Document:

Exhibit
10.4

 

Form
of Joint Venture Agreement

 

This
Joint Venture Agreement (the “Agreement") is signed by the following three parties in Beijing, China on
February 18 , 2014 (the “Signing Day"):

 

Engage
Mobility, Inc. (Hereinafter referred to as "Engage U.S."), a Corporation under the U.S. law; and

 

Xinhua
Ruide (Beijing) Network Technology Co., Ltd. (hereinafter referred to as "Xinhua Ruide "), a limited liability company
incorporated under the Chinese law; and

 

Shenzhen
Yingjia Mobile Technology Co., Ltd. (hereinafter referred to as " Shenzhen Yingjia"), a limited liability company incorporated
under the Chinese law; and

 

Engage
U.S., Xinhua Ruide, Zhichengxin and Anyishen hereinafter collectively referred to as "all parties", or individually
a "Party".

 

Foreword

 

WHEREAS,
Engage U.S. has ownership of the software and related intellectual property of the mobile Internet video platform based on AR
technology, and the company has been listed on the U.S. OTCBB market. Engage U.S. intends to work with the domestic Chinese partners
in China to promote their mobile marketing and data products and develop the China market.

 

WHEREAS,
Xinhua Ruide has been recognized as a hi-tech enterprise with independent and innovative technology platform of cloud services,
mobile Internet industry resources and multiple advantages of innovation business incubator and is in accordance with China's
industrial policies.

 

WHEREAS,
Shenzhen Yingjia is a company with resources in industry investment and financial, and marketing.

 

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WHEREAS,
China has the world's largest mobile Internet market, all parties hope to input their respective capabilities and resources,
and set up a joint venture in China Datang Engage (China) Mobile Technology Ltd. (hereinafter referred to as Engage China
engaged in development and sales of the AR technology product.All parties have had in-depth communications in regards to setting
up Engage China, and reached the agreement on the tem1s of the investment contract to be signed and reached the following consensus:
the effectiveness of the following terms and conditions depends on the formation, approval and signing of a formal investment
contract.

 

Article
1 Partner

 

	1.1	Partners of the Agreement

 

	 	(a)	Engage U.S.

 

Company
Name: Engage Mobility, Inc.

Registered
Address:

Authorized
Representative: Name: James S. Byrd, Jr., Position: Chairman and CEO 

Nationality : U.S.

 

	 	(b)	Xinhua Ruide

 

Company
Name: Xinhua Ruide (Beijing) Network Technology Co., Ltd.

Registered
address:

Legal
representative:

Name:
Cao Bin Position: Chairman Nationality: China

 

	 	(c)	Shenzhen Yingjia

 

Company
Name: Shenzhen Yingjia Mobile Technology Ltd.

Registered
Address:

Legal
representative: Name: Zhang Hua

Position:
Chairman

Nationality:
People's Republic of China

 

	1.2	Change of Legal Representative or Authorized Representative

 

If
any party changes the legal representative or authorized representative provided by Section 1.1 (the Agreement parties), the party
shall inform to the other party by written notice within thirty (30) days after the change implemented.

 

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Article
2 Establishment of the Company

 

	2.1	Name

 

The
company's Chinese name is “Datang Engage (China) Mobile Technology Co., Ltd.” (subject to AIC approval) .

 

	2.2	Address

 

The
company's registered address is No. 6, North Yongjia Road, Haidian District, Beijing China.

 

	2.3	Limited Liability

 

The
Company is a limited liability company. Parties shall share the company's profits and share the company's risks and losses based
on the proportion for which their respective capital contribution accounted of the total registered capital of the company; however,
the company's creditors only have recourse to the assets of the Company and shall not be entitled to seek or requests reimbursement
from any party.

 

	2.4	Compliance with Applicable Laws

 

The
company is a legal entity as defined by the Chinese Law. Company activities are governed by applicable Chinese laws, the articles
of association and the jurisdiction and protection of this Agreement.

 

	2.5	Company Set Up

 

The
headquarter and registered office of the Company should be set up in Beijing, China. T he Company's initial server and backup
platform shall be. The operation center should be set up in Shenzhen, China.

 

 

Article
3 Business Purpose and Scope

 

	3.1	Business Purpose

 

The
company's purpose is to gather the resources of all parties to jointly develop the China market and to become China’s leading
mobile Internet cloud service provider.

 

	3.2	Business Scope

 

The
business scope ("Business Scope") includes research, development, design, production and sales of software products,
and providing technology license, technical consulting, and technology services.

 

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Article
4 Total Investment and Registered Capital

 

 

	4.1	Total Investment

 

The
company's total investment ( Total Investment”) is RMB 20,000,000.

 

	4.2	Registered Capital

 

All
parties agree to the company’s registered capital ( Registered Capital of RMB10,000,000. All parties agreed to the capital
contribution of the registered capital of the company according to the following ratio:

 

(a)
Engage USA: USD cash equivalents to three million RMB cash, accounting for 30% of the registered capital of the company. This
capital will be contributed byShenzehn Yingjia on behalf of Engage and credited to Engage;

 

(b)
Xinhua Ruide: patented technology, accounting for 10% of the registered capital of the company.

 

(c)
Shenzhen Yingjia: six million RMB in cash, accounting for 60% of the registered capital of the company.

 

	4.3	Time of Investment

 

Under
the premise to be in compliance with the laws of China, other than the initial registered capital, the remaining the registered
capital should be funded parties should have the funding in place not later than one (1) month after the day of incorporation.
The remaining registered capital shall be funded no later than two years from the business license issuance date.

 

	4.4	Verification and Proof of Funding

 

The
cooperating parties agree to hire an accounting firm registered in China for verification in accordance with international guidelines
with verification report issued.

 

	4.5	Investment Certificate

 

After
capital contributed by any party, the Company shall issue investment certificate signed by the president to the party within thirty
(30) business days upon receipt of verification report. Every investment certificate shall set forth the amount and the specific
date of contribution proved by the investment certificate on the front page.

 

	4.6	Unpaid contributions

 

If
any party fails to pay wholly or partly funded amount of the registered capital in accordance with the terms of the Agreement
(“ Default Amount”) shall pay to the company simple interest on the Default Amount at the rate of 0.5% per
day during the period between the contribution due date to the date of payment, and in any case it shall make up the breach within
twenty (20) business days upon receipt of notice of default sent by the other party. Each party hereby agrees to procure that
their respective directors appointed will vote for approval of termination, equity transfer or other remedial measures made as
contemplated under section 4.6 herein (failure for contributions), and to seek in good faith to obtain all necessary authorization
to realize such termination, equity transfer or other remedy.

 

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	4.7	Additional Capital Contribution

 

The
company can increase the registered capital with unanimous approval of all parties of the company.

 

The
parties are entitled to subscribe the additional registered capital based on its stake in the company at that time, unless otherwise
agreed in writing by all parties.

 

When
increasing the registered capital, the company shall, firstly, issue subscription offer to each party based on the proportion
of their respective stake of the company's equity at that time (such offer issued to each of the parties is a "subscription
offer", and all such offers referred to as "the· subscription offers"), unless otherwise
agreed in writing by all parties.

 

If
a party gives up the subscription, the other parties can subscribe those shares based on the proportion of their stake of the
company at that time.

 

For
any unsubscribed shares that are not subscribed by the cooperating parties based on the agreement, the company can make subscription
offer to any party approved by all parties in accordance with the terms and conditions not more favorable than the provisions
subscribed in the subscription offers (but the cooperating parties shall not unreasonably refuse to approve ) .

 

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Article
5 Equity Transfer

 

 

	5.1	Transfer Prohibited

 

The
cooperating parties hereby acknowledge that any party shall not sell, transfer to any third party, including mortgage, pledge
all or part of its holding in the company, nor shall set any encumbrances thereon, without the prior written consent of the other
partners, unless otherwise provided in this Agreement

 

	5.2	Right of First Refusal

 

If
any party (the "Transferor") wish to transfer to a third party all or part of its shares in the company, it shall
issue a written notice ("Transfer Notice") to the rest of its partners ("Non- transferor Party"),
which states it wishes to transfer the shares, the price of such transfer, the proposed transferee's identity, as well as other
proposed transactions ·with these terms and conditions. For all (but not some) the proposed transfer equity, non-transferor
side has right of first refusal. If the non-transferor wishes to exercise its right of first refusal, it shall submit the notification
("Call Notice") to the transferor to exercise its right of first refusal within thirty (30) days ("30-day
period") after receipt of the Transfer Notice. Call notice is final and binding on non- transferor. If the non-transferor
does not submit call notice within the period of 30 days, the transferor shall be entitled to sell the shares to the proposed
third party transferee, provided that the final purchase price and other terms and conditions available to the transferee, in
any case, shall not superior to the prices, terms and conditions provided to the non transferor parties.

 

Both
Parties shall sign a share purchase Agreement in all material respects accordance with the terms and conditions set fort in the
Transfer Notice within thirty (30) days upon the date of the Subscription. The amount of the purchase price of such shares shall
be paid in cash immediately available to the account designated by the transferor, without any set-off, deduction or counterclaim.

 

5.3
AII parties agree Xinhua Ruide can choose to receive 12% ownership of the company from Shenzhen Yingjia and increase its investment
in the Company (in other words, Xinhua Ruide by itself can increase up to 12% ownership of the Company); Xinhua Ruide will invest
RMB one million two hundred thousand Yuan in intangible assets that are evaluated by a valuation agency that are jointly en gaged
by all parties in t his agreement The above ownership transfer will be completed within one month of Xinhua Ruide issuing the
ownership transfer transaction written notice, all parties shall cooperate and sign related documents and carry through related
procedures.

 

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Article
6 Obligations of the Parties

 

	6.1	Engage U.S.

 

Besides
as otherwise provided in performance of the obligations of this Agreement, under the premise of being in compliance with other
provisions of this Agreement, Engage U.S. shall :

 

6.1.1
assist the company to obtain any and all necessary or appropriate government registration, license (not including any necessary
industry product certification), approvals, as well as any other documents of any nature necessary for setting up operating companies
in China.

 

6.1.2
join in and form Engage China company with technical inputs, providing comprehensive technical support for server deployment,
software maintenance, software improvements and the post-stage development of new technologies of its legally owned software in
China .

 

	6.2	Obligations of Xinhua Ruide

 

Besides
as otherwise provide in performance of the obligations of this Agreement, under the premise of being in compliance with other
provisions of this Agreement, Xinhua Ruide shall :

 

6.2.1
assist the company to obtain any and all necessary or appropriate government registration, license (not including any necessary
industrial product certification), approvals, as well as any other documents of any nature necessary for setting up operating
companies in China.

 

6.2.2
join in and form Engage China with its brand, resources; provide office space, server maintenance, network infrastructure equipment
and network bandwidth, cloud services and other associated industry resources during the phases of product testing (before formal
launch out of the product) .

 

6.2.3
in accordance with applicable policies and regulations, to assist the company to obtain tax relief, including, but not limited
to, the company obtain preferential tax incentives for certified high-tech enterprises or other similar nature corporates;

 

6.2.4
assist the company to obtain any government grants or subsidies or tax incentives applicable to the company with best efforts.

 

	6.3	Obligations of Shenzhen Yingjia

 

Besides
as otherwise provided in perfom1ance of the obligations of this Agreement, under the premise of being in compliance with other
provisions of this Agreement, Shenzhen Yingjia shall

 

6.3.1
assist the company to obtain any and all necessary or appropriate government registration, license (not including any necessary
industrial product certification), approvals, or any other documents of any nature necessary for setting up operating companies
in China. ·

 

6.3.2
join in and form Engage China by the way of capital investment and is responsible for the market operations and team building
of Engage China utilizing its domestic network.

 

	6.4	Further Obligations

 

6.4.1
In addition to the obligations of the parties listed above, each party must make its best endeavors to procure the Company's investment
direction and operations comply with (i) applicable law, (ii) any administrative rules adopted by the Board, (ii) prudent management,
and (iii) the company's business, financial and legal obligations.

 

6.4.2
all parties expressly acknowledged that all parties and the company's areas of expertise, technology, goods, sales activities
and services are subject to the regulations of the establishment location and the business activities location (including but
not limited to China and the United States) .

 

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Article
7 Technology License and Services

 

	7.1	Technology License

 

Engage
U.S. will provide JV with all of its licensed technology, technical know how, product types, business and marketing expertise,
technical and product support, and general business and product expertise for use throughout China. The JV shall not acquire any
license or use rights for anywhere else in the world unless done by subsequent written agreement.

 

	7.2	Technology Services

 

All
parties agree, Shenzhen Yingjia will make wire payments of USD 300,000 to Engage U.S. on or before November 18, 2013 as initial
development fund to create and deliver to the JV a Chinese mobile interactive systems customized for the China market (i.e. Chinese
AR system) after the capital contribution. JV will repay Shenzhen Yingjia the amount after JV receives the registered capital.
Engage U.S. shall deliver to the JV a commercially available Chinese mobile interactive system within 100 days after collecting
the fees.

 

Article
8 Trademark License

 

	8.1	Trademark License

 

All
parties acknowledge and agree that the company can use the combination of markers (the "Company Exclusive Trademark")
containing certain kinds of trademarks, logos or other commercial trademarks of Engage U.S., Xinhua Ruide, and Shenzhen Yingjia
in the products produced and sold by the company and related technical support, maintenance, professional, consulting, development
and integration services provided. The Company can also use the Company Exclusive Trademark in corporate identity materials, and
sales and promotion materials. The use of any trademarks, logos or trade dress of Engage US shall be for the limited purpose of
operation of the JV throughout China.

 

Article
9 Board of Directors

 

	9.1	Establishment of the Board of Directors

 

9.1.1
The Board of Directors shall be established in on the date of the establishment.

 

9.1.2
The Board of Directors shall consist of 3 Directors, of which 1 shall be appointed by Engage U.S., 1 shall be appointed by Xinhua
Ruide, and 1 shall be appointed by Shenzhen Yingjia.

 

9.1.3
Shenzhen Yinjia shall appoint one of its directors as the Chairman of the Board and the Chairman of the Board is the legal representative
of the JV.

 

9.1.4
The term of office for the directors shall be two (2) years and any Director may be reappointed or replaced at any time by the
Party which originally appointed the director. The Party which initially appointed the Director shall appoint a successor in case
the Director is absent from the office due to retirement, resignation, illness, loss of capability or death

 

9.1.5
Directors shall possess adequate experience and ability and ensure adequate time and energy to perform the duties in an honest
and diligent manner. Members who are not in line with these qualifications shall not be in the Board of Directors.

