Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
 RECEIVABLES SALE AGREEMENT 

dated as of June 10, 2015 

between 
 THE HUNTINGTON
NATIONAL BANK 
 and 

HUNTINGTON FUNDING, LLC 
  

 

 TABLE OF CONTENTS 

 

									
	ARTICLE I		DEFINITIONS AND USAGE		 	    1	  
				
	 SECTION 1.1
				Definitions		 	    1	  
	 SECTION 1.2
				Other Interpretive Provisions		 	    1	  
			
	ARTICLE II		PURCHASE		 	    2	  
				
	 SECTION 2.1
				Agreement to Sell on the Closing Date		 	2	  
	 SECTION 2.2
				Consideration and Payment		 	2	  
			
	 ARTICLE III
		REPRESENTATIONS, WARRANTIES AND COVENANTS		 	2	  
				
	 SECTION 3.1
				Representations and Warranties of the Bank		 	2	  
	 SECTION 3.2
				Representations and Warranties of the Bank as to each Receivable		 	3	  
	 SECTION 3.3
				Repurchase upon Breach		 	3	  
	 SECTION 3.4
				Protection of Title		 	4	  
	 SECTION 3.5
				Other Liens or Interests		 	5	  
	 SECTION 3.6
				Perfection Representations, Warranties and Covenants		 	5	  
	 SECTION 3.7
				Official Record		 	5	  
	 SECTION 3.8
				Merger or Consolidation of, or Assumption of the Obligations of, the Bank		 	5	  
	 SECTION 3.9
				Bank May Own Notes and Certificates		 	6	  
	 SECTION 3.10
				Compliance with the FDIC Rule		 	6	  
			
	 ARTICLE IV
		MISCELLANEOUS		 	6	  
				
	 SECTION 4.1
				Transfers Intended as Sale; Security Interest		 	6	  
	 SECTION 4.2
				Notices, Etc		 	7	  
	 SECTION 4.3
				Choice of Law		 	7	  
	 SECTION 4.4
				Headings		 	7	  
	 SECTION 4.5
				Counterparts		 	8	  
	 SECTION 4.6
				Amendment		 	8	  
	 SECTION 4.7
				Waivers		 	9	  
	 SECTION 4.8
				Entire Agreement		 	9	  
	 SECTION 4.9
				Severability of Provisions		 	9	  
	 SECTION 4.10
				Binding Effect		 	9	  
	 SECTION 4.11
				Acknowledgment and Agreement		 	10	  
	 SECTION 4.12
				Cumulative Remedies		 	10	  
	 SECTION 4.13
				Nonpetition Covenant		 	10	  
	 SECTION 4.14
				Submission to Jurisdiction; Waiver of Jury Trial		 	10	  
	 SECTION 4.15
				Not Applicable to the Bank in Other Capacities		 	11	  
	 SECTION 4.16
				Third-Party Beneficiaries		 	11	  

  

					
	EXHIBITS				
		
	Exhibit A		Form of Assignment Pursuant to Receivables Sale Agreement
	Schedule I		Perfection Representations, Warranties and Covenants

  
 i 

 THIS RECEIVABLES SALE AGREEMENT is made and entered into as of June 10, 2015 (as amended,
restated, supplemented or otherwise modified and in effect from time to time, this “Agreement”) by THE HUNTINGTON NATIONAL BANK, a national banking association (the “Bank”), and HUNTINGTON FUNDING, LLC, a Delaware
limited liability company (the “Depositor”). 
 WITNESSETH: 

WHEREAS, the Depositor desires to purchase from the Bank a portfolio of motor vehicle receivables, including motor vehicle retail installment
sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans; and 
 WHEREAS, the Bank
is willing to sell such portfolio of motor vehicle receivables and related property to the Depositor on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND USAGE

 SECTION 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Sale Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale Agreement”), between
Huntington Auto Trust 2015-1 and the Depositor, which contains rules as to usage that are applicable herein. 
 SECTION 1.2 Other
Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined,
shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the
UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to
this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this
Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term
“including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time
and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof. 

 ARTICLE II 

PURCHASE 
 SECTION 2.1
Agreement to Sell on the Closing Date. On the terms and subject to the conditions set forth in this Agreement, the Bank does hereby transfer, assign, set over, sell and otherwise convey to the Depositor without recourse (subject to the
obligations herein) on the Closing Date all of its right, title, interest, claims and demands in, to and under the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, whether now owned
or hereafter acquired, as evidenced by an assignment in the form of Exhibit A (“Assignment”) delivered on the Closing Date (the “Purchased Assets”). The sale, transfer, assignment and conveyance made
hereunder does not constitute and is not intended to result in an assumption by the Depositor of any obligation of the Bank to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and
properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2 Consideration and Payment. The
purchase price for the sale of the Purchased Assets sold to the Depositor on the Closing Date shall equal the estimated fair market value of the Purchased Assets. Such purchase price shall be paid in cash to the Bank in an amount agreed to between
the Bank and the Depositor. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1 Representations and Warranties of the Bank. The Bank makes the following representations and warranties as of the Closing
Date on which the Depositor will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets to the Depositor pursuant to this Agreement, the conveyance of the
Purchased Assets by the Depositor to the Issuer pursuant to the Sale Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 

