Authorized Signer

  

 Exhibit A-2 Page 3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Trust, designated as its Class A-2 5.46% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated
as of June 1, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Trust and Deutsche Bank Trust Company Americas, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Trust, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. 
 Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 16, 2007. The term “Distribution Date,” shall be deemed to
include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and
payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date,
if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Security Insurer has declared the Notes to
be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event
of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in
the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears
as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that 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.), 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 

  

 Exhibit A-2 Page 4 

 
submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Distribution 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 then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Trust, will notify the Person who was the Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office. 
 The Trust shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Trust pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“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 Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 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 (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Trust, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Trust or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
  

 Exhibit A-2 Page 5 

 Prior to the due presentment for registration of transfer of this Note, the Trust, the Trustee and the
Security Insurer and any agent of the Trust, the Trustee or the Security Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Trust, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Trust and the rights of the Holders of the Notes under the Indenture
at any time by the Trust with the consent of the Security Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Trust with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and 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 notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder. 
 The term “Trust” as used in this Note includes any
successor to the Trust under the Indenture. 
 The Trust is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 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.

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Trust,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wells Fargo Delaware Trust Company in its individual capacity, any owner of a beneficial
interest in the Trust, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants, obligations or 

  

 Exhibit A-2 Page 6 

 
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Trust. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Trust for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 Exhibit A-2 Page 7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
                        
                                        
                                        
                                        
                                (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                                     
                                       2	  		  	  

		  		  	Signature Guaranteed:
	  
	  		  		  	  

	 2
	 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. 

  

 Exhibit A-2 Page 8 

 STATEMENT OF INSURANCE 
  

							
	OBLIGATIONS:	  	UPFC Auto Receivables Trust 2007-A	  		  	
		  	$54,000,000 Class A-1 Notes	  		  	
		  	$97,000,000 Class A-2 Notes	  		  	
		  	$99,000,000 Class A-3 Notes	  		  	

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance Policy
(the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of Deutsche Bank Trust Company Americas (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, the Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). The Policy also does not cover any additional amounts due to any holder
described in the second paragraph of Section 10.1(a) of the Sale and Servicing Agreement following the Servicer’s failure to exercise its optional redemption right pursuant to Section 10.1(a) of the Sale and Servicing Agreement.

 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal
Agent (as described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment
in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with
respect to such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the
Insurer, provided that if such documents are received after 12:00 noon, New York City time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in
bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in
which case such payment shall be disbursed to such Owner. 
  

 Exhibit A-2 Page 9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon, New York
City time, on the later of the Distribution Date on which the related Deficiency Amount is due or the Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal Agent for the
Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York City time, on such Business Day, it will be
deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not to have been received by
the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer and Deutsche Bank Trust
Company Americas, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer, UPFC Auto Financing
Corporation, as Seller, United Auto Credit Corporation, as Servicer, Deutsche Bank Trust Company Americas, as Trust Collateral Agent and as Backup Servicer, and Centerone Financial Services LLC, as Designated Backup Subservicer, without regard to
any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by the Insurer. 
 “Business
Day” means any day other than (a) a Saturday or a Sunday or (b) a day on which banking institutions in New York City, Irvine, California, Hurst, Texas, Wilmington, Delaware or in the city in which the corporate trust office of the
Trustee under the Indenture or the Owner Trustee under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  

 Exhibit A-2 Page 10 

 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if
any, of: (a) Scheduled Payments over (b) the sum, without duplication, of (i) the amount actually deposited into or otherwise available in the Note Distribution Account on such Distribution Date (excluding amounts to be drawn under
the Note Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means
(a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the
telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached hereto, the original of which is subsequently delivered by registered or certified mail, from the Trustee specifying
the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as
defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction. 
 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of the date of execution of the Policy, without giving effect to any subsequent
amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any
notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address as the Insurer shall specify in writing to the Trustee. 
 The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other address as the Fiscal Agent
shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance provided by the Policy is not
covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is
not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 Exhibit A-2 Page 11 

 (EXECUTION VERSION) 
 EXHIBIT A-3 
  

					
	REGISTERED	 		 	$99,000,000

 No. 1 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 91531G AC5 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the
Trust 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. 
 UPFC AUTO RECEIVABLES TRUST
2007-A 
 CLASS A-3 5.53% ASSET BACKED NOTE 
 UPFC Auto Receivables Trust 2007-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Trust”), for value received, hereby promises to pay to
CEDE & CO., or registered assigns, the principal sum of $99,000,000 payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $99,000,000 and the denominator of
which is $99,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the July 15, 2013 Distribution Date (the “Final Scheduled Distribution Date”). The Trust will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such
Distribution Date or, if no interest has yet been paid, from June 14, 2007. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Trust with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the
unpaid principal of this Note. 
  

 Exhibit A-3 Page 1 

 The Notes are entitled to the benefits of a note guaranty insurance policy (the “Note
Policy”) issued by MBIA Insurance Corporation (the “Security Insurer”), pursuant to which the Security Insurer has unconditionally guaranteed payments of Scheduled Payments, all as more fully set forth in the Note Policy.

 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 Trustee whose name 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. 
  

 Exhibit A-3 Page 2 

 IN WITNESS WHEREOF, the Trust has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer as of the date set forth below. 
  

					
	Date: June    , 2007	 	UPFC AUTO RECEIVABLES TRUST 2007-A
			
		 	By:	 	WELLS FARGO DELAWARE TRUST COMPANY,
		 		 	not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: June     , 2007	 	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not
in its individual capacity but solely as Trustee

			
		 	By:	 	  

		 		 	Authorized Signer

  

 Exhibit A-3 Page 3 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Trust, designated as its Class A-3 5.53% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of
June 1, 2007 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Trust and Deutsche Bank Trust Company Americas, as trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights and obligations thereunder of the Trust, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the
Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture. 
 Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 16, 2007. The term “Distribution Date,” shall be deemed to include
the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the
earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Security Insurer has declared the Notes to be
immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of
Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing at least majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the
Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears
as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that 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.), 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 

  

 Exhibit A-3 Page 4 

 
submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on
any Distribution 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 then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Trust, will notify the Person who was the Holder hereof as of
the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office. 
 The Trust shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Trust pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“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 Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 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 (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Trust, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Trust or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Trust, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 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, and (ii) to treat the Notes as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 
  

 Exhibit A-3 Page 5 

 Prior to the due presentment for registration of transfer of this Note, the Trust, the Trustee and the
Security Insurer and any agent of the Trust, the Trustee or the Security Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Trust, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Trust and the rights of the Holders of the Notes under the Indenture
at any time by the Trust with the consent of the Security Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Trust with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and 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 notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder. 
 The term “Trust” as used in this Note includes any
successor to the Trust under the Indenture. 
 The Trust is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 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.

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Trust,
which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wells Fargo Delaware Trust Company in its individual capacity, any owner of a beneficial
interest in the Trust, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or
interest on, or performance of, or omission to perform, any of the covenants, obligations or 

  

 Exhibit A-3 Page 6 

 
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Trust. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents,
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Trust for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 Exhibit A-3 Page 7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto
                                        
                        
                                        
                                        
                                        
                                (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                                     
                                       3	  		  	  

		  		  	Signature Guaranteed:
	  
	  		  		  	  

	 3
	 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. 

  

 Exhibit A-3 Page 8 

 STATEMENT OF INSURANCE 
  

			
	OBLIGATIONS:	  	UPFC Auto Receivables Trust 2007-A
		  	$54,000,000 Class A-1 Notes
		  	$97,000,000 Class A-2 Notes
		  	$99,000,000 Class A-3 Notes

 MBIA Insurance Corporation (the “Insurer”) has issued a Note Guaranty Insurance Policy
(the “Policy”) relating to the Obligations containing the following provisions, the Policy being on file at the Corporate Trust Office of Deutsche Bank Trust Company Americas (the “Trustee”). 
 The Insurer, in consideration of the payment of the premium and subject to the terms of the Policy, thereby unconditionally and irrevocably guarantees to
any Owner that an amount equal to each full and complete Insured Payment will be received from the Insurer by the Trustee, or its successors, as trustee for the Owners, on behalf of the Owners, for distribution by the Trustee to each Owner of each
Owner’s proportionate share of the Insured Payment. The Insurer’s obligations under the Policy with respect to a particular Insured Payment shall be discharged to the extent funds equal to the applicable Insured Payment are received by the
Trustee, whether or not such funds are properly applied by the Trustee. Insured Payments shall be made only at the time set forth in the Policy, and no accelerated Insured Payments shall be made regardless of any acceleration of the Obligations,
unless such acceleration is at the sole option of the Insurer. 
 Notwithstanding the foregoing paragraph, the Policy does not cover any
shortfalls, if any, attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in respect of any such liability). The Policy also does not cover any additional amounts due to any holder
described in the second paragraph of Section 10.1(a) of the Sale and Servicing Agreement following the Servicer’s failure to exercise its optional redemption right pursuant to Section 10.1(a) of the Sale and Servicing Agreement.

 The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day following receipt on a Business Day by the Fiscal
Agent (as described below) of (a) a certified copy of the order requiring the return of a preference payment, (b) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment
in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of the Owner relating to or arising under the Obligations against the debtor which made such preference payment or otherwise with
respect to such preference payment and (d) appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any legal proceeding related to such preference payment, such instruments being in a form satisfactory to the
Insurer, provided that if such documents are received after 12:00 noon, New York City time, on such Business Day, they will be deemed to be received on the following Business Day. Such payments shall be disbursed to the receiver or trustee in
bankruptcy named in the final order of the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such Owner has returned principal or interest paid on the Obligations to such receiver or trustee in bankruptcy, in
which case such payment shall be disbursed to such Owner. 
  

 Exhibit A-3 Page 9 

 The Insurer will pay any other amount payable under the Policy no later than 12:00 noon, New York
City time, on the later of the Distribution Date on which the related Deficiency Amount is due or the Business Day following receipt in New York, New York on a Business Day by U.S. Bank Trust National Association, as Fiscal Agent for the
Insurer, or any successor fiscal agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided that if such Notice is received after 12:00 noon, New York City time, on such Business Day, it will be
deemed to be received on the following Business Day. If any such Notice received by the Fiscal Agent is not in proper form or is otherwise insufficient for the purpose of making claim under the Policy, it shall be deemed not to have been received by
the Fiscal Agent for purposes of this paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and the Trustee may submit an amended Notice. 
 Insured Payments due under the Policy, unless otherwise stated in the Policy, will be disbursed by the Fiscal Agent to the Trustee on behalf of the
Owners by wire transfer of immediately available funds in the amount of the Insured Payment less, in respect of Insured Payments related to Preference Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor. 
 The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be liable to Owners for any
acts of the Fiscal Agent or any failure of the Insurer to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
 Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each Owner to receive payments under the Obligations to the extent of any payment by the Insurer under the Policy. 
 As used in the Policy, the following terms shall have the following meanings: 
 “Agreement” means the Indenture dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer and Deutsche Bank Trust
Company Americas, as Trustee and Trust Collateral Agent, and the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of June 1, 2007 among UPFC Auto Receivables Trust 2007-A, as Issuer, UPFC Auto Financing
Corporation, as Seller, United Auto Credit Corporation, as Servicer, Deutsche Bank Trust Company Americas, as Trust Collateral Agent and as Backup Servicer, and Centerone Financial Services LLC, as Designated Backup Subservicer, without regard to
any amendment or supplement thereto, unless such amendment or supplement has been approved in writing by the Insurer. 
 “Business
Day” means any day other than (a) a Saturday or a Sunday or (b) a day on which banking institutions in New York City, Irvine, California, Hurst, Texas, Wilmington, Delaware or in the city in which the corporate trust office of the
Trustee under the Indenture or the Owner Trustee under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  

 Exhibit A-3 Page 10 

 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if
any, of: (a) Scheduled Payments over (b) the sum, without duplication, of (i) the amount actually deposited into or otherwise available in the Note Distribution Account on such Distribution Date (excluding amounts to be drawn under
the Note Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Insured Payment” means
(a) as of any Distribution Date, any Deficiency Amount and (b) any Preference Amount. 
 “Notice” means the
telephonic or telegraphic notice, promptly confirmed in writing by facsimile substantially in the form of Exhibit A attached hereto, the original of which is subsequently delivered by registered or certified mail, from the Trustee specifying
the Insured Payment which shall be due and owing on the applicable Distribution Date. 
 “Owner” means each Note Owner (as
defined in the Agreement) who, on the applicable Payment Date, is entitled under the terms of the applicable Obligations to payment thereunder. 
 “Preference Amount” means any amount previously distributed to an Owner on the Obligations that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy pursuant to the
United States Bankruptcy Code (11 U.S.C.), as amended from time to time in accordance with a final nonappealable order of a court having competent jurisdiction. 
 Capitalized terms used in the Policy and not otherwise defined therein shall have the respective meanings set forth in the Agreement as of the date of execution of the Policy, without giving effect to any subsequent
amendment to or modification of the Agreement unless such amendment or modification has been approved in writing by the Insurer. 
 Any
notice under the Policy or service of process on the Fiscal Agent may be made at the address listed below for the Fiscal Agent or such other address as the Insurer shall specify in writing to the Trustee. 
 The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New York 10006, Attention: Municipal Registrar and Paying Agency, or such other address as the Fiscal Agent
shall specify to the Trustee in writing. 
 THE POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 
 The insurance provided by the Policy is not
covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. 
 The Policy is
not cancelable for any reason. The premium on the Policy is not refundable for any reason, including payment, or provision being made for payment, prior to maturity of the Obligations. 
 MBIA INSURANCE CORPORATION 
  

 Exhibit A-3 Page 11 

 (EXCUTION VERSION) 
 SCHEDULE A 
 REPRESENTATIONS AND WARRANTIES OF THE TRUST 
 Representations and Warranties Regarding the Receivables: 
 1.
Security Interest in Financed Vehicle. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which security interest is prior to all other
Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Trust owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent),
claim or encumbrance of any Person. 
 2. All Filings Made. The Trust has taken all steps necessary to perfect the Trust Collateral Agent’s
security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Trust will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office
in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder. 
 3. No Impairment. The Trust has not done anything to convey any right to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Security Insurer, the
Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust Collateral Agent pursuant to this Indenture, the Trust has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Receivables. The Trust has not authorized the filing of and is not aware of any financing statements against the Trust that include a description of collateral covering the Receivables other
than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. The Trust is not aware of any judgment or tax lien filings against it. 
 4. Chattel Paper. The Receivables constitute chattel paper within the meaning of the UCC as in effect in the States of California, Texas, Florida, New York,
Delaware, Nevada and Minnesota. 
 5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this
Indenture, the Trust was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such
Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Trust has not taken any action to convey any right to any Person that would result in such Person
having a right to payments received under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables.

  

 Schedule A Page 1 

 6. Possession of Original Copies. The Servicer, as custodian on behalf of the Trust, has in its possession all
original copies of the contracts that constitute or evidence the Receivable. 
  

 Exhibit A-3 Page 2 

 (EXECUTION VERSION) 
 SCHEDULE B 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be delivered by the Indenture Trustee, shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

			
	 Reference
	  	 Criteria

		
		  	Cash Collection and Administration
		
	1122(d)(2)(ii)	  	 Disbursements made via wire transfer on behalf of an obligor or to an investor
 are made only by authorized personnel.

		
		  	Investor Remittances and Reporting
		
	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.

		
	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.

		
	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.

  

			
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Schedule B Page 1Sale and Servicing Agreement

 Exhibit 10.1 
 (EXECUTION VERSION) 
  

 SALE AND SERVICING 
 AGREEMENT 
 among 
 UPFC AUTO RECEIVABLES TRUST 2007-A, 
 Trust, 
 UPFC AUTO FINANCING CORPORATION,

 Seller, 
 UNITED AUTO CREDIT
CORPORATION, 
 Servicer, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 Trust Collateral Agent and Backup Servicer 
 and 
 CENTERONE FINANCIAL SERVICES LLC,

 Designated Backup Subservicer 
 Dated as of June 1, 2007 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
		  	SECTION 1.1.	  	Definitions	  	1
		  	SECTION 1.2.	  	Other Definitional Provisions.	  	18
		
	 ARTICLE II     Conveyance of Receivables
	  	19
		  	SECTION 2.1.	  	Conveyance of Receivables	  	19
		  	SECTION 2.2.	  	[Reserved]	  	20
		  	SECTION 2.3.	  	Further Encumbrance of Trust Property.	  	20
		
	 ARTICLE III     The Receivables
	  	21
		  	SECTION 3.1.	  	Representations and Warranties with Respect to the Receivables.	  	21
		  	SECTION 3.2.	  	Repurchase Upon Breach.	  	21
		  	SECTION 3.3.	  	Custodian Of Receivable Files.	  	22
		  	SECTION 3.4.	  	Rights and Duties of the Trust Collateral Agent.	  	25
		
	 ARTICLE IV     Administration and Servicing of Receivables
	  	29
		  	SECTION 4.1.	  	Duties of the Servicer and the Designated Backup Subservicer	  	29
		  	SECTION 4.2.	  	Collection of Receivable Payments; Modifications of Receivables.	  	30
		  	SECTION 4.3.	  	Realization upon Receivables.	  	32
		  	SECTION 4.4.	  	Insurance.	  	34
		  	SECTION 4.5.	  	Maintenance of Security Interests in Vehicles.	  	35
		  	SECTION 4.6.	  	Covenants, Representations, and Warranties of Servicer.	  	36
		  	SECTION 4.7.	  	Purchase of Receivables Upon Breach of Covenant.	  	36
		  	SECTION 4.8.	  	Total Servicing Fee; Payment of Certain Expenses by Servicer.	  	37
		  	SECTION 4.9.	  	Servicer’s Certificate.	  	38
		  	SECTION 4.10.	  	Annual Statement as to Compliance, Notice of Servicer Termination Event.	  	38
		  	SECTION 4.11.	  	Annual Independent Accountants’ Report.	  	40
		  	SECTION 4.12.	  	Access to Certain Documentation and Information Regarding Receivables.	  	41
		  	SECTION 4.13.	  	Monthly Tape.	  	42
		  	SECTION 4.14.	  	[Reserved].	  	43
		  	SECTION 4.15.	  	Fidelity Bond and Errors and Omissions Policy.	  	43
		
	 ARTICLE V     Trust Accounts; Distributions; Statements to Noteholders
	  	43
		  	SECTION 5.1.	  	Establishment of Trust Accounts.	  	43
		  	SECTION 5.2.	  	[Reserved]	  	46
		  	SECTION 5.3.	  	Certain Reimbursements to the Servicer.	  	46
		  	SECTION 5.4.	  	Application of Collections.	  	46
		  	SECTION 5.5.	  	Withdrawals from Spread Account.	  	46
		  	SECTION 5.6.	  	Additional Deposits.	  	47
		  	SECTION 5.7.	  	Distributions.	  	47

  

 i 

							
		  	SECTION 5.8.	  	Note Distribution Account.	  	49
		  	SECTION 5.9.	  	[Reserved]	  	51
		  	SECTION 5.10.	  	Statements to Noteholders.	  	51
		  	SECTION 5.11.	  	Optional Deposits by the Insurer.	  	52
		
	 ARTICLE VI    The Note Policy
	  	52
		  	SECTION 6.1.	  	Claims Under Note Policy.	  	52
		  	SECTION 6.2.	  	Preference Claims Under Note Policy.	  	53
		  	SECTION 6.3.	  	Surrender of Note Policy.	  	54
		
	ARTICLE VII    The Seller	  	54
		  	SECTION 7.1.	  	Representations of Seller.	  	54
		  	SECTION 7.2.	  	Corporate Existence.	  	56
		  	SECTION 7.3.	  	Liability of UACC; Indemnities.	  	56
		  	SECTION 7.4.	  	Merger or Consolidation of, or Assumption of the Obligations of, Seller.	  	57
		  	SECTION 7.5.	  	Limitation on Liability of Seller and Others.	  	58
		  	SECTION 7.6.	  	Ownership of the Certificates or Notes.	  	58
		
	 ARTICLE VIII    The Servicer
	  	58
		  	SECTION 8.1.	  	Representations of Servicer.	  	58
		  	SECTION 8.2.	  	Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities.	  	60
		  	SECTION 8.3.	  	Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup Servicer.	  	62
		  	SECTION 8.4.	  	Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others.	  	63
		  	SECTION 8.5.	  	Delegation of Duties.	  	64
		  	SECTION 8.6.	  	Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign.	  	66
		
	 ARTICLE IX    Default
	  	67
		  	SECTION 9.1.	  	Servicer Termination Event.	  	67
		  	SECTION 9.2.	  	Consequences of a Servicer Termination Event.	  	69
		  	SECTION 9.3.	  	Appointment of Successor.	  	69
		  	SECTION 9.4.	  	Notification to Noteholders.	  	71
		  	SECTION 9.5.	  	Waiver of Past Defaults.	  	71
		