 

9.1.6
The resolution any of the following matters should be unanimously approved by all the Directors in written forms:

 

(a)
amendments to the Articles :

 

(b)
approval of changes to the company's business scope or range of products ;

 

(c)
the termination, dissolution or liquidation of the Company. and any action taken thereon ;

 

(d)
the division. Merger or sale of the company or a change in the company's form of economic organization;

 

(e)
increasing or decreasing the company's total investment. and I or registered capital , the transfer of the shares of the
registered capital of the company:

 

(f)
investment, purchasing, subscription or otherwise acquiring or disposal of any shares or other securities of any nature of the
Company ;

 

(g)
Undertaking any encumbrances on the Company's entire or any part of the business, property, assets or equity;

 

(h)
sale, transfer, lease, assign or otherwise dispose of the company's business, property or assets ( or any interest therein) during
the non-regular business progress , and the amount involved exceeds 10% of the net asset or over the most current limits subsequently
and unanimously approved by the Board of Directors;

 

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(i)
any overseas investment or establish any branch within and outside of China:

 

(j)
approval of the annual budget and changes to any contents of the approved annual budget that are more than 10% of approved amounts:

 

(k)
approval of the final settlements of the accounts and annual financial statements:

 

(l)
approval of the annual profit distribution plan and the associated recovery of losses plan, including statutory fund reserve plan:

 

(m)
approval of any transactions or entering into any agreement for the benefit of any party in this agreement or their respective
related parties: or conducting any transactions or agreements with any party described and the amount of the transactions or agreements
would cause changes to the content of the approved annual budget for more than 10% of the approved annual budgeted amount:

 

(n)
approval of any significant transactions or entering into any agreement the “significant transaction” refers to any
transactions of series related transactions exceed the total value of RMB 1.000.000 or above the most current limits subsequently
and unanimously approved by the Board of Directors;

 

(o)
incur any indebtedness (including any loans provided to the Company by a third party or the Company providing any guarantee for
other companies) or provide any loan or payment of any advanced payment or provide credits to any parties other than the trade
credits incur in the normal course of business;

 

(p)
initiate any litigation or arbitration proceedings or in any litigation or arbitration proceedings reconciliation or the company
is a party to release any claim under the any agreement, and the amount involved is more than RMB 1.000.000 Yuan or the most current
limits subsequently and unanimously approved by the Board of Directors:

 

(q)
approval of any product sales arrangements or policies that the Company intends to establish or use that are inconsistent or do
not cohere to the principals within the scope of the provisions on the product sales arrangements and policies under the general
principles of this agreement or any related other sub-agreements:

 

 (r)
the approval of the signing authority of the Chairman or the Managing:

 

(s)
approval of the Company's management and staff compensation and benefit m aster plan (including the maximum limits for the bonuses)
that deviate from the relevant provisions of the annual budgeted compensation master plan:

 

(t)
appointment and removal of president, vice president, chief financial officer, chief technology officer and deputy technical director.

 

Article
10 Board of Supervisors

 

	10.1	Establishment of the Board of Supervisors

 

10.1.1
The JV shall consist of three (3) Supervisors ("Supervisors"). The Supervisors shall perform its duties and responsibilities
in line with all laws and regulations of China and the regulations in the Agreement. Engage US, Xinhua Ruide shall each appoint
one (1) Supervisor. Xinhua Ruide shall appoint the Chairman of the Board of Supervisor. After the JV is setup, J V shall appoint
one employee representative as Supervisor.

 

10.1.2
Any Director or management shall not at the same time act as the Supervisor.

 

10.1.3
Any Supervisor shall possess adequate experience and ability and ensure adequate time and energy to perform the duties in a honest
and diligent manner.

 

10.1.4
The term of Supervisor shall be two (2) years and any Supervisor may be reappointed when the term is due by the Party which originally
appointed the Supervisor. The Party which initially appointed the Supervisor shall appoint a successor in case the Supervisor
is absent from the office due to retirement, resignation, illness, loss of capability or death.

 

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Article
11 Business Management

 

	11.1	Management Structure

 

The
management shall have: (i) a General Manager "General Manager"); (ii) two Deputy General Manager ("Deputy General
Manager"), (iii) a Chief Financial Officer ("Chief Financial Officer"); and (iv) a Chief Technology Officer ("Chief
Technology Officer") (all called "Management").

 

	11.2	General Manager

 

The
General Manager shall have the responsibility of implementing the general policies and decisions of the Board of Directors, and
of organizing and conducting the daily management of the JV. In the first year of the JV, the post of the General Manager
shall be concurrently held bythe Chairman of the Board. The General Manager shall be nominated until determined by the Board of
Directors with a term of one (1) years, and may be renominated and reappointed by the Board of Directors.

 

	11.3	Vice General Manager

 

Deputy
General Managers shall be nominated from Engage US and Xinhua Ruide each, and be determined by the Board of Directors. The Deputy
General Managers shall be report to and assist the General Manager in dealing with everyday management with a term of one (1)
years, and may be renominated and reappointed by the Board of Directors.

 

	11.4	Chief Financial Officer

 

The
Chief Financial Officer shall be nominated by Shenzhen Yingjia and determined by the Board of Directors. The Chief Financial Officer
shall report to the General Manager with a term of one (1) years and may be renominated and reappointed by the Board of Directors.

 

	11.5	Management Salary

 

Salary
and welfare of the Management shall be approved by the Board of Director.

 

	11.6	Other Senior Officials

 

The
appoint of any Senior Officials that are not mentioned above shall be determined by the General Manager.

 

	11.7	Full Time Requirement

 

Management
shall work full time and shall not work part time any entity in direct competition with the JV 's business aany identity within
the JV 's legitimate scope of business and shall not join any business that is in direct competition with the JV 's business.

 

Article
12 Non-competition and Non Solicitation

 

	12.1	Non-competition

 

Each
Party shall ensure that the Party and its affiliates: shall not perform or join (individually or with other person(s)) directly
or indirectly any business of the similar kind with the JV as long as the cooperation of the JV exist; and

 

12.1.1
The restriction in 12.1.1 does not prohibit the parties and their controlled affiliates to perform the prohibited activity after
the prohibition being terminated. Nothing in this Article 12 shall limit or prohibit Engage USA from conducting any of its business
outside of China.

 

Article
13 Financing and Accounting

 

	13.1	Accounting System

 

The
financial and accounting system ("Financial and Accounting System") to be adopted by the JV shall
be able to perform the internal and procedure control effectively and shall be in accordance with the relevant laws, regulations
and rules of the PRC governing finance and accounting systems. The JV’s statements shall be true and complete, shall include
the JV’s financial status up to the date of the statement and shall include the JV’s performance, cash flow and equity
variation covering the statement period in accordance with the relevant laws and regulations of PRC.

 

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13.1.2
The financial and accounting system shall be conducted after the approval of the Board of the Directors. Subject to relevant laws,
the financial and accounting system and its amendments shall be reported and documented in relevant authority of PRC. The company
shall use Renminbi as the standard currency for bookkeeping.

 

	13.2	Financial Statements: the right to know of both Parties

 

The
JV shall engage a independent audit entity to perform audit on the JV’s annual financial reports. The independent audit
entity for the JV shall be engaged by the Board of Directors.

 

Any
party can engage the party 's internal staff or independent auditing firm (registered abroad or in China) on its own expenses
to audit JV 's books, records, and other financial, business or legal records on behalf of the party. The JV shall permit the
internal staff or independent auditing firm described above to obtain all records other accounting records of the JV within normal
business process. Additionally, the HV shall provide reasonable work space and conditions for the engaged internal staff or independent
audit entity and tis staff, however, the prerequisite is that the audit staff needs to sign and provide t he standard confidentiality
agreement for the J V and guarantee that to keep all reviewed documents and materials confidential.

 

The
JV shall submit to the Parties balance sheet, profit and loss statement and income statement and their annexes in Chinese and
English language as soon as possible (no later than ninety (90) days after the end of the respective fiscal year in any case).

 

The
JV shall submit to the Parties quarterly financial statement prior to the audition on the JV 's finance and operation as soon
as possible (no later than ten (10) business days after the end of the respective quarter in any case).

 

Article
14 Duration of the Joint Venture and its extension

 

	14.1	Duration of the JV

 

Agreed
by each Party, the duration of the JV ("Duration") shall be twenty-five (25) years from the date of the establishment
unless the JV being dismissed or cleared or the Duration being extended.

 

	14.2	Extension of the JV Duration

  

14.2.1
If any Party wants to extend the JV Duration, the Party shall notify and discuss with other Parties two (2) years prior
to the expiration of the first JV Duration (or any extension) to decide whether to extend the duration. If the Parties
agree on the extension, an application shall be submitted to the examination and approval authority at least six (6) months prior
to the expiration of the duration of the JV.

 

14.2.2
However, if Parties fail to sign in written a Duration extension agreement twelve (12) months (or a period regulated otherwise
by the Parties or by China laws and regulations) prior to the expiration of the duration of the JV , the Agreement shall
be terminated immediately when the duration is reached.

 

Article
15 Early Termination

 

	15.1	Termination of the Agreement

 

15.1.1
The Agreement may be terminated prior to its stated expiration date by a unanimous written agreement of all Parties.

 

15.1.2
The Agreement may be terminated by any Party if any of the following conditions arises or are informed:

 

(a)
If the JV is unable to continue operations due to serious loss suffered from: (i) successive three (3) years' loss; or (ii) the
accumulated amount of such loss has made the JV’s shareholders' rights less than sixty percent (60%) of the JV’s registered
capital;

 

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(b)
If the JV is unable to obtain all approval, documentation and registration to make the project and its documents effective
within one hundred and eighty (180) day.s of the establishment of the JV;

  

(c)
If the JV is unable to continue operations for one hundred and eighty (180) days due to an event of force majeure;

  

(d)If
the government request all or major assets of the JV by Nationalization, appropriation or other ways;

 

(e)
If the JV is unable to obtain or extend material permits or government authorization for its operation.

 

Article
16 Dismissal and Clearance

 

	16.1	Dismissal and Clearance

 

The
JV may dismiss and clear the company in accordance with relevant laws and regulation of PRC. With consensus of the Board of Directors,
the business may be closed and start the dismissal and clearance. If relevant laws and regulations of the PRC apply, the JV shall
submit the dismissal and clearance plan to relevant governing authorities for approval and supervision.

 

16.1.1
If the Board of Directors decide to dismiss and clear, the JV and the Parties shall obtain approval in accordance with applicable
laws and regulations or PRC in a fair manner.

 

16.1.2
After the resolution of the Board of Directors and the approval of government authorities, each Party shall establish a clearance
team ("Clearance Team"), the clearance team may represent the JV in any legal matters. The clearance shall be
carried out in accordance with applicable laws and regulations of PRC, this Agreement and articles of the JV.

 

Article
17 Indemnification

 

	17.1	Delinquent Party Indemnification

 

If
One Party and its shareholders, directors, senior officials, employees, representatives, agencies, Agreementors and licensees
("Indemnified Party") suffer any damage and loss for (i) the other Party ("Delinquent Party")
breach in any way the Agreement, including but not limited to any false statement or failure to fulfill any commitment, obligations
or arrangements, and (ii) Delinquent Party fails to act or act in a careless or inappropriate manner, Delinquent Party shall compensate
the Indemnified Party and protect it from loss.

 

Article
18 Force Majeure

 

	18.1	Force Majeure Events

 

"Force
Majeure" events cannot be controlled or prevented through careful and reasonable measures, either such events are caused
by the non-affected Party 's faults, carelessness, and may impede directly or delay the affected Party to perform its obligations
under the Agreement. The events include but do not limit to earthquake, storm, flood, fire, war, riot and other acts of the same
nature, however, Force Majeure shall not include the following situations in any case:

 

One
Party is short of capital or fail to pay when due; or Delay of the Agreementor or subAgreementors or breach due to Force Majeure
events not included in the Agreement.

 

	18.2	The Occurrence of the Force Majeure

 

If
one Party is unable to fulfill any obligations under the Agreement in a complete, timely and appropriate manner when Force Majeure
occur, the Party shall be exempt from such breach within the affected scope. However, the affected Party shall notify the other
Party in details such event and the inability to fulfill any obligations under the Agreement in a complete, timely and appropriate
manner by fax or express on the occurrence of such event or within ten (10) days when the communication recovers. The affected
Party shall not be exempt from the breach if the Party fail to notify and provide evidence as such.

 

	18.3	Mitigate the Effect of Force Majeure

 

The
affected Party shall adopt any possible measures to offset or mitigate the negative effects of the Force Majeure and resume the
obligations after the offset or mitigation. Failure to perform the obligation of mitigation shall be liable for additional loss
resulted from the suspension because the affected Party does not Perform offset or mitigation.

 

    	 	 Page 12 of 17	 

     

    

 

Article
19 Applicable Laws

 

	19.1	Applicable Laws

 

The
Agreement shall be governed and interpreted by the laws and regulations of PRC.

 

 

Article
20 Settlement of Disputes

 

	20.1	Consultation

 

All
disputes ("Dispute") arising from the execution of, or in connection with, the Agreement shall be settled
through friendly consultation between Parties. The consultation shall begin as soon as one Party notify in writing the other Party
(Parties) to settle disputes through consultation. If no settlement can be reached through consultation within sixty (60) days
after the Party(Parties) receive the notice, the dispute shall be submitted to arbitration under Article 20 (Settlement of Disputes).
The arbitration is final and binding.

 

	20.2	Arbitration Court

 

If
disputes or right petition arising from the execution of, or in connection with (including the signing, effectiveness or termination
of the Agreement) the Agreement cannot be settled through consultation in accordance with 20.1(Consultation), the dispute or petition
will be submitted to Beijing arbitration Court.

 

	20.3	Arbitration Court

 

The
arbitration shall be final and binding for all Parties. The arbitration is the only and exclusive remedy for all Parties' petition,
court charge or dispute. Except the compulsory execution of relevant arbitration agreements or their resolution, the Parties shall
waive any right of application or appeal to any court, court of justice to the largest extent in accordance with relevant laws
and regulations.