(a) Existence and Power. The Bank is a national banking association validly subsisting under the laws of the United States of America
and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Bank has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely
affect the ability of the Bank to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Receivables or any other part of the Purchased Assets. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Bank of the Transaction Documents to which it is
a party (i) have been duly authorized by all necessary action on the part of the Bank and (ii) do not contravene or constitute a default under (A) any applicable order, law, rule or regulation, (B) its organizational documents or
(C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do not affect the legality, validity or enforceability of any of

  
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such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Bank’s ability to perform its obligations
under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization by, or filing with, any Governmental
Authority is required in connection with the execution, delivery and performance by the Bank of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have
previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Purchased Assets or
would not materially and adversely affect the ability of the Bank to perform its obligations under the Transaction Documents. 
 (d)
Binding Effect. Each Transaction Document to which the Bank is a party constitutes the legal, valid and binding obligation of the Bank enforceable against the Bank in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to
time in effect or by general principles of equity. 
 (e) No Proceedings. There are no Proceedings pending or, to the knowledge of
the Bank, threatened against the Bank before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or
the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Bank of its
obligations under this Agreement or any of the other Transaction Documents, or (iv) relate to the Bank that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the
Notes. 
 (f) Lien Filings. The Bank is not aware of any material judgment, ERISA or tax lien filings against the Bank. 

SECTION 3.2 Representations and Warranties of the Bank as to each Receivable. The Bank hereby makes the representations and warranties
set forth on Schedule I to the Sale Agreement as to the Receivables sold, transferred, assigned, set over and otherwise conveyed to the Depositor under this Agreement on which such representations and warranties the Depositor relies in
acquiring the Receivables. Such representations and warranties shall survive the sale of the Receivables by the Depositor to the Issuer under the Sale Agreement and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the
Indenture. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Bank shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer
about any aspect of the transaction contemplated by the Transaction Documents. 
 SECTION 3.3 Repurchase upon Breach. Upon discovery
by or notice to the Depositor or the Bank of a breach of any of the representations and warranties set forth in 

  
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Section 3.2 with respect to any Receivable at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer, the
Noteholders or the Certificateholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided, that delivery of a Servicer’s Report which identifies the
Receivables that are being or have been repurchased shall be deemed to constitute prompt notice of such breach; provided, further, that the failure to give such notice shall not affect any obligation of the Bank hereunder. If
the breach materially and adversely affects the interests of the Issuer, the Noteholders or the Certificateholders, then the Bank shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Depositor (or its
assignee), in either case on or before the Payment Date following the end of the Collection Period which includes the sixtieth (60th) day (or, if the Bank elects, an earlier date) after the
date that the Bank became aware or was notified of such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Depositor (or its assignee) to receive
and retain timely payment in full on such Receivable. Any such purchase by the Bank shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Bank shall make (or shall cause to be made) a payment to the Depositor
(or its assignee) equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time, on the date of such repurchase, if such repurchase date is not a Payment Date or, if such repurchase date
is a Payment Date, then prior to the close of business on the Business Day prior to such repurchase date. Upon payment of such Repurchase Price by the Bank, the Depositor (or its assignee) shall release and shall execute and deliver such instruments
of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by the Bank to evidence such release, transfer or assignment or more effectively vest in the Bank or its designee any Receivable and
the related Purchased Assets repurchased pursuant hereto. It is understood and agreed that the obligation of the Bank to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Depositor
(or its assignee). 
 SECTION 3.4 Protection of Title. 

(a) The Bank shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Depositor under this Agreement in the Receivables (other than any Related Security with respect thereto, to the extent that
the interest of the Depositor therein cannot be perfected by the filing of a financing statement). The Bank shall deliver (or cause to be delivered) to the Depositor file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing. 
 (b) The Bank shall notify the Depositor in writing within ten (10) days following
the occurrence of (i) any change in the Bank’s organizational structure as a banking corporation, (ii) any change in the Bank’s “location” (within the meaning of Section 9-307 of the UCC) and (iii) any change
in the Bank’s name, and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably
necessary or advisable in the opinion of the Depositor to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Bank will at all times maintain its “location” within the
United States. 

  
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 (c) The Bank shall maintain (or shall cause the Servicer to maintain) its computer systems so
that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Depositor (or any subsequent
assignee of the Depositor) in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the
related Receivable shall have been paid in full or repurchased. 
 (d) If at any time the Bank shall propose to sell, grant a security
interest in or otherwise transfer any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Bank shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts
(including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Depositor (or any subsequent assignee of the
Depositor). 
 SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant to this
Agreement and the other Transaction Documents, the Bank shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Depositor to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other
than Permitted Liens) on any interest therein, and the Bank shall defend the right, title and interest of the Depositor in, to and under such Receivables or other property transferred to the Depositor against all claims of third parties claiming
through or under the Bank. 
 SECTION 3.6 Perfection Representations, Warranties and Covenants. The Bank hereby makes the perfection
representations, warranties and covenants set forth on Schedule I hereto to the Depositor, and the Depositor shall be deemed to have relied on such representations, warranties and covenants in acquiring the Purchased Assets. 