	 ARTICLE X    Termination
	  	71
		  	SECTION 10.1.	  	Optional Purchase of All Receivables.	  	71
		
	 ARTICLE XI    Administrative Duties of the Servicer
	  	72
		  	SECTION 11.1.	  	Administrative Duties.	  	72
		  	SECTION 11.2.	  	Records.	  	75
		  	SECTION 11.3.	  	Additional Information to be Furnished to the Trust.	  	75
		  	SECTION 11.4.	  	Reporting Requirements of the Commission and Indemnification.	  	75

  

 ii 

							
	 ARTICLE XII    Miscellaneous Provisions
	  	76
		 	SECTION 12.1.	  	Amendment.	  	76
		 	SECTION 12.2.	  	Protection of Title to Trust.	  	78
		 	SECTION 12.3.	  	Notices.	  	79
		 	SECTION 12.4.	  	Assignment.	  	81
		 	SECTION 12.5.	  	Limitations on Rights of Others.	  	81
		 	SECTION 12.6.	  	Severability.	  	81
		 	SECTION 12.7.	  	Separate Counterparts.	  	81
		 	SECTION 12.8.	  	Headings.	  	81
		 	SECTION 12.9.	  	Governing Law.	  	81
		 	SECTION 12.10.	  	Assignment to Trustee.	  	81
		 	SECTION 12.11.	  	Nonpetition Covenants.	  	82
		 	SECTION 12.12.	  	Limitation of Liability of Owner Trustee and Trustee.	  	82
		 	SECTION 12.13.	  	Independence of the Servicer.	  	83
		 	SECTION 12.14.	  	No Joint Venture.	  	83
		 	SECTION 12.15.	  	Benefits of Sale and Servicing Agreement.	  	83
		 	SECTION 12.16.	  	State Business Licenses.	  	83
		 	SECTION 12.17.	  	Additional Liability.	  	83
		 	SECTION 12.18.	  	Intent of the Parties; Reasonableness.	  	84

  

			
	SCHEDULES	  	
	Schedule A	  	Schedule of Receivables
	Schedule B	  	Location of Receivables
	Schedule C	  	Schedule of Servicer’s Representations
	Schedule D	  	Terms and Conditions of Designated Backup Subservicer
		
	EXHIBITS	  	
	Exhibit A	  	[Reserved]
	Exhibit B	  	Form of Servicer’s Certificate
	Exhibit C	  	[Reserved]
	Exhibit D	  	Form of Request for Release
	Exhibit E	  	Form of Assessments of Compliance and Attestation Reports Servicing Criteria
	Exhibit F	  	Form of Annual Certification
	Exhibit G	  	Form of Servicing Criteria to be Addressed in Assessment of Compliance

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of June 1, 2007, among UPFC AUTO RECEIVABLES TRUST 2007-A, a
Delaware statutory trust (the “Trust”), UPFC AUTO FINANCING CORPORATION, a Texas corporation (the “Seller”), UNITED AUTO CREDIT CORPORATION, a California corporation (the “Servicer”) DEUTSCHE BANK
TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, in its capacity as trust collateral agent (the “Trust Collateral Agent” and in its capacity as backup servicer, the “Backup
Servicer”) and CENTERONE FINANCIAL SERVICES LLC, a Delaware limited liability company (the “Designated Backup Subservicer”). 
 WHEREAS the Trust desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment sale contracts made by United Auto Credit Corporation or acquired by United Auto Credit Corporation through motor
vehicle dealers; 
 WHEREAS the Seller has purchased such receivables from United Auto Credit Corporation and is willing to sell such
receivables to the Trust; 
 WHEREAS the Servicer is willing to service all such receivables; 
 WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables; and 
 WHEREAS the Designated Backup Subservicer is willing to provide backup subservicing for all such receivables. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
 “Accountants’ Report” means the report of a firm of nationally recognized independent accountants described in Section 4.11.

 “Accounting Date” means, with respect to any Collection Period the last day of such Collection Period. 
 “Additional Funds Available” means, with respect to any Distribution Date, the sum of (i) the Spread Account Claim Amount, if any,
received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral Agent with respect to such Distribution Date. 
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with
such specified Person. For the 

 
purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal Balances for all Receivables
(other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period) as of the
date of determination. 
 “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented
from time to time. 
 “Amount Financed” means, with respect to a Receivable, the aggregate amount advanced under such
Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items customarily financed as part of retail
automobile installment sale contracts or promissory notes, and related costs. 
 “Annual Percentage Rate” or
“APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in the related Contract. 
 “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) following the acceleration of the Notes pursuant to Section 5.2 of
the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and
Section 5.8 of the Indenture, (iii) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof, (iv) Investment Earnings with respect to the Trust Accounts for the related Collection Period
and (v) excess amounts released from the Spread Account. 
 “Backup Servicer” means the Trust Collateral Agent in its
capacity as backup servicer. 
 “Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the
Servicer for services rendered during such Collection Period, which shall be equal to the product of the Servicing Fee Rate times the product of (i) the aggregate Principal Balance of the Receivables as of the opening of business on the first
day of such Collection Period multiplied by (ii) one twelfth. 
 “Basic Documents” means this Agreement, the
Certificate of Trust, the Trust Agreement, the Indenture, the Spread Account Agreement, the Insurance Agreement, the Sale Agreement, the Mail Box Access Agreement and other documents and certificates delivered in connection therewith. 
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer is closed or (c) a
day on which banking institutions in New York City, 

  

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Irvine, California, Texas, Wilmington, Delaware or in the city in which the corporate trust office of the Trustee under the Indenture or the Owner Trustee
under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
 “CenterOne”
mean CenterOne Financial Services LLC, a Delaware limited liability company. 
 “Certificate” means the trust certificate
evidencing the beneficial interest of the Certificateholder in the Trust. 
 “Certificateholder” means the Person in whose
name the Certificate is registered. 
 “Class” means the Class A-1 Notes, the Class A-2 Notes or the
Class A-3 Notes, as the context requires. 
 “Class A-1 Notes” has the meaning assigned to such term in the Indenture.

 “Class A-2 Notes” has the meaning assigned to such term in the Indenture. 
 “Class A-3 Notes” has the meaning assigned to such term in the Indenture. 
 “Closing Date” means June 14, 2007. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas, in its capacity as Collateral Agent under the Spread Account Agreement. 
 “Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 
 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections
on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period and any Purchase Amounts deposited in the Collection Account with respect to such Collection Period. 
 “Collection Account” means the account designated as such, established and maintained pursuant to Section 5.1. 
 “Collection Period” means, with respect to the first Distribution Date, the period beginning on the close of business on May 31,
2007 and ending on the close of business on June 30, 2007. With respect to each subsequent Distribution Date, “Collection Period” means the immediately preceding calendar month. 
 “Collection Records” means all manually prepared or computer generated records relating to collection efforts or payment histories with
respect to the Receivables. 
 “Commission” means the United States Securities and Exchange Commission. 
  

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 “Computer Tape” means the computer tapes or other electronic media furnished by the
Servicer to the Trust and the Insurer and its assigns describing certain characteristics of the Receivables as of the Cutoff Date. 
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
 “Controlling
Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing and the Trust Collateral Agent for the benefit of the Noteholders, in the event an Insurer Default shall have occurred and be continuing.

 “Corporate Trust Office” means (i) with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is 919 Market Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust Administration and (ii) with respect
to the Trustee, the Trust Collateral Agent and the Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 60 Wall Street,
26th Floor, New York, New York 10005, Attention: Trust Securities Services/Structured Finance Services. 

“Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, (i) if a court of appropriate
jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable in a manner that
reduces the total principal payable by the obligor, an amount equal to the excess of the principal balance of such Receivable immediately prior to such order over the principal balance of such Receivable as so reduced or (ii) if such court
shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the Principal Balance of such Receivable immediately prior to such order over the net present value (using as the discount rate the higher of the
APR on such Receivable or the rate of interest, if any, specified by the court in such order) of the Scheduled Receivables Payments as so modified or restructured. A “Cram Down Loss” shall be deemed to have occurred on the date of
issuance of such order. 
 “Credit and Collection Policy” means the Credit and Collection Policy of UACC as outlined in the
policies and procedures manual provided to Insurer on June 12, 2007, together with any amendments approved by Insurer. 
 “Cutoff Date” means May 31, 2007. 
 “Dealer” means a dealer who sold a Financed Vehicle and
who originated and assigned the respective Receivable to UACC under a Dealer Agreement or pursuant to a Dealer Assignment. 
 “Dealer Agreement” means any agreement between a Dealer and UACC relating to the acquisition of Receivables from a Dealer by UACC. 
  

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 “Dealer Assignment” means, with respect to a Receivable, the executed assignment
executed by a Dealer conveying such Receivable to UACC. 
 “Deficiency Amount” means, for any Distribution Date, an amount
equal to the excess, if any, of: (a) Scheduled Payments over (b) the sum, without duplication, of (i) the amount actually deposited into or otherwise available in the Note Distribution Account on such Distribution Date (excluding
amounts to be drawn under the Note Policy) and (ii) Additional Funds Available, if any, for the Distribution Date. 
 “Deficiency Notice” shall have the meaning set forth in Section 5.5. 
 “Delivery” when used
with respect to Trust Account Property means: 
 (a) with respect to bankers’ acceptances, commercial paper, negotiable
certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent or its nominee
or custodian by physical delivery to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and, with respect to a certificated
security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank to a
financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee
or custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a “clearing
corporation” (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate
securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the
maintenance of such certificated securities by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the
sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such
certificated securities as belonging to the Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust
Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its
nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (b) with
respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a 

  

 5 

 
book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with
applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary
which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Trust Collateral Agent or its
nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book-entry security held
through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely as agent for the Trust
Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee
or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
 (c) with respect
to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the Trust thereof in the name of the financial
intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books
and records identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian. 
 “Depositor” shall mean the Seller in its capacity as Depositor under the Trust Agreement. 
 “Designated
Backup Subservicer” means the designated backup subservicer appointed by the Backup Servicer pursuant to Section 8.5(c), initially CenterOne. 
 “Determination Date” means, with respect to any Collection Period the third Business Day preceding the Distribution Date in the next calendar month and with respect to the first Distribution Date,
July 11, 2007. 
 “Distribution Date” means, with respect to
each Collection Period, the 15th day of the following calendar month, or, if such day is not a Business Day, the
immediately following Business Day, commencing July 16, 2007. 
 “Draw Date” means, with respect to any Distribution
Date, the second Business Day immediately preceding such Distribution Date. 
 “Electronic Ledger” means the electronic
master record of the retail installment sales contracts or installment loans of the Servicer. 
  

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 “Eligible Deposit Account” means a segregated trust account with the corporate trust
department of a depository institution acceptable to the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as (i) any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic rating categories which signifies
investment grade and (ii) such depository institutions’ deposits are insured by the FDIC. 
 “Eligible
Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws
of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including
depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided,
however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other short-term senior
unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from
Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
 (c) commercial paper and demand notes investing
solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
 (d) investments in money market funds (including funds for which the Trust Collateral Agent or the Owner Trustee in each of their
individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the
Insurer, which approval shall not be unreasonably withheld; 
 (e) bankers’ acceptances issued by any depository
institution or trust company referred to in clause (b) above; 
 (f) repurchase obligations with respect to any security
that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered
into with a depository institution or trust company (acting as principal) referred to in clause (b) above; 
 (g) any
other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which, so long as no Insurer 

  

 7 

 
Default shall have occurred and be continuing, has been approved by the Insurer, which approval shall not be unreasonably withheld, or any other investment
that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; 
 (h) cash denominated in United States dollars; and 
 (i) money market deposit accounts, time deposits or savings
deposits, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State
thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000 which are fully insured by FDIC under the Deposit Insurance Fund or secured at all times by collateral described in (a) above. Such collateral
must be held by a third party and the Trustee must have a perfected security interest in the collateral. 
 Any of the foregoing Eligible
Investments may be purchased by or through the Owner Trustee or the Trust Collateral Agent or any of their respective Affiliates. 
 “Eligible Servicer” means, UACC, Deutsche Bank Trust Company Americas, as Backup Servicer, CenterOne Financial Services, LLC, as Designated Backup Subservicer, or another Person which at the time of its appointment as
Servicer or Backup Servicer, (i) is servicing a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts, (ii) is legally qualified and has the capacity to service the Receivables,
(iii) has demonstrated the ability professionally and competently to service a portfolio of motor vehicle retail installment sale contracts and/or motor vehicle installment loan contracts similar to the Receivables with reasonable skill and
care and (iv) is qualified and entitled to use, pursuant to a license or other written agreement, and agrees to maintain the confidentiality of, the software which the Servicer uses in connection with performing its duties and responsibilities
under this Agreement or otherwise has available software which is adequate to perform its duties and responsibilities under this Agreement. 
 “Event of Default” has the meaning assigned to such term in the Indenture. 
 “Exchange Act” means the
Securities and Exchange Act of 1934, as amended. 
 “FDIC” means the Federal Deposit Insurance Corporation. 
 “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the June 16, 2008 Distribution Date,
(ii) the Class A-2 Notes, the June 15, 2010 Distribution Date and (iii) the Class A-3 Notes, the July 15, 2013 Distribution Date. 
 “Financed Vehicle” means an automobile or light-duty truck, van or minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 

“Indenture” means the Indenture dated as of June 1, 2007, between the Trust and Deutsche Bank Trust Company Americas, as Trust
Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
  

 8 

 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a
petition against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering
the winding-up or liquidation or such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the
appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for
the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Insurance Agreement” means the Insurance Agreement, dated as of June 14, 2007, among the Insurer, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Trust, the Seller, UACC, individually, the Servicer and the Backup Servicer, as the same may be amended or supplemented from time to time. 
 “Insurance Agreement Event of Default” means an “Insurance Agreement Event of Default” as defined in the Insurance Agreement.

 “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described
in Section 4.4 hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor. 

“Insurance Proceeds” means proceeds paid pursuant to any Insurance Policy and amounts (exclusive of any rebated insurance premiums)
paid by any insurer under any other insurance policy related to a Financed Vehicle, a Receivable or an Obligor. 
 “Insurer” means MBIA Insurance Corporation, or any successor thereto, as issuer of the Note Policy. 
 “Insurer Default” means the occurrence and continuance of any of the following events: 
 (a) the
Insurer shall have failed to make a payment required under the Note Policy in accordance with its terms; 
 (b) the Insurer
shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or
reorganization, (ii) made a general assignment for the benefit of its creditors, or (iii) had an order for relief entered against it under the United States 

  

 9 

 
Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final
and nonappealable; or 
 (c) a court of competent jurisdiction, the New York Department of Insurance or other competent
regulatory authority shall have entered a final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or any material portion of its property or (ii) authorizing the
taking of possession by a custodian, trustee, agent or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
 “Insurer Optional Deposit” means, with respect to any Distribution Date, an amount delivered by the Insurer pursuant to
Section 5.11, at its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection Account for any of the following purposes: (i) to provide
funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or (ii) to include such amount as part of the Additional Funds Available for such Distribution Date to the
extent that without such amount a draw would be required to be made on the Note Policy. 
 “Interest Period” means with respect to any Distribution Date (i) for the Class A-1 Notes, from and including the prior Distribution Date (or in the case of the first Distribution Date, from and including the
Closing Date) to, but excluding, the current Distribution Date, and (ii) with respect to the Class A-2 Notes and the Class A-3 Notes, from and including the 15th day of the preceding calendar month (or, in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the
15th day of the month of the current Distribution Date. 
 “Interest Rate” means, with respect to (i) the Class A-1 Notes, 5.33% per annum (computed on the basis of a 360-day year
and the actual number of days elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 5.46% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), and (iii) the Class A-3 Notes,
5.53% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Investment Earnings”
means, with respect to any date of determination and Trust Account, the investment earnings on amounts on deposit in such Trust Account on such date. 
 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by
operation of law as a result of any act or omission by the related Obligor. 
 “Lien Certificate” means, with respect to a
Financed Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is
recorded on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a
secured party. 
  

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 “Liquidated Receivable” means, with respect to any Collection Period, a Receivable for
which, as of the last day of the Collection Period, (i) 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 5% or more of a Scheduled Receivables Payment have become 210 or more days
delinquent in the case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received and which is not a Sold Receivable,
(iii) 5% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable. 
 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable (other than
amounts withdrawn from the Spread Account and drawings under the Note Policy), and, with respect to a Sold Receivable, the related Sale Amount. 
 “Mail Box Access Agreement” means the Mail Box Access Agreement dated as of June 14, 2007, by and among UACC, the Trust, Deutsche Bank Trust Company Americas, as Trust Collateral Agent, Trustee and Collateral Agent,
the Insurer and CenterOne, as Designated Backup Subservicer, as the same may be amended and supplemented from time to time. 
 “Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or (y) that has become greater than 210 days delinquent and with respect to which the related Financed
Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the product of the three month rolling average recovery rate
(expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with respect to a
Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction and the Net Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has
become greater than 210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the
Financed Vehicle, $1. 
 “Monthly Extension Rate” means, with respect to any Accounting Date, the fraction, expressed as a
percentage, the numerator of which is the aggregate Principal Balance of Receivables whose payments are extended during the related Collection Period and the denominator of which is the aggregate Principal Balance of Receivables as of the
immediately preceding Accounting Date. 
 “Monthly Records” means all records and data maintained by the Servicer with
respect to the Receivables, including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance;
original term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral
description; days currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 
  

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 “Moody’s” means Moody’s Investors Service, or its successor. 
 “New Mail Box” has the meaning assigned to such term in the Mail Box Access Agreement. 
 “Net Insurance Proceeds” means, with respect to any Receivable, Insurance Proceeds net of amounts applied to the repair of the related
Financed Vehicle, released to the related Obligor in accordance with the normal servicing procedures of the Servicer or representing expenses incurred by the Servicer and recoverable hereunder. 
 “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable Liquidation Proceeds net of (i) reasonable out-of-pocket
expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable;
provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1. 
 “Note Majority” means a majority by principal amount of the Noteholders. 
 “Note
Policy” means the note guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the Noteholders. 
 “Note Pool Factor” for each Class of Notes as of the close of business on any date of determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original
outstanding principal amount of such Class of Notes. 
 “Noteholders’ First Principal Distributable Amount” means, for
any Distribution Date, an amount equal to the sum of: 
 (1) the greater of (i) zero and (ii) (a) the outstanding principal
balance of the Notes immediately preceding such Distribution Date; less (b) the Aggregate Principal Balance as of the end of the preceding calendar month; and 
 (2) (a) in the case of the Final Scheduled Distribution Date for a Class of Notes, the excess of the outstanding principal balance of that Class of Notes, if any, over the amounts described in clause (1), and
(b) in the case of the acceleration of the Notes under the Indenture, the excess of the outstanding principal balance of all classes of the Notes then outstanding over the amount described in clause (1). 
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any
portion of the Noteholders’ Interest Distributable Amount for that Class for the immediately preceding Distribution Date, any of which remains 

  

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unpaid as of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Interest Rate borne by such
Class of Notes from such immediately preceding Distribution Date to but excluding the related Distribution Date. 
 “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and Class
of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution Date and such Class. 
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest accrued at the related Interest Rate during the applicable Interest Period on the
principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date). 
 “Noteholders’ Second Principal Distributable Amount” means for a Distribution Date, an amount equal to the lesser of: 

(1) the excess, if any, of the amount of Available Funds and Additional Funds Available on the Distribution Date over the amounts payable on the
Distribution Date under Section 5.7(b)(i) through (vi); and 
 (2) the amount necessary to reduce the principal balance of the notes
(after application of the Noteholders’ First Principal Distributable Amount) to the Targeted Note Balance. 
 “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
 “Officers’ Certificate” means a certificate signed by the chairman of the board, the president, any executive vice president,
senior vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of the Seller or the Servicer, as appropriate. 
 “Opinion of Counsel” means a written opinion of counsel reasonably acceptable to the Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or
a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the Insurer. 
 “Original Pool
Balance” means the Aggregate Principal Balance as of the Cutoff Date, which equaled $268,817,210.02. 
 “Other
Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (j) of this Agreement. 
 “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement. 
  

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 “Owner Trustee” means Wells Fargo Delaware Trust Company, not in its individual
capacity but solely as Owner Trustee, acting on behalf of the Trust, under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 
 “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical
Property” has the meaning assigned to such term in the definition of “Delivery” above. 
 “Principal
Balance” means, with respect to any Receivable, as of any date of determination, the Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the
Receivable and (ii) any Cram Down Loss accounted for as of such date in respect of such Receivable. 
 “Purchase
Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such
Purchased Receivable, if any as of the date of purchase. 
 “Purchased Receivable” means a Receivable purchased as of the
close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2 or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 
 “Rating Agency” means Moody’s and Standard & Poor’s. If no such organization or successor maintains a rating on the
Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so long as an Insurer Default shall not have occurred
and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof and that each
Rating Agency shall have notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Trust in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes without
regard to the Note Policy. 
 “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable,
the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
 “Receivables” means the contracts transferred to the Trust pursuant to this Agreement as listed on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk). 
 “Receivable Files” means the documents specified in Section 3.3. 
  