 

	20.4	Arbitration Expenses

 

The
losing Party shall bear the expenses (include but not limited to the expenses of the arbitrator and the arbitration court, reasonable
chargeout and expenses of the lawyers)

 

	20.5	Agreement Execution during Arbitration

 

During
the arbitration proceeding, the Agreement shall continue to be executed by the Parties, except for the part which is under arbitration.

  

    	 	 Page 13 of 17	 

     

    

 

Article
22 Miscellaneous

 

	22.1	Effectiveness and Change of the Agreement

 

The
Agreement takes effect after relevant governing authorities' approval. On the basis of its accordance with relevant laws and regulations
of PRC, the Agreement can be changed by writing documents from the Parties at any time.

 

	22.2	Notice

 

Notice
in accordance with the Agreement from any Party or company shall be written in English and Chinese, and be delivered by appointed
person, email, fax or FedEx, or DHL or any express companies recognized by both Parties (collectively called "qualified
Express Companies") to the other Party 's following address, or the address provided by the other Party constantly or
legal address of the other Party. If the notice is delivered by qualified express companies, the arrival day will be viewed as
the effective delivery day; if the notice is delivered by email or fax, the first business day after the transmission day (according
to the date in the email or fax) will be viewed as the effective delivery day, and an ordinary mail shall be submitted later.

 

(a)
Engage Mobility, Inc. (Seal):

Address:

To:
Jim Byrd

(By
email):

 

    	 	 Page 14 of 17	 

     

    

 

Article
23 Confidentiality

  

	23.1	Content Confidentiality

 

The
Parties shall not disclose or promote the disclosure from their owners, affiliates, directors, senior officials, employees, agencies,
professional or other consultants ("One Representative") and the owners, affiliates, directors, senior officials,
employees, agencies, professional or other consultants the Agreement content to owners, affiliates, directors, senior officials,
employees, agencies, professional or other consultants ("Company Representative", collectively called
"Receiving Party" with the One Representative) to any party outside the Receiving Party.

 

	23.2	Disclosure Information Confidentiality

 

For
the information the receiving Party know of and the other Part (include One Representative) or Company (include Company Representative)
(collectively called "Disclosure Party") possess or disclose, the rights and obligations relevant to the Agreement,
or the execution or act relevant to the Agreement, or any meetings involving both Parties or the Board of the Directors, or any
exclusive and confident information attached to the services of the Board of Directors, senior officials, employees, agents, consultants,
pertaining to Agreement and its articles (collectively called "Confidential information"), the Parties shall
and shall promote a strict confidentiality between all receiving Parties, and shall not be used for any other purposes (except
for when Directors and employees use it for the JV 's personnel system) except those regulated in the Agreement.

 

(b)
Xinhua Ruide:

Address:

To:
Yang Yong

Fax:

 

(c)
Shenzhen Yingjia

Address:

To:
Zhang Hua

Fax:

 

	23.3	Complete Agreement

 

The
Agreement, the articles of the JV , attached written Agreements for the Agreement, and the attachments and annexes of the
Agreement compose the only and complete agreement between each Parties for the purpose, and replace all previous oral or written
agreements, memorandum and communications between the Parties and/or their respective affiliates for the purpose.

 

	23.4	Divisibility

 

The
article shall be viewed as ineffective in case it violates any authorized article or condition or any laws and regulations despite
conflicting regulations in the Agreement and the article shall be replaced when reasonable and feasible in the case of: (i) regulating
intentions of both Parties, and (ii) non-violating of any authorized article or any laws and regulations. If any Party fail to
fulfill the obligations regulated above and result in the termination of the Agreement by one Party, 22.4 (Di visibility) shall
not be held applicable to terminate or pro hi bit the right of the termination of the Agreement by one Party.

 

	23.5	Language

 

The
Agreement shall be written in Chinese and in English versions. The English language version and the Chinese language version shall
be equally binding.

 

	23.6	Conflict

 

The
articles of the JV are established in accordance with the articles of the Agreement. In case of discrepancies, the articles of
the Agreement shall prevail.

 

    	 	 Page 15 of 17	 

     

    

 

	23.7	Stamp

 

Respective
Parties shall bear stamp or taxes of the same nature relevant to the signing of the Agreement of the articles of the JV collected
by the government.

 

	23.8	Text

 

Multiply
copies of the Agreement can be signed and the signed copies shall be equally binding with the original Agreement.

 

	23.9	No Waive-off

 

The
fact that any Party does not or fail to act or seek timely the rights or remedy under the Agreement, or the fact that any Party
does not or fail to fulfill its obligations under the Agreement shall not compose or be interpreted as the Party full or partial
waiver of its rights, remedy or obligations, and the rights, remedy or obligations continue to be effective.

 

	23.10	No Third Party Beneficiary

 

Unless
being regulated by the Agreement otherwise, only the Agreement Parties and their affiliates shall be held binding and the rights,
interests or remedy of any kind under the Agreement shall not be granted to any other person explicitly or implicitly .

 

	23.11	Fair Interpretation

 

The
Agreement shall be interpreted without the consideration on which Party initiates its draft, which Party suggest the language
using or draft it, nor shall any interpretation be held for or against the Party that initiate, suggest or draft the Agreement.

 

    	 	 Page 16 of 17	 

     

    

 

 

	Engage
    Mobility, Inc. (seal)	 
	 	 	 
	Signature:	/s/	 
	Title:	 	 
	 	 	 
	Beijing
    Xinhua Ruide Network Technology Co., Ltd. (seal)	 
	 	 
	Signature:	/s/	 
	Title:	 	 
	 	 	 
	Shenzhen
    Yingjia Mobile Technology Co., Ltd (seal)	 
	 	 
	Signature:	/s/	 
	Title:	 	 

 

 

 Page
17 of 17EX-4.1

 Exhibit 4.1 

Sidley Austin LLP 
  

 
  

CALIFORNIA REPUBLIC FUNDING, LLC, 

as Depositor 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee 
  

 
 AMENDED AND
RESTATED 
 TRUST AGREEMENT 

Dated as of September 1, 2015 
  

 
  

 
  

 TABLE OF CONTENTS 

Page 
 ARTICLE ONE 

DEFINITIONS 
  

					
	 Section 1.01. Capitalized Terms; Rules of Construction
	  	 	4	  

 ARTICLE TWO 

ORGANIZATION 
  

					
	 Section 2.01. Name
	  	 	5	  
	 Section 2.02. Office
	  	 	5	  
	 Section 2.03. Purposes and Powers
	  	 	5	  
	 Section 2.04. Appointment of Owner Trustee
	  	 	6	  
	 Section 2.05. Initial Capital Contribution of Trust Estate
	  	 	6	  
	 Section 2.06. Declaration of Trust
	  	 	6	  
	 Section 2.07. Liability of the Depositor and Certificateholders
	  	 	7	  
	 Section 2.08. Title to Trust Property
	  	 	7	  
	 Section 2.09. Situs of Issuer
	  	 	7	  
	 Section 2.10. Representations and Warranties of the Depositor
	  	 	7	  
	 Section 2.11. Federal Income Tax Matters
	  	 	8	  

 ARTICLE THREE 

CERTIFICATES AND TRANSFER OF INTERESTS 
  

					
	 Section 3.01. Initial Ownership
	  	 	10	  
	 Section 3.02. The Certificates
	  	 	10	  
	 Section 3.03. Execution, Authentication and Delivery of Certificates
	  	 	10	  
	 Section 3.04. Registration of Transfer and Exchange of Certificates
	  	 	11	  
	 Section 3.05. Certificate Transfer Restrictions
	  	 	12	  
	 Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates
	  	 	13	  
	 Section 3.07. Persons Deemed Owners
	  	 	14	  
	 Section 3.08. Access to List of Certificateholders’ Names and Addresses
	  	 	14	  
	 Section 3.09. Book-Entry Certificates
	  	 	15	  
	 Section 3.10. Notices to Clearing Agency
	  	 	15	  
	 Section 3.11. Definitive Certificates
	  	 	16	  
	 Section 3.12. Maintenance of Office or Agency
	  	 	16	  
	 Section 3.13. Appointment of Certificate Paying Agent
	  	 	16	  
	 Section 3.14. Indemnification
	  	 	17	  
	 Section 3.15. No Recourse
	  	 	17	  
	 Section 3.16. Certificates Nonassessable and Fully Paid
	  	 	17	  

 Page 

ARTICLE FOUR 
 ACTIONS BY OWNER
TRUSTEE AND CERTIFICATEHOLDERS 
  

					
	 Section 4.01. Prior Notice with Respect to Certain Matters
	  	 	18	  
	 Section 4.02. Standards of Operations; Separateness of the Issuer and the Depositor
	  	 	19	  
	 Section 4.03. Action by Certificateholders with Respect to Certain Matters
	  	 	20	  
	 Section 4.04. Action by Certificateholders with Respect to Bankruptcy
	  	 	21	  
	 Section 4.05. Restrictions on Certificateholders’ Power
	  	 	21	  
	 Section 4.06. Majority Control
	  	 	21	  
	 Section 4.07. Rule 144A
	  	 	21	  

 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
  

					
	 Section 5.01. Establishment of Certificate Distribution Account
	  	 	22	  
	 Section 5.02. Application of Trust Funds
	  	 	22	  
	 Section 5.03. Method of Payment
	  	 	24	  
	 Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others
	  	 	24	  
	 Section 5.05. Signature on Returns, Tax Matters Partner
	  	 	24	  
	 Section 5.06. Sarbanes-Oxley Act
	  	 	24	  

 ARTICLE SIX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 
  

					
	 Section 6.01. Duties of Owner Trustee
	  	 	25	  
	 Section 6.02. Rights of Owner Trustee
	  	 	26	  
	 Section 6.03. Acceptance of Trusts and Duties
	  	 	26	  
	 Section 6.04. Action upon Instruction by Certificateholders
	  	 	28	  
	 Section 6.05. Furnishing of Documents
	  	 	28	  
	 Section 6.06. Representations and Warranties of Owner Trustee
	  	 	28	  
	 Section 6.07. Reliance; Advice of Counsel
	  	 	29	  
	 Section 6.08. Owner Trustee May Own Securities
	  	 	30	  
	 Section 6.09. Compensation and Indemnity
	  	 	30	  
	 Section 6.10. Replacement of Owner Trustee
	  	 	30	  
	 Section 6.11. Merger or Consolidation of Owner Trustee
	  	 	31	  
	 Section 6.12. Appointment of Co-Trustee or Separate Trustee
	  	 	32	  
	 Section 6.13. Eligibility Requirements for Owner Trustee
	  	 	33	  
	 Section 6.14. Withholding Certificate
	  	 	33	  
	 Section 6.15. Notice to Administrator of Repurchase Requests
	  	 	33	  

  
 ii 

 Page 

ARTICLE SEVEN 
 TERMINATION OF
TRUST AGREEMENT 
  

					
	 Section 7.01. Termination of Trust Agreement
	  	 	34	  

 ARTICLE EIGHT 

AMENDMENTS 
  

					
	 Section 8.01. Amendments
	  	 	36	  
	 Section 8.02. Form of Amendments
	  	 	37	  

 ARTICLE NINE 

MISCELLANEOUS 
  

					
	 Section 9.01. No Legal Title to Trust Estate
	  	 	38	  
	 Section 9.02. Limitations on Rights of Others
	  	 	38	  
	 Section 9.03. Notices
	  	 	38	  
	 Section 9.04. Severability
	  	 	38	  
	 Section 9.05. Counterparts
	  	 	38	  
	 Section 9.06. Successors and Assigns
	  	 	38	  
	 Section 9.07. Nonpetition Covenant
	  	 	38	  
	 Section 9.08. Table of Contents and Headings
	  	 	39	  
	 Section 9.09. GOVERNING LAW
	  	 	39	  
	 Section 9.10. Submission to Jurisdiction
	  	 	39	  

 ARTICLE TEN 

REGULATION AB 
  

					
	 Section 10.01. Intent of the Parties; Reasonableness
	  	 	40	  
	 Section 10.02. Representations and Warranties
	  	 	40	  
	 Section 10.03. Information to Be Provided by the Owner Trustee
	  	 	40	  

 EXHIBITS 

 

					
	 Exhibit A — Form of Certificate
	  	 	A-1	  
	 Exhibit B — Form of Certificate of Trust
	  	 	B-1	  
	 Exhibit C — Form of Certificate Purchase Agreement
	  	 	C-1	  
	 Exhibit D — Form of Repurchase Request Notice
	  	 	D-1	  

  
 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of September 1, 2015 (as amended,
restated or otherwise modified from time to time, this “Agreement”), is between California Republic Funding, LLC, a Delaware limited liability company (the “Depositor”), and Wilmington Trust, National Association, a national
banking association, as owner trustee (the “Owner Trustee”). 
 WHEREAS, California Republic Auto Receivables Trust 2015-3, a
Delaware statutory trust (the “Issuer”), was formed pursuant to a Trust Agreement, dated as of August 3, 2015, between the Depositor and the Owner Trustee (the “Original Trust Agreement”); and 

WHEREAS, the Depositor and the Owner Trustee desire to amend and restate the Original Trust Agreement. 

NOW THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE ONE 

DEFINITIONS 
 Section 1.01.
Capitalized Terms; Rules of Construction. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of September 1, 2015,
among the Issuer, the Depositor, California Republic Bank and U.S. Bank National Association, which Appendix is hereby incorporated into and made a part of this Agreement. Appendix A also contains rules as to usage applicable to this Agreement. 

  
 4 

 ARTICLE TWO 

ORGANIZATION 
 Section 2.01.
Name. The trust created pursuant to the Original Trust Agreement and by the filing of the Certificate of Trust pursuant to the Statutory Trust Act and continued hereby shall be known as “California Republic Auto Receivables Trust
2015-3”, in which name the Owner Trustee may conduct the business of the Issuer, make and execute contracts and other instruments on behalf of the Issuer and sue and be sued. 

Section 2.02. Office. The office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office or at such
other address in the State of Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 

Section 2.03. Purposes and Powers. 