SECTION 3.7 Official Record. So long as the Notes and the Certificates remain outstanding, this Agreement shall be treated as an
official record of the Bank within the meaning of Section 13(e) of the Federal Deposit Insurance Act (12 U.S.C. Section 1823(e)). 

SECTION 3.8 Merger or Consolidation of, or Assumption of the Obligations of, the Bank. Any Person (i) into which the Bank may be
merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole, (ii) resulting from any merger, sale, transfer, conversion, or consolidation to which the
Bank shall be a party, (iii) succeeding to the business of the Bank, or (iv) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Huntington Bancshares
Incorporated, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Bank under this Agreement, will be the successor to the Bank under this Agreement without the execution or filing of any
document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. Notwithstanding the foregoing, if 

  
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the Bank enters into any of the foregoing transactions and is not the surviving entity, the Bank will deliver to the Indenture Trustee and the Owner Trustee an Opinion of Counsel either
(A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer and, if the Notes
are Outstanding, the Indenture Trustee, respectively, in the Receivables, or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest. 

SECTION 3.9 Bank May Own Notes and Certificates. The Bank, and any Affiliate of the Bank, may in its individual or any other capacity
become the owner or pledgee of Notes and Certificates with the same rights as it would have if it were not the Bank or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth
herein or in the other Transaction Documents, Notes and Certificates so owned by the Bank or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without
preference, priority, or distinction as among all of the Notes and Certificates. 
 SECTION 3.10 Compliance with the FDIC Rule. The
Bank (i) shall perform the covenants set forth in Article XII of the Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Huntington Parties. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales, transfers and assignments rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and related Purchased
Assets shall not be part of the Bank’s estate in the event of a bankruptcy or insolvency of the Bank. The sales and transfers by the Bank of the Receivables and the related Purchased Assets hereunder are and shall be without recourse to, or
representation or warranty (express or implied) by, the Bank, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Bank are intended to provide a remedy for breach of representations and
warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b) Notwithstanding the
foregoing, in the event that the Receivables and other Purchased Assets are held to be property of the Bank, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and other Purchased
Assets, then it is intended that: 
 (i) This Agreement shall be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 

  
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 (ii) The conveyance provided for in Section 2.1 shall be deemed to be
a grant by the Bank of, and the Bank hereby grants to the Depositor, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and
other Purchased Assets, to secure such indebtedness and the performance of the obligations of the Bank hereunder; 
 (iii)
The possession by the Depositor or its agent of the Receivable Files and any other property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by
the Depositor or a Person designated by the Depositor, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 

(iv) Notifications to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such
property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Depositor for the purpose of perfecting such security interest under applicable law. 

SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by
registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if an applicable facsimile number or e-mail address is provided on
Schedule II to the Sale Agreement), and addressed in each case as specified on Schedule II to the Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other
parties hereto. Any notice required or permitted to be mailed to a Noteholder or Certificateholder shall be given by first class mail, postage prepaid, at the address of such Noteholder or Certificateholder as shown in the Note Register. Delivery
shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice
to a Noteholder or Certificateholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder or Certificateholder shall receive such notice. 

SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 4.4 Headings. The section headings hereof have been inserted for convenience
only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

  
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 SECTION 4.5 Counterparts. This Agreement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, regardless of whether delivered in physical or electronic form, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 4.6 Amendment. 

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

(i) The Bank or the Depositor delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) The Rating
Agency Condition is satisfied with respect to such amendment and the Bank or the Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement may also be amended from time to time by the Bank and the Depositor, with the consent of the Holders of Notes evidencing
not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholders. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the
substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders
will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Prior to the execution of any amendment pursuant to this Section 4.6, the Bank or the Depositor shall provide written
notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Bank or the Depositor shall furnish a copy of such amendment to each Rating Agency, the Issuer and the Indenture
Trustee; provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written
consent of such Person. 
 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall
be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor or the Administrator that all
conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which materially and adversely affects the Owner
Trustee’s or the Indenture Trustee’s, as applicable, own rights, privileges, indemnities, duties or obligations under this Agreement, the Transaction Documents or otherwise. 

  
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 (e) Notwithstanding subsections (a) and (b) of this Section 4.6, this
Agreement may only be amended by the Bank and the Depositor if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of the Bank or the Depositor or an
Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. 