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 “Record Date” means, with respect to each Distribution Date, the Business Day
immediately preceding such Distribution Date, unless otherwise specified in the Agreement. 
 “Registrar of Titles” means,
with respect to any state, the governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be
amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Requisite
Amount” has the meaning specified in the Spread Account Agreement. 
 “Sale Agreement” means the means the Sale
Agreement between UACC, as seller and the Seller, as purchaser dated as of June 1, 2007, pursuant to which the Seller acquired the Receivables, as such Agreement may be amended from time to time. 
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for
such Sold Receivable. 
 “Schedule of Receivables” means the schedule of all Receivables originally held as part of the
Trust, which schedule is attached as Schedule A, (which Schedule may be in the form of microfiche or a disk). 
 “Schedule of
Representations” means the Schedule of Representations and Warranties attached hereto as Schedule C. 
 “Scheduled
Payments” means, with respect to any Distribution Date, an amount equal to the sum of the Noteholders’ Interest Distributable Amount (net of interest shortfalls resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state regulation or legislation) and the Noteholders’ First Principal Distributable Amount (other than the amount specified in clause (2)(b) of the definition thereof) for the related Distribution Date; provided
that Scheduled Payments will not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Noteholders because the notice in proper form was not timely received by
the Insurer or (y) any portion of a Noteholders’ Interest Distributable Amount due to registered owners of notes representing interest on any Noteholders’ Monthly Interest Distributable Amount. 
 “Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such
Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified
in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act, as amended, or (iii) modifications or extensions of the Receivable
permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified. 
  

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 “Seller” means UPFC Auto Financing Corporation, a Texas corporation, and its successors
in interest to the extent permitted hereunder. 
 “Service Contract” means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle. 
 “Servicer” means United Auto Credit Corporation, as the servicer of the Receivables, and each replacement Servicer pursuant to Section 9.3. 
 “Servicer Termination Event” means an event specified in Section 9.1. 
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(b),
substantially in the form of Exhibit B. 
 “Servicing Fee” has the meaning specified in Section 4.8. 
 “Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from
time to time. 
 “Servicing Fee Rate” means 3.00% per annum. 
 “Sold Receivable” means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Trust, at
the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c) hereof. 
 “Spread Account” means the account designated as such, established and maintained pursuant to the Spread Account Agreement. 
 “Spread Account Agreement” means the Spread Account Agreement dated as of June 14, 2007, among the Insurer, the Trust, the
Trustee, the Trust Collateral Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms thereof. 
 “Spread Account Claim Amount” means with respect to any Determination Date, after taking into account the application on the related Distribution Date of the Available Funds for the related Collection
Period, an amount equal to any shortfall in the payment of the full amounts described in clauses (i) through (v) of Section 5.7(b) herein. 
 “Spread Account Claim Date” means, with respect to any Distribution Date, the third Business Day immediately preceding such Distribution Date. 
 “Spread Account Initial Deposit” means an amount equal to $5,376,344.09. 
  

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 “Standard & Poor’s” means Standard & Poor’s, a Division of
The McGraw-Hill Companies, Inc., or its successor. 
 “Subcontractor” means any vendor, subcontractor or other Person that is not
responsible for the overall servicing (as “servicing” is commonly understood by participants in the asset-backed securities market) of the Receivables but performs one or more discrete functions identified in Item 1122(d) of
Regulation AB with respect to the Receivables under the direction or authority of the Servicer or a Subservicer. 
 “Subservicer”
means any Person that services Receivables on behalf of the Servicer or any Subservicer and is responsible for the performance (whether directly or through Subservicers or Subcontractors) of a substantial portion of the material servicing functions
required to be performed by the Servicer under this Agreement that are identified in Item 1122(d) of Regulation AB. 
 “Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected
on the Receivables during such Collection Period but excluding any fees or expenses related to extensions. 
 “Targeted Note
Balance” means, for any Distribution Date, the product of 86% and the Aggregate Principal Balance as of the last day of the preceding calendar month. The Insurer may, in its discretion, permit the Targeted Note Balance to increase.

 “Trigger Event” has the meaning assigned thereto in the Spread Account Agreement. 
 “Trust” means UPFC Auto Receivables Trust 2007-A. 
 “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry
securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 
 “Trust Accounts” has the meaning
assigned thereto in Section 5.1. 
 “Trust Agreement” means the Trust Agreement dated as of February 6, 2007,
between the Seller and the Owner Trustee, as amended and restated as of June 14, 2007, as the same may be amended and supplemented from time to time. 
 “Trust Collateral Agent” means Deutsche Bank Trust Company Americas or its successors in interest and any successor Trust Collateral Agent hereunder. 
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any
managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer or any other officer of the 

  

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Trust Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the
corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney (including the Servicer) with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner
Trustee. 
 “Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain
monies paid on or after the Cutoff Date, the Collection Account , the Note Distribution Account, the Spread Account (including all Eligible Investments in each such account and all proceeds therefrom) and certain other rights under this Agreement.

 “Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee
under the Indenture. 
 “UACC” means United Auto Credit Corporation, the initial servicer hereunder. 
 “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement. 
 SECTION 1.2. Other Definitional Provisions. 
 (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (c) As used in this Agreement, in any instrument
governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in
this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such
instrument, certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 
 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including”
shall mean “including without limitation.” 
  

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 (e) The definitions contained in this Agreement are applicable to the singular as well as the
plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 (f) Any agreement,
instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 
 ARTICLE II 
 Conveyance of Receivables 
 SECTION 2.1. Conveyance of Receivables. In consideration of the Trust’s delivery to or upon the order of the Seller on the Closing Date of
the Notes and Certificates and the amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Trust, without recourse
(subject to the obligations set forth herein), all right, title and interest of the Seller in and to: 
 (a) the Receivables and all
moneys received thereon after the Cutoff Date; 
 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to
the Receivables and any other interest of the Seller in such Financed Vehicles; 
 (c) any proceeds and the right to receive proceeds
with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 
 (d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement as a result of a breach of representation or warranty
in the related Dealer Agreement; 
 (e) all rights under any Service Contracts on the related Financed Vehicles; 
 (f) the related Receivable Files; 
 (g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Sale Agreement, including the Seller’s rights with respect to delivery requirements,
representations and warranties and the repurchase obligations of UACC under the Sale Agreement; 
 (h) all of the Seller’s
(a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); 
  

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 (i) all proceeds and investments with respect to items (a) through (h); and 
 (j) all of Seller’s right, title and interest in its rights and benefits but none of its obligations or burdens under the Dealer Agreements.

 It is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall constitute a sale of the
Receivables and Other Conveyed Property from the Seller to the Trust and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent jurisdiction not to be a sale, this Agreement
shall constitute a grant of a security interest by the Seller to the Trust in the property referred to in this Section for the benefit of the Noteholders and the Insurer. 
 SECTION 2.2. [Reserved] 
 SECTION 2.3. Further Encumbrance of Trust
Property. 
 (a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to
Section 2.1, all right, title and interest of the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of
the Statutory Trust Statute (as defined in the Trust Agreement). 
 (b) Immediately upon the vesting of the Trust Property in the
Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing the repayment of the
Notes and the Trust’s obligations to the Insurer. The Certificates shall represent the beneficial ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect thereto as set forth
herein. 
 (c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Trust
under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of the Trust for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such covenants were
enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in Certificateholders. 
 (d) The Trust Collateral Agent shall, at such time as there are no Notes or Certificates outstanding and all sums due to (i) the Trustee
pursuant to the Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any remaining portion of the Trust Property to the Certificateholder.

  

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 ARTICLE III 
 The Receivables 
 SECTION 3.1. Representations and Warranties with Respect to the Receivables.
UACC has made the representations and warranties set forth in Section 3.3 of the Sale Agreement, and has consented to the assignment by Seller to Trust of Seller’s rights with respect thereto. Pursuant to Section 2.1 of this
Agreement, Seller has transferred to Trust all of Seller’s right, title and interest, but none of its obligations or burdens in, to and under the Sale Agreement, including Seller’s rights with respect to delivery requirements,
representations and warranties and the cure or repurchase obligations of UACC thereunder, upon which Trust relies in accepting the Receivables. Seller hereby represents and warrants to the Trust that such assignment is or will be valid, enforceable
and effective to permit the Trust to enforce such obligations of UACC under the Sale Agreement. Any purchase by UACC pursuant to the Sale Agreement shall be deemed a purchase by Seller pursuant to Section 3.2 of this Agreement and the
definition of Purchased Receivable. In addition, pursuant to Section 2.1 of this Agreement, Seller has transferred to Trust all of UACC’s right, title and interest, but none of its obligations or burdens, in, to and under each Dealer
Agreement, including the representations and warranties of the obligors therein, upon which the Trust relies in accepting the Receivables. 
 SECTION 3.2. Repurchase Upon Breach. 
 (a) Seller, Servicer, Insurer, Backup Servicer, the Designated Backup
Subservicer or Trust Collateral Agent, as the case may be, shall inform the other parties to this Agreement promptly, in writing, upon actual knowledge of any breach or failure to be true of the representations or warranties made by UACC in
Section 3.3 of the Sale Agreement, which materially and adversely affects the interests of Trust, the Noteholders or the Insurer in any Receivable; provided that the failure to give such notice shall not affect any obligation of UACC;
and, provided, further, that the Designated Backup Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no liability for a failure to give such notice. In consideration of the repurchase of a Receivable
hereunder by UACC under Section 3.4 of the Sale Agreement, UACC shall remit the Purchase Amount of such Receivable, no later than the close of business on the next Determination Date, in the manner specified in Section 5.6. 
 (b) With respect to all Receivables repurchased pursuant to this Section 3.2, Trust shall assign to the Seller without recourse, all of
Trust’s right, title and interest in and to such Receivables and all other Trust Property, security and documents, relating solely to such Receivable. 
 (c) In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by UACC, UACC shall indemnify the Trust, the Trustee, the Seller, the Backup Servicer, the Designated
Backup Subservicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and employees thereof, the Insurer, and the Noteholders against all costs, expenses, losses, damages, claims and liabilities, including reasonable
fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach. 
  

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 SECTION 3.3. Custodian Of Receivable Files. 
 (a) CUSTODY. To assure uniform quality in servicing the Receivables and to reduce administrative costs, Trust, upon the execution and
delivery of this Agreement, revocably appoints the Servicer, as agent, and the Servicer accepts such appointment, to act as agent on behalf of the Trustee (or if no Notes are outstanding, Trust) to maintain custody of the following documents or
instruments, which are hereby constructively delivered to Trust with respect to each Receivable (with respect to each Receivable, a “Receivable File”): 
 (i) copies of (A) the original certificate of title, lien card or application of title, as used in the applicable jurisdiction
and/or (B) if the security interest of the applicable Obligor is evidenced with respect to a Financed Vehicle under the Uniform Commercial Code of a state and the Servicer is given notice of such security interest, the UCC-1 financing
statements evidencing the applicable Obligor’s security interest; 
 (ii) the fully executed original counterpart
of the (a) installment sale contract or (b) note and the security agreement, as applicable relating to each Receivable and, in the case of promissory notes, endorsements of such notes in blank; and 
 (iii) a copy of the credit application of the Obligor. 
 As soon as practicable, but in no event later than fifteen (15) days following the Closing Date, the Servicer will deliver to the Trust, the Trust
Collateral Agent and the Insurer a final certification of the Servicer certifying that the Servicer has possession of all of the Receivable Files, with any exceptions as noted thereon. 
 (b) SAFEKEEPING. The Servicer shall hold the applicable Receivable Files as agent on behalf of Trust and maintain accurate and complete
records and computer systems pertaining to each Receivable in accordance with the terms of this Agreement. Servicer shall act with reasonable care, exercising the degree of skill, attention and care that Servicer exercises with respect to receivable
files relating to other similar motor vehicle loans which are held by Servicer on its own behalf and that is consistent with industry standards. In accordance with its customary practice with respect to its custody files, Servicer shall maintain the
Receivable Files in such a manner as shall enable the Trust, the Insurer, the Trust Collateral Agent and the Trustee to verify, if the Trust, the Insurer, the Trust Collateral Agent or Trustee so elects, the accuracy of the record keeping of
Servicer. Servicer shall promptly report to the Trust and the Insurer any failure on its part to hold the Receivable Files and maintain its records and computer systems as herein provided, and promptly take appropriate action to remedy any such
failure. Servicer hereby acknowledges that Servicer or an agent of the Servicer has possession of the Receivable File for each Receivable listed on the Schedule of Receivables, except as it may report to the Trust in writing. Nothing herein shall be
deemed to require Trust, Owner Trustee or Trustee to verify the accuracy of the record keeping of the Servicer. 
 Each assessment of
compliance provided by the Servicer pursuant to Section 4.10(a)(i) shall address the Servicer’s custodial duties applicable to it identified in Item 1122(d) of Regulation AB (§ 229.1122(d)). 
  

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 (c) MAINTENANCE OF AND ACCESS TO RECORDS. Servicer shall maintain each Receivable File at
the locations specified in Schedule B to this Agreement, or at such other offices of Servicer or its Affiliates within the United States (or, in the case of any successor Servicer, within the state in which its principal place of business is
located) as shall be specified to the Trust by 30 days’ prior written notice. Servicer will physically segregate the Receivables Files (other than the original certificates of title relating to the Receivable Files) from other files in
Servicer’s possession. Servicer’s document tracking system will show the location within Servicer’s facilities of each original certificate of title relating to the Receivables File. Servicer shall make available to the Trust, the
Trust Collateral Agent, Trustee, Insurer and their respective agents (or, when requested in writing by the Trust or Trustee, their respective attorneys or auditors) the Receivable Files and the related records maintained by Servicer at such times as
the Trust, Trustee or Insurer shall instruct for purposes of inspecting, auditing or making copies of abstracts of the same, but only upon two (2) Business Days prior notice and during the normal business hours at the respective offices of Servicer.

 (d) RELEASE OF DOCUMENTS. If no Notes are then Outstanding, upon written instructions from the Trust and receipt by the
Servicer of a request for release (substantially in the form of Exhibit D), Servicer shall release any document in the Receivable Files to the Trust or its agent or designee at such place or places as the Trust may designate, as soon thereafter as
is practicable and at the cost of the Trust. Any document so released shall be handled by the Trust with due care and returned to Servicer for safekeeping as soon as the Trust or its agent or designee shall have no further need therefor. 

The Servicer shall maintain a list of each Receivable of which payment in full has been made and shall provide such list to the Trust upon written
request by the Trust. Upon request by the Trust, the Servicer shall release the related Receivable File to the Trust or its agent or designee at such place or places as the Trust may designate, as soon thereafter as is practicable. Upon such release
of the Receivable File, the Servicer shall have no further responsibility with regard to such Receivable File. 
 (e) TITLE TO
RECEIVABLES. Servicer agrees that, in respect of any Receivable File held by Servicer hereunder, Servicer shall not at any time have or in any way attempt to assert any interest in such Receivable File or the related Receivable, other than
solely as Servicer for the purpose of collecting or enforcing the Receivable for the benefit of Trust and that the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in Trust. 
 (f) INSTRUCTIONS; AUTHORITY TO ACT. Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon
its receipt of written instructions signed by an Authorized Officer of the Trust Collateral Agent or the Trust, as applicable, a copy of which shall be provided to the Insurer. A certified copy of excerpts of certain resolutions of the Board of
Directors of the Trust Collateral Agent shall constitute conclusive evidence of the authority of any such Trust Officer to act and shall be considered in full force and effect until receipt by Servicer of written notice to the contrary given by the
Trust or the Trust Collateral Agent, as applicable. 
  

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 (g) SERVICER’S INDEMNIFICATION. In the event that the Servicer fails to produce an
original note or installment contract that was in its possession pursuant to Section 3.3 within five (5) Business Days after required or requested pursuant to Section 3.3(d), and provided that (i) the Servicer previously notified the Trust that it
was in possession of such document; (ii) such document is not outstanding pursuant to a request for release of documents under Section 3.3(d); and (iii) such document was held by the Servicer on behalf of the Trust (a “Receivable File
Delivery Failure”), then the Servicer shall indemnify the Trust, Insurer and Trustee in accordance with the succeeding sentence of this Section 3.3(g). The Servicer shall indemnify and hold harmless Trust, Insurer and Trustee (individually
and in its capacity as such), and each of their respective officers, directors, employees and agents from and against any and all direct liabilities, obligations, losses, payments, costs or expenses (including reasonable legal fees and expenses, if
any) of any kind whatsoever that may be imposed on, incurred or asserted against Trust, Trustee, Insurer or the Holders as the result of such Receivable File Delivery Failure. Indemnification under this Subsection (g) shall survive termination of
this Agreement and the resignation or removal of the Trustee, as the case may be. If Servicer shall have made any indemnity payments to Trustee or Insurer pursuant to this Section and Trustee or Insurer thereafter shall collect any of such amounts
from Persons other than Servicer, Trust, Trustee or Insurer, as the case may be, shall, as soon as practicable following such receipt thereof, repay such amounts to Servicer, without interest. 
 (h) EFFECTIVE PERIOD AND TERMINATION. If UACC shall resign as Servicer in accordance with Section 8.6 or be terminated in accordance with
Article IX, as soon as practicable after such resignation or termination, UACC shall deliver, or cause to be delivered at its expense, the Receivable Files to Trustee or Owner Trustee, as applicable, or its respective agent or designee at such place
or places as Trustee or Owner Trustee, as applicable, may reasonably designate and the Servicer’s obligations under this Section 3.3 shall terminate except those obligations that by their terms survive the termination of this Agreement.

 In addition, the obligations of the Servicer under Section 3.3 shall terminate upon the final payment or other liquidation (or
advance with respect thereto) of the last Receivable, and the final remittance of all funds due the Owner Trustee under the Trust Agreement and the Indenture Trustee under the Indenture. In such event, all documents remaining in the Receivable Files
shall be released in accordance with the written instructions of the Trustee or the Trust, as applicable. 
 (i) DELEGATION.
Servicer may, at any time without notice or consent, except to the extent required by applicable law, delegate any or all of its duties under Section 3.3 to any Affiliate which is legally qualified and has the capacity to perform such delegated
duties under this Section 3.3; provided that no such delegation shall relieve Servicer of its responsibility with respect to such duties and Servicer shall remain obligated and liable to Trust, Insurer and the Holders for its duties under this
Section 3.3 as if Servicer alone were performing such duties. 
 (j) LEVEL 2 TRIGGER EVENT OR LEVEL 3 TRIGGER EVENT. Upon the
occurrence of a Level 2 Trigger Event or a Level 3 Trigger Event (as defined in the Spread Account Agreement), the Servicer shall within 30 days and at its own expense transfer custody of the Receivables Files to the Trust Collateral Agent or its
designee approved by the Insurer 

  

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(which approval shall not be unreasonably held). The Trust Collateral Agent shall confirm or cause a designee approved by the Insurer (which approval shall
not be unreasonably withheld) to confirm receipt of each Receivables File (for up to 25,000 Receivable Files) in writing to the Insurer within fifteen (15) Business Days of receiving each Receivables File provided, however, that the Trust
Collateral Agent will have an additional five (5) Business Days to confirm receipt for each additional 5,000 Receivable Files transferred in excess of 25,000 Receivable Files. 
 SECTION 3.4. Rights and Duties of the Trust Collateral Agent. 
 Upon the occurrence of a Level 2 Trigger Event or a Level 3 Trigger Event and the transfer by the Servicer of the Receivables Files to the Trust Collateral Agent pursuant to Section 3.3(j), the Trust Collateral
Agent (or its designee approved by the Insurer pursuant to Section 3.3 which approval shall not be unreasonably withheld) will act as custodian and will hold the Receivable Files in the manner described hereunder. The Trust Collateral Agent
shall be bound by the following provisions of this Section 3.4 only upon the occurrence of a Level 2 Trigger Event or a Level 3 Trigger Event: 
 (a) The Trust Collateral Agent shall have no duties or responsibilities with respect to the contents of the Receivables Files except as specifically set forth herein. 
 (b) The Trust Collateral Agent shall neither be responsible for or under, nor chargeable with knowledge of the terms and conditions of, any other
agreement, instrument or document in connection herewith. 
 (c) The Trust Collateral Agent may conclusively rely upon, and shall be
fully protected from all liability, loss, cost, damage or expense in acting or omitting to act pursuant to any written notice, instrument, request, consent, certificate, document, letter, telegram, opinion, order resolution or other writing
hereunder which it reasonably believes to be authentic without being required to determine the authenticity of such document, the correctness of any fact stated therein, the propriety of the service thereof of the capacity, identity or authority of
any party purporting to sign or deliver such document. 
 (d) This Agreement expressly sets forth all the duties and obligations of the
Trust Collateral Agent with respect to any and all matters pertinent thereto. No implied duties or obligations of the Trust Collateral Agent shall be read into this Agreement. 
 (e) No provision of this Agreement shall require the Trust Collateral Agent to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (f) In order to comply with
laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the 