(a) The purpose of the Issuer is to engage in the following activities, and the Issuer shall have the power and authority: 

(i) to issue the Notes pursuant to the Indenture and the Certificates pursuant to this Agreement and to sell, transfer and
exchange the Securities, in each case in accordance with the Basic Documents (as defined in Appendix A to the Sale and Servicing Agreement, and together with the Certificate Depository Agreement and the Note Depository Agreement, hereafter the
“Basic Documents”); 
 (ii) to permit the Depositor to use, or to use, at the direction of the Depositor, the net
proceeds of the sale of the Securities to (i) purchase the Depositor Conveyed Assets, (ii) fund the Reserve Account with an amount equal to the Reserve Account Deposit, (iii) pay the organizational, start-up and transactional expenses
of the Issuer and (iv) pay to the Depositor, or permit the Depositor, to retain, any balance; 
 (iii) to Grant the
Trust Estate pursuant to the Indenture and to hold, acquire, manage and distribute to the Certificateholders pursuant to the terms of this Agreement, any portion of the Trust Estate released from the Lien of, and remitted to the Issuer pursuant to,
the Indenture or the Sale and Servicing Agreement; 
 (iv) to pay interest on and principal of the Notes to the Noteholders
and to cause any Excess Collections to be paid to the Certificateholders in accordance with the Indenture and the Sale and Servicing Agreement; 

(v) to enter into and perform its obligations under the Issuer Basic Documents; 

(vi) to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith; and 
 (vii) subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection with servicing, administration and conservation of the Trust Estate, the securing and payment of the Notes and the making of distributions to the Certificateholders. 

  
 5 

 (b) The Issuer shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement and the other Issuer Basic Documents. 
 Section 2.04.
Appointment of Owner Trustee. The Depositor hereby confirms the appointment of the Owner Trustee as trustee of the Issuer effective as of the date of the Original Trust Agreement, to have all the rights, powers and duties set forth in the
Original Trust Agreement, herein and in the Statutory Trust Act. 
 Section 2.05. Initial Capital Contribution of Trust Estate.
The Depositor has previously sold, assigned, transferred, conveyed and set over to the Owner Trustee, as of the date of the Original Trust Agreement, the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the
foregoing contribution, which shall constitute the initial property of the Issuer. The Depositor shall pay the organizational expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner
Trustee for any such expenses paid by the Owner Trustee. The Depositor and the Owner Trustee acknowledge and agree that the Trust Estate shall include all Depositor Conveyed Assets transferred by the Depositor to the Issuer on the Closing Date
pursuant to the Sale and Servicing Agreement. 
 Section 2.06. Declaration of Trust. 

(a) The Owner Trustee hereby declares that it shall hold the Trust Property in trust upon and subject to the conditions set forth herein for
the use and benefit of the Certificateholders, subject to the obligations of the Issuer under the Basic Documents. The Owner Trustee has filed the Certificate of Trust with the Secretary of State. 

(b) It is the intention of the parties hereto that (i) the Issuer constitutes a statutory trust under the Statutory Trust Act and that
this Agreement constitutes the governing instrument of such statutory trust, (ii) solely for federal, State and local income, single business and franchise tax purposes, the Notes shall be treated as debt and (iii) the Issuer shall not be
treated as an association (or publicly-traded partnership) taxable as a corporation. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer and, to the extent applicable, the Certificateholders shall file or
cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Issuer provided in the preceding sentence for such tax purposes and shall not take any position contrary to this
characterization in any federal or State tax filings. Effective as of the date hereof, the Owner Trustee shall have all the rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the
Issuer as set forth in Section 2.03(a). The Owner Trustee shall not file or join in, and each Certificateholder, by acceptance of its Certificate, and each Certificate Owner, by acceptance of its beneficial interests in the Certificates, agrees
that it shall not file or join in, an election to treat the Issuer as an association taxable as a corporation for tax purposes. The Depositor intends to treat the Issuer for federal income tax reporting purposes as a grantor trust under subpart E,
part 1, subchapter J, chapter 1 of subtitle A of the Code. Each purchaser of a Certificate, by its acceptance of the Certificate, agrees to treat the Issuer as a grantor trust and will take no action inconsistent with such treatment,
unless otherwise required by the appropriate authority. 

  
 6 

 Section 2.07. Liability of the Depositor and Certificateholders. 

(a) The Depositor shall be liable directly to and will indemnify the injured party for all losses, claims, damages, liabilities and expenses
of the Issuer (including expenses, to the extent not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Issuer were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor
were a general partner; provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Certificates or a Noteholder in the capacity of an investor in the Notes. Any
third-party creditors of the Issuer (other than in connection with the obligations described in the preceding proviso for which the Depositor shall not be liable) shall be deemed third-party beneficiaries of this subsection. 

(b) The Certificateholders shall not have any personal liability for any liability or obligation of the Issuer. 

Section 2.08. Title to Trust Property. Legal title to the Trust Property shall be vested at all times in the Issuer as a separate
legal entity except where Applicable Law in any jurisdiction requires title to any part of the Trust Property to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate
trustee, as the case may be. 
 Section 2.09. Situs of Issuer. The Issuer shall be located in the State of Delaware; provided,
however, that the Issuer may enter into administration agreements with Persons located outside of the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall be located in the States of Delaware, California
or New York. The Issuer shall not have any employees; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments shall be received by the Issuer only in
the States of Delaware, California or New York, and payments shall be made by the Issuer only from the States of Delaware, California or New York. The only office of the Issuer shall be at the Corporate Trust Office of the Owner Trustee in the State
of Delaware. 
 Section 2.10. Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to
the Owner Trustee that, as of the Closing Date: 
 (a) The Depositor is duly formed and validly existing as a limited
liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 

(b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the failure to so qualify of obtain such licenses and approvals would, in the reasonable judgment of the Depositor, materially and adversely affect the performance by the Depositor of
its obligations under, or the validity or enforceability of, this Agreement. 

  
 7 

 (c) The Depositor has the power and authority to execute and deliver this
Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer and has duly authorized such sale and assignment and deposit to the Issuer by
all necessary corporate action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action. 

(d) The Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding
obligation of the Depositor, enforceable against the Depositor in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other
similar laws affecting creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a Proceeding in equity or at law. 

(e) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do 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 certificate of formation or limited liability company agreement of the Depositor, or any material
indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such material indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor violate any Applicable Law or, to the knowledge of the Depositor, any order, rule or regulation applicable to the Depositor of any Governmental Authority having jurisdiction over the
Depositor or its properties. 
 (f) There are no Proceedings or investigations pending or, to the knowledge of the Depositor,
threatened against the Depositor, before any Governmental Authority having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or (iii) that could materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement. 

(g) The representations and warranties of the Depositor in Section 3.02 of the Sale and Servicing Agreement are true and
correct. 
 Section 2.11. Federal Income Tax Matters. The Certificateholders acknowledge that it is their intent and that they
understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Issuer shall be treated as either an entity that is disregarded as separate
from the beneficial owner of the equity in the Issuer if there is only one such owner, or as a partnership (other than an association or publicly traded partnership) if there are two or more such owners, and income, 

  
 8 

 
expenses, gain or loss of the Issuer for such month as determined for federal, State and local income and franchise tax purposes shall be allocated among the Certificateholders as of the Record
Date occurring within such month, in proportion to their ownership of the Percentage Interests on such date. The Depositor hereby agrees, and each Certificateholder by acceptance of a Certificate agrees, to such treatment, and each agrees to take no
action inconsistent with the foregoing characterization. 
 The Depositor is authorized to modify the allocations in this Section if
necessary or appropriate, in its sole discretion, for the allocations to reflect fairly the economic income, expenses, gain or loss to the Certificateholders or as otherwise required by the Code. 

  
 9 

 ARTICLE THREE 

CERTIFICATES AND TRANSFER OF INTERESTS 

Section 3.01. Initial Ownership. Upon the formation of the Issuer by the contribution and conveyance by the Depositor as described
in Section 2.05 and until the issuance of the Certificates, the Depositor shall be the sole beneficiary of the Issuer. 

Section 3.02. The Certificates. 

(a) The Certificates shall be issued in one or more registered, physical certificates. The Certificates may be in printed or in typewritten
form and shall be executed on behalf of the Issuer by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Issuer, shall be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. 

(b) A transferee of a Certificate, if any, shall become a Certificateholder and shall be entitled to the rights and subject to the obligations
of a Certificateholder hereunder upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.04; provided, however, that no Certificate shall be transferred without the
prospective transferee and the prospective transferor satisfying the requirements of a Certificate Purchase Agreement. 
 Section 3.03.
Execution, Authentication and Delivery of Certificates. 
 (a) The Owner Trustee on behalf of the Issuer shall, on the Closing Date,
upon the written order of the Depositor, execute and cause to be authenticated and delivered to the Depositor, Certificates evidencing 100% of the Percentage Interests. No Certificate shall entitle the respective Certificateholder to any benefit
under this Agreement, or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or its authenticating agent, by manual
signature; and such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication. 

(b) The Certificates shall consist of a single class designated as the “Certificates”. The rights of the Certificateholders to
receive distributions from the proceeds of the Issuer in respect of their Certificates, and all ownership interests of the Certificateholders in such distributions, shall be as set forth in this Agreement. When executed, issued and duly authorized,
the Certificates will be fully paid, validly issued, nonassessable and entitled to all benefits of this Agreement. 

  
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 (c) The Certificates shall be substantially in the form attached hereto as Exhibit A; provided,
however, that any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this
Agreement, as may be required to comply with any Applicable Law, or with the applicable rules of any securities market in which the Certificates are admitted to trading, or to conform to general usage. The Certificates shall be issuable in
registered form only. 
 Section 3.04. Registration of Transfer and Exchange of Certificates. 

(a) A registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 3.12, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. U.S. Bank shall be the initial Certificate Registrar. Upon any resignation of any Certificate Registrar, the Owner Trustee shall, upon receipt of written instructions from the Depositor, promptly appoint a successor
thereto. 
 (b) Subject to Sections 3.05 and 3.09, upon surrender for registration of transfer of any Certificate at the office or
agency maintained pursuant to Section 3.12, the Owner Trustee shall execute, authenticate and deliver (or shall cause to be authenticated and delivered), in the name of the designated transferee or transferees, one or more new Certificates in
authorized denominations of a like aggregate Percentage Interest dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Certificates may be exchanged for other Certificates of
authorized denominations of a like aggregate Percentage Interest upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.12. 

(c) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Certificate Registrar duly executed by the related Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange
shall be cancelled and subsequently disposed of by the Certificate Registrar in accordance with its customary practice. 
 (d) No service
charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with any transfer or exchange of Certificates. 
 (e) The preceding provisions of this Section notwithstanding, the Owner Trustee shall not
make, and the Certificate Registrar shall not register transfers or exchanges of, Certificates for a period of 15 days preceding the due date for any payment with respect to the Certificates. 

(f) Each purchaser (including any transferee) of a Certificate must satisfy the transfer restrictions set forth in Section 3.05 and this
Section and in the applicable transfer certificate attached to the related Certificate Purchase Agreement. Each purchaser (including any 

  
 11 

 
transferee) of a Certificate shall be deemed by its acceptance of an ownership interest in a Certificate to have made the representations and warranties set forth under “Notice to
Investors” in the Private Placement Memorandum. 
 (g) The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the transfer of the Certificates. 
 Section 3.05. Certificate Transfer
Restrictions. 
 (a) No transfer, sale, pledge or other disposition of any Certificate or interest therein shall be made unless that
transfer, sale, pledge or other disposition (i) complies with the requirements and restrictions set forth in the related Certificate Purchase Agreement (except that for the initial transfer of the Certificates to the Depositor, the requirements
for transfer shall be deemed to have been met by the Depositor) and (ii) is exempt from the registration and/or qualification requirements of the Securities Act and any applicable State securities laws, or is otherwise made in accordance with
the Securities Act and such State securities laws. Any Certificateholder or Certificate Owner desiring to effect a transfer of Certificates or any interest therein shall, and does hereby agree to, indemnify each of the Issuer, the Depositor, the
Owner Trustee and the Certificate Registrar against any liability that may result if the transfer is not so exempt or is not made in accordance with the Securities Act and such State laws. 

(b) The Certificates may not be acquired by or for the account of a (i) an employee benefit plan, as defined in Section 3(3) of
ERISA, that is subject to Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code, (iii) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, (iv) an entity whose underlying
assets include plan assets by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (v) a Person investing “plan
assets” of any such plan (including without limitation, for purposes of this subsection, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a “Benefit Plan”). Each
Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a Benefit Plan and not a Person
acting on behalf of a Benefit Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 
 Any
Person who is not an Affiliate of the Seller and acquires more than 49.9% of the Percentage Interests of the Certificates will be deemed to represent that it is not a party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of Section 4975(e)(2) of the Code) with respect to any Benefit Plan, other than a Benefit Plan that it sponsors for the benefit of its employees, and that no Benefit Plan with respect to which it is a party in interest has or will
acquire any interest in the Notes. 
 (c) No transfer (or purported transfer) of a Certificate (or economic interest therein), whether to
another Certificateholder or to a Person who is not a Certificateholder, shall be effective; any such transfer (or purported transfer) shall be void ab initio; no Person shall 

  
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otherwise become a Certificateholder, and none of the Issuer, the Owner Trustee, the Certificate Registrar or any of the Certificateholders will recognize such transfer (or purported transfer),
unless the transferee has first represented and warranted in writing to the Issuer and the Certificate Registrar that: 
 (i)
it is acquiring the Certificates for its own account and is the sole beneficial owner of such Certificates; and 
 (ii) the
transfer is not being effected on or through (A) an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including an over-the-counter market or an interdealer quotation system that regularly
disseminates firm buy or sell quotations or (B) a “secondary market” or “substantial equivalent thereof’ within the meaning of Section 7704(b)(2) of the Code and any Treasury Regulations thereunder; 

(d) Notwithstanding anything to the contrary in this Agreement, no transfer (or purported transfer) of any Certificate (or any economic
interest therein) shall be effective, and any such transfer (or purported transfer) shall be void ab initio if, after such transfer (or purported transfer), there would be more than 75 Certificateholders (where, for purposes of determining
the number of Certificateholders, a Person (beneficial owner) owning an interest in a partnership, grantor trust or S corporation (“flow-through entity”), that owns, directly or through other flow-through entities, an interest in the
Issuer, is treated as a Certificateholder if more than 50% of the value of such beneficial owner’s interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer) unless the
transferee delivers an Opinion of Counsel, in a form acceptable to the Certificate Registrar, that the transfer will not cause the Issuer to become a publicly traded partnership for U.S. federal income tax purposes. 

Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates. 