(f) Notwithstanding anything herein to the contrary, for purposes of classifying the Issuer as a grantor trust under the Code, no amendment
shall be made to this Agreement that would (i) result in a variation of the investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation section 301.7701-4(c) without the consent of Noteholders
evidencing at least a majority of the Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the Issuer (or any part thereof) to be classified as other than a grantor trust under Subpart E, Part I of
subchapter J of the Code without the consent of all of the Noteholders and all of the Certificateholders. 
 SECTION 4.7 Waivers. No
failure or delay on the part of the Depositor, the Servicer, the Bank, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Depositor or the Bank in any case shall entitle it to any
notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under
this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 SECTION 4.8 Entire
Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

SECTION 4.9 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be
for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement. 
 SECTION 4.10 Binding Effect. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full
force and effect until such time as the parties hereto shall agree. 

  
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 SECTION 4.11 Acknowledgment and Agreement. By execution below, the Bank expressly
acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights and obligations of the Bank related thereto by the Depositor to the Issuer pursuant to the Sale Agreement and the Grant of a security interest in the
Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In addition, the Bank hereby acknowledges and agrees that for so long as the Notes are outstanding, the
Indenture Trustee will have the right to exercise all powers, privileges and claims of the Depositor under this Agreement in the event that the Depositor shall fail to exercise the same. 

SECTION 4.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full
of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or
other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of
such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute
now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 
 SECTION 4.14 Submission
to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and
its property in any Proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

  
 -10- 

 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law,
each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder. 
 SECTION 4.15 Not Applicable to the Bank in Other Capacities. Nothing in this Agreement shall affect any obligation
the Bank may have in any other capacity. 
 SECTION 4.16 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted assigns and each of the Issuer and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party
hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 
 [Remainder of Page Intentionally Left
Blank] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above. 
  

			
	THE HUNTINGTON NATIONAL BANK
		
	By:		 /s/ Matt Alexander

	Name:		Matt Alexander
	Title:		Vice President
	
	HUNTINGTON FUNDING, LLC
		
	By:		 /s/ Michael C. Smith

	Name:		Michael C. Smith
	Title:		Chief Executive Officer, President and Treasurer

  
 S-1 

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO RECEIVABLES SALE AGREEMENT 
 [●] [●], 2015 

For value received, in accordance with the Receivables Sale Agreement, dated as of June 10, 2015 (the “Agreement”),
between The Huntington National Bank (the “Bank”), and Huntington Funding, LLC, a Delaware limited liability company (the “Depositor”), on the terms and subject to the conditions set forth in the Agreement, the Bank
does hereby transfer, assign, set over, sell and otherwise convey to the Depositor without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest, claims and demands in, to and under the
Receivables set forth on the schedule of Receivables delivered by the Bank to the Depositor on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto. 

The foregoing sale does not constitute and is not intended to result in an assumption by the Depositor of any obligation of the undersigned to
the Obligors, the Dealers, insurers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the respective meanings
assigned to them in the Agreement or, if not defined in the Agreement, in Appendix A to the Sale Agreement, dated as of June 10, 2015, between Huntington Auto Trust 2015-1 and the Depositor. 

[Remainder of page intentionally left blank] 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has caused this assignment to be duly executed as of the date
first above written. 
  

			
	THE HUNTINGTON NATIONAL BANK
		
	By:		  

	Name:		
	Title:		

  
 A-2 

 SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, the Bank hereby represents, warrants, and covenants
to the Depositor as follows on the Closing Date: 
 General 

1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
Purchased Assets in favor of the Depositor, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Bank. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible chattel
paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles”, within the meaning of the applicable UCC. 

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first
priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to
perfect a first priority security interest in the related Financed Vehicle in favor of the Originator (or its assignee), as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar
laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally. 
 Creation 

4. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the Bank to the Depositor, the Bank
owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of the Depositor) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Depositor, the
Depositor will have good and marketable title to such Receivable free and clear of any Lien. 
 5. The Bank has received all consents and
approvals to the sale of the Receivables hereunder to the Depositor required by the terms of the Receivables that constitute instruments. 

Perfection 
 6. The
Bank has submitted or will have caused to be submitted, on the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect
the sale of the Receivables from the Bank to the Depositor and the security interest in the Receivables granted to the Depositor hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments
or tangible chattel paper that constitute or evidence the 

  
 Schedule I-1 

 
Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement
will violate the rights of the Secured Party/Purchaser.” 
 7. With respect to Receivables that constitute an instrument or tangible
chattel paper, either: 
  

	 	a.	All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of the Issuer; or 

 

	 	b.	Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is
holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

  

	 	c.	The Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture
Trustee, as pledgee of the Issuer. 

 Priority 

8. The Bank has not authorized the filing of, and is not aware of any financing statements against the Bank that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to the Depositor under the Receivables Sale Agreement, (ii) relating to the conveyance of the Receivables
by the Depositor to the Issuer under the Sale Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 

9. The Bank is not aware of any material judgment, ERISA or tax lien filings against the Bank. 

10. Neither the Bank nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

11. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes or evidences the Receivables has any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Depositor, the Issuer or the Indenture Trustee. 