  

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funding of terrorist activities and money laundering (“Applicable Law”), the Trust Collateral Agent is required to obtain, verify and record
certain information relating to individuals and entities which maintain a business relationship with Trust Collateral Agent. Accordingly, each of the parties agrees to provide to Trust Collateral Agent upon its request from time to time such
identifying information and documentation as may be available for such party in order to enable Trust Collateral Agent to comply with Applicable Law. 
 (g) On or before March 15th of each calendar year beginning with March 15, 2008 until and unless a Form 15 suspension notification has been filed with respect to the Trust, the Trust Collateral Agent
shall, at its own expense, cause a firm of independent public accountants (who may also render other services to Trust Collateral Agent), which is a member of the American Institute of Certified Public Accountants and registered with the Public
Company Accounting Oversight Board, to furnish to the Depositor a report to the effect that such firm attests to and reports on, the assessment made by such asserting party pursuant to the following paragraph, which report shall be made in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Exchange Act. 
 (h) On or before March 15th of each
calendar year, beginning with March 15, 2008, the Trust Collateral Agent shall deliver to the Depositor, until such time as a Form 15 suspension notification is filed after which the Trust Collateral Agent shall not be required to so deliver, a
report regarding its assessment of compliance with the servicing criteria applicable to it identified in Exhibit E attached hereto, as of and for the fiscal year ending no later than December 31 of the year prior to the year of delivery of the
report, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Each such report shall include (a) a statement of the party’s responsibility for assessing compliance with the servicing criteria
applicable to such party, (b) a statement that such party used the criteria applicable to it identified in Item 1122(d) of Regulation AB (§ 229.1122(d)) to assess compliance with the applicable servicing criteria, (c) disclosure
of any material instance of noncompliance identified by such party, and (d) a statement that a registered public accounting firm has issued an attestation report on such party’s assessment of compliance with the applicable servicing
criteria, which report shall be delivered by the Trust Collateral Agent as provided in this Section 3.4(g). 
 (i) The Depositor
shall indemnify the Trust Collateral Agent for any material misstatement or omissions in any Form 10D or 10K filing, or failure to timely file, required under the Exchange Act other than any information, reports, or exhibits in such filing that are
provided by the Trust Collateral Agent pursuant to Sections 3.4(g) and 3.4(h). 
 (j) SAFEKEEPING. The Trust Collateral Agent
shall hold the applicable Receivable Files as agent on behalf of Trust and maintain accurate and complete records and computer systems pertaining to each Receivable in accordance with the terms of this Agreement. In performing its duties under this
Section 3.4, Trust Collateral Agent shall act with reasonable care, exercising the degree of skill, attention and care that Trust Collateral Agent exercises with respect to receivable files relating to other similar motor vehicle loans which
are held by Trust Collateral Agent and that is consistent with industry standards. In accordance with its customary practice with respect to its custody files, Trust Collateral Agent shall maintain the Receivable Files in such a manner as shall
enable the Trust, the Insurer and 

  

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the Trustee to verify, if the Trust, the Insurer or Trustee so elects, the accuracy of the record keeping of Trust Collateral Agent. Trust Collateral Agent
shall promptly report to the Trust and the Insurer any failure on its part to hold the Receivable Files and maintain its records and computer systems as herein provided, and promptly take appropriate action to remedy any such failure. Nothing herein
shall be deemed to require Trust, Owner Trustee or Trustee to verify the accuracy of the record keeping of the Trust Collateral Agent. 
 (k) MAINTENANCE OF AND ACCESS TO RECORDS. Trust Collateral Agent shall maintain each Receivable File at the respective offices of Trust Collateral Agent or its Affiliates within the United States (or, in the case of any
successor Trust Collateral Agent, within the state in which its principal place of business is located) and shall promptly specify such locations to the Trust by written notice. Trust Collateral Agent shall make available to the Trust, Trustee, the
Servicer (including the Designated Backup Subservicer acting as servicer or subservicer), Insurer and their respective agents (or, when requested in writing by the Trust or Trustee, their respective attorneys or auditors) the Receivable Files and
the related records maintained by Trust Collateral Agent at such times as the Trust, Trustee, the Servicer (including the Designated Backup Subservicer acting as servicer or subservicer) or Insurer shall instruct for purposes of inspecting, auditing
or making copies of abstracts of the same, but only upon two (2) Business Days prior notice and during the normal business hours at the respective offices of Trust Collateral Agent. 
 If the Trust Collateral Agent shall be unwilling to so act, or shall be unable to so act, the Trust Collateral Agent may appoint, or petition a court of
competent jurisdiction to appoint a custodian as the successor to the Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer as custodian of the Receivable Files hereunder provided,
that any successor is approved by the Insurer (which approval shall not be unreasonably withheld). Pending appointment of a successor to the Servicer as custodian hereunder, the Trust Collateral Agent shall act in such capacity as herein above
provided. In connection with such appointment and assumption, the Servicer shall make such arrangements for the compensation of such successor custodian as agreed upon between the Servicer and such successor custodian, including if such successor
custodian is the Trust Collateral Agent. Each of the parties hereto shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. In no event shall the Trust Collateral Agent or successor
custodian be liable for the acts or omissions of the Servicer as custodian hereunder. 
 (l) RELEASE OF DOCUMENTS. Upon
written instructions from Servicer or the successor to the Servicer (or, if no Notes are then Outstanding, the Trust), and receipt from the Servicer or the successor to the Servicer of a request for release (substantially in the form of Exhibit D),
Trust Collateral Agent shall release any document in the Receivable Files to Servicer, the successor to the Servicer or the Trust or its respective agent or designee, as the case may be, at such place or places as Servicer, the successor to the
Servicer or the Trust may designate, as soon thereafter as is practicable and at the cost of the Trust. Any document so released shall be handled by Servicer, the successor to the Servicer or the Trust with due care and returned to Trust Collateral
Agent for safekeeping as soon as Servicer, or the successor to the Servicer or the Trust or its respective agent or designee, as the case may be, shall have no further need therefor. 
  

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 Upon becoming aware of the payment in full of any Receivable, the Servicer or the successor to the
Servicer shall promptly notify the Trust Collateral Agent, in writing, that such Receivable has been paid in full and upon such written notice from the Servicer or the successor to the Servicer, Trust Collateral Agent shall release the related
Receivable File to the Servicer, the successor to the Servicer or the Trust or its respective agent or designee, as the case may be, at such place or places as the Servicer, or the successor to the Servicer or the Trust may designate, as soon
thereafter as is practicable. Upon such release of the Receivable File, the Trust Collateral Agent shall have no further responsibility with regard to such Receivable File. 
 (m) TITLE TO RECEIVABLES. Trust Collateral Agent agrees that, in respect of any Receivable File held by Trust Collateral Agent hereunder,
Trust Collateral Agent shall not at any time have or in any way attempt to assert any interest in such Receivable File or the related Receivable, other than solely as Trust Collateral Agent for the purpose of collecting or enforcing the Receivable
for the benefit of Trust and that the entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in Trust. 
 (n) INSTRUCTIONS; AUTHORITY TO ACT. The Trust Collateral Agent shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by
an Authorized Officer of the Servicer, the successor to the Servicer or the Trust, as applicable, a copy of which shall be provided to the Insurer. A certified copy of excerpts of certain resolutions of the Board of Directors or similar
authorization of the Servicer, the successor to the Servicer or the Trust shall constitute conclusive evidence of the authority of any such officer of the Servicer, the successor to the Servicer or the Trust, as applicable, to act and shall be
considered in full force and effect until receipt by the Trust Collateral Agent of written notice to the contrary given by the Servicer, the successor to the Servicer or the Trust, as applicable. 
 (o) TRUST COLLATERAL AGENT’S INDEMNIFICATION. In the event that the Trust Collateral Agent fails to produce an original note or
installment contract that was in its possession pursuant to Section 3.4 within five (5) Business Days after required or requested pursuant to Section 3.4(l), and provided that (i) the Trust Collateral Agent previously notified the Trust that it was
in possession of such document; (ii) such document is not outstanding pursuant to a request for release of documents under Section 3.4(l); and (iii) such document was held by the Trust Collateral Agent on behalf of the Trust (a “Trust
Collateral Agent Delivery Failure”), then the Trust Collateral Agent shall indemnify the Trust, Insurer and Trustee in accordance with the succeeding sentence of this Section 3.4(n). The Trust Collateral Agent shall indemnify and hold
harmless Trust, Insurer and Trustee (individually and in its capacity as such), and each of their respective officers, directors, employees and agents from and against any and all direct liabilities, obligations, losses, payments, costs or expenses
(including reasonable legal fees and expenses, if any) of any kind whatsoever that may be imposed on, incurred or asserted against Trust, Trustee, Insurer or the Holders as the result of such Trust Collateral Agent Delivery Failure. Indemnification
under this Subsection (n) shall survive termination of this Agreement and the resignation or removal of the Trustee, as the case may be. If Trust Collateral Agent shall have made any indemnity payments to Trustee or Insurer pursuant to this Section
and Trustee or Insurer thereafter shall collect any of such amounts from Persons other than Trust Collateral Agent, Trust, Trustee or Insurer, as the case (a) may be, shall, as soon as practicable following such receipt thereof, repay such
amounts to Trust Collateral Agent, without interest. 
  

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 ARTICLE IV 
 Administration and Servicing of Receivables 
 SECTION 4.1. Duties of the Servicer and
the Designated Backup Subservicer 
 (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall
manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with
customary and usual procedures of institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all
comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as UACC is the Servicer, it shall substantially comply with the Credit and Collection Policy. The Servicer’s duties shall include,
without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the
collateral, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed
Vehicles and performing the other duties specified herein. 
 The Servicer shall deposit in or credit to the Collection Account within two
Business Days of receipt all collections of monthly principal and interest (including any prepayments thereof) received after the Cut-Off Date by it on or in respect of the Receivables together with Liquidation Proceeds and any accompanying
interest. The Servicer shall likewise deposit in the Collection Account within two Business Days of receipt all Net Liquidation Proceeds and Net Insurance Proceeds. 
 In addition, annually, the Servicer will engage an accounting firm to complete an operational audit of 15 branches over any immediately preceding consecutive 12 month period. The results of such audits will
be delivered to the Insurer upon completion of each such annual audit. 
 In addition, annually, the results of up to 15
other internal or third party audits will be delivered to the Insurer at the Insurer’s reasonable request. 
 In addition,
annually, upon request of the Insurer, the Backup Servicer or the Designated Backup Subservicer, the Servicer will provide to the Insurer, the Backup Servicer and the Designated Backup Subservicer a list of the addresses of all
active branch offices. 
 The Servicer, or if UACC is no longer the Servicer, UACC at the request of the Servicer, shall also administer and
enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain possession of the Dealer 

  

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Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer
Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards,
policies, and procedures and shall have full power and authority, acting alone, 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 by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all
other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of
competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor except in accordance with the Servicer’s customary practices
and the Credit and Collection Policy. 
 The Servicer is hereby authorized, but not required, to commence, in its own name or in the name of
the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor
or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or
participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other
documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which
the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 
 (b) The duties of the Designated Backup Subservicer are described in Schedule D hereto. 
 SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables. 
 (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself
or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the
amount to be received by the Trust with respect thereto, including directing the Trust to sell the Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge
or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 
  

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 (b) The Servicer may (A) at any time agree to a modification or amendment of a Receivable in
order to (i) change on one or more occasions the Obligor’s regular monthly due date to a date that shall in no event be later than 30 days in total after the original monthly due date of that Receivable or (ii) re-amortize the
Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or (iii) increase the Principal Balance and re-amortize the Scheduled Receivables Payments on the
Receivable following a mechanical re-write; provided, that the number of Receivables that are subject to a mechanical re-write shall not exceed, in the aggregate, 2% of the number of Receivables as of the Closing Date, or (B) may direct the
Trust to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received
by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 
 (c) The Servicer may grant
payment extensions on, or other modifications or amendments to, a Receivable (in addition to those modifications permitted by Section 4.2(b) hereof), in accordance with its customary procedures if the Servicer believes in good faith that such
extension, modification or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided,
however, that: 
 (i) The aggregate period of all extensions on a Receivable shall not exceed eight months;

 (ii) a Receivable may be extended no more than twice within a twelve month period unless the regional manager
approves and in no event may a Receivable be extended more than four times within its lifetime; 
 (iii) In no event may
a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 
 (iv) The average Monthly Extension Rate for (A) any three consecutive calendar months, other than the months of December, January and February, shall not exceed 3.0% and (B) for the calendar months of December, January and
February, shall not exceed 3.5%; and 
 (v) So long as an Insurer Default shall not have occurred and be continuing, the
Servicer shall not amend or modify a Receivable (except as provided in Section 4.2(b) and this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer Default shall have occurred and be continuing). 

With respect to clause (iv) of this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated with respect to
(A) three consecutive calendar months, other than the months of December, January and February, exceeds 3.0% and (B) for the calendar months of December, January and February, exceeds 3.5% (in each case, which information 

  

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shall be set forth in the related Servicer’s Certificate), the Servicer shall, on the third such Accounting Date, purchase from the Trust the
Receivables with respect to which payment had been extended (starting with the Receivables most recently so extended) in an aggregate Principal Balance equal to the product of (i) the difference between such average of Monthly Extension Rates
and 3.0% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related Determination Date; provided, however, that in the event the Backup Servicer shall be acting as Servicer hereunder, the
foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup Servicer. 
 SECTION 4.3. Realization upon Receivables. 
 (a) In addition to the Servicer’s ability to direct the
Trust to sell Receivables pursuant to Section 4.3(c) hereof, and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the
ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no
event later than the date on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such time period if in
its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Trust to sell the Receivables pursuant to Section 4.3(c). The
Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to
realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing
is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine
in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be
remitted directly by the Servicer to the Collection Account pursuant to Section 4.1(a). The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash
proceeds, including costs to repair the Financed Vehicle, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer, which amounts in reimbursement may be
retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed Financed
Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
 (b) If the Servicer, or if UACC is no longer the Servicer, UACC at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an
automatic assignment from the Trust to the Servicer, or to UACC at the request of the Servicer, of the 

  

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rights under such Dealer Agreement or Dealer Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held
that the Servicer or UACC, as appropriate, may not enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee,
at UACC’s expense or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment , including bringing suit in its name or the name of the Seller
or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(e). 
 (c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third
party purchaser that is not affiliated with the Servicer, the Seller or the Trust to purchase from the Trust any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Trust to sell any such Receivable to the
third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Closing Date may be sold by the Trust pursuant to this Section 4.3(c) in the aggregate; provided, further, that the Servicer
may elect to not direct the Trust to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by
forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event,
the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders or the Insurer. The Trust shall sell each Sold Receivable for the greatest market
price possible; provided, however, that aggregate Sale Amounts received by the Trust for all Receivables sold to a single third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such
Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables directly to the Collection Account without deposit into any intervening account as soon as practicable, but in no event
later than the Business Day after receipt thereof. 
 (d) Upon the occurrence of a Level 2 Trigger Event or a Level 3 Trigger Event,
the Servicer shall, within 30 Business Days of the opening of each New Mail Box, provide an updated list of Obligors and a list of active branch offices to the Backup Servicer and post payment instruction signage at each branch directing payments to
be made to the appropriate New Mail Box and provide to Obligors of the Receivables new coupon books or address stickers containing the address for the relevant New Mail Box and written directions to forward their remittances to UACC at the relevant
New Mail Box, effective as of the first payment date following the Servicer’s mailing of new coupon books or address stickers and new remittance directions, as described above, and to no other address or post office box or similar local mail
access point (which UACC, as Servicer, will be able to access in order to pick up checks for processing unless the rights of UACC, as Servicer, to access the New Mail Boxes are terminated in accordance with the terms of the Mail Box Access
Agreement). 
 (e) Upon the occurrence of a Level 3 Trigger Event (as defined in the Spread Account Agreement), the Servicer shall
(i) within 21 Business Days, send notice to the Obligors 

  

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that payments must be mailed to the Servicer’s service provider, (ii) within 5 Business Days, send written notice to the Backup Servicer and the
Designated Backup Subservicer of the occurrence of such Trigger Event and request that the Designated Backup Subservicer provide the Servicer with revised payment instructions and (iii) post any payment instruction signage provided by the
Backup Servicer or the Designated Backup Subservicer in plain view at each branch. 
 SECTION 4.4. Insurance. 
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the
related Obligor under the Insurance Policies referred to in Paragraph (cc) of Section 3.3 to the Sale Agreement and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its customary
servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming UACC and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical loss and
damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related
Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph (cc) of Section 3.3 to the Sale Agreement (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may, but is
not required to, enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The Servicer may,
but is not required to, maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical
loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the
Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
 (b) [Reserved].

 (c) [Reserved]. 
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of
commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer
may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Trust and/or the Trust Collateral Agent, at the Servicer’s expense shall take such steps as the
Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and/or the Trust Collateral Agent for the benefit of the Noteholders. 
  

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 (e) The Servicer will cause itself and may cause the Trust Collateral Agent to be named as named
insured under all policies of Collateral Insurance. 
 SECTION 4.5. Maintenance of Security Interests in Vehicles.

 (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust
as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording,
re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby
authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that
the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the
Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the Seller’s designation as the secured party on the Lien Certificate is in its capacity as
Servicer as agent of the Trust. 
 (b) Upon the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long as an
Insurer Default shall not have occurred and be continuing) instruct the Trust Collateral Agent and the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a Servicer Termination Event, the
Trust Collateral Agent and the Servicer shall take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the
Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent. 
 UACC hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In addition, prior to the
occurrence of an Insurance Agreement Event of Default, the Controlling Party may instruct the Trust Collateral Agent and the Servicer to take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary
to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion
of counsel to the Controlling Party, be necessary or prudent; provided, however, that if the Controlling Party requests that the title documents be amended prior to the occurrence of an Insurance Agreement Event of Default, the
out-of-pocket expenses of the Trust Collateral Agent and the Servicer in connection with such action shall be reimbursed to the Trust Collateral Agent and the Servicer by the Controlling Party. The Seller hereby appoints the Trust Collateral Agent
and the Servicer as its attorney-in-fact to take any and all steps required to be performed by the Seller pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent and the Servicer shall have no
obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and 

  

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to which UACC or the Seller has paid all expenses), including execution of the Lien Certificates or any other documents in the name and stead of the Seller
and the Trust Collateral Agent hereby accepts such appointment. 
 SECTION 4.6. Covenants, Representations, and Warranties of
Servicer. By its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the Trustee relies in
authenticating the Notes and on which the Insurer relies in issuing the Note Policy. 
 (a) The Servicer covenants as follows:

 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or in part
from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 
 (ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other
Conveyed Property except as otherwise expressly provided herein; 
 (iii) No Amendments. The Servicer shall not
extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or
otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and Insurer, the Lien imposed by the
Spread Account Agreement in favor of the Collateral Agent for the benefit of the Trust Collateral Agent and Insurer, and the restrictions on transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any
jurisdiction any financing statement which names the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such
instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders and the Insurer. 
 (b) UACC represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule C are true and correct. 
 SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Servicer, the Insurer, a Responsible Officer of the
Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer, a Responsible Officer of the Designated Backup Subservicer or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Subsections
(a), (b), (c), (d) and (j) of Section 3.3 or in Sections 

  

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4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to
give any such notice shall not affect any obligation of UACC as Servicer under this Section; provided, further, that the Designated Backup Subservicer, so long as it has not been appointed Servicer or subservicer, shall have no
liability for a failure to give such notice. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects the interests of
the Noteholders or the Insurer in any Receivable (including any Liquidated Receivable) (or, at UACC’s election, the first Accounting Date so following) or the related Financed Vehicle, UACC shall, unless such breach shall have been cured in all
material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, UACC shall pay the related Purchase Amount. It is understood and agreed that the obligation of UACC to purchase any Receivable
(including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against UACC for such breach available to the Insurer, the Noteholders, the
Owner Trustee, the Backup Servicer, the Designated Backup Subservicer or the Trust Collateral Agent; provided, however, that UACC shall indemnify the Trust, the Backup Servicer, the Designated Backup Subservicer, the Collateral Agent,
the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted
against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, UACC will not be required to repurchase Receivables due
solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received
with respect to Receivables with Principal Balances which total more than 0.25% of the Aggregate Principal Balance as of the 180th day after the Closing Date, in which case UACC shall be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall
have been received to be no greater than 0.25% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the 240th day after the Closing Date. This section shall survive the termination of this Agreement and the earlier removal or resignation of the Trustee and/or the
Trust Collateral Agent and/or the Backup Servicer and/or the Collateral Agent and/or the Designated Backup Subservicer. On each such date, UACC shall deliver to the Insurer a written report specifying which Receivables do and do not have Lien
Certificates (after giving effect to such repurchases). 
 SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer.
On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant
to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports
made by the Servicer to Noteholders or the Insurer and all other fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent or the Trustee, except taxes levied or
assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of UACC). The 

  

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Servicer shall be liable for the fees and expenses of the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent,
the Trustee, the Collateral Agent and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be UACC, a successor to UACC as Servicer including the Backup Servicer or the Designated Backup Subservicer permitted by
Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
 SECTION 4.9. Servicer’s Certificate. No later than 10:00 a.m. Eastern time on the 3rd Business Day prior to each Distribution Date, the
Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency a
Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and
to make the distributions required by Section 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Trust as of the related Accounting Date, identifying the Receivables so
purchased by the Servicer or sold by the Trust, (iii) all information necessary to enable the Backup Servicer (or the Designated Backup Subservicer, as the case may be) to verify the items specified in Section 4.13(a)(iii), (iv) all
information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate
cash flows, the Collection Account for the related Collection Period and Distribution Date, including the accounting required by Section 5.10. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each
Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the
preceding sentence, the Servicer’s Certificate shall also contain the following information: (a) the Delinquency Ratio, Monthly Extension Rate and Cumulative Net Loss Ratio (as such terms are defined herein or in the Spread Account
Agreement) and the number of Receivables that have been subject to mechanical re-writes for the related Collection Period; (b) whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may
have occurred as of a prior Determination Date is deemed cured as of such Determination Date; (d) whether to the knowledge of the Servicer an Insurance Agreement Event of Default has occurred; and (e) if any branches have been closed,
specifying the closed branches. 
 SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event.