(a) If (i) any mutilated Certificate shall be surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to
its satisfaction of the destruction, loss or theft of any Certificate and (ii) there is delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then, in
the absence of notice that such Certificate has been acquired by a Protected Purchaser, the Owner Trustee on behalf of the Issuer shall execute, and the Owner Trustee or its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of a like tenor and Percentage Interest. If after the delivery of such replacement Certificate or payment of a destroyed, lost or stolen Certificate, a Protected
Purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the Issuer and the Owner Trustee shall be entitled to recover such replacement Certificate (or such
payment) from the Person to whom such replacement Certificate was delivered or any Person taking such replacement Certificate from such Person to whom such replacement Certificate was delivered or any assignee of such Person, except a Protected
Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, liability, claim, damage or expense incurred by the Issuer or the Owner Trustee in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

  
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 (b) Upon the issuance of any replacement Certificate under this Section, the Issuer may require
the payment by the Certificateholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with such issuance and any other reasonable expenses (including the fees and expenses of the Owner Trustee)
related thereto. 
 (c) Every replacement Certificate issued pursuant to this Section in replacement of any mutilated, destroyed, lost or
stolen Certificate shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Certificate shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other Certificates duly issued hereunder. 
 (d) 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 Certificates. 

Section 3.07. Persons Deemed Owners. Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee,
the Certificate Registrar or any Certificate Paying Agent may treat the Person in whose name any Certificate is registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to
Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be bound by any notice to the contrary. 

Section 3.08. Access to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to
be furnished to the Servicer, the Certificate Paying Agent, the Owner Trustee and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer, the Certificate Paying Agent, the Owner
Trustee or the Depositor, a list, in such form as the requesting party may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. The Certificate Registrar shall also furnish to the Owner Trustee
and the Certificate Paying Agent a copy of such list at any time there is a change therein. If (i) three or more Certificateholders or (ii) one or more Certificateholders evidencing not less than 25% of the Percentage Interests apply in
writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates and such application is accompanied by a
copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business hours to the current list
of Certificateholders. Each Certificateholder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its
name and address, regardless of the source from which such information was derived. 

  
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 Section 3.09. Book-Entry Certificates. Except as provided in Section 3.11, the
Certificates, upon original issuance, shall be issued in the form of a typewritten certificate or certificates representing the Book-Entry Certificates, which shall be deposited on behalf of the purchasers of the Certificates represented by such
Book-Entry Certificate with the Certificate Registrar, as custodian for DTC, the initial Clearing Agency, and registered on the Certificate Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Certificate
Owner will receive a Definitive Certificate representing such Certificate Owner’s interest in such Certificate, except as provided in Section 3.11. Unless and until Definitive Certificates with respect to such Certificates have been issued
to such Certificate Owners pursuant to Section 3.11, with respect to such Certificates: 
 (a) the provisions of this
Section shall be in full force and effect; 
 (b) the Certificate Registrar, the Certificate Paying Agent and the Owner
Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including the payment of principal of and interest on such Certificates and the giving of instructions or directions hereunder) as the sole
Certificateholder and shall have no obligation to the related Certificate Owners; 
 (c) to the extent that the provisions of
this Section conflict with any other provisions of this Agreement, the provisions of this Section shall control; 
 (d) the
rights of the Certificate Owners shall be exercised only through the Clearing Agency and shall be limited to those established by Applicable Law and agreements between such Certificate Owners and the Clearing Agency and/or the Clearing Agency
Participants, and unless and until Definitive Certificates are issued pursuant to Section 3.11, the initial Clearing Agency shall make book-entry transfers between the Clearing Agency Participants and receive and transmit payments of principal
of and interest on such Notes to such Clearing Agency Participants, pursuant to the Certificate Depository Agreement; and 

(e) whenever this Agreement requires or permits actions to be taken based upon instructions or directions of Certificateholders
evidencing a specified Percentage Interest, the Clearing Agency shall be deemed to represent such percentage when it has delivered such instructions to the Owner Trustee and the Certificate Registrar; the Owner Trustee and Certificate Registrar may
fully rely on such instructions and it shall be the duty of the Clearing Agency to ensure that it has received written instructions to such effect from Certificate Owners and/or Clearing Agency Participants owning or representing, respectively, such
required Percentage Interest. 
 Section 3.10. Notices to Clearing Agency. With respect to any Certificates issued as Book Entry
Certificates, whenever a notice or other communication to the Certificateholders is required under this Agreement, unless and until Definitive Certificates representing the Certificates shall have been issued to the related Certificate Owners
pursuant to Section 3.11, the Owner Trustee shall give all such notices and communications specified herein to be given to the related Certificateholders to Clearing Agency and shall have no obligation to such Certificate Owners. 

  
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 Section 3.11. Definitive Certificates. If for any Certificates issued as Book-Entry
Certificates (i) the Administrator advises the Owner Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to such Certificates and the Administrator on behalf of the
Issuer is unable to locate a qualified successor; or (ii) after the occurrence of an Event of Default or a Servicer Termination Event, Certificate Owners representing not less than a majority of the Percentage Interests advise 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 such Certificate Owners, then the Clearing Agency shall notify all Certificate Owners and the Owner Trustee in writing
of the occurrence of any such event and of the availability of Definitive Certificates to such Certificate Owners requesting the same. Upon surrender to the Owner Trustee of the typewritten Certificate or Certificates representing such Book-Entry
Certificates by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute, and the Owner Trustee shall authenticate, the related Definitive Certificates in accordance with the instructions of the Clearing Agency. None
of the Issuer, the Administrator, the Certificate Registrar or the Owner 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 such Definitive Certificates, the Issuer, the Certificate Registrar and the Owner Trustee shall recognize the holders of such Definitive Certificates as Certificateholders. The Owner Trustee shall not be liable if the Administrator is
unable to locate a qualified successor Clearing Agency. 
 Section 3.12. Maintenance of Office or Agency. The Certificate
Registrar shall designate in the City of St. Paul, Minnesota, an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in
respect of the Certificates and the Basic Documents may be served. The Certificate Registrar initially designates the Indenture Trustee as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Depositor and
the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
 Section 3.13.
Appointment of Certificate Paying Agent. The Certificate Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such distributions to
the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and
remove the Certificate Paying Agent if the Owner Trustee determines in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect; provided, however, the Owner
Trustee shall have no duty to monitor or oversee the compliance by the Certificate Paying Agent of its obligations under the Basic Documents. The Certificate Paying Agent initially shall be U.S. Bank, and any co-paying agent chosen by the Depositor.
U.S. Bank shall be permitted to resign as Certificate Paying Agent upon 30 days’ prior written notice to the Owner Trustee. In the event that U.S. Bank shall no longer be the Certificate Paying Agent, the Owner Trustee on behalf of the
Issuer, upon receipt of written instructions from the Depositor, shall appoint a successor to act as Certificate Paying Agent (which shall be a bank or trust company). Such successor Certificate Paying Agent or any additional Certificate Paying
Agent shall execute and deliver to the Issuer an instrument in which such successor Certificate Paying Agent or 

  
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additional Certificate Paying Agent shall agree with the Issuer that, as Certificate Paying Agent, such successor or additional Certificate Paying Agent will hold all sums, if any, held by it for
payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and
upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also return all funds in its possession to the Owner Trustee. If at any time the Owner Trustee shall act as Certificate Paying Agent, the rights, privileges, protections
and immunities afforded to the Owner Trustee hereunder shall apply equally to the Owner Trustee in its role as Certificate Paying Agent. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context
requires otherwise. 
 Section 3.14. Indemnification. The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee under Article Six of the Indenture (including the compensation and indemnification provisions of Section 6.07 of the Indenture), are extended to, and shall be enforceable by, U.S. Bank in its capacities as Certificate
Registrar and Paying Agent hereunder. 
 Section 3.15. No Recourse. Each Certificateholder and Certificate Owner, by accepting a
Certificate or a beneficial interest therein, acknowledges that the Certificates represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller, the Servicer, the Administrator, either
Trustee or any of their respective Affiliates and no recourse may be had against any such entities or their assets, except as may be expressly set forth or contemplated in the Certificates or any Basic Document. 

Section 3.16. Certificates Nonassessable and Fully Paid. Certificateholders shall not be personally liable for obligations of the
Issuer. The interests represented by the Certificates shall be nonassessable for any losses or expenses of the Issuer or for any reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Sections 3.03, 3.04 or
3.05, the Certificates are and shall be deemed fully paid. 

  
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 ARTICLE FOUR 

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS 

Section 4.01. Prior Notice with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.05, the
Owner Trustee shall not take action with respect to the following matters unless at least 30 days before the taking of any such action the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and Holders of
Certificates evidencing not less than 51% of the Percentage Interests shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that such
Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by
the Issuer and the settlement of any Proceeding, investigation or claim brought by or against the Issuer, in each case other than claims or lawsuits brought by the Servicer on behalf of the Issuer for collection on or in respect of the Receivables
and the Financed Vehicles; 
 (b) the election by the Issuer to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Act); 
 (c) the amendment of any Basic Document in circumstances
where the consent of any Noteholder or the Indenture Trustee is required; 
 (d) the amendment of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders; 

(e) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to
this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable; 

(f) the consent to the calling or waiver of any default of any Basic Document; 

(g) the consent to the assignment by the Indenture Trustee or Servicer of their respective obligations under any Basic
Document, unless permitted in the Basic Documents; 
 (h) except as provided in Article Seven, the dissolution,
termination or liquidation of the Issuer in whole or in part; 
 (i) the merger, conversion, or consolidation of the Issuer
with or into any other entity, or the conveyance or transfer of all or substantially all of the Issuer’s assets to any other entity; 

(j) the incurrence, assumption or guaranty of any indebtedness other than as set forth in this Agreement or the Basic
Documents; 

  
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 (k) the confession of a judgment against the Issuer; 

(l) the possession of the Issuer’s assets, or the assignment of the Issuer’s right to property, for other than an
Issuer purpose; 
 (m) the lending by the Issuer of any funds to any entity, unless permitted in the Basic Documents; 

(n) any change to the Issuer’s purpose and powers from those set forth in this Agreement; 

(o) any act that conflicts with any other Basic Document; or 

(p) any act that would make it impossible to carry on the ordinary business of the Issuer as described in Section 2.03.

 Section 4.02. Standards of Operations; Separateness of the Issuer and the Depositor. The operations of the Issuer shall be
conducted in accordance with the following standards: 
 (a) Except as otherwise expressly provided in the Basic Documents,
neither the Depositor nor any other holder of a Certificate shall have any authority to act for, or to assume any obligation or responsibility on behalf of, the Issuer. 

(b) The Issuer shall keep correct and complete books and records of the accounts and minutes of the meetings and other
proceedings of the Issuer and any agents, separate from those of the Depositor or any subsidiary, affiliate or separate account of either. Any such resolutions, agreements and other instruments shall be continuously maintained as official records by
the Issuer. 
 (c) Subject to Sections 2.05 and 2.07, each of the Depositor and the Issuer shall provide for its own
operating expenses and liabilities from its own funds. General overhead and administrative expenses of the Issuer shall not be charged or otherwise allocated to the Depositor (except indirectly, insofar as the Depositor owns any of the
Certificates), and such expenses of the Depositor shall not be charged or otherwise allocated to the Issuer. 
 (d) The
Issuer shall conduct its business under names or trade names so as not to mislead others as to the identity of the Issuer. Without limiting the generality of the foregoing, all oral and written communications, including letters, invoices, contracts,
statements and applications, shall be made solely in the name of the Issuer (or addressed to the Issuer, as applicable) if related to the Issuer. The Depositor and the Issuer each shall have separate stationery, checks, invoices and other business
forms. 
 (e) The Issuer shall be adequately capitalized for the conduct of its business and in light of its purposes. 

(f) There shall be no guarantees made by the Issuer with respect to obligations of the Depositor. There shall not be any
indebtedness among the Issuer and the Depositor. The Issuer shall not hold itself out to be responsible for the debts and obligations of the Depositor or any other entity. 

  
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 (g) The Issuer shall maintain its assets in such a manner that it shall not be
costly or difficult to ascertain or otherwise identify its individual assets and liabilities from those of any other entity. In that regard, the Issuer shall not commingle its assets with those of any other entity. The Issuer shall maintain its
financial and accounting books and records separate from those of any other entity. Except as expressly set forth herein, the Issuer shall not pay the indebtedness, operating expenses and liabilities of any other entity. The Issuer shall maintain
appropriate minutes or other records of all appropriate actions and shall maintain its office separate from the offices of the Depositor and the Servicer. 

(h) The Issuer shall not commingle or pool its funds or other assets with those of the Depositor or any other entity and shall
not maintain any joint bank accounts with the Depositor. 
 (i) The Issuer shall act solely in its name and through its or
the Owner Trustee’s duly authorized officers or agents in the conduct of its business and enter into transactions and agreements with the Depositor solely on an arm’s-length basis. The Issuer shall not (i) operate or purport to
operate as an integrated, single economic unit with respect to the Depositor or any other entity, (ii) seek or obtain credit or incur any obligation to any third party based upon the assets of the Depositor or any other entity or
(iii) induce any such third party to reasonably rely on the creditworthiness of the Depositor or any other affiliated or unaffiliated entity. The Issuer shall correct any known misunderstanding or misrepresentation with respect to its separate
identity. 
 (j) The Depositor shall maintain an office separate from that of the Issuer. Such business office may be a
separately allocated and identifiable office space within the business offices of the other, provided that the name of the Depositor and the Issuer is posted upon the directory of organizations occupying such building. Each of the Depositor and the
Issuer shall maintain a telephone number that is different from that of each other such party. 
 (k) The Issuer shall not
incur any debt or other obligations other than that contemplated herein or in the Issuer Basic Documents. 
 (l) The Issuer
shall not merge with or assent to its acquisition by or of another entity without the prior satisfaction of the Rating Agency Condition. 

(m) Notwithstanding anything to the contrary in this Agreement, the Issuer shall comply with its obligations and
responsibilities under the Basic Documents and will not do any act in contravention of the Basic Documents. 
 Section 4.03. Action
by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power to (i) remove the Administrator under the Administration Agreement pursuant thereto, (ii) appoint a successor Administrator pursuant to
Section 9 of the Administration Agreement, (iii) remove the Servicer under the Sale and Servicing Agreement 

  
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pursuant thereto, (iv) amend the Sale and Servicing Agreement pursuant thereto or (v) except as expressly provided in the Basic Documents, sell the Receivables after the termination of
the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by Certificateholders holding a majority of the Percentage Interests. 