Survival of Perfection Representations 

12. Notwithstanding any other provision of this Agreement or any other Transaction Document, the perfection representations, warranties and
covenants contained in this Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 

  
 Schedule I-2 

 No Waiver 

13. The Bank shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties
and covenants contained in this Schedule I, and shall not, without satisfying the Rating Agency Condition, waive a breach of any of such perfection representations, warranties or covenants. 

  
 Schedule I-3EX-10.2

 Exhibit 10.2 

EXECUTION COPY 
  

 
 SALE AGREEMENT 

dated as of June 10, 2015 

between 
 HUNTINGTON FUNDING,
LLC 
 and 
 HUNTINGTON
AUTO TRUST 2015-1 
  
  

 TABLE OF CONTENTS 

 

									
	 ARTICLE I        DEFINITIONS AND USAGE
				 	1	  
		
	 SECTION 1.1        Definitions
		 	1	  
	 SECTION 1.2        Other Interpretive Provisions
		 	1	  
			
	 ARTICLE II       PURCHASE
				 	2	  
		
	 SECTION 2.1        Conveyance of Transferred Assets
		 	2	  
			
	 ARTICLE III    REPRESENTATIONS, WARRANTIES AND COVENANTS
				 	2	  
		
	 SECTION 3.1        Representations and Warranties of Seller
		 	2	  
	 SECTION 3.2        Liability of the Seller
		 	3	  
	 SECTION 3.3        Merger or Consolidation of, or Assumption of the Obligations of,
Seller
		 	4	  
	 SECTION 3.4        Seller May Own Notes and Certificates
		 	5	  
	 SECTION 3.5        Perfection Representations, Warranties and Covenants
		 	5	  
	 SECTION 3.6        Compliance with Organizational Documents
		 	5	  
	 SECTION 3.7        Representations and Warranties of the Seller as to each
Receivable
		 	5	  
	 SECTION 3.8        Repurchase upon Breach
		 	5	  
	 SECTION 3.9        Protection of Title
		 	6	  
	 SECTION 3.10      Other Liens or Interests
		 	7	  
	 SECTION 3.11      Exchange Act Filings
		 	7	  
	 SECTION 3.12      Sarbanes-Oxley Act Requirements
		 	7	  
	 SECTION 3.13      Compliance with the FDIC Rule
		 	7	  
			
	 ARTICLE IV    MISCELLANEOUS
				 	7	  
		
	 SECTION 4.1        Transfers Intended as Sale; Security Interest
		 	7	  
	 SECTION 4.2        Notices, Etc
		 	8	  
	 SECTION 4.3         Choice of Law
		 	8	  
	 SECTION 4.4        Headings
		 	8	  
	 SECTION 4.5        Counterparts
		 	8	  
	 SECTION 4.6        Amendment
		 	9	  
	 SECTION 4.7        Waivers
		 	10	  
	 SECTION 4.8        Entire Agreement
		 	10	  
	 SECTION 4.9        Severability of Provisions
		 	10	  
	 SECTION 4.10      Binding Effect
		 	10	  
	 SECTION 4.11      Acknowledgment and Agreement
		 	10	  
	 SECTION 4.12      Cumulative Remedies
		 	11	  
	 SECTION 4.13      Nonpetition Covenant
		 	11	  
	 SECTION 4.14      Submission to Jurisdiction; Waiver of Jury Trial
		 	11	  
	 SECTION 4.15      Limitation of Liability of Owner Trustee
		 	12	  
	 SECTION 4.16      Third-Party Beneficiaries
		 	12	  

  

			
	EXHIBITS
		
	Exhibit A		Form of Assignment Pursuant to Sale Agreement
	Schedule I		Representations and Warranties with Respect to the Receivables
	Schedule II		Notice Addresses
	 Schedule III
		Perfection Representations, Warranties and Covenants
	 Appendix A
		Definitions

  
 i 

 THIS SALE AGREEMENT is made and entered into as of June 10, 2015 (as amended, restated,
supplemented or otherwise modified and in effect from time to time, this “Agreement”) by HUNTINGTON FUNDING, LLC, a Delaware limited liability company (the “Seller”), and HUNTINGTON AUTO TRUST 2015-1, a
Delaware statutory trust (the “Issuer”). 
 WITNESSETH: 

WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including motor vehicle retail installment
sale contracts and/or installment loans that are secured by new and used automobiles, light-duty trucks and vans; and 
 WHEREAS, the Seller
is willing to sell such portfolio of motor vehicle receivables and related property to the Issuer on the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND USAGE

 SECTION 1.1 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A hereto which also contains rules as to usage that are applicable herein. 

SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting
terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in
this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that
Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article,
Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly
provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; (g) references to any Person include that Person’s successors and assigns; and
(h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 

 ARTICLE II 

PURCHASE 
 SECTION 2.1
Conveyance of Transferred Assets. In consideration of the Issuer’s sale and delivery to, or upon the order of, the Seller of (i) all of the Notes and (ii) the Certificates on the Closing Date, the Seller does hereby transfer,
assign, set over, sell and otherwise convey to the Issuer without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands, whether now owned or hereafter acquired, in, to and under the
Transferred Assets, as evidenced by an assignment substantially in the form of Exhibit A (the “Assignment”) delivered on the Closing Date. The sale, transfer, assignment and conveyance made hereunder does not constitute and
is not intended to result in an assumption by the Issuer of any obligation of the Seller or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables or the other assets and properties conveyed
hereunder or any agreement, document or instrument related thereto. 
 ARTICLE III 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1 Representations and Warranties of Seller. The Seller makes the following representations and warranties as of the Closing
Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the
Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a)
Existence and Power. The Seller is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority to carry on its business as it is now
conducted. The Seller has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents or
affect the enforceability or collectibility of the Receivables or any other part of the Transferred Assets. 
 (b) Authorization and No
Contravention. The execution, delivery and performance by the Seller of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Seller and
(ii) do not contravene or constitute a default under (A) any applicable order, law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or
its property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions
contemplated by, or the Seller’s ability to perform its obligations under, the Transaction Documents). 
 (c) No Consent
Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance 

  
 -2- 

 
by the Seller of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and
(iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Transferred Assets or would not materially
and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents. 
 (d) Binding Effect.
Each Transaction Document to which the Seller is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of limited liability companies from
time to time in effect or by general principles of equity. 
 (e) No Proceedings. There are no Proceedings pending or, to the
knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by
the Seller of its obligations under this Agreement or any of the other Transaction Documents, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax
attributes of the Notes. 
 (f) Lien Filings. The Seller is not aware of any material judgment, ERISA or tax lien filings against the
Seller. 
 (g) Investment Company Act. The Seller is not an “investment company” that is registered or required to be
registered under, or otherwise subject to the restrictions of the Investment Company Act of 1940, as amended. 
 SECTION 3.2 Liability of
the Seller. 
 (a) The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the
Seller under this Agreement. 
 (b) The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee and the Indenture
Trustee from and against any loss, liability or expense incurred by reason of the Seller’s violation of federal or State securities laws in connection with the registration or the sale of the Notes. 

(c) Indemnification under this Section 3.2 will survive the resignation or removal of the Owner Trustee or the Indenture Trustee
and the termination of this Agreement and will include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Seller has made any indemnity payments pursuant to this Section 3.2 and the Person to
or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person will promptly repay such amounts to the Seller, without interest. 

  
 -3- 

 (d) The Seller’s obligations under this Agreement and the other Transaction Documents are
obligations solely of the Seller and will not constitute a claim against the Seller to the extent that the Seller does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, the
Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have no right, title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee either (i) asserts an interest in, claim to or benefit in or from Other Assets or
(ii) is deemed to have any such interest in, claim to or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b)
of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest in, claim to or
benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities which, under the terms of the relevant documents relating to the securitization or conveyance of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or
application under applicable law, including insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists for a breach
of this Section 3.2(d) and the terms of this Section 3.2(d) may be enforced by an action for specific performance. The provisions of this Section 3.2(d) will be for the third-party benefit of those entitled to
rely thereon and will survive the termination of this Agreement. 
 SECTION 3.3 Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person (i) into which the Seller may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole,
(ii) resulting from any merger, sale, transfer, conversion, or consolidation to which the Seller shall be a party, (iii) succeeding to the business of the Seller, or (iv) more than 50% of the voting stock or voting power and 50% or
more of the economic equity of which is owned directly or indirectly by Huntington Bancshares Incorporated, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this
Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement anything herein to the contrary notwithstanding. The Seller
shall provide notice of any merger, conversion, consolidation or succession pursuant to this Section 3.3 to the Administrator. Notwithstanding the foregoing, if the Seller enters into any of the foregoing transactions and is not the
surviving entity, the Seller will deliver to the Indenture Trustee and the Owner Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto
have been executed and filed that are necessary to preserve and protect the interest of the Issuer and, if the Notes are Outstanding, the Indenture Trustee, respectively, in the Receivables, or (B) stating that, in the opinion of such counsel,
no such action is necessary to preserve and protect such interest. 

  
 -4- 

 SECTION 3.4 Seller May Own Notes and Certificates. The Seller, and any Affiliate of the
Seller, may in its individual or any other capacity become the owner or pledgee of Notes and Certificates with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in
the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes and Certificates so owned by the Seller or any such Affiliate will have an equal and proportionate benefit under the provisions of this
Agreement and the other Transaction Documents, without preference, priority, or distinction as among all of the Notes and Certificates. 

SECTION 3.5 Perfection Representations, Warranties and Covenants. The Seller hereby makes the perfection representations, warranties
and covenants set forth on Schedule III hereto to the Issuer, and the Issuer shall be deemed to have relied on such representations, warranties and covenants in acquiring the Transferred Assets. 