 (a) On or before 60 days after the end of each fiscal year, commencing with the fiscal year ended December 31, 2007 until and
unless a Form 15 suspension notification has been filed with respect to the Trust, the Servicer shall: 
 (i) deliver to
the Depositor, acting on behalf of the Trust, a report (in the form of Exhibit F) regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under 

  

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Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be addressed to the Trust and signed by an authorized
officer of the Servicer, and shall address each of the Servicing Criteria applicable to it specified on a certification substantially in the form of Exhibit G hereto; 
 (ii) deliver to the Depositor, acting on behalf of the Trust, a report of a registered public accounting firm that attests to, and
reports on, the assessment of compliance made by the Servicer and delivered 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; 
 (iii) cause each Subservicer and each Subcontractor determined by UACC to be “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Depositor, acting on behalf of the Trust, an assessment of compliance and accountants’ attestation as and when provided in paragraphs (i) and
(ii) of this Section; and 
 (iv) if requested by the Depositor, acting on behalf of the Trust, deliver to the
Depositor, acting on behalf of the Trust, and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with respect to a securitization transaction a certification in the form attached hereto as Exhibit F. 
 (b) The Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on the certification provided by the Servicer pursuant
to such clause in signing a Sarbanes Certification and filing such with the Commission. However, in no event shall any certificate provided in the form attached hereto as Exhibit F and supplied under clause (a)(iv) be filed with the SEC. The
Depositor, acting on behalf of the Trust, will not request delivery of a certification under clause (a)(iv) above unless the Depositor is required under the Exchange Act to file an annual report on Form 10-K with respect to an issuer whose asset
pool includes the Receivables. 
 (c) Each assessment of compliance provided by a Subservicer pursuant to Section 4.10(a)(iii)
shall address each of the Servicing Criteria applicable to it specified on a certification to be delivered to the Servicer and the Depositor, acting on behalf of the Trust, on or prior to the date of such appointment. An assessment of compliance
provided by a Subcontractor pursuant to Section 4.10(a)(iii) need not address any elements of the Servicing Criteria other than those specified by the Servicer and the Depositor, acting on behalf of the Trust, on the date of such appointment.

 (d) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated
Backup Subservicer, the Insurer, the Collateral Agent, the Seller and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, 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 Termination Event under Section 9.1. 
  

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 SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause a firm of
nationally recognized independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Designated Backup Subservicer, the Insurer and each Rating Agency, on or before February 28 of each year, beginning on February 28, 2008, until and unless a Form 15 suspension notification has been filed
with respect to the Trust, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate), an
attestation report (the “Accountants’ Report”) in compliance with Item 1122(b) of Regulation AB (17 CFR 229.1122(b)), addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and to the Insurer, providing information as required by Item 1122(b) of Regulation AB (17 CFR 229.1122(b)), and a statement to the effect that such firm has audited the
books and records of United Pan Am Financial Corp. and subsidiaries and that (1) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing
procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and
(3) includes a report on the application of agreed upon procedures to three randomly selected Servicer’s Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or
errors in the Servicer’s Certificates were found. 
 In the event such independent public accountants require the Trust Collateral
Agent, Trustee, the Servicer, Backup Servicer or Designated Backup Subservicer to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 4.11, the Servicer shall direct the
Trust Collateral Agent, Trustee, the Backup Servicer and Designated Backup Subservicer in writing to so agree; it being understood and agreed that the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup Subservicer will deliver
such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trust Collateral Agent, Trustee, Backup Servicer and Designated Backup Subservicer have not made any independent inquiry or investigation as to, and shall
have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 
  

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 SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. (a) The
Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Insurer reasonable access to the documentation regarding the Receivables. In each
case, such access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
 (b) At the request of the Depositor, acting on behalf of the Trust, for the purpose of satisfying its reporting obligation under the Exchange Act
with respect to any class of asset-backed securities, the Servicer shall (or shall cause each Subservicer to) (i) notify the Depositor, acting on behalf of the Trust, in writing of any material litigation or governmental proceedings pending
against the Servicer or any Subservicer and (ii) provide to the Depositor, acting on behalf of the Trust, a description of such proceedings. 
 (c) As a condition to the succession to the Servicer or any Subservicer as servicer or subservicer under this Agreement by any Person (i) into which the Servicer or such Subservicer may be merged or consolidated, or
(ii) which may be appointed as a successor to the Servicer or any Subservicer, the Servicer or such Subservicer shall provide to the Trust and the Depositor, at least 10 Business Days prior to the effective date of such succession or
appointment, (x) written notice to the Trust of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Trust, all information reasonably requested by the Trust or the Indenture Trustee,
acting on behalf of the Trust, in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of asset-backed securities. 
 (d) In addition to such information as the Servicer, as servicer, is obligated to provide pursuant to other provisions of this Agreement, if so requested by the Trust or the Depositor, acting on behalf of the
Trust, the Servicer shall provide such information regarding the performance or servicing of the Receivables as is reasonably required to facilitate preparation of distribution reports in accordance with Item 1121 of Regulation AB. Such
information shall be provided concurrently with the monthly reports otherwise required to be delivered by the Servicer under this Agreement, commencing with the first such report due not less than ten Business Days following such request.

 (e) UACC shall be liable to the Trust and the Depositor for any monetary damages incurred as a result of the failure by any
Subservicer or any Subcontractor or any person performing a servicing function under the direction or control of UACC to deliver, including any person UACC is obligated to cause to deliver any information, report, certification, attestation,
accountants’ letter or other material when and as required under this Article IV, including any failure by UACC to identify any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation
AB, and shall reimburse the applicable party for all costs reasonably incurred by each such party in order to obtain the information, report, certification, accountants’ letter or other material not delivered as required by the Servicer, any
Subservicer, or any Subcontractor. 
  

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 SECTION 4.13. Monthly Tape. 
 (a) On or before the seventh calendar day, of each month, the Servicer will deliver to the Trust Collateral Agent, the Insurer, the Backup Servicer
and the Designated Backup Subservicer a computer tape or a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the Trust Collateral Agent, the
Insurer and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and
necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall cause the Designated Backup Subservicer to use such tape or diskette (or other electronic
transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s Certificate is complete on its face or note discrepancies, (ii) confirm or note discrepancies that such tape, diskette
or other electronic transmission is in readable form, (iii) calculate and confirm or note discrepancies regarding (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of Notes; (B) the
aggregate amount distributable as interest on the related Distribution Date to each Class of Notes; (C) any amounts distributable on the related Distribution Date which are to be paid with funds (y) withdrawn from the Spread Account, or
(z) drawn under the Note Policy; (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause (A), above; (E) the Note Pool Factor for each Class of Notes after giving
effect to all distributions made pursuant to clause (A), above; (F) the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clause (B) above;
(G) the Monthly Extension Rate; (H) the Delinquency Ratio; and (I) the Cumulative Net Loss Ratio. The Backup Servicer shall cause the Designated Backup Subservicer to provide a letter to the Controlling Party and to the Trustee that
it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the
event that the Designated Backup Subservicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the
Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Designated Backup Subservicer and the Servicer are unable to reconcile
discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the
last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such next succeeding
Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any replacement Servicer its Collection Records and its Monthly
Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the
duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no
liability for any actions taken or omitted by the Servicer. 
  

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 (b) The Designated Backup Subservicer shall have no liability for the failure to perform any duty
if such failure results from its failure to receive in a timely manner the Monthly Tape or any other information reasonably required by it to perform its obligations, and the Designated Backup Subservicer shall have no liability for any error or
omission in the Servicer’s Certificate or any other data confirmed by it, such certificates and data being the sole responsibility of the Servicer or the other Person supplying such data. 
 (c) The Servicer shall deliver to the Designated Backup Subservicer the Monthly Tape on or before the seventh calendar day of each month. The
Backup Servicer shall cause such Designated Backup Subservicer to load such Monthly Tapes into its computer system in the format in which they were received (it being understood that such loading shall not include boarding or other manipulation of
the data) and to certify to the Trust Collateral Agent that (i) it can access and read the data and (ii) the summary totals for each category of information provided in such computer tapes conform with the summary totals for such
categories of information as reflected in the books and records of the Servicer. Other than the duties specifically set forth in this Agreement, the Designated Backup Subservicer shall have no obligations hereunder, including, without limitation, to
supervise, verify, monitor or administer the performance of the Servicer. The Designated Backup Subservicer shall have no liability for any actions taken or omitted by the Servicer. 
 SECTION 4.14. [Reserved]. 
 SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is
customary for servicers engaged in the business of servicing automobile receivables. 
 ARTICLE V 
 Trust Accounts; Distributions; 
 Statements to Noteholders 
 SECTION 5.1. Establishment of Trust Accounts. 
 (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the Noteholders and the Insurer. The
Collection Account shall initially be established with the Trust Collateral Agent. 
  

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 (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own
name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent, in trust, on behalf of the
Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 
 (b) Funds
on deposit in the Collection Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in
Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders and the Insurer,
as applicable. Other than as permitted by the Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the
Business Day immediately preceding the following Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a Distribution Date upon the maturity of any Eligible Investments are required to be invested overnight. All
Eligible Investments will be held to maturity. The Trust Collateral Agent shall give notice to each institution that holds Eligible Investments in money market deposit accounts in a Trust Account that on each Distribution Date the Trust Collateral
Agent may be withdrawing all funds from the applicable Trust Account not less than the minimum number of Business Days prior to each Distribution Date as required by each such institution. 
 (c) All investment earnings of moneys deposited in the Trust Accounts shall be deposited (or caused to be deposited), pursuant to the monthly
Servicer’s Certificate, on each Distribution Date by the Trust Collateral Agent in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to
make any investment of any funds 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, in either case without any further action by any Person, and, in
connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral
Agent, to such effect. 
 (d) The Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of
the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by
the Trust Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (e) If (i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the
Trust and Trust Collateral Agent) 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, or, if such Notes shall
have been declared due and payable following an Event of 

  

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Default, amounts collected or receivable from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral
Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment described in clause (d) of the definition of Eligible Investments; provided that the Trust Collateral Agent shall not be liable
for any loss or absence of income resulting from such investments. 
 (f) (i) The Trust Collateral Agent 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 for the benefit of the Noteholders and the Insurer and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate.
Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts
ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account as
an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust
Collateral Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 
 (ii) With respect to the Trust Account Property: 
 (A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except
as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto;

 (B) any Trust Account Property that constitutes Physical Property shall be delivered to the Trust Collateral Agent in
accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is defined in
Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
 (C) any Trust Account Property that
is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the
Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and 
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not
governed by clause 

  

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(C) above shall be delivered to the Trust Collateral Agent in accordance with paragraph (c) of the definition of “Delivery” and shall
be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its nominee’s) ownership of such security. 
 SECTION 5.2. [Reserved] 
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the
Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution
Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy
of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to
it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt
of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust Collateral Agent
shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. 
 SECTION 5.4.
Application of Collections. All collections for the Collection Period shall be applied by the Servicer as follows: 
 With respect to
each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and
principal in accordance with the method applicable to the Receivable. 
 All amounts collected that are payable to the Servicer as
Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(b). 
 SECTION 5.5. Withdrawals from Spread Account. 
 (a) In the event that the Servicer’s Certificate with
respect to any Determination Date shall state that there is a Spread Account Claim Amount then on the Spread Account Claim Date immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent,
the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a “Deficiency Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the
Deficiency Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Spread 

  

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Account Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent for
deposit in the Collection Account on the related Distribution Date. 
 Any Deficiency Notice shall be delivered by 10:00 am, Eastern time,
on the second Business Day preceding such Distribution Date. 
 (b) [Reserved]. 
 (c) The amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency Notice shall be deposited by the Trust
Collateral Agent into the Collection Account pursuant to Section 5.6. 
 SECTION 5.6. Additional Deposits. 

(a) The Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on
which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On the Business Day prior to each Distribution Date, the Trust Collateral Agent shall
remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 
 (b) The proceeds of any
purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection Account. 
 SECTION 5.7. Distributions. 
 (a) [Reserved]. 
 (b) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s Certificate
delivered with respect to the related Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the following order of
priority: 
 (i) from the Available Funds, to the Servicer (or, if the Designated Backup Subservicer shall be appointed
successor servicer or subservicer to the Servicer, to such Person), the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period and, to any successor Servicer (or, if the Designated Backup Subservicer shall be
appointed successor servicer or subservicer to the Servicer, to such Person), transition fees not to exceed $500,000 (including boarding fees) in the aggregate; 
 (ii) from the Available Funds, to each of the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the
Designated Backup Subservicer and the Owner Trustee, their respective accrued and unpaid fees and out-of-pocket expenses and any other amounts payable to the Designated Backup Subservicer under the Mail Box Access Agreement and any accrued and
unpaid fees and out-of-pocket 

  

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expenses of the Trust Collateral Agent, including the fees and expenses of its counsel (in each case, to the extent such fees or expenses have not been
previously paid by the Servicer and provided that such fees and expenses shall not exceed (w) $100,000 in the aggregate in any calendar year to the Owner Trustee, (x) $175,000 in the aggregate in any calendar year to the Trust Collateral
Agent, the Backup Servicer and the Trustee, collectively and (y) $75,000 in the aggregate in any calendar year to the Designated Backup Subservicer); 
 (iii) from the Available Funds to the Note Distribution Account, the Noteholders’ Interest Distributable Amount; 
 (iv) from the Available Funds to the Note Distribution Account, the Noteholders’ First Principal Distributable Amount; 
 (v) from the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so long as no Insurer Default
has occurred and is continuing, any amounts owing to the Insurer under the Insurance Agreement and not paid; 
 (vi) from the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Spread Account Initial Deposit; 
 (vii) from the Available Funds to the Note Distribution Account, the Noteholders’ Second Principal Distributable Amount;

 (viii) from Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, the
amounts described in clause (v) above, excluding the Premium, as defined in the Insurance Agreement; 
 (ix) from
the Available Funds, to the Spread Account, an amount, if necessary, required to increase the amount therein to the Requisite Amount; 
 (x) from the Available Funds, to each of the Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Owner Trustee, their respective
accrued and unpaid fees and expenses and any other amounts payable to the Designated Backup Subservicer under the Mail Box Access Agreement and any accrued and unpaid fees and expenses of the Trust Collateral Agent (in each case, to the extent such
fees or expenses have not been previously paid pursuant to clauses (i) and (ii) above) and any additional fees of a successor servicer; 
 (xi) to the Class A-3 Notes, additional amounts as described in Section 10.1 herein; and 
 (xii) from Available Funds, any remaining Available Funds to the Collateral Agent for distribution in accordance with Section 3.03(b) of the Spread Account Agreement; 
  

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 provided, however, that, (A) following an acceleration of the Notes pursuant to the Indenture or,
(B) if an Insurer Default shall have occurred and be continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be continuing, or (C) the receipt of
Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6 of the Indenture. 
 (c) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s Certificate
delivered with respect to the related Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of any errors or deficiencies with respect thereto) distribute from the Collection Account the Additional Funds
Available in accordance with the priorities set forth in Section 5.7(b) or as may be directed by the Insurer in writing on the Business Day prior to such Distribution Date with respect to that portion of the Additional Funds Available
constituting Insurer Optional Deposits and the Trustee shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution Date, which amount shall be applied solely to the payment of amounts
then due and unpaid on the Notes in accordance with the priorities set forth in Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 
 (d) In the event that the Collection Account is not able to be held with the Trust Collateral Agent, the Servicer or the Trust Collateral Agent shall instruct and cause such institution to make all deposits and
distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date. 
 SECTION 5.8. Note Distribution
Account. 
 (a) On each Distribution Date (based solely on the information contained in the Servicer’s Certificate) the Trust
Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the
following order of priority: 
 (i) accrued and unpaid interest on the Notes; provided that if there are not
sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of
Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 
 (ii) The
Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal Distributable Amount shall be distributed as follows: 
 (1) If an Event of Default has not occurred: 
 (A) to the Holders of the Class A-1
Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-1 Notes has been reduced to zero; 
  

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 (B) to the Holders of the Class A-2 Notes with the total amount paid out on
each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero; 
 (C) to the Holders of the Class A-3 Notes, with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-3 Notes has been reduced to zero; 
 (2) After the occurrence of an Event of Default: 
 (A) to the Holders of the Class A-1 Notes until the outstanding principal amount of the Class A-1 Notes has been reduced
to zero; 
 (B) to the Holders of the Class A-2 Notes and the Holders of the Class A-3 Notes, on a pro rata
basis, based upon their respective outstanding principal amounts, until the Class A-2 Notes and Class A-3 Notes have been paid in full; 
 (b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date. 
 (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce
the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of
any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such
proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in accordance with this clause (c). In the event
that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Trust Collateral Agent for
any out-of-pocket expenses (including legal fees and expenses) incurred. 
 (d) Distributions required to be made to Noteholders on any
Distribution Date shall be made to each Noteholder of record on the preceding Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities
therefore, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less
than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such holder appearing 

  

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in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or
otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
 (e) Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner
except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 
 SECTION 5.9. [Reserved] 
 SECTION 5.10. Statements to Noteholders. 
 (a) On or prior to each Distribution Date, the Trust Collateral
Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating Agencies) a copy of the Servicer’s Certificate which shall contain the following information as to the Notes to the extent applicable: 
 (i) the amount of such distribution allocable to principal of each Class of Notes; 
 (ii) the amount of such distribution allocable to interest on or with respect to each Class of Notes; 
 (iii) the amount of such distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note
Policy; 
 (iv) the Aggregate Principal Balance as of the close of business on the last day of the preceding Collection
Period; 
 (v) the aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each
such Class after giving effect to payments allocated to principal reported under (i) above; 
 (vi) the amount of
the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be; 
 (vii) the Noteholders’ Interest Carryover Amount; 
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 
 (ix) the aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer in such period; and 

 

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 (x) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the
Trust in such period. 
 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount
per $1,000 of the initial principal balance of the Notes (or Class thereof). 
 (b) The Trust Collateral Agent will make available each
month to each Noteholder the statements referred to in Section 5.10(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s
internet website with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at www.tss.db.com/invr or at such other address as the Trust Collateral Agent shall notify the
Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s Corporate Trust Office at (800) 735-7777. The Trust Collateral Agent shall have the right to change the way the
statements referred to in Section 5.10(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements. The Trust Collateral Agent shall provide notification
of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
 SECTION 5.11. Optional Deposits by the Insurer. The Insurer shall at any time, and from time to time, with respect to a Distribution Date, have
the option (but shall not be required, except in accordance with the terms of the Note Policy) to deliver amounts no later than 12:00 noon Eastern time on such Distribution Date to the Trust Collateral Agent for deposit into the Collection Account
for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date, or (ii) to include such amount to the extent that
without such amount a draw would be required to be made on the Note Policy. 
 ARTICLE VI 
 The Note Policy 
 SECTION 6.1. Claims Under Note Policy. 
 (a) In the event that the Trust Collateral Agent has delivered a
Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof, the Trust Collateral Agent shall on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the Deficiency Amount for
such Distribution Date is greater than zero, the Trustee shall, to the extent it has received sufficient information to make such determinations, furnish to the Insurer no later than 10:00 am Eastern time on the related Draw Date a completed Notice
(as defined in (b) below) in the amount of the Deficiency Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited by the Trustee into the Note Distribution Account for payment to Noteholders on
the related Distribution Date. 
  