Section 4.04. Action by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to
(i) institute proceedings to have the Issuer declared or adjudicated a bankruptcy or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Issuer, (iii) file a petition or consent to a petition
seeking reorganization or relief on behalf of the Issuer under any applicable federal or State law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of
the Issuer or a substantial portion of the property of the Issuer, (v) make any assignment for the benefit of the Issuer’s creditors, (vi) cause the Issuer to admit in writing its inability to pay its debts generally as they become
due or (vii) take any action, or cause the Issuer to take any action, in furtherance of any of the foregoing without the unanimous prior approval of all Certificateholders and the delivery to the Owner Trustee by each Certificateholder of a
certificate certifying that such Certificateholder reasonably believes that the Issuer is insolvent. 
 Section 4.05. Restrictions
on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any action (i) if such action or inaction would be contrary to any obligation of the Issuer or the Owner Trustee
under any Basic Document or would be contrary to Section 2.03 or (ii) that, for federal, State or local income, single business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded
partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. The Certificateholders shall not direct the Owner Trustee to treat the Issuer as other than a Grantor Trust for federal, State
and local income tax purposes or take any tax reporting positions inconsistent with that intent. With respect to any direction of the Certificateholders, the Certificateholders shall be required to certify as to the compliance with this
Section and the Owner Trustee shall be entitled to conclusively rely on any such certification. 
 Section 4.06. Majority
Control. Except as expressly provided herein, (i) any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders holding not less than a majority of the Percentage Interests and
(ii) any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective only if signed by Certificateholders holding not less than a majority of the Percentage Interests at the time of the delivery of such
notice. 
 Section 4.07. Rule 144A. At any time that the Issuer is not a reporting company under Section 13 or
Section 15(d) of the Exchange Act, or is exempt from reporting pursuant to Rule 12g3-2(b) of the Exchange Act, the Administrator on behalf of the Issuer, upon request by a Certificateholder and at the expense of such Certificateholder,
shall furnish to such Certificateholder and to any prospective purchaser of the Certificates from such Certificateholder, any information to be delivered under Rule 144A(d)(4) under the Securities Act. 

  
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 ARTICLE FIVE 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

Section 5.01. Establishment of Certificate Distribution Account. 

(a) The Certificate Paying Agent, for the benefit of the Certificateholders, shall establish and maintain in the name of the Issuer an
Eligible Account (the “Certificate Distribution Account”) located at the Certificate Paying Agent’s Corporate Office and bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the
Certificateholders. The title of the Certificate Distribution Account shall be “California Republic Auto Receivables Trust 2015-3: Certificate Distribution Account for the benefit of the Certificateholders”. 

(b) The Issuer shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Certificate Paying Agent for the benefit of the Certificateholders. If, at any time,
the Certificate Distribution Account ceases to be an Eligible Account, the Certificate Paying Agent shall within ten Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a
new Certificate Distribution Account, as applicable, as an Eligible Account and shall transfer all cash and investments to such new Certificate Distribution Account, as applicable. 

Section 5.02. Application of Trust Funds. 

(a) The Certificate Paying Agent shall deposit, or cause to be deposited, in the Certificate Distribution Account all funds received by the
Issuer pursuant to Section 5.04(a) of the Sale and Servicing Agreement or the terms of the Indenture. All funds held in the Certificate Distribution Account shall be held uninvested pending distribution to the Certificateholders. On each
Payment Date or other Business Day on which amounts are deposited into the Certificate Distribution Account pursuant to Section 5.04(a) of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, the Certificate Paying Agent
shall distribute or cause to be distributed, to the Certificateholders, ratably, in proportion to each Certificateholder’s Percentage Interest, the funds on deposit in the Certificate Distribution Account. 

(b) On each Payment Date, the Certificate Paying Agent shall make available on its website at http://www.usbank.com/abs to each
Certificateholder or record the Servicer’s Monthly Certificate provided to the Certificate Paying Agent by the Servicer pursuant to Section 4.09 of the Sale and Servicing Agreement. 

(c) In the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to a Certificateholder, such tax
shall reduce the amount otherwise distributable to such Certificateholder in accordance with this Section. The Owner Trustee and Certificate Paying Agent are hereby authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any such withholding tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee 

  
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or the Certificate Paying Agent from contesting any such tax in appropriate Proceedings and withholding payment of such tax, if permitted by Applicable Law, pending the outcome of such
Proceedings, it being understood that neither the Owner Trustee nor any Paying Agent shall have any duty to contest such amounts). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to
such Certificateholder at the time it is withheld by the Issuer for remittance 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.
Certificateholder who is not a United States Person), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this Section. If a Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee and each Paying Agent shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee and each Paying Agent for any out-of-pocket
expenses incurred, as applicable. 
 (d) Any Certificateholder that is a United States Person shall, on or prior to the date that such
Person becomes a Certificateholder, (i) provide the Owner Trustee and the Certificate Paying Agent with IRS Form W-9 (or successor form) or (ii) notify the Owner Trustee and the Certificate Paying Agent that it is exempt from backup
withholding. Any such Certificateholder agrees by its acceptance of a Certificate, upon request of the Issuer, the Owner Trustee or the Certificate Paying Agent, to provide like certification or notification on an ongoing basis and to notify the
Owner Trustee or Certificate Paying Agent should subsequent circumstances render such forms or exemptions incorrect or invalid. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Certificateholder
by its acceptance of a Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and
the Certificate Paying Agent’s reliance upon, any documents, forms or information provided by any such Certificateholder to the Issuer, the Owner Trustee or the Certificate Paying Agent pursuant to this Section. 

(e) Any Certificateholder that is not a United States Person shall, on or prior to the date such Person becomes a Certificateholder,
(i) so notify the Owner Trustee and the Certificate Paying Agent, and (ii) (A) provide the Owner Trustee and the Certificate Paying Agent with applicable IRS Form W-8 (or successor forms) or (B) notify the Owner Trustee and
the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such Certificateholder agrees by its acceptance of a Certificate, on an ongoing
basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the Certificate Paying Agent in
clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Certificateholder by its acceptance of a Certificate hereunder agrees to indemnify and hold the Owner Trustee
and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying Agent’s reliance upon any documents, forms or information
provided by any Certificateholder to the Owner Trustee or the Certificate Paying Agent. 

  
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 Section 5.03. Method of Payment. Subject to Section 5.02(a), distributions
required to be made to Certificateholders on any Payment Date shall be made by the Certificate Paying Agent to each Certificateholder of record on the related Record Date either by wire transfer, in immediately available funds, to the account of
such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five
Business Days prior to such Payment Date, or, if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the Certificate Register. Notwithstanding the foregoing, the final distribution in respect of any
Certificate will be payable only upon presentation and surrender of such Certificate at the office or agency maintained for that purpose by the Certificate Registrar pursuant to Section 3.12. 

Section 5.04. Accounting and Reports to Certificateholders, the IRS and Others. The Administrator, on behalf of the Issuer, shall
(i) maintain (or cause to be maintained) the books of the Issuer on a calendar year basis on the cash method of accounting, (ii) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
information as may be required to enable such Certificateholder to prepare its federal and State income tax returns, (iii) file such tax returns relating to the Issuer and make such elections as may from time to time be required or appropriate
under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Issuer’s characterization as a partnership, if so characterized, for federal income tax purposes, (iv) cause such tax returns to be signed
in the manner required by Applicable Law and (v) collect or cause to be collected any withholding tax described in and in accordance with Section 5.02(d) with respect to income or distributions to the Certificateholders. 

Section 5.05. Signature on Returns, Tax Matters Partner. The Owner Trustee shall sign, on behalf of the Issuer, all tax returns of
the Issuer that are prepared and delivered to it for execution by the Administrator, unless Applicable Law requires a Certificateholder to sign such documents, in which case such documents shall be signed by the Depositor if the Depositor is a
Certificateholder at the applicable time. To the extent that the Issuer is treated as a partnership, the Depositor shall be the “tax matters partner” of the Issuer pursuant to the Code if the Depositor is a Certificateholder at the
applicable time. If the Depositor is not a Certificateholder at the applicable time, the “tax matters partner” of the Issuer shall be the partner with the largest Percentage Interest in the Issuer. Under no circumstances shall the Owner
Trustee be the “tax matters partner” of the Issuer. 
 Section 5.06. Sarbanes-Oxley Act. Notwithstanding anything to
the contrary in any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed pursuant
to the Exchange Act or any other documents pursuant to the Sarbanes-Oxley Act, as amended. 

  
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 ARTICLE SIX 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

Section 6.01. Duties of Owner Trustee. 

(a) The Owner Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and the other
Issuer Basic Documents, including the administration of the Issuer in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. No implied covenants or obligations shall be read
into this Agreement. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Issuer hereunder or under any Issuer
Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the Administrator. 

(c) The Owner Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The Owner Trustee shall not be bound to make any investigation into any fact or matter stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document. 
 (d) The Owner 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 subsection shall not limit the effect of Section 6.01(a) or (b); 

(ii) the Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner
Trustee unless it is proved that the Owner Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Owner
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 Sections 4.01, 4.03, 4.04 or 6.04. 

(e) Subject to Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the
extent required by Applicable Law or the Sale and Servicing Agreement and the Indenture and may be deposited under such general conditions as may be prescribed by Applicable Law, and the Owner Trustee shall not be liable for any interest thereon.

  
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 (f) The Owner Trustee shall not take any action that (i) is inconsistent with the purposes
of the Issuer set forth in Section 2.03 or (ii) would result in the Issuer’s becoming taxable as a corporation for federal income tax purposes. The Owner Trustee shall not treat the Issuer as other than a Grantor Trust for federal,
State and local income tax purposes and shall not take any tax reporting positions inconsistent with that intent. 
 (g) The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section . 

Section 6.02. Rights of Owner Trustee. The Owner Trustee is authorized and directed to execute and deliver the Issuer Basic
Documents and each certificate or other document attached as an exhibit to or contemplated by this Agreement and the Issuer Basic Documents, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution
thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such
action as the Administrator or Certificateholders recommends with respect to the Basic Documents. 
 Section 6.03. Acceptance of
Trusts and Duties. Except as otherwise provided in this Article, in accepting the trusts hereby created, the Owner Trustee acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by the Basic Documents shall look only to the Trust Estate for payment or satisfaction thereof. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Trust Estate upon the terms of the Basic Documents. The Owner Trustee shall
not be liable or accountable under any Basic Document under any circumstances, except (i) for its own negligent action, its own negligent failure to act or its own willful misconduct or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 6.06 and expressly made by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(a) the Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable held by the Issuer, or the perfection and priority of any security interest created by any such Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the distributions and payments to be made to the Certificateholders under this Agreement or to Noteholders under the Indenture, including the existence and contents of any such Receivable on
any computer or other record thereof; the validity of the assignment of any such Receivable to the Issuer or of any intervening assignment; the completeness of any such Receivable; the performance or enforcement of any such Receivable; or the
compliance by the Seller or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Administrator, the Indenture Trustee or
the Servicer or any subservicer taken in the name of the Owner Trustee; 

  
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 (b) the Owner Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the Servicer, the Administrator, the Depositor or any Certificateholder, provided such instructions are in accordance with the Basic Documents; 

(c) no provision of any Basic Document shall require the Owner Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers hereunder or under any Basic Document, if the Owner Trustee shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
 (d) under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any Basic Document, including the principal of and interest on the Notes or any amounts payable on the Certificates; 

(e) the Owner Trustee shall not be responsible for or in respect of and makes no representation as to the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic
Documents, the Notes or of any Receivables held by the Issuer or any related documents, other than the signature and the certificate of authentication of the Owner Trustee on the Certificates, and the Owner Trustee shall in no event assume or incur
any liability, duty or obligation to any Securityholder, other than as expressly provided for in the Basic Documents; 
 (f)
the Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Indenture Trustee, the Depositor or the Servicer under the Basic Documents or otherwise, and the Owner Trustee shall have no obligation or liability to
perform the obligations of the Issuer under the Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Depositor, the Seller or the Servicer under
the Sale and Servicing Agreement; 
 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to any Basic Document, at the request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby; and the right of the Owner Trustee to perform any
discretionary act enumerated in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act; and 

(h) The Owner Trustee shall not be liable (i) for any losses due to forces beyond the control of the Owner Trustee,
including strikes, work stoppages, acts of war 

  
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or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services provided to the Owner Trustee by third parties caused by such events or (ii) for any damages in the nature of special, indirect or consequential damages, however styled, including lost profits. 

Section 6.04. Action upon Instruction by Certificateholders. 

(a) Subject to Sections 4.05 and 4.06, the Certificateholders may by written instruction direct the Owner Trustee in the management of
the Issuer. 
 (b) Notwithstanding the foregoing, the Owner Trustee shall not be required to take any action any Basic Document if the Owner
Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms of any Basic Document or is otherwise contrary to
Applicable Law. 
 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the
terms of any Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of the Basic Documents, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Certificateholders requesting instruction as to the course of action to be adopted, and, to the extent the Owner Trustee acts in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable on account of
such action to any Person. If the Owner Trustee shall not have received appropriate instructions within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from taking such action, and the Owner Trustee shall have no liability to any Person for any such action or inaction. 

Section 6.05. Furnishing of Documents. The Owner Trustee shall furnish to Certificateholders, promptly upon receipt of a written
request therefor and at the expense of the related Certificateholders, copies of (i) all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents
and (ii) the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Administration Agreement, the Indenture and this Agreement. 

Section 6.06. Representations and Warranties of Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor,
for the benefit of the Certificateholders, that: 
 (a) It is a national banking association duly organized and validly
existing under the laws of the United States. 
 (b) It has full power, authority and legal right to execute, deliver and
perform this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement. The eligibility requirements set forth in Section 6.14 are satisfied with respect to it. 

  
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 (c) The execution, delivery and performance by it of this Agreement shall not
(i) violate any provision of any law or regulation governing the Owner Trustee or any order, writ, judgment or decree of any Governmental Authority applicable to the Owner Trustee or any of its assets, (ii) violate any provision of the
corporate charter or by-laws of the Owner Trustee and (iii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included in the
Issuer pursuant to the provisions of, any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Owner
Trustee’s performance or ability to perform its duties as Owner Trustee under this Agreement or on the transactions contemplated in this Agreement. 