SECTION 3.6 Compliance with Organizational Documents. The Seller shall comply with its limited liability company agreement and other
organizational documents. 
 SECTION 3.7 Representations and Warranties of the Seller as to each Receivable. The Seller hereby makes
the representations and warranties set forth on Schedule I as to the Receivables sold, transferred, assigned, set over and otherwise conveyed to the Issuer under this Agreement on which such representations and warranties the Issuer relies in
acquiring the Receivables. Such representations and warranties shall survive the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement to the contrary contained herein or in any
other Transaction Document, the Seller shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about any aspect of the transaction contemplated by the Transaction Documents.

 SECTION 3.8 Repurchase upon Breach. Upon discovery by or notice to the Issuer or the Seller of a breach of any of the
representations and warranties set forth in Section 3.7 with respect to any Receivable at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer, the Noteholders or the
Certificateholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided, that delivery of a Servicer’s Report which identifies the Receivables that are being or
have been repurchased shall be deemed to constitute prompt notice of such breach; provided, further, that the failure to give such notice shall not affect any obligation of the Seller hereunder. If the breach materially and adversely
affects the interests of the Issuer, the Noteholders or the Certificateholders, then the Seller shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Issuer, in either case on or before the Payment Date
following the end of the Collection Period which includes the sixtieth (60th) day (or, if the Seller elects, an earlier date) after the date that the Seller became aware or was notified of
such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer (or its assignee) to receive and retain timely payment in full on such Receivable.
Any such purchase by the Seller shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such
amount into the Collection Account prior to 11:00 a.m., New York City 

  
 -5- 

 
time, on the date of such repurchase, if such repurchase date is not a Payment Date or, if such repurchase date is a Payment Date, then prior to the close of business on the Business Day prior to
such repurchase date. Upon payment of such Repurchase Price by the Seller, the Issuer shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation, as may be
reasonably requested by the Seller to evidence such release, transfer or assignment or more effectively vest in the Seller or its designee any Receivable and the related Transferred Assets repurchased pursuant hereto. It is understood and agreed
that the obligation of the Seller to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer. 

SECTION 3.9 Protection of Title. 

(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements,
all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer under this Agreement in the Receivables (other than any Related Security with respect thereto, to the extent that the
interest of the Issuer therein cannot be perfected by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Issuer file-stamped copies of, or filing receipts for, any document filed as provided above, as
soon as available following such filing. 
 (b) The Seller shall notify the Issuer in writing within ten (10) days following the
occurrence of (i) any change in the Seller’s organizational structure as a limited liability company, (ii) any change in the Seller’s “location” (within the meaning of Section 9-307 of the UCC) and (iii) any
change in the Seller’s name, and shall take all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance)
reasonably necessary or advisable in the opinion of the Issuer to amend all previously filed financing statements or continuation statements described in paragraph (a) above. The Seller will at all times maintain its “location”
within the United States. 
 (c) The Seller shall maintain (or shall cause the Servicer to maintain) its computer systems so that, from time
to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer (or any subsequent assignee of the Issuer)
in such Receivable and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have
been paid in full or repurchased. 
 (d) If at any time the Seller shall propose to sell, grant a security interest in or otherwise transfer
any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Seller shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer (or any subsequent assignee of the Issuer). 

  
 -6- 

 SECTION 3.10 Other Liens or Interests. Except for the conveyances and grants of security
interests pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Issuer to any other Person, or grant, create, incur, assume or
suffer to exist any Lien (other than Permitted Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under such Receivables or other property transferred to the Issuer against all claims
of third parties claiming through or under the Seller. 
 SECTION 3.11 Exchange Act Filings. The Issuer hereby authorizes the Seller
to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder. 

SECTION 3.12 Sarbanes-Oxley Act Requirements. To the extent any documents are required to be filed or any certification is required to
be made with respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act, the Issuer hereby authorizes the Seller to prepare, sign, certify and file any such documents or certifications on behalf of the Issuer. 

SECTION 3.13 Compliance with the FDIC Rule. The Seller (i) shall perform the covenants set forth in Article XII of the
Indenture applicable to it and (ii) shall facilitate compliance with Article XII of the Indenture by the Huntington Parties. 

ARTICLE IV 
 MISCELLANEOUS 

SECTION 4.1 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales, transfers and assignments rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and the related
Transferred Assets shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller. The sales and transfers by the Seller of the Receivables and related Transferred Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Seller are intended to provide a remedy for breach of
representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b)
Notwithstanding the foregoing, in the event that the Receivables and other Transferred Assets are held to be property of the Seller, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the
Receivables and other Transferred Assets, then it is intended that: 
 (i) This Agreement shall be deemed to be a security
agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 

  
 -7- 

 (ii) The conveyance provided for in Section 2.1 shall be deemed to be
a grant by the Seller of, and the Seller hereby grants to the Issuer, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and
other Transferred Assets, to secure such indebtedness and the performance of the obligations of the Seller hereunder; 