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 (b) Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the
Note Policy pursuant to subsection 6.1(a) shall specify the Deficiency Amount claimed under the Note Policy and shall constitute a “Notice” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is
required to pay to the Trustee the Deficiency Amount properly claimed thereunder by 12:00 noon., New York time, on the later of (i) the second Business Day following receipt on a Business Day of the Notice, provided that if such Notice is
received after 12:00 noon., New York Time, on such Business Day, it will be deemed to be received before 12:00 noon on the following Business Day, and (ii) the applicable Distribution Date. Any payment made by the Insurer under the Note Policy
shall be applied solely to the payment of the Notes, and for no other purpose. 
 (c) The Trustee shall (i) receive as
attorney-in-fact of each Noteholder any Deficiency Amount from the Insurer and (ii) deposit the same in the Note Distribution Account for distribution to Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or the Trust
Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or from the Spread Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall,
to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such payments to the extent of such payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of
the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to the Notes which are then due for payment to the extent of all payments made by the Insurer, and the Insurer may exercise any
option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note Policy. To evidence such subrogation, the Note Registrar shall note the Insurer’s rights as subrogee upon the register
of Noteholders. The foregoing subrogation shall in all cases be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf of the
Insurer into the Note Distribution Account with respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at reasonable
times upon seven Business Day’s prior notice to the Trust Collateral Agent or the Trustee. 
 (e) The Trustee shall be entitled to
enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy. Notwithstanding any other provision of this Agreement or any Basic Document, the Noteholders are not entitled to institute proceedings directly against the
Insurer. 
 SECTION 6.2. Preference Claims Under Note Policy. 
 (a) In the event that the Trustee has received a certified copy of a final, non-appealable order of the appropriate court that any payment paid on a
Note has been avoided in whole or in part as a preference payment under applicable bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the
provisions of the Note Policy to obtain payment by the Insurer of 

  

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such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any
Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of
principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and subsequently recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the
Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a
Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment
reasonably satisfactory to the Insurer). 
 (b) The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any
proceeding or the institution of any action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or
similar law of any distribution made with respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer Default shall
not have occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim direct all matters relating to such Note Preference Claim, including, without limitation, (i) the
direction of any appeal of any order relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such appeal at the expense of the Insurer, but subject to reimbursement as provided in
the Insurance Agreement. In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to
the fullest extent permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Preference Claim, including, without limitation, all rights of any party to an adversary proceeding action
with respect to any court order issued in connection with any such Note Preference Claim. 
 SECTION 6.3. Surrender of Note Policy.
The Trustee shall surrender the Note Policy to the Insurer for cancellation upon payment in full of the Notes. 
 ARTICLE VII 
 The Seller 
 SECTION 7.1.
Representations of Seller. The Seller makes the following representations on which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the
Receivables and on which the Trustee, Collateral Agent, Trust Collateral Agent, Backup Servicer and the Designated Backup Subservicer may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date,
in the case of Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  

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 (a) [Reserved]. 
 (b) Organization and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the
laws of the State of Texas, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and
legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
 (c) Due
Qualification. The Seller is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect
Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations
hereunder and under the Seller’s Basic Documents. 
 (d) Power and Authority. The Seller has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned
to and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly
authorized by the Seller by all necessary corporate action. 
 (e) Valid Sale, Binding Obligations. This Agreement effects a
valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and
delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of the
terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or
by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties. 
  

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 (g) No Proceedings. There are no proceedings or investigations pending or, to the
Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (A) asserting the
invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect
the federal income tax or other federal, state or local tax attributes of the Notes. 
 (h) No Consents. The Seller is not
required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity
or enforceability of this Agreement which has not already been obtained. 
 (i) True Sale. The Receivables are being transferred
with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
 (j) Chief Executive Office. The chief executive office of the Seller is at 860 W Airport Freeway, Suite 702, Hurst, Texas, 76054. 
 SECTION 7.2. Corporate Existence. During the term of this Agreement, the Seller will (i) keep in full force and effect its existence, rights
and franchises as a corporation under the laws of the jurisdiction of its incorporation and will 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 Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby and (ii) take all actions
reasonably necessary to maintain its separate corporate entity distinct and separate from its Affiliates. 
 SECTION 7.3. Liability of
UACC; Indemnities. UACC shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by UACC under this Agreement. 
 (a) UACC shall indemnify, defend and hold harmless the Trust, the Owner Trustee, Trustee, Seller, Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer
to the Servicer, Collateral Agent, Insurer and Trust Collateral Agent and the officers, directors, employees and agents thereof from and against any taxes that may at any time be asserted against any such Person with respect to the transactions
contemplated in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee and the Insurer and except any taxes to which the Owner Trustee, the Trust
Collateral 

  

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Agent or the Trustee may otherwise be subject to, without regard to the transactions contemplated hereby), including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but in the case of the Trust, not including any taxes asserted with respect to federal or other income taxes arising out of distributions on the Notes) and costs and expenses in
defending against the same. 
 (b) UACC shall indemnify, defend and hold harmless the Trust, the Owner Trustee, Trustee, Seller, Backup
Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Collateral Agent, Insurer and Trust Collateral Agent and the officers, directors, employees and agents thereof and the
Noteholders from and against any loss, liability or expense incurred by reason of (i) UACC’s willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement and (ii) UACC’s or the Trust’s violation of federal or state securities laws in connection with the offering and sale of the Notes. 
 (c) UACC shall indemnify, defend and hold harmless the Owner Trustee, Trustee, Seller, Trust Collateral Agent, Collateral Agent, Backup Servicer,
Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, and the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and
liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due
to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent, Backup Servicer and Designated Backup Subservicer, respectively. 
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee, the Seller, the Backup Servicer, the
Designated Backup Subservicer, the Collateral Agent or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and other
expenses of litigation. If UACC shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay
such amounts to UACC, without interest. 
 SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any
Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing
of any document or any further act by any of the parties to this Agreement; provided, however, that (i) the Seller shall have received the written consent of the Insurer prior to entering into any such transaction,
(ii) immediately after giving effect to such transaction, no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event, shall have happened and be continuing,
(iii) the Seller shall have 

  

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delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied
with, (iv) the Rating Agency Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and the Insurer
an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the
interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses
(a), (b) or (c) above. 
 SECTION 7.5. Limitation on Liability of Seller and Others. The Seller and any director, officer or
employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. The Seller shall not
be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
 SECTION 7.6. Ownership of the Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such
Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or Certificates; provided, however, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents and will not be entitled to the benefits of the
Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any Certificate. 
 ARTICLE VIII 
 The Servicer 
 SECTION 8.1. Representations of Servicer. The Servicer makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Trust is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the
Receivables, and shall survive the sale of the Receivables to the Trust and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  

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 (a) [Reserved]; 
 (b) Organization and Good Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its
jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power,
authority and legal right to enter into and perform its obligations under this Agreement; 
 (c) Due Qualification. The Servicer
is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the
servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
 (d) Power and
Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the
Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 
 (e) Binding
Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law; 
 (f) No Violation. The consummation of the transactions contemplated by this
Agreement and the Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation
applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 
 (g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s knowledge, threatened against the
Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking 

  

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any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or
enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
 (h) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization,
or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 
 SECTION 8.2. Liability of Servicer, Backup Servicer and Designated Backup Subservicer; Indemnities. 
 (a) The Servicer (in its capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken
by the Servicer and the representations made by the Servicer. 
 (b) The Servicer shall defend, indemnify and hold harmless the Trust,
the Trustee, the Seller, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer,
their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation
arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 
 (c) The Servicer (when the Servicer is UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the Seller, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including
in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted
against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any
federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses
in defending against the same; 
 UACC (when the Servicer is not UACC) shall indemnify, defend and hold harmless the Trust, the Trustee, the
Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the Insurer, their respective officers,
directors, agents and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the
transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including 

  

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franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and
original sale of the Notes) and costs and expenses in defending against the same; and 
 (d) The Servicer shall indemnify, defend and
hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the
Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities (including reasonable fees and expenses of counsel and expenses of
litigation, if any) to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Collateral Agent, the Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, willful misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or
by reason of reckless disregard of its obligations and duties under this Agreement. 
 (e) UACC shall indemnify, defend and hold
harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Collateral Agent, the
Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer, Seller or Trust of federal or state securities laws in
connection with the registration or the sale of the Notes, including for any material misstatement or omissions in any 10-D or 10-K filing, or failure to timely file, required under the Exchange Act other than any information, report or exhibits in
such filing that are provided by the Trust Collateral Agent pursuant to Section 3.4(g); provided, that UACC shall not indemnify the Insurer for the disclosure under the captions “The Insurer” and “The Policy” in the
Prospectus Supplement (including any information provided by the Insurer or its auditors incorporated by reference therein under such captions or in any report filed with respect to the Trust). This section shall survive the termination of this
Agreement, or the earlier removal or resignation of the Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer or the Collateral Agent. 
 (f) UACC shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer,
including in its capacity as successor Servicer or as subservicer to the Servicer, and the Collateral Agent, and the respective officers, directors, agents and employees thereof against any and all loss, liability or expense, (other than overhead
and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or
expense was incurred by the Trustee, the Owner Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent or the Designated Backup Subservicer as a result of any such entity’s willful misfeasance, bad faith or negligence.

  

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 (g) Indemnification under this Article shall include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected
to the Servicer, without interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer or the Designated Backup Subservicer, to the extent not paid by the Servicer, shall be
paid solely from the Spread Account in accordance with the terms of the Spread Account Agreement. 
 (h) When the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, or the Backup Servicer incurs expenses after the occurrence of a Servicer Termination Event
specified in Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or
similar law. 
 The provisions of this Section 8.2 shall survive the resignation of the Trustee, Trust Collateral Agent, Collateral
Agent, Owner Trustee, Backup Servicer and Designated Backup Subservicer and the termination of this Agreement. 
 SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the Servicer, Designated Backup Subservicer or Backup Servicer. 
 (a) UACC shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to
UACC’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of UACC contained in this Agreement and shall be consented to by the
Controlling Party in writing, and, if an Insurer Default shall have occurred and be continuing, shall be an Eligible Servicer. Any corporation (i) into which UACC may be merged or consolidated, (ii) resulting from any merger or
consolidation to which UACC shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of UACC, or (iv) succeeding to the business of UACC, in any of the foregoing cases shall execute an
agreement of assumption to perform every obligation of UACC under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to UACC under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release UACC from any obligation. UACC
shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing, UACC shall not merge or
consolidate with any other Person or permit any other Person to become a successor to UACC’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall
have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Insurance Agreement Event of
Default shall have occurred and be continuing, (y) UACC shall have 

  

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delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer, the Designated Backup Subservicer and Collateral Agent, the Rating
Agencies and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided
for in this Agreement relating to such transaction have been complied with, and (z) UACC shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Collateral Agent, the Rating Agencies and the Insurer an Opinion of
Counsel, stating in the opinion of such counsel, either (A) 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 Trust in the
Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
 (b) Any corporation or other entity (i) into which the Backup Servicer or the Designated Backup Subservicer, as the case may be, may be merged or consolidated, (ii) resulting from any merger or
consolidation to which the Backup Servicer or the Designated Backup Subservicer respectively shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer or the Designated Backup
Subservicer, respectively, or (iv) succeeding to the business of the Backup Servicer or the Designated Backup Subservicer, respectively, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the
Backup Servicer or the Designated Backup Subservicer, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer or the Designated Backup Subservicer,
respectively, under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing
contained herein shall be deemed to release the Backup Servicer or the Designated Backup Subservicer from any obligation. 
 SECTION 8.4. Limitation on Liability of Servicer, Designated Backup Subservicer, Backup Servicer and Others. 
 (a) None of UACC, the Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, the Backup Servicer nor any of the directors or officers or employees or agents of UACC, the
Designated Backup Subservicer, the Backup Servicer, The Trust Collateral Agent, the Collateral Agent shall be under any liability to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect UACC, the Designated Backup Subservicer, the Backup Servicer or any such person against any liability that would otherwise be
imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; provided further that this provision shall not affect any liability to indemnify the
Trustee, the Trust Collateral Agent, the Collateral Agent and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Trustee, the Trust Collateral Agent, the Collateral Agent and the Owner Trustee, in their
individual capacities. UACC, the Designated Backup Subservicer, the Backup Servicer and any director, officer, employee or agent of UACC, the Designated Backup Subservicer or 

  

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Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement. 
 (b) Unless acting as Servicer hereunder, the Backup Servicer shall not be
liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer
must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Seller and the Insurer and the Noteholders
shall look only to the Servicer to perform such obligations. Unless acting as Servicer hereunder, the Designated Backup Subservicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any error of the Servicer
contained in any computer tape, certificate or other data or document delivered in connection with the Basic Documents, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller, the
Insurer and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, Designated Backup Subservicer, including in its capacity as successor Servicer or as subservicer to the Servicer, Trust Collateral Agent,
the Collateral Agent, the Trustee and the Owner Trustee shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under
this Agreement if such failure or delay results from the Backup Servicer or the Designated Backup Subservicer acting in accordance with information prepared or supplied by a Person other than itself (or contractual agents) or the failure of any such
other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual
agents), including the Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or
unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. The Designated
Backup Subservicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer (other than when CenterOne is
the Servicer), the Backup Servicer, or the Controlling Party, (ii) any inaccuracy or omission in a notice, certificate or communication received by the Designated Backup Subservicer from any third party (whether or not the Designated Backup
Subservicer has confirmed, verified or otherwise reviewed such data), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any
Receivable or the Servicer (other than when CenterOne is the Servicer), or (v) the acts or omissions of any other Designated Backup Subservicer. 
 SECTION 8.5. Delegation of Duties. 
 (a) The Servicer, including the Designated Backup
Subservicer as successor Servicer or as Subservicer to the Servicer, may delegate duties under this Agreement to an Affiliate with the prior written consent of the Insurer (unless an Insurer Default shall have 

  

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occurred and be continuing), the Trust Collateral Agent, the Trust, the Designated Backup Subservicer and the Backup Servicer. The Servicer, including the
Designated Backup Subservicer as successor Servicer or as Subservicer to the Servicer, also may at any time perform through Subcontractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’
insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Insurer and may perform other specific duties through such Subcontractors in accordance with
Servicer’s customary servicing policies and procedures, with the prior consent of the Insurer; provided, however, that no such delegation or sub-contracting of duties by the Servicer shall relieve the Servicer of its
responsibility with respect to such duties. So long as no Insurer Default shall have occurred and be continuing neither UACC or any party acting as Servicer hereunder shall appoint any Subservicer hereunder without the prior written consent of the
Insurer, the Trustee, the Designated Backup Subservicer and the Backup Servicer. 
 (b) If UACC is not the Servicer, such Servicer may
delegate any of its duties and obligations hereunder to the Designated Backup Subservicer or one or more other Subservicers pursuant to a sub-servicing agreement in form and substance approved by the Insurer (unless an Insurer Default shall have
occurred and be continuing), the Trust Collateral Agent, the Trust and the Backup Servicer. Notwithstanding the foregoing, the Servicer shall be liable for the fees and expenses of its delegates (other than the fees and expenses of the Designated
Backup Subservicer which are paid under Section 5.7(b)(ii)) and remain primarily liable for the performance of the duties and obligations so delegated and each of the Insurer (unless an Insurer Default shall have occurred and be continuing),
the Trust Collateral Agent, the Trust and the Backup Servicer shall have the right to look solely to the Servicer for performance. 
 (c) The Backup Servicer may delegate duties under this Agreement to one or more Designated Backup Subservicers with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust
Collateral Agent and the Trust. The Backup Servicer hereby appoints CenterOne as the initial Designated Backup Subservicer. CenterOne hereby accepts such appointment and each of Insurer, the Trust Collateral Agent, the Trust and the Backup Servicer
hereby consents to such appointment. Each of the Backup Servicer, the Designated Backup Subservicer, the Insurer, the Trust Collateral Agent and the Trust acknowledge that in the event that the Backup Servicer becomes the Servicer or as subservicer
of the Servicer hereunder, the Backup Servicer may appoint the Designated Backup Subservicer as its Subservicer under this Agreement to service the Receivables and the Designated Backup Subservicer shall service the Receivables, subject to the
terms, conditions and modifications contained in Schedule D, and in that event, the rights, duties, obligations and liabilities of the Designated Backup Subservicer as Subservicer or Servicer under this Agreement shall be modified as provided in
Schedule D. The Backup Servicer may terminate the appointment of any Designated Backup Subservicer only upon the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent and
the Trust. 
 (d) The Servicer shall cause any Subservicer retained by the Servicer (or by any Subservicer) to perform its servicing
duties under this Agreement to comply with the 

  

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reporting and compliance provisions of this Agreement to the same extent as if such Subservicer were the Servicer, and to provide the information required
with respect to such Subservicer as is required to file all required reports with the Commission. The Servicer shall be responsible for obtaining from each Subservicer and delivering to the Trust any servicer compliance statement required to be
delivered by such Subservicer under Section 4.10, any assessment of compliance and attestation required to be delivered by such Subservicer under Section 4.10 and any certification required to be delivered to the Person that will be
responsible for signing the Sarbanes Certification under Section 4.10(a)(iv) as and when required to be delivered. 
 (e) The
Servicer shall promptly upon request provide to the Depositor, acting on behalf of the Trust, a written description (in form and substance satisfactory to the Depositor) of the role and function of each Subcontractor retained by the Servicer or any
Subservicer to perform its servicing duties under this Agreement, specifying (i) the identity of each such Subcontractor, (ii) which, if any, of such Subcontractors are “participating in the servicing function” within the meaning
of Item 1122 of Regulation AB, and (iii) which, if any, elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified pursuant to clause (ii) of this paragraph. 

(f) As a condition to the utilization of any Subcontractor determined to be “participating in the servicing function” within the
meaning of Item 1122 of Regulation AB, the Servicer shall cause any such Subcontractor retained by the Servicer (or by any Subservicer) to perform its servicing duties under this Agreement to comply with the reporting and compliance provisions
of this Agreement to the same extent as if such Subcontractor were the Servicer. The Servicer shall be responsible for obtaining from each Subcontractor and delivering to the Depositor, acting on behalf of the Trust, and the Owner Trustee any
assessment of compliance and attestation required to be delivered by such Subcontractor, in each case as and when required to be delivered. 
 SECTION 8.6. Servicer, the Designated Backup Subservicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.3, none of the Servicer, the Designated Backup Subservicer nor the Backup Servicer shall resign
from the obligations and duties imposed on it by this Agreement as Servicer, the Designated Backup Subservicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this
Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer, the Designated Backup Subservicer or the Backup Servicer, as the case may be, and the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing) does not elect to waive the obligations of the Servicer, the Designated Backup Subservicer or the Backup
Servicer, as the case may be, to perform the duties which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer, the Designated Backup Subservicer or Backup
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the
Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, 

  

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the Backup Servicer or an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Servicer or, if an Insurer Default
shall have occurred and be continuing, the Backup Servicer or a replacement Servicer that is an Eligible Servicer shall have assumed the responsibilities and obligations of the Servicer. No resignation of the Backup Servicer or the Designated Backup
Subservicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated
Backup Subservicer or, if an Insurer Default shall have occurred and be continuing, a Person that is an Eligible Servicer shall have assumed the responsibilities and obligations of the Backup Servicer or the Designated Backup Subservicer;
provided, however, that (i) in the event a successor Backup Servicer or Designated Backup Subservicer as the case may be is not appointed within 60 days after the Backup Servicer or the Designated Backup Subservicer has given
notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer or the Designated Backup Subservicer as the case may be may petition a court for its removal, and (ii) the Backup Servicer or the
Designated Backup Subservicer may resign with the written consent of the Insurer; provided further, however, that, with regard to clause (i) above, the Designated Backup Subservicer, acting solely in its capacity as Designated
Backup Subservicer under this Agreement and prior to its being appointed subservicer or Servicer under this Agreement, may resign as Designated Backup Subservicer rather than petitioning the court for its removal. 
 ARTICLE IX 
 Default 
 SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination
Event”: 
 (a) Any failure by the Servicer to deposit to the Collection Account any amount required to be deposited therein or
to purchase any Receivable required to be purchased by it. 
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent and
(so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s Certificate by the Determination Date; 
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement or under any other Basic Documents to which it is a party, which failure
(i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and
(ii) continues unremedied for a period of 30 days after the earlier of (x) knowledge thereof by the Servicer, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, by any Noteholder); 
  