(d) The execution, delivery and performance by the Owner Trustee of this Agreement shall not require the authorization, consent
or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority regulating the banking and corporate trust activities of the Owner Trustee. 

(e) This Agreement has been duly executed and delivered by the Owner Trustee and constitutes the legal, valid and binding
agreement of the Owner Trustee, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 

(f) There are no pending or, to the best of its knowledge, threatened actions or proceedings against the Owner Trustee before
any court, administrative agency or tribunal which, if determined adversely to it, would materially and adversely affect its ability, either in its individual capacity or as Owner Trustee, as the case may be, to perform its obligations under this
Agreement or the Basic Documents. 
 Section 6.07. Reliance; Advice of Counsel. 

(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties and need not investigate any fact or matter in any such document. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by any Authorized Officer of the relevant party, as to such fact or matter,
and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

(b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under the Basic Documents,
the Owner Trustee (i) may act directly or 

  
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through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the negligent conduct or misconduct of
such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Owner Trustee with reasonable care and (ii) may consult with counsel, accountants and other skilled professionals
to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such Persons
and not contrary to any Basic Document. 
 Section 6.08. Owner Trustee May Own Securities. The Owner Trustee in its individual
or any other capacity may become the owner or pledgee of Securities and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in transactions in the same manner as it would have if it were not the Owner Trustee. 

Section 6.09. Compensation and Indemnity. The Owner Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Servicer for its other expenses hereunder, including the reasonable compensation,
expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder. The Servicer shall
indemnify the Owner Trustee and its successors, assigns, agents, servants, officers, directors and employees in accordance with the provisions of Section 7.03 of the Sale and Servicing Agreement. To the extent these fees and indemnification
amounts are not paid by the Servicer, they will be paid out of Available Funds as described in the Sale and Servicing Agreement. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the
termination of this Agreement. Any amounts paid to the Owner Trustee pursuant to this Section shall be deemed not to be a part of the Trust Estate immediately after such payment. 

Section 6.10. Replacement of Owner Trustee. 

(a) The Owner Trustee may at any time give notice of its intent to resign and be discharged from the trusts hereby created by giving written
notice thereof to the Administrator; provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). Upon giving such notice, the Owner Trustee will provide to
the Depositor in writing and in form and substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the
resignation of the Owner Trustee. The Administrator may appoint a successor Owner Trustee by delivering a written instrument, in duplicate, to the resigning Owner Trustee and the successor Owner Trustee. If no successor Owner Trustee shall have been
appointed and have accepted appointment within 30 days after the giving of such notice, the resigning Owner Trustee giving such notice may petition at the expense of the Servicer any court of competent jurisdiction for the appointment of a
successor Owner Trustee. The Depositor or the Administrator shall remove the Owner Trustee if: 

  
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 (i) the Owner Trustee shall cease to be eligible in accordance with the
provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; 
 (ii) the
Owner Trustee shall be adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer shall be appointed or take
charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 

(iv) the Owner Trustee shall otherwise be legally incapable of acting; or 

(v) the Owner Trustee shall fail to comply with any of its obligations under this Agreement during the period that the
Depositor is required to file Exchange Act Reports with respect to the Issuer, and such failure is not remedied within the lesser of ten calendar days and the period of time in which the related Exchange Act Report is required to be filed. 

(b) If the Owner Trustee resigns or is removed or if a vacancy exists in the office of Owner Trustee for any reason, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee and one copy to the successor Owner Trustee) and shall pay all fees owed to the outgoing
Owner Trustee. 
 (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the
Administrator, and all fees and expenses due to the outgoing Owner Trustee are paid. Any successor Owner Trustee appointed pursuant to this Section shall be eligible to act in such capacity in accordance with Section 6.13 and, following
compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. 

(d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents, computer
files and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 (e) Upon acceptance of appointment by a
successor Owner Trustee pursuant to this Section, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee and the Rating Agencies. 

Section 6.11. Merger or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee 

  
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shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such
Person shall be eligible pursuant to Section 6.13, and without the execution or filing of any instrument or any further act on the part of any of the parties hereto. The Owner Trustee shall provide the Depositor in writing and in form and
substance reasonably satisfactory to the Depositor, all information reasonably requested by the Depositor in order to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee. The Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
 Section 6.12. Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate or any of the Dealers may at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved
by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment
within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a
successor trustee pursuant to Section 6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10. 

(b) Each separate trustee and co-trustee shall, to the extent permitted by Applicable Law, be appointed and act subject to the following
provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee
shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee
joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights,
powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner
Trustee; 
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other
trustee under this Agreement; and 
 (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 

  
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 (c) Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to
all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Administrator. 
 (d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee
as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become
incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by Applicable Law, without the appointment of a new or successor
trustee. 
 Section 6.13. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the
requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers; (ii) have an aggregate capital, surplus and undivided profits of at least
$50,000,000 and be subject to supervision or examination by federal or State authorities and (iii) have (or have a parent which has) a long-term unsecured debt rating of at least “BBB-” by Standard and Poor’s. If such corporation
shall publish reports of condition at least annually, pursuant to Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the aggregate capital, surplus and undivided profits
of such corporation shall be deemed to be its aggregate capital, surplus and undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with
subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act. 

Section 6.14. Withholding Certificate. Prior to the first Payment Date, the Administrator, on behalf of the Issuer, shall deliver
to the Servicer a properly completed and executed IRS Form W-9. 
 Section 6.15. Notice to Administrator of Repurchase
Requests. Not later than the fifth day of the month following the end of a calendar quarter (or, if such day is not a Business Day, the immediately following Business Day), beginning October 5, 2015, the Owner Trustee shall provide to the
Administrator a notice in substantially the form of Exhibit D with respect to any requests received by the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date) that any
Receivable be repurchased by the Depositor or the Seller pursuant to Section 3.03 of the Sale and Servicing Agreement or pursuant to the Receivables Purchase Agreement. 

  
 33 

 ARTICLE SEVEN 

TERMINATION OF TRUST AGREEMENT 

Section 7.01. Termination of Trust Agreement. 

(a) This Agreement shall terminate (other than the provisions of Section 6.09) and be of no further force or effect and the Issuer shall
dissolve and wind-up in accordance with Section 3808 of the Statutory Trust Act upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and the Securityholders of all amounts required to be paid to them
pursuant to the Indenture, the Sale and Servicing Agreement and Article Five of this Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition
of any amounts received upon liquidation or any property remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase and retirement of the Securities. 

(b) Except as provided in Section 7.01(a), none of the Depositor or the Certificateholders shall be entitled to revoke, dissolve or
terminate the Issuer. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Issuer, (ii) entitle any Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties
hereto. 
 (c) Notice of any termination of the Issuer, specifying the Payment Date upon which Certificateholders shall surrender their
Certificates to the Owner Trustee for payment of the final distribution and cancellation, shall be given by the Owner Trustee to Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer, stating
(i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the Certificate Paying Agent’s Corporate Office, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable and that payments are being made only upon presentation and surrender of the Certificates at the office of the Certificate Paying
Agent’s Corporate Office therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Certificates, the Certificate Paying Agent shall cause to be distributed to Certificateholders, subject to Section 3808 of the Statutory Trust Act, amounts distributable on such Distribution Date pursuant to
Section 5.02. 
 (d) In the event that all of the Certificateholders shall not surrender their Certificates for cancellation within six
months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
remaining Certificateholders concerning surrender of their 

  
 34 

 
Certificates and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable escheat laws, any funds remaining in the
Issuer after exhaustion of such remedies shall be distributed by the Owner Trustee to the Seller. 
 (e) Upon dissolution of the Issuer, the
Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating
that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against
the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act, and the Depositor shall
instruct the Owner Trustee in writing, and the Owner Trustee, at the expense of the Depositor, shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions
of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than Section 6.09) shall be of no further force or effect. 

  
 35 

 ARTICLE EIGHT 

AMENDMENTS 
 Section 8.01.
Amendments. 
 (a) This Agreement may be amended by the Depositor and the Owner Trustee without the consent of any of the
Certificateholders to: 
 (i) cure any ambiguity; 

(ii) correct or supplement any provisions in this Agreement that may be defective or inconsistent with any other provision in
this Agreement; 
 (iii) add or supplement any credit, liquidity or other enhancement arrangement for the benefit of all
Certificateholders; 
 (iv) add to the covenants, restrictions or obligations of the Depositor or the Owner Trustee; 

(v) evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Trust Estate and add
to or change any provisions as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee pursuant to Article Six; 

(vi) restrict transfers of the Certificates (or interest therein) or as otherwise required to prevent the Issuer from being
treated as a “publicly traded partnership” under Section 7704 of the Code; 
 (vii) add provisions to, delete
or modify the existing provisions of this Agreement as appropriate to allow the Issuer to acquire and issue securities backed by any assets other than the Collateral, subject to satisfaction of the Rating Agency Condition with respect thereto; or

 (viii) add, change or eliminate any other provision of this Agreement in any manner that shall not, as evidenced by an
Opinion of Counsel, materially and adversely affect the interests of the Certificateholders; 
 provided, however, that no such amendment may materially and
adversely affect the interests of any Securityholder. 
 (b) This Agreement may be amended from time to time by the Depositor and the Owner
Trustee, with the consent of the Noteholders representing not less than 51% of the Note Balance of the Controlling Class, and the consent of the Certificateholders representing a majority of the Percentage Interests 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 Securityholders; provided, however, that no amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collection on payments on the Trust Estate or payments that are required to be made for the benefit of the Noteholders without the consent of each Noteholder adversely affected by such amendment. 

  
 36 

 (c) Notwithstanding the foregoing, this Agreement may not be amended in any way that would
significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes, without the consent of the Holders representing not less than 51% of the Note Balance. 

(d) An amendment to this Agreement shall be deemed not to materially and adversely affect the interests of any Securityholders if (i) the
Person requesting such amendment obtains and delivers to the Owner Trustee an Opinion of Counsel or an Officer’s Certificate of the Depositor to that effect and (ii) with respect to the Notes, the Rating Agency Condition has been
satisfied. 
 Section 8.02. Form of Amendments. 

(a) Prior to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the
substance of such amendment. Promptly after the execution of any amendment, the Owner Trustee shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee. 

(b) It shall not be necessary for the consent of Securityholders pursuant to Section 8.01(b) to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such Person consents to the substance thereof. The manner of obtaining such consents (and any other consents of Securityholders provided for in the Basic Documents) and of evidencing the
authorization of the execution thereof by Noteholders and the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe; provided, that the consent of a Certificateholder shall be deemed to have been
given if the Depositor does not receive a written objection from such Person within ten Business Days after a written request for consent shall have been given. Promptly after the execution of any amendment to the Certificate of Trust, the Owner
Trustee shall file such amendment or cause such amendment to be filed with the Secretary of State. 
 (c) Prior to the execution of any
amendment to this Agreement, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the
execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or
otherwise. 

  
 37 

 ARTICLE NINE 

MISCELLANEOUS 

Section 9.01. No Legal Title to Trust Estate. The Certificateholders shall not have legal title to any part of the Trust Estate.
The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles Five and Seven. No transfer, by operation of law or otherwise, of any right, title,
and interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
part of the Trust Estate. 
 Section 9.02. Limitations on Rights of Others. The provisions of this Agreement are solely for the
benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

Section 9.03. Notices. All demands, notices and communications upon or to the Depositor, the Servicer, the Administrator, the
Trustees or the Rating Agencies or Certificateholders under this Agreement shall be delivered as specified in Section 10.03 of the Sale and Servicing Agreement. 

Section 9.04. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement or the
Certificates shall be for any reason whatsoever held invalid, illegal or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement
and the Certificates and shall in no way affect the validity or enforceability of the other provisions of this Agreement, the Certificates or the rights of the Certificateholders. 

Section 9.05. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but
all of which together shall constitute one and the same instrument. 
 Section 9.06. Successors and Assigns. All covenants and
agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and Certificateholders and their respective successors and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 

Section 9.07. Nonpetition Covenant. The Owner Trustee, by entering into this Agreement, and each Noteholder, Note Owner,
Certificateholder and Certificate Owner, by accepting the benefits of this Agreement, hereby covenants that will not at any time institute against, or join any Person in instituting against, the Issuer or the Depositor any bankruptcy,
reorganization, arrangement, insolvency or liquidation Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Basic Documents, and agrees that it will not cooperate with or encourage others to
file a bankruptcy petition against the Issuer or the Depositor. 

  
 38 

 Section 9.08. Table of Contents and Headings. The Table of Contents and the various
headings herein are for purposes of reference only and shall not affect the meaning or interpretation of any provision hereof. 
 Section
9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY OTHER JURISDICTION, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 9.10.
Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for
itself and its property in any legal action or proceeding relating to this Agreement, any documents executed and delivered in connection herewith or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the courts of the State of New York located in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 

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

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address in Section 10.03 of the Sale and Servicing Agreement; and 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction. 

  
 39 

 ARTICLE TEN 

REGULATION AB 

Section 10.01. Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the purpose of this Article is
to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these
provisions other than in good faith, or for purposes other than the Depositor’s 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 Owner Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Owner Trustee which is required in order to enable the
Depositor to comply with the provisions of Regulation AB, including Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB as such items relate to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement. 

Section 10.02. Representations and Warranties. The Owner Trustee represents that: 

(a) there are no affiliations relating to the Owner Trustee with respect to any Item 1119 Party; 

(b) other than the transactions contemplated by the Basic Documents, there are no relationships or transactions with respect to
any Item 1119 Party and the Owner Trustee that are outside the ordinary course of business or on terms other than would be obtained in an arm’s-length transaction with an unrelated third party that are material to the investors’
understanding of the Notes; and 
 (c) there are no Proceedings pending, or known to be contemplated by Governmental
Authorities, against the Owner Trustee, or of which the property of the Owner Trustee is subject, that are material to the Noteholders. 

Section 10.03. Information to Be Provided by the Owner Trustee. 