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 (d) The entry of a decree or order for relief by a court or regulatory authority having
jurisdiction in respect of the Servicer or United Pan Am Financial Corp. in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or United Pan Am Financial Corp. or of any substantial part of its property or ordering the winding up or liquidation of the
affairs of the Servicer or United Pan Am Financial Corp. and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now
or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 
 (e) The commencement by the Servicer or United Pan Am Financial Corp. of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state,
bankruptcy, insolvency or similar law, or the consent by the Servicer or United Pan Am Financial Corp. to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Servicer or of any substantial part of its property or the making by the Servicer or United Pan Am Financial Corp. of an assignment for the benefit of creditors or the failure by the Servicer or United Pan Am Financial Corp. generally to pay its
debts as such debts become due or the taking of corporate action by the Servicer or United Pan Am Financial Corp. in furtherance of any of the foregoing; or 
 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of
the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the Noteholders and, within 30 days after knowledge thereof by the Servicer
or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which
such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 
 (g) So long as an
Insurer Default shall not have occurred and be continuing, an Insurance Agreement Event of Default occurs; 
 (h) A claim is made under
the Note Policy; 
 (i) Any failure by the Servicer to deliver to the Trustee for distribution to Noteholders any proceeds or payment
required to be so delivered that continues unremedied for a period of two Business Days (or one Business Day with respect to Purchase Amounts) after knowledge thereof by the Servicer or after written notice thereof shall have been given to the
Servicer by the Trustee or the Insurer; 
 (j) an Event of Default under the Indenture shall have occurred; or 
  

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 (k) a material change is made to the Servicer’s servicing practices or Credit and Collection
Policy without the consent of the Insurer. 
 SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination
Event shall occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent (to the extent it has knowledge thereof) or a Note Majority), by notice given in writing to the
Servicer (and to the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon
termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically
shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer, which shall cause the Designated Backup Subservicer to assume the duties pursuant to Section 8.5(c), (or such other replacement Servicer appointed
by the Controlling Party); provided, however, that the replacement Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the replacement
Servicer becomes the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The replacement Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the
terminated 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 notice of termination, whether to complete
the transfer and endorsement of the Receivables and the Other Conveyed Property and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with
the Controlling Party and the replacement Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the replacement Servicer for
administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and
the delivery to the replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the replacement Servicer
or a replacement Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral Agent, the replacement Servicer and the Controlling Party reasonable access to the terminated
Servicer’s premises at the terminated Servicer’s expense. 
 SECTION 9.3. Appointment of Successor. 
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the Servicer
pursuant to Section 8.6; (i) the Backup Servicer (unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer) shall be the successor in all respects to the
Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the transactions set forth or provided for in this Agreement, and shall be subject 

  

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to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and
provisions of this Agreement or the Insurance Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.
If a replacement Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
 (b) The Controlling Party may exercise at any time its right to appoint as Backup Servicer or Designated Backup Subservicer or as successor to the
Servicer a Person other than the Person serving as Backup Servicer or the Designated Backup Subservicer at the time, and (without limiting its obligations under the Note Policy) shall have no liability to the Trust Collateral Agent, the Servicer,
the Seller, the Person then serving as Backup Servicer, the Designated Backup Subservicer, any Noteholders or any other Person if it does so; provided, however, that at the time of such transfer, the outstanding fees, expenses and indemnities of the
current Backup Servicer and the Designated Backup Subservicer shall be paid in full. Notwithstanding the above, if the Backup Servicer or the Designated Backup Subservicer shall be legally unable or unwilling to act as Servicer, and an Insurer
Default shall have occurred and be continuing, the Backup Servicer, the Designated Backup Subservicer, the Trust Collateral Agent or a Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to
the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as replacement Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a
successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the Backup Servicer of its obligation to succeed as replacement Servicer upon the termination of
the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6, the
Controlling Party appoints a replacement Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 
 (c) Any replacement Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer
had not resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing. If any replacement Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to
act as Servicer although it is legally able to do so, the Insurer and such replacement Servicer may agree on reasonable additional compensation to be paid to such replacement Servicer; provided, however, it being understood and agreed
that the Insurer shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. If, any replacement Servicer is appointed for any reason other than the Backup
Servicer’s refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any Servicing Fee, additional compensation or other amounts to be paid to such replacement Servicer in connection with its
assumption and performance of the servicing duties described herein. 
  

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 (d) Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is
authorized to accept and rely on all of the accounting records (including computer records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other
examination thereof, and the Backup Servicer shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure
(collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Backup Servicer making or continuing any Errors
(collectively, “Continuing Errors”), the Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors; provided, however, that the Backup Servicer agrees to use its best efforts to
prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of the Controlling Party use its best efforts to reconstruct and reconcile such data as is
commercially reasonable to correct such Errors and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover its costs thereby expended in accordance with Section 3.03 of the Spread Account
Agreement. 
 SECTION 9.4. Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the
Designated Backup Subservicer or the Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the Rating Agencies. 
 SECTION 9.5. Waiver of Past Defaults. So long as no Insurer Default shall have occurred and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may,
on behalf of all Noteholders, waive any default by the Servicer, the Designated Backup Subservicer or the Backup Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default
shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair
any right consequent thereto. 
 ARTICLE X 
 Termination 
 SECTION 10.1. Optional Purchase of All Receivables. 
 (a) On the last day of any Collection Period as of which the Aggregate Principal Balance shall be less than or equal to 10% of the Original Pool
Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the Insurer if such purchase would result in a claim on the Note Policy or would result in any amount owing to the
Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal and interest then
due and 

  

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payable on the Class A-3 Notes then outstanding, and amounts due and unpaid to the Insurer under the Insurance Agreement and amounts due to the Trustee,
the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Designated Backup Subservicer and the Owner Trustee hereunder or under the Trust Agreement. To exercise such option, the Servicer shall deposit pursuant to Section 5.6
in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually
agreed upon by the Servicer, the Insurer (as the Controlling Party) and the Trust Collateral Agent or such amount as the Servicer, Insurer and Trust Collateral Agent may mutually agree, and shall succeed to all interests in and to the Trust.

 If the Servicer does not exercise its rights with respect to the optional purchase within 31 days of the first Distribution Date that the
optional purchase is permitted, the Class A-3 Notes will be paid additional amounts on future Distribution Dates, equal to the product of (i) one twelfth, (ii) 0.50% and (iii) the outstanding principal balance on the
Class A-3 Notes as of such Distribution Date pursuant to clause (xi) under Section 5.7 herein. Such additional amounts shall not be included in the calculation of Noteholders’ Monthly Interest Distributable Amount or in any other
calculations derived therefrom. The Policy does not guarantee payment of any additional amounts that become due to the Class A-3 Notes pursuant to the immediately preceding sentence. 
 (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral
Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account. 
 (c) Notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Designated
Backup Subservicer, the Trust Collateral Agent, the Collateral Agent, the Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
 (d) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder. 
 ARTICLE XI 
 Administrative Duties of the Servicer 
 SECTION 11.1. Administrative Duties. 
 (a) Duties with Respect to the Indenture. The Servicer shall
perform all its duties and the duties of the Trust under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Trust under the Indenture. The Servicer shall
monitor the performance of the Trust and shall advise the Owner Trustee when action is necessary to comply with the Trust’s duties under the 

  

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Indenture. The Servicer shall prepare for execution by the Trust or shall cause the preparation by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Trust
to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture. 
 (b) Duties with Respect to the Trust. 
 (i) In addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution or shall cause the timely
preparation by other appropriate Persons and it shall execute all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or the Owner Trustee to prepare, file or deliver pursuant to this
Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Trust to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with
the directions of the Trust or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the
foregoing provisions and as are expressly requested by the Trust or the Owner Trustee and are reasonably within the capability of the Servicer. UACC shall monitor the activities of the Trust to ensure the Trust’s compliance with
Section 4.6 of the Trust Agreement and shall take all action necessary to ensure that the Trust is operated in accordance with the provisions of such section. 
 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for
promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Trust’s payments (or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this
Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 
 (iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for
performance of the duties of the Trust set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as defined in the Trust Agreement); provided, however,
that once prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable the Certificateholder to prepare its federal and state income tax returns. 
  

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 (iv) The Servicer shall perform the duties of the Servicer specified in
Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic
Documents. 
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the
Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Trust and shall
be, in the Servicer’s opinion, no less favorable to the Trust in any material respect. 
 (c) Tax Matters. The Servicer
shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Trust as are necessary for preparation of tax reports, including
without limitation forms 1099. All tax returns will be signed by the Seller. 
 (d) Non-Ministerial Matters. With respect to
matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner
Trustee, the Trustee and the Insurer of the proposed action and the Owner Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided an alternative direction. For the purpose of
the preceding sentence, “non-ministerial matters” shall include: 
 (A) the amendment of or any supplement to
the Indenture; 
 (B) the initiation of any claim or lawsuit by the Trust and the compromise of any action, claim or
lawsuit brought by or against the Trust (other than in connection with the collection of the Receivables); 
 (C) the
amendment, change or modification of this Agreement or any of the Basic Documents; 
 (D) the appointment of successor
Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of replacement Servicers or the consent to the assignment by the Note Registrar, Paying Agent or Trustee of its obligations under the
Indenture; and 
 (E) the removal of the Trustee or the Trust Collateral Agent. 
 (e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic
Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under the Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5
of the Indenture, (3) take any other action that the Trust directs the Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any other Person. Notwithstanding that UACC
may no longer be the Servicer hereunder, UACC shall continue to perform the duties and obligations of the Servicer under this Section 11.1. 
  

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 (f) The Backup Servicer, the Designated Backup Subservicer (including in its capacity as successor
Servicer or subservicer) or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 
 SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for
inspection by the Trust and the Insurer at any time during normal business hours. 
 SECTION 11.3. Additional Information to be Furnished
to the Trust. The Servicer shall furnish to the Trust and the Insurer from time to time such additional information regarding the Collateral as the Trust and the Insurer shall reasonably request. 
 SECTION 11.4. Reporting Requirements of the Commission and Indemnification. 
 (a) In order to comply with any rules adopted by the Securities and Exchange Commission, notwithstanding any other provision of this Agreement, the
Servicer shall (i) agree to such modifications and enter into such amendments to this Agreement as may be necessary, in the judgment of the Seller and its counsel, to comply with any rules promulgated by the Commission and any interpretations
thereof by the staff of the Commission (collectively, “SEC Rules”) and (ii) promptly upon request provide to the Seller for inclusion in any periodic report required to be filed under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) such items of information regarding this Agreement and matters related to the Servicer, including as applicable (by way of example and not limitation), a description of any material litigation or governmental action or
proceeding involving the Servicer or its affiliates (collectively, the “Servicer Information”), provided, that such information shall be required to be provided by the Servicer only to the extent that such shall be determined by the Seller
and its counsel to be necessary to comply with any SEC Rules. 
 (b) The Servicer hereby agrees to indemnify and hold harmless the Seller,
its respective officers and directors and each person, if any, who controls the Seller within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Act”), or Section 20 of the Exchange Act, from and against
any and all losses, claims, expenses, damages or liabilities to which the Seller, its respective officers or directors and any such controlling person may become subject under the Act or otherwise, as and when such losses, claims, expenses, damages
or liabilities are incurred, insofar as such losses, claims, expenses, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the
Servicer Information or arise out of, or are based upon, the omission or alleged omission to state therein 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, and will reimburse the Seller, its respective officers and directors and any such controlling person for any legal or other expenses reasonably incurred by it or any of them in connection with investigating or defending
any such loss, claim, expense, damage, liability or action, as and when incurred; provided, however, that the Servicer shall be 

  

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liable only insofar as such untrue statement or alleged untrue statement or omission or alleged omission relates solely to the information in the Servicer
Information furnished to the Seller by or on behalf of the Servicer specifically in connection with this Agreement. 
 (c) The Servicer (for
so long as UACC is the Servicer) shall, at its expense, timely execute and cause to be prepared and filed with the Commission all periodic reports required to be filed with respect to the Trust under the provisions of the Exchange Act, and the rules
and regulations of the Commission thereunder. The Seller shall cooperate in any reasonable request made by the Servicer in connection with such filings. 
 ARTICLE XII 
 Miscellaneous Provisions 
 SECTION 12.1. Amendment. 
 (a) This Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), with the prior written consent of the Insurer (so long as no Insurer Default
has occurred and is continuing) but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect
to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of this Agreement or the Insurance Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel
delivered to Owner Trustee, the Insurer and the Trustee, adversely affect in any material respect the interests of any Noteholder; provided further that if an Insurer Default has occurred and is continuing, such action shall not materially adversely
affect the interests of the Insurer. 
 This Agreement may also be amended from time to time by the parties hereto, with the consent of the
Insurer, the consent of the Trustee, and, if an Insurer Default has occurred and is continuing, with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby; provided, further, that if
an Insurer Default has not occurred and is continuing, such action shall not materially adversely affect the interest of the Insurer. 
 In
order to comply with any rules adopted by the Commission, this Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee and the Insurer, so long as an Insurer Default has not occurred and is occurring (which
consent may not 

  

 76 

 
be unreasonably withheld), without the consent of any of the Noteholders, as may be necessary, in the judgment of the Seller and its counsel, pursuant to
Section 11.4, to comply with any rules promulgated by the Commission and any interpretations thereof by the staff of the Commission. 
 Promptly after the execution of any such amendment or consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Rating Agencies. No such amendment will be
permitted if, as a result, any Rating Agency would lower its publicly issued rating on any class of the Notes then outstanding. 
 It shall
not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner Trustee, as
applicable, may prescribe. 
 Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral
Agent, Collateral Agent, Designated Backup Subservicer and Backup Servicer 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
the Opinion of Counsel referred to in Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust Collateral Agent, the Designated Backup Subservicer, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into
any such amendment which affects the Trust’s, the Owner Trustee’s, the Trust Collateral Agent’s, the Designated Backup Subservicer’s, the Backup Servicer’s or the Trustee’s, as applicable, own rights, duties or
immunities under this Agreement or otherwise. 
 (b) Notwithstanding anything to the contrary contained in Section 12.1(a) above,
the provisions of the Agreement relating to (i) the Spread Account Agreement, the Spread Account, the Requisite Amount, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be
added to the Spread Account or uses of funds on deposit in the Spread Account may be amended in any respect by the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment
that does not adversely affect the Collateral Agent) without the consent of, or notice to, the Noteholders. 
  

 77 

 SECTION 12.2. Protection of Title to Trust. 
 (a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation 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 Trust and the interests of the Trust Collateral Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be
delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee, the Trust Collateral Agent, the
Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller
or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Insurer, stating either (A) all financing statements and continuation statements have been executed and filed that are
necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no
such action shall be necessary to preserve and protect such interest. 
 (c) Each of the Seller and the Servicer shall have an
obligation to give the Insurer, the Owner Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such
relocation, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing
statement. The Servicer shall at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America.

 (d) The Servicer shall maintain 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. 
 (e) The
Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Trust, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall
indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and
only when, the related Receivable shall have been paid in full or repurchased. 
  

 78 

 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in
or otherwise transfer any interest in automotive 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 Trust. 
 (g) Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee or to the Trustee, within five Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating
removal of Receivables from the Trust. 
 (h) UACC shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the
Trustee: 
 (1) promptly after the execution and delivery of this Agreement and, if required pursuant to Section 12.1,
of each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been executed and filed
that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such
action shall be necessary to preserve and protect such interest; and 
 (2) within 90 days after the beginning of each
calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all
financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to
prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 
 SECTION 12.3. Notices. All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating
Agencies under this Agreement shall be in writing, personally delivered, or mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt

  

 79 

	 	(a)	in the case of the Seller to UPFC Auto Financing Corporation, 860 W Airport Freeway, Suite 702, Hurst, Texas, 76054, Attention: David J. Carlton, with a copy to the Servicer at the
address set forth below; 

  

	 	(b)	in the case of the Servicer to United Auto Credit Corporation, 18191 Von Karman Avenue, Suite 300, Irvine, California 92612, Attention: Arash Khazei; 

  

	 	(c)	in the case of the Trust or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee; 

  

	 	(d)	in the case of the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office; 

  

	 	(e)	in the case of the Designated Backup Subservicer, to CentreOne Financial Services LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Attention: President;

  

	 	(f)	in the case of the Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, New York 10504, Attention: IPM-SF (UPFC Auto Receivables Trust 2007-A) (in each case in which notice
or other communication to the Insurer refers to a claim on the Note Policy, a Deficiency Notice pursuant to Section 5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute
consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); 

  

	 	(g)	in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; and 

  

	 	(h)	in the case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55 Water Street, New York, New York 10041, Attention: Asset Backed Transaction
Oversight Department, servicer_reports@sandp.com 

 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 Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive
such notice. 
  

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 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the
resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Designated Backup Subservicer, the Trustee and
the Insurer (or if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not less than 66-2/3% of the principal amount of the outstanding Notes). 
 SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto, the Trustee, the
Insurer and the Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Agreement, and shall be entitled to rely upon and directly enforce such provisions of
this Agreement so long as no Insurer Default shall have occurred and be continuing. Except as expressly stated otherwise herein, any right of the Insurer to direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a
right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this Agreement (but not its duties and obligations under the Note Policy) upon delivery of a written notice to the Owner
Trustee. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein. 
 SECTION 12.6. 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 12.7. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest by the Trust to the 

  

 81 

 
Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Trust in, to and under the
Receivables listed in Schedule A hereto and/or the assignment of any or all of the Trust’s rights and obligations hereunder to the Trust Collateral Agent. 
 SECTION 12.11. Nonpetition Covenants. 
 (a) Notwithstanding any prior termination of
this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or
otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
 (b) Notwithstanding any prior termination of this Agreement, the Servicer, Backup Servicer, Designated Backup Subservicer shall not, prior to the
date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
 SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee. 
 (a) Notwithstanding anything contained
herein to the contrary, this Agreement has been countersigned by Wells Fargo Delaware Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Trust and in no event shall Wells Fargo Delaware Trust Company in
its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Trust hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the
performance of any duties or obligations of the Trust hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Deutsche Bank Trust Company
Americas, not in its individual capacity but solely as Trust Collateral Agent and Backup Servicer and in no event shall Deutsche Bank Trust Company Americas, have any liability for the representations, warranties, covenants, agreements or other
obligations of the Trust hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Trust. 
  

 82 

 (c) In no event shall Deutsche Bank Trust Company Americas, in any of its capacities hereunder, be
deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
 SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Trust, the Trust Collateral Agent, Designated Backup
Subservicer and Backup Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement or the Trust Agreement, the Servicer shall have no
authority to act for or represent the Trust or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Trust or the Owner Trustee. 
 SECTION 12.14. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Servicer and either of the Trust or the Owner Trustee 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 any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority
to incur any obligation or liability on behalf of the others. 
 SECTION 12.15. Benefits of Sale and Servicing Agreement. The Insurer
and its successors and assigns shall be a third-party beneficiary to the provisions of this Sale and Servicing Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Sale and Servicing Agreement so long as no
Insurer Default shall have occurred and be continuing. 
 SECTION 12.16. State Business Licenses. The Servicer or the
Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party (as defined in the
Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department
of Labor, Licensing and Regulation. 
 SECTION 12.17. Additional Liability. In no event shall the Trustee, the Trust Collateral Agent,
the Collateral Agent, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any indirect, special, punitive or consequential loss or damage of any
kind whatsoever, including, but not limited to, lost profits, even if the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or
subservicer of the Servicer, have been advised of the likelihood of such loss or damage and regardless of the form of action. 
 In no event
shall the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer and the Designated Backup Subservicer, including in its capacity as successor Servicer or subservicer of the Servicer, be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, 

  

 83 

 
acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations,
governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Agreement. 
 SECTION
12.18. Intent of the Parties; Reasonableness. The Seller, Servicer and the Trust acknowledge and agree that the purpose of Article Four of this Agreement is to facilitate compliance by the Trust and the Depositor with the provisions of
Regulation AB and related rules and regulations of the Commission. 
 Neither the Servicer nor the Trust shall exercise its right to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the
provision in a private offering of disclosure comparable to that required under the Securities Act). The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Trust in good faith for delivery of information under these
provisions on the basis of evolving interpretations of Regulation AB. In connection with this transaction, the Servicer shall cooperate fully with the Trust to deliver to the Trust any and all statements, reports, certifications, records and any
other information necessary in the good faith determination of the Trust to permit the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, any Subservicer and the Receivables, or the
servicing of the Receivables, reasonably believed by the Trust to be necessary in order to effect such compliance. 
 The Trust shall
cooperate with the Servicer by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the reasonable judgment of the Trust to comply with Regulation AB.

 [Remainder of page intentionally left blank.] 
  