(a) For so long as the Depositor is required to report under Regulation AB, the Owner Trustee shall, as promptly as practicable, notify the
Depositor, in writing, of (i) the commencement of, a material development in or, if applicable, the termination of, any and all Proceedings against the Owner Trustee or any and all Proceedings of which any property of the Owner Trustee is the
subject, that is material to the Noteholders and (ii) any such Proceedings known to be contemplated by Governmental Authorities. The Owner Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or
discovery by a Responsible Officer of the Owner Trustee of any material changes to Proceedings described in the preceding sentence. In addition, the Owner Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the
Owner Trustee describing such Proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the Exchange Act. 

  
 40 

 (b) For so long as the Depositor is required to report under Regulation AB, the Owner Trustee
shall (i) on or before the fifth Business Day of each January, April, July and October, provide to the Depositor such information regarding the Owner Trustee as is required for the purpose of compliance with Items 1109(a), 1109(b) and
1119 of Regulation AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Owner Trustee to the Depositor, and (ii) as
promptly as practicable following notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. Such information shall include, at a minimum:

 (i) the Owner Trustee’s name and form of organization; 

(ii) a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving auto finance receivables; and 
 (iii) a description of any affiliation between the Owner
Trustee and any of the following parties to a Securitization Transaction, as such parties are identified by name to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction: (1) the sponsor, (2) any
depositor, (3) the issuing entity, (4) any servicer or subservicer, (5) any other trustee, (6) any originator, (7) any significant obligor, (8) any enhancement or support provider and (9) any other material party
related to any Securitization Transaction. 
 In addition, the Owner Trustee shall provide a description of whether there is, and if so the
general character of, any business relationship, agreement, arrangement, transaction or understanding between the Owner Trustee and any above-listed party that is entered into outside the ordinary course of business or is on terms other than would
be obtained in an arm’s-length transaction with an unrelated third party, apart from the Securitization Transactions, that currently exists or that existed during the past two years and that is material to an investor’s understanding of
the Notes. 

  
 41 

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

			
	 CALIFORNIA REPUBLIC FUNDING, LLC
 as
Depositor

		
	By:	 	   

		 	Name:
		 	Title:

  
  

2015-3 A&R Trust Agreement 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

		
	By:	 	   

		 	Name:
		 	Title:

  
  

2015-3 A&R Trust Agreement 

 In acknowledgement of its obligations as Servicer 

and Administrator, including, but not limited to, its 

obligations under Section 6.09: 
  

			
	CALIFORNIA REPUBLIC BANK,
not in its individual capacity but solely as
Servicer and Administrator
		
	By:	 	   

		 	Name:
		 	Title:

  
  

2015-3 A&R Trust Agreement 

 In acknowledgement of its obligations as Certificate Paying 

Agent and Certificate Registrar: 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity but solely
as Certificate Paying Agent and Certificate Registrar
		
	By:	 	   

		 	Name:
		 	Title:

  
  

2015-3 A&R Trust Agreement 

 EXHIBIT A 

FORM OF CERTIFICATE 
 THIS
CERTIFICATE IS SUBORDINATE TO THE NOTES TO THE EXTENT DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE REFERRED TO HEREIN. 

THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY GOVERNMENTAL AGENCY. 

THIS CERTIFICATE HAS NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS OR SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER OF THIS CERTIFICATE IS
SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN THE TRUST AGREEMENT UNDER WHICH THIS CERTIFICATE IS ISSUED (A COPY OF WHICH IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE OWNER TRUSTEE OF AN INVESTMENT LETTER
IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS. 
 THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR AN OBLIGATION OF CALIFORNIA
REPUBLIC FUNDING, LLC, CALIFORNIA REPUBLIC BANK, WILMINGTON TRUST, NATIONAL ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME 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. 
 THIS CERTIFICATE MAY NOT BE ACQUIRED BY OR WITH PLAN ASSETS OF(A)
AN EMPLOYEE BENEFIT PLAN, AS DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, (B) A PLAN DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE, (C) A
GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE, (D) AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S 

  
 A-1 

 
INVESTMENT IN THE ENTITY (WITHIN THE MEANING OF SECTION 3(42) OF ERISA AND DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3-101) OR (E) A PERSON INVESTING “PLAN ASSETS” OF
ANY SUCH PLAN. 

  
 A-2 

			
	Registered: R-1	  	Percentage Interest: 100%

 CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2015-3 

CERTIFICATE 
 evidencing a
fractional undivided beneficial interest in the California Republic Auto Receivables Trust 2015-3 (the “Issuer”), the property of which includes a pool of motor vehicle retail installment sale contracts and/or installment loans that are
secured by new and used automobiles, sport utility vehicles and light-duty trucks sold by California Republic Bank, a California corporation authorized to transact a banking business (“CRB”), to California Republic Funding, LLC, a Delaware
limited liability company (the “Depositor”), and sold by the Depositor to the Issuer. The property of the Issuer has been pledged by the Issuer under the Indenture, dated as of September 1, 2015 (as amended, restated, supplemented or
otherwise modified from time to time, the “Indenture”), between the Issuer and U.S. Bank National Association, as trustee (the “Indenture Trustee”), to secure the payment of the Notes issued thereunder. 

This certifies that CEDE & CO. is the registered owner of a 100% Percentage Interest nonassessable, fully paid, validly issued
undivided beneficial interest in the Issuer. The Issuer is governed pursuant to an Amended and Restated Trust Agreement, dated as of September 1, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Trust
Agreement”), between the Depositor and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein that
are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing Agreement, dated as of September 1, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale and
Servicing Agreement”), among the Issuer, the Depositor, CRB, as Seller, Servicer, Administrator and Custodian, and the Indenture Trustee. 

This Certificate is subordinate to the Notes to the extent set forth in the Sale and Servicing Agreement, the Trust Agreement and the
Indenture. Subject to the foregoing, this Certificate represents a right to amounts in the Certificate Distribution Account distributable to Certificateholders. This Certificate is issued under and is subject to the terms, provisions and conditions
of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. 

Pursuant to the Trust Agreement, there will be distributed on each Payment Date to the Person in whose name this Certificate is registered at
the close of business on the related Record Date such Certificateholder’s Percentage Interest in any amount to be distributed to Certificateholders on such Payment Date. 

THE HOLDER OF THIS CERTIFICATE ACKNOWLEDGES AND AGREES THAT ITS RIGHTS TO RECEIVE DISTRIBUTIONS IN RESPECT OF THIS CERTIFICATE ARE
SUBORDINATED TO THE RIGHTS OF THE NOTEHOLDERS AS DESCRIBED IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE INDENTURE. 

  
 A-3 

 A Certificateholder, by its acceptance of a Certificate, and each Certificate Owner, by its
acceptance of an interest in a Certificate, covenants and agrees that such Certificateholder or Certificate Owner shall not at any time direct the Owner Trustee to take or to refrain from taking any action (ii) if such action or inaction would
be contrary to any obligation of the Issuer or the Owner Trustee under the Trust Agreement or any other Basic Document or would be contrary to Section 2.03 of the Trust Agreement or (ii) that, for federal, State or local income, single
business or franchise tax purposes, would cause the Issuer to be treated as an association (or a publicly-traded partnership) taxable as a corporation; nor shall the Owner Trustee be obligated to follow any such direction, if given. 

Distributions on this Certificate shall be made as provided in the Trust Agreement by the Owner Trustee or Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and,
notwithstanding the above, the final distribution on this Certificate shall be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency
designated for that purpose in the Borough of Manhattan, The City of New York. 
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of any discrepancies between this Certificate and the terms of the Trust Agreement, the
Trust Agreement shall govern. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the
Owner Trustee or authenticating agent, by manual signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-4 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Issuer and not in its individual
capacity, has caused this Certificate to be duly executed, as of the date set forth below. 
  

			
	CALIFORNIA REPUBLIC AUTO RECEIVABLES TRUST 2015-3
	
	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Certificates referred to in the within-mentioned Trust Agreement. 

[To be authenticated by either signatory below] 
  

									
	 WILMINGTON TRUST, NATIONAL

ASSOCIATION,
	 		 	 WILMINGTON TRUST, NATIONAL

ASSOCIATION,

	as Owner Trustee	 		 		 	as Owner Trustee
		 		 		 		 	 By: U.S. Bank National Association,

                    as Authenticating Agent

					
	By:	 	  
	 		 	By:	 	  

		 	Authorized Signatory	 		 		 	Authorized Signatory

  
 A-5 

 [REVERSE OF CERTIFICATE] 

The Certificates do not represent an obligation of, or an interest in, Depositor, the Servicer, the Owner Trustee or any Affiliates of any of
them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Basic Documents. In addition, this Certificate is not guaranteed by any Governmental
Authority and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth in the Trust Agreement, the Sale and Servicing Agreement and the
Indenture. A copy of each of the Receivables Purchase Agreement, the Sale and Servicing Agreement, the Indenture and the Trust Agreement will be furnished by the Depositor to any Certificateholder promptly upon receipt by the Depositor of a written
request therefor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of
the rights and obligations of the Depositor and the rights of Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Noteholders representing not less than 51% of the Note Balance of
the Controlling Class and the Holders of the Certificates evidencing not less than a majority of the Percentage Interests. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in
certain circumstances, without the consent of the Holders of any of the Certificates. 
 As provided in the Trust Agreement and subject to
certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar designated by
the Owner Trustee in the Borough of Manhattan, The City of New York, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s
attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Issuer shall be issued to the designated transferee. The initial Certificate Registrar
appointed under the Trust Agreement is U.S. Bank. The Certificates are issuable only in registered form in Percentage Interests as provided in the Trust Agreement. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, including the transfer limitations and restrictions
provided for therein, Certificates are exchangeable for new Certificates of authorized Percentage Interests evidencing the same aggregate Percentage Interest, as requested by the Certificateholder surrendering the same. No service charge shall be
made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

The Owner Trustee, the Certificate Registrar and any Certificate Paying Agent may treat the Person in whose name this Certificate is
registered in the Certificate Register (as of the day of determination) as the owner of this Certificate for the purpose of receiving distributions 

  
 A-6 

 
pursuant to the Trust Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Certificate Paying Agent shall be affected by any notice to
the contrary. 
 The Trust Agreement, with certain exceptions therein provided, shall terminate and be of no further force or effect and the
Issuer shall dissolve upon the earlier of (i) the payment to the Servicer, the Trustees, any Backup Servicer and the Securityholders of all amounts required to be paid to them pursuant to the terms of the Indenture, the Sale and Servicing
Agreement and the Trust Agreement, (ii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation of the last Receivable and the disposition of any amounts received upon liquidation of any property
remaining in the Issuer or (iii) upon the purchase of the Receivables by the Servicer in connection with an Optional Purchase and retirement of the Securities. 

The Certificates may not be acquired by or for the account of a (A) an employee benefit plan, as defined in Section 3(3) of ERISA,
that is subject to Title I of ERISA, (B) a plan described in Section 4975(e)(1) of the Internal Revenue Code that is subject to Section 4975 of the Internal Revenue Code, (C) a governmental plan, as defined in Section 3(32)
of ERISA, subject to any federal, state or local law which is, to a material extent, similar to the provisions of Section 406 of ERISA or Section 4975 of the Internal Revenue Code, (D) an entity whose underlying assets include plan
assets by reason of a plan’s investment in the entity (within the meaning of Section 3(42) of ERISA and Department of Labor Regulation 29 C.F.R. Section 2510.3-101) or (E) a Person investing “plan assets” of any such
plan (including without limitation, for purposes of this paragraph, an insurance company general account, but excluding any entity registered under the Investment Company Act) (each, a “Benefit Plan”). Each Certificateholder, by its
acceptance of a Certificate, and each Certificate Owner, by its acceptance of a beneficial interest in the Certificates, shall be deemed to have represented and warranted that it is not a Benefit Plan and not a Person acting on behalf of a Benefit
Plan or a Person using the assets of a Benefit Plan to effect the transfer of the related Certificate. 

  
 A-7 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 (Please print or type name and address, including
postal zip code, of assignee) 
 the within Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints
                    , attorney, to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the
premises. 
                     Dated: 

 

                          
                                         
                                         
                                         
                                         
                     1 

 
  

 
  

	1 	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature
guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP. 

  
 A-8 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRUST 

This Certificate of Trust of California Republic Auto Receivables Trust 2015-3 (the “Issuer”), is being duly executed and filed on
behalf of the Issuer by Wilmington Trust, National Association, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801, et seq. (the “Act”)). 

1. Name. The name of the statutory trust being formed hereby is California Republic Auto Receivables Trust 2015-3. 

2. Delaware Trustee. The name and business address of the trustee of the Issuer in the State of Delaware is Wilmington Trust, National
Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration. 

3. Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned, being the trustee of the Issuer, has executed this Certificate of Trust in accordance with
Section 3811(a)(1) of the Act. 
  

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as owner trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-1 

 EXHIBIT C 

FORM OF CERTIFICATE PURCHASE AGREEMENT 

  
 C-1 

 EXHIBIT D 

FORM OF REPURCHASE REQUEST NOTICE 

                , 201    

 California Republic Bank 
 18400 Von Karman, Suite 1100 

Irvine, California 92612 
 Attn: General Counsel 

Tel: 949-270-9700 
 Fax: 949-270-9799 

 

	 	Re:	California Republic Auto Receivables Trust 2015-3 

	 	  	Noteholder Request to Repurchase Receivables          

Ladies and Gentlemen: 
 Reference is hereby made
to (i) the Indenture, dated as of September 1, 2015 (the “Indenture”), between California Republic Auto Receivables Trust 2015-3, as issuer (the “Issuer”), and U.S. Bank, as indenture trustee (the “Indenture
Trustee”), and (ii) the Amended and Restated Trust Agreement of the Issuer, dated as of September 1, 2015, between California Republic Funding, LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association,
as owner trustee (in such capacity, the “Owner Trustee”). Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 

[During the period from and including                 ,
201     to but excluding                 , 201    , the Owner Trustee received no requests requesting that
Receivables be repurchased by the Seller or the Depositor pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement.] 

[During the period from and including                 ,
201     to but excluding                 , 201    , the Owner Trustee received one or more requests
requesting that Receivables be repurchased by the Seller or the Depositor pursuant to Section 3.03 of the Sale and Servicing Agreement or Section 3.03 of the Receivables Purchase Agreement. The details of such requests are set forth
below:] 
  

					
	 Date of Request
	 	 Number of Receivables

Subject to Request
	 	 Aggregate Principal Balance

of Receivables Subject to

Request

			
		 		 	
			
		 		 	
			
		 		 	

  
 D-1 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Owner
Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 D-2

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