 84 

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

			
	UPFC AUTO RECEIVABLES TRUST 2007-A
		
	By:	 	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 UPFC AUTO FINANCING CORPORATION,
 Seller

		
	By:	 	  

	Name:	 	David J. Carlton
	Title:	 	Senior Vice President
	
	 UNITED AUTO CREDIT CORPORATION,
 Servicer

		
	By:	 	  

	Name:	 	Mario Radrigan
	Title:	 	Executive Vice President
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trust Collateral Agent and Backup Servicer
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Sale and Servicing Agreement] 

			
	CENTERONE FINANCIAL SERVICES LLC,
Designated Backup Subservicer
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Sale and Servicing Agreement] 

 SCHEDULE A 
 SCHEDULE OF RECEIVABLES 
  

 Sch-A-1 

 SCHEDULE B 
 Location of Receivables Files 
  

 The Receivables are located at the offices of the Servicer listed below. 
 18191 Von
Karman Avenue, Suite 300 
 Irvine, California 92612 
  

 Sch-B-1 

 SCHEDULE C 
 Schedule of Servicer’s Representations 
 Representations and Warranties Regarding the Receivables: 

1. Security Interest in Financed Vehicle. To the extent that the transfer under this Agreement is deemed to be other than a sale, this
Agreement, and all filings under this Agreement, creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables in favor of the Trust, which security interest (as pledged by the Trust to the Trust Collateral
Agent pursuant to the Indenture) is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Trust owns and has good and marketable title to the Receivables free and clear of any Lien (other
than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 
 2. All Filings Made. The Trust has taken
all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Trust will cause, within ten days of the Closing Date, the filing of
all appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent under the Indenture. 
 3. No Impairment. The Trust has not done anything to convey any right to any Person that would result in such Person having a right to payments due
under the Receivable or otherwise to impair the rights of the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust Collateral Agent
pursuant to the Indenture, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Trust has not authorized the filing of and is not aware of any financing statements against the
Trust that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. The Trust is not aware of any
judgment or tax lien filings against it. The Receivables do not have any marks or notations indicating that they have been pledged by the Seller to any person other than the Trust. 
 4. Chattel Paper. The Receivables constitute tangible chattel paper within the meaning of the applicable UCC as in effect in the States of
California, Florida, New York, Delaware, Nevada and Minnesota. 
 5. Good Title. Immediately prior to the pledge of the Receivables to
the Trust Collateral Agent pursuant to the Indenture, the Trust was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of 

  

 Sch-C-1 

 
this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or
Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Trust has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the
related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
 6. Possession of Original Copies. The Servicer, as custodian on behalf of the Trust, has in its possession all original copies of the contracts
that constitute or evidence the Receivable. 
  

 Sch-C-2 

 SCHEDULE D 
 TERMS AND CONDITIONS OF 
 DESIGNATED BACKUP SUBSERVICER 
 In the event that the Backup Servicer shall be appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer,
the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless
otherwise noted: 
 Upon the notice to CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable
transition plan and shall be granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations of the Servicer and the servicing of the Receivables in accordance with its customary servicing
procedures, including a reasonable period of time to hire required personnel, load and configure the necessary information onto its computer systems, establish necessary cash management procedures, locate and contact the obligors to redirect
payments, and any other transition related item required or reasonably necessary to perform its obligations as Servicer or subservicer. 
 CenterOne shall service the Receivables in its own name from centralized locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of any other or predecessor
Servicer. All powers, rights and authorities granted to the Servicer are hereby granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or subservicer. If CenterOne
shall be a subservicer, the Servicer shall deliver to CenterOne copies of all information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer and not to any other party
or Person. Any provision requiring CenterOne to use best efforts shall require only reasonable efforts with respect thereto. 
 The level of
servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not greater than 375 collection accounts per dedicated full-time equivalent collection associate, together with attendant supervisory
personnel ratios in accordance with CenterOne’s customary servicing policies. In the event that the Controlling Party desires to decrease the minimum average number of accounts per dedicated full-time equivalent servicing associate, the Base
Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its
obligations under the Agreement as Designated Backup Subservicer shall terminate and CenterOne shall be under no obligation to appoint a successor Designated Backup Subservicer. 
 “Base Servicing Fee” means, with respect to CenterOne as Servicer or subservicer, with respect to any Collection Period, the sum of
(1) the aggregate for each Receivable of the greater of (a) the Servicing Fee Rate times the Principal Balance of that Receivable as of the opening of business on the first day of such Collection Period times one twelfth and
(b) $15.00, but not less than $5,000 and (2) the expenses of CenterOne incurred in that Collection Period. 

 “Additional Base Servicing Fee” means, the excess, if any, of the Base Servicing Fee calculated
using $20.00 in clause (b) of the definition thereof over the Base Servicing Fee calculated using $15.00 in clause (b) thereof. The Additional Base Servicing Fee will be paid pursuant to clause (x) of Section 5.7(b) of the
Agreement. 
 Sections 3.3 and 3.4(k) shall not apply to CenterOne. 
 Notwithstanding anything to the contrary in this Agreement, CenterOne shall not be required to service the Receivables in accordance with the second
sentence of Section 4.1 or the Credit and Collection Policy, but rather CenterOne shall service the Receivables with reasonable care, using that degree of skill and attention that CenterOne exercises with respect to all comparable automobile
receivables that it services for itself and others. CenterOne shall have no obligation to monitor the status of any Insurance Policy. 
 Notwithstanding Section 4.1(a), CenterOne shall not be required to engage an accounting firm to complete an operational audit or to deliver other internal or third party audits to the Insurer or any other Person. 
 Notwithstanding Section 4.2(a) or any other provision of the Basic Documents, CenterOne shall have no responsibility or obligation with respect to
any Dealer Agreement or Dealer Assignment, and shall have no obligation to enforce any provisions of those agreements. 
 CenterOne shall
have no obligation or purchase any Receivables pursuant to Section 4.2(c) or any other provision of the Basic Documents; provided, however, that CenterOne shall indemnify the Trust in an amount equal to the outstanding principal
balance of the applicable Receivable or Receivables plus accrued and unpaid interest thereon which would have otherwise been repurchased pursuant to Section 4.2(c); provided, further, that any future payments made on such
Receivable or Receivables and any proceeds with respect to such Receivables, including any Liquidation Proceeds with respect to the related Financed Vehicles, shall be used to reimburse CenterOne for any such indemnities paid pursuant to this
clause. 
 Notwithstanding Section 4.3(a) or any other provision of the Basic Documents, CenterOne shall have no obligation to pursue
any Dealer to realize upon a Receivable, and the reimbursement of CenterOne’s fees and expenses incurred in repossessing, liquidating or repairing a Financed Vehicle will not be limited to the cash proceeds of such Financed Vehicle and shall be
reimbursed on a monthly basis similar to other expenses of CenterOne. In the event that CenterOne shall pay any personal property taxes assessed on repossessed Financed Vehicles, it shall be entitled to reimbursement of such amount on a monthly
basis similar to other expenses of CenterOne. Notwithstanding the foregoing, reimbursements under this paragraph shall be limited to Liquidation Proceeds received in the aggregate. 
 Section 4.3(b), (c), (d) and (e) shall not apply to CenterOne. 

 Annually and upon the occurrence of a Level 2 Trigger Event, the Designated Backup Subservicer shall be
required to: (1) conduct a site visit at UACC’s main office and (2) refresh its data mapping of the servicing system. 
 Within 5 Business Days after receiving notice from the Servicer of the occurrence of a Level 3 Trigger Event, the Designated Backup Subservicer shall provide to UACC revised payment instructions. 
 Section 4.4(a) and (e) shall not apply to CenterOne. Notwithstanding Section 4.4(d), in the event that CenterOne shall sue to enforce or
collect upon any Insurance Policy and it is held that CenterOne may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, any action taken by the Owner Trustee,
the Trust Collateral Agent or any other person to enforce such Insurance Policy shall be the expense of the Trust and not the expense of CenterOne, CenterOne being entitled to reimbursement for any such expenses. 
 Section 4.5(b) shall not apply to CenterOne. 
 Section 4.6(b) shall not apply to CenterOne. 
 Notwithstanding Section 4.8 or any other provision of the Basic Documents,
CenterOne shall be entitled to reimbursement for the expense incurred by it in connection with its activities under the Sale and Servicing Agreement, including taxes (other than taxes on its own income) and expenses incurred in connection with
distributions and reports made by the Servicer as described in Exhibit A to this Schedule D. CenterOne shall not be liable for any of the fees and expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Designated Backup
Subservicer, the Trust Collateral Agent, the Trustee, the Collateral Agent, any Independent Accountant or any other Person other than its personnel. 
 Notwithstanding Sections 4.10, 4.11, 4.12, 8.5, 12.18 or any other provisions of the Agreement, CenterOne shall have no obligation or liability with respect to or have any obligation to cause any Person other than
CenterOne and the Subservicers and Subcontractors retained by it to perform its servicing duties under the Agreement to deliver any information, report, certification, accountant’s letter or attestation or other material specified in Sections
4.10, 4.11, 4.12, 8.5, 12.18 or any other provisions of the Agreement requiring such compliance with Regulation AB, and in connection with any remaining obligation of CenterOne in connection therewith, CenterOne shall only be required to use
reasonable efforts to obtain or supply such material and shall be entitled to additional reasonable compensation therefore, including reimbursement of its out-of-pocket expenses in connection therewith. 
 With respect to the annual independent accountants report pursuant to Section 4.11, the report (A) shall relate only to the Receivables and
CenterOne’s servicing of those Receivables, (B) the fees and expenses related thereto shall be reimbursable expenses of CenterOne, and (C) the independence of the accountants will be with respect to only CenterOne and its affiliates,
not the Seller or UACC. 

 Notwithstanding Section 5.1 or any other provision of the Basic Documents, CenterOne shall have no
obligation or liability for failure to direct the form of investment in any account, establish any new Trust Account or notify any party if a Trust Account shall not be an Eligible Trust Account. 
 Section 5.7(d) shall not apply to CenterOne. 
 CenterOne hereby makes the representation and warranty in Section 8.1(b); provided, that such representation and warranty in Section 8.1(b) shall be limited to those licenses and approvals the failure of which to maintain would
have a material adverse effect on the ability of CenterOne to perform its obligations under the Agreement, and the representation and warranty contained in Section 8.1(g)(D) shall not apply to CenterOne. 
 CenterOne shall have no obligation or liability under Section 8.2(c). 
 Notwithstanding Section 8.6, in the event that (a) CenterOne is removed as Servicer or subservicer of the Servicer unless a Servicer Termination Event with respect to CenterOne has occurred and is continuing
or (b) all or substantially all of the Receivables are sold by the trust in connection with an Event of Default, CenterOne shall be entitled to a termination fee, immediately payable in cash as part of the Base Servicing Fee, in an amount equal
to six times the average monthly fee of CenterOne over the preceding four Collection Periods. 
 Notwithstanding Section 9.1, in the
event that CenterOne shall be appointed the successor Servicer or subservicer of the Servicer, each of, and solely, the following shall constitute a “Servicer Termination Event” with respect to CenterOne: 
  

	 	1.	Any failure by CenterOne to deposit to the Collection Account any amount required to be deposited therein that continues unremedied for a period of two Business Days after written
notice thereof shall have been given to CenterOne by the Trustee or the Insurer. 

  

	 	2.	Failure by CenterOne to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s
Certificate by the Determination Date that continues unremedied for a period of two Business Days; 

  

	 	3.	Failure on the part of CenterOne duly to observe or perform any other covenants or agreements of CenterOne set forth in this Agreement which failure (i) materially and
adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a
period of 30 days after the earlier of (x) knowledge thereof by CenterOne, or (y) the date on which written notice of such failure, requiring the same to be remedied, shall have been given to CenterOne by the Trust Collateral Agent or the
Insurer (or, if an Insurer Default shall have occurred and be continuing, by any Noteholder); 

	 	4.	The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of CenterOne in an involuntary case under the federal bankruptcy laws, as
now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial
part of its property or ordering the winding up or liquidation of the affairs of CenterOne and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under
the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; 

  

	 	5.	The commencement by CenterOne of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy,
insolvency or similar law, or the consent by CenterOne to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of CenterOne or of any substantial part of its property
or the making by CenterOne of an assignment for the benefit of creditors or the failure by CenterOne generally to pay its debts as such debts become due or the taking of corporate action by CenterOne in furtherance of any of the foregoing; or

  

	 	6.	Any representation, warranty or statement of CenterOne made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in
any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust, the Insurer or the Noteholders and, within 30 days after
knowledge thereof by CenterOne or after written notice thereof shall have been given to CenterOne by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or
condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured in all material respects. 

 Article X shall not apply to CenterOne. 
 Section 11.4(a) shall not apply to CenterOne; provided, however, that CenterOne shall provide any information or certificates to the Seller regarding CenterOne which the Seller is required to provide to the Commission. 

 EXHIBIT A TO SCHEDULE D 
 FEE SCHEDULE OF THE 
 DESIGNATED BACKUP SUBSERVICER 
  

					
	Fees	  	 	  	 
	 Back-up Servicing
	  		  	
	 Set-Up Fee:
	  		  	$3,000
	 Monthly Fee:
	  	the greater of	  	1.5 bsp per annum or $1,000
			
	 Successor Servicing
	  		  	
	 Boarding Fee/Expense
	  		  	$5.00 per contract
	 Monthly Fee:
	  	the greater of	  	300 bsp per annum or $20.00 per contract
	 Minimum Monthly Servicing Fee:
	  		  	$5,000

 PASS THRU EXPENSES: 
 Pass through expenses listed include but, are not limited to the following items: 
 Back-up Servicing 
  

	 	•	 	 Costs associated with due-diligence effort, including travel 

  

	 	•	 	 Legal fees 

 Transition Period Servicing
– (items related to the transfer of servicing from the branch offices to CenterOne’s centralized approach) 
  

	 	•	 	 Travel 

  

	 	•	 	 Document packaging and shipments 

  

	 	•	 	 Obligor letters (welcome and good-bye) and mailing costs 

 Successor Servicing 
  

	 	•	 	 Third party insurance or insurance tracking 

  

	 	•	 	 Third-party audit fees 

  

	 	•	 	 Legal fees 

  

	 	•	 	 Statement and mailing costs 

  

	 	•	 	 Costs related to repossession and liquidation processes (including the replevin process) 

  

	 	•	 	 Costs related to the collection or preservation of active accounts (including third-party skip tracing and field calls) 

  

	 	•	 	 Bankruptcy fees 

  

	 	•	 	 Lockbox fees and bank charges 

  

	 	•	 	 Boarding fee/expense 

 ASSUMPTIONS: 
  

	 	•	 	 After the transition period, all administrative fees including but, not limited to late fees, NSF and Phone Pay fee income will be retained by CenterOne.

  

	 	•	 	 Monthly duties are limited to receiving a month-end file from UPFC and comparing the summarized results to the month-end servicer statement/certificate.

  

	 	•	 	 The Successor Servicing fee assumes a 375 to one collection account to collection associate ratio. Any additional presence required would need to be addressed
through a different fee arrangement. 

  

	 	•	 	 CenterOne also recognizes that $5 of the $20 minimum servicing fee may be paid in a later spot in waterfall. 

 EXHIBIT A 
 [RESERVED] 

 EXHIBIT B 
 SERVICER’S CERTIFICATE 

 EXHIBIT C 
 [Reserved] 

 EXHIBIT D 
 FORM OF REQUEST FOR RELEASE 
 DATE: 
 TO: 
  

	RE:	REQUEST FOR RELEASE OF DOCUMENTS 

 In connection with your administration
of the Receivables, we request the release of the Receivable File(s) described below. 
  

			
	Agreement Dated:	 	
	Series #:	 	
	Loan #:	 	
	Borrower Name(s):	 	
	Reason for Document Request:	 	  

	  

	  

  

			
	PLEASE DELIVER THE RECEIVABLE FILE(S) TO	 	  

	  

 “We hereby certify that all amounts received or to be received in connection with such payments which are
required to be deposited have been deposited as provided in the Sale and Servicing Agreement.” 
  

	
	  

	[Name of Servicer]
	Authorized Signature

 TO SERVICER: Please acknowledge this request, and check off documents being enclosed with a copy of this form. You
should retain this form for your files in accordance with the terms of the Sale and Servicing Agreement. 
 Enclosed Documents: 
  

	
	Name
	
	  

	Title
	
	  

	Date

 EXHIBIT E 
 ASSESSMENTS OF COMPLIANCE AND ATTESTATION REPORTS SERVICING 
 CRITERIA1 
  

			
	 Reg. AB Item 1122(d) Servicing Criteria
	  	Trust
Collateral
Agent
	 (1) General Servicing Considerations
	  	
	 (i) monitoring performance or other triggers and events of default
	  	
	 (ii) monitoring performance of vendors of activities outsourced
	  	
	 (ii) maintenance of back-up servicer for pool assets
	  	
	 (iv) fidelity bond and E&O policies in effect
	  	
		
	 (2) Cash Collection and Administration
	  	
	 (i) timing of deposits to custodial account
	  	
	 (ii) wire transfers to investors by authorized personnel
	  	
	 (iii) advances or guarantees made, reviewed and approved as required
	  	
	 (iv) accounts maintained as required
	  	
	 (v) accounts at federally insured depository institutions
	  	
	 (vi) unissued checks safeguarded
	  	
	 (vii) monthly reconciliations of accounts
	  	
		
	 (3) Investor Remittances and Reporting
	  	
	 (i) investor reports
	  	
	 (ii) remittances
	  	
	 (iii) proper posting of distributions
	  	
	 (iv) reconciliation of remittances and payment statements
	  	
		
	 (4) Pool Asset Administration
	  	
	 (i) maintenance of pool collateral
	  	X
	 (ii) safeguarding of pool assets/documents
	  	X
	 (iii) additions, removals and substitutions of pool assets
	  	

	 *
	 The descriptions of the Item 1122(d) servicing criteria
use key words and phrases and are not verbatim recitations of the servicing criteria. Refer to Regulation AB, Item 1122 for a full description of servicing criteria. 

			
	 Reg. AB Item 1122(d) Servicing Criteria
	  	Trust
Collateral
Agent
	 (iv) posting and allocation of pool asset payments to pool assets
	  	
	 (v) reconciliation of servicer records
	  	
	 (vi) modifications or other changes to terms of pool assets
	  	
	 (vii) loss mitigation and recovery actions
	  	
	 (viii) records regarding collection efforts
	  	
	 (ix) adjustments to variable interest rates on pool assets
	  	
	 (x) matters relating to funds held in trust for obligors
	  	
	 (xi) payments made on behalf of obligors (such as for taxes or insurance)
	  	
	 (xii) late payment penalties with respect to payments made on behalf of obligors
	  	
	 (xiii) records with respect to payments made on behalf of obligors
	  	
	 (xiv) recognition and recording of delinquencies, charge-offs and uncollectible accounts
	  	
	 (xv) maintenance of external credit enhancement or other support
	  	

 EXHIBIT F 
 FORM OF ANNUAL CERTIFICATION 
  

	 	Re:	The Sale and Servicing Agreement dated as of [            ], 200[    ] (the “Agreement”),
among                      (the “Seller”),
                     (the “Servicer”) and
                    20[    ]-[    ] (the “Issuer”). 

I,
                                        
                    , the
                                        
                     of [NAME OF COMPANY] (the “Company”), certify to the Issuer and the Depositor, and their officers, with the
knowledge and intent that they will rely upon this certification, that: 
 (1) I have reviewed the servicer compliance
statement of the Company provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Company’s compliance with the servicing criteria set forth in Item 1122(d) of
Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all
servicing reports, officer’s certificates and other information relating to the servicing of the Receivables by the Company during 200[ ] that were delivered by the Company to the Issuer and the Depositor pursuant to the Agreement
(collectively, the “Company Servicing Information”); 
 (2) Based on my knowledge, the Company Servicing
Information, 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 Company Servicing Information; 
 (3) Based on my knowledge, all of the
Company Servicing Information required to be provided by the Company under the Agreement has been provided to the Issuer and the Depositor; 
 (4) I am responsible for reviewing the activities performed by the Company as servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and
except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Company has fulfilled its obligations under the Agreement in all material respects; and 
 (5) The Compliance Statement required to be delivered by the Company pursuant to the Agreement, and the Servicing Assessment and
Attestation Report required to be provided by the Company and by any Subservicer or Subcontractor pursuant to the 

 
Agreement, have been provided to the Issuer, the Depositor and the Trustees. Any material instances of noncompliance described in such reports have been
disclosed to the Issuer and the Depositor. Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports. 
  

			
	Date:	 	  

		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT G 
 SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 
 The assessment of compliance to be
delivered by the Servicer, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria” applicable to the Servicer: 
  

			
	 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 receivables 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.
		
		  	Cash Collection and Administration
		
	 1122(d)(2)(i)
	  	Payments on receivables 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.
		
	 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.
		
	 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.
		
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.

			
	 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 receivables 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.
		
	 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.
		
	 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.
		
		  	Pool Asset Administration
		
	 1122(d)(4)(i)
	  	Collateral or security on receivables is maintained as required by the transaction agreements or related receivables documents.
		
	 1122(d)(4)(ii)
	  	Receivables 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 receivables, including any payoffs, made in accordance with the related receivables 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 receivables documents.
		
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the receivables 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 receivables (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
usual customary procedures.
		
	 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 usual customary procedures.

					
	 Reference
	  	 Criteria
	  	 
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period a receivable 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 receivables 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 receivables with variable rates are computed based on the related receivables 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 receivables 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 receivables documents and state laws; and (C) such funds are returned to the obligor within 30
calendar days of full repayment of the related receivables, 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.	  	

  

			
	By:	 	  

	Name:	 	
	Title:

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