(iii) The possession by the Issuer or its agent of the Receivable Files and any other property that constitute instruments,
money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting such security interest pursuant to the
New York UCC and the UCC of any other applicable jurisdiction; and 
 (iv) Notifications to Persons holding such property,
and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Issuer for the purpose of
perfecting such security interest under applicable law. 
 SECTION 4.2 Notices, Etc. All demands, notices and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or e-mail (if
an applicable facsimile number or e-mail address is provided on Schedule II hereto), and addressed in each case as specified on Schedule II to the Sale Agreement, or at such other address as shall be designated by any of the specified
addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder or Certificateholder shall be given by first class mail, postage prepaid, at the address of such Noteholder or
Certificateholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices
hereunder; provided, however, that any notice to a Noteholder or Certificateholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder or
Certificateholder shall receive such notice. 
 SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 4.4 Headings. The section
headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

SECTION 4.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be
an original, regardless of whether delivered in physical or electronic form, but all of such counterparts shall together constitute but one and the same instrument. 

  
 -8- 

 SECTION 4.6 Amendment. 

(a) Any term or provision of this Agreement (including Appendix A hereto) may be amended by the Seller without the consent of the
Indenture Trustee, any Noteholder, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) The Seller delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders; or 
 (ii) The Rating Agency Condition
is satisfied with respect to such amendment and the Seller notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment. 

(b) This Agreement (including Appendix A) may also be amended from time to time by the Issuer and the Seller, with the consent of the
Holders of Notes evidencing not less than a majority of the Outstanding Note Balance of the Controlling Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders. It will not be necessary for the consent of Noteholders or Certificateholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided for in this Agreement) and of evidencing the authorization of the execution
thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the establishment of record dates pursuant to the Depository Agreement. 

(c) Prior to the execution of any amendment pursuant to this Section 4.6, the Seller shall provide written notification of the
substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to each Rating Agency, the Issuer, the Owner Trustee and the Indenture Trustee;
provided, that no amendment pursuant to this Section 4.6 shall be effective which materially and adversely affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent
of such Person. 
 (d) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Depositor or the Administrator that all
conditions precedent to the execution and delivery of such amendment have been satisfied. 
 (e) Notwithstanding subsections
(a) and (b) of this Section 4.6, this Agreement may only be amended by the Seller if (i) the Majority Certificateholders consent to such amendment or (ii) such amendment shall not, as evidenced by an
Officer’s Certificate of the Seller or an Opinion of Counsel delivered to the Indenture Trustee and the Owner Trustee, materially and adversely affect the interests of the Certificateholders. 

  
 -9- 

 (f) Notwithstanding anything herein to the contrary, for purposes of classifying the Issuer as a
grantor trust under the Code, no amendment shall be made to this Agreement that would (i) result in a variation of the investment of the beneficial owners of the Certificates for purposes of the United States Treasury Regulation section
301.7701-4(c) without the consent of Noteholders evidencing at least a majority of the Outstanding Note Balance of the Controlling Class and the Majority Certificateholders or (ii) cause the Issuer (or any part thereof) to be classified as
other than a grantor trust under Subpart E, Part I of subchapter J of the Code without the consent of all of the Noteholders and all of the Certificateholders. 

SECTION 4.7 Waivers. No failure or delay on the part of the Seller, the Issuer or the Indenture Trustee in exercising any power or
right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any
other power or right. No notice to or demand on the Issuer or the Seller in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may
otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 
 SECTION 4.9 Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement. 
 SECTION 4.10 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its
terms, and shall remain in full force and effect until such time as the parties hereto shall agree. 
 SECTION 4.11 Acknowledgment and
Agreement. By execution below, the Seller expressly acknowledges and consents to the Grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Issuer under this
Agreement in the event that the Issuer shall fail to exercise the same. 

  
 -10- 

 SECTION 4.12 Cumulative Remedies. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date
which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally,
any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 

SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any Proceeding relating to this Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York
and appellate courts from any thereof; 
 (b) consents that any such Proceeding may be brought in such courts and waives any objection that
it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party hereto irrevocably waives all
right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

  
 -11- 

 SECTION 4.15 Limitation of Liability of Owner Trustee. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered by Citibank, N.A., not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it
under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Citibank, N.A., but is made and
intended for the purpose for binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Citibank, N.A., individually or personally, to perform any covenant either express or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) Citibank, N.A. has made no investigation as to the accuracy or completeness of any representations and
warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Citibank, N.A. be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents. 
 SECTION 4.16
Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns and the Owner Trustee shall be an express third party beneficiary hereof and
may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder. 

[Remainder of Page Intentionally Left Blank] 

  
 -12- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first
written above. 
  

			
	HUNTINGTON FUNDING, LLC
		
	By:		 /s/ Michael C. Smith

	Name:		Michael C. Smith
	Title:		Chief Executive Officer, President and Treasurer
	
	HUNTINGTON AUTO TRUST 2015-1
		
	By:		 Citibank, N.A.,
 not in its individual
capacity
 but solely as Owner Trustee

		
	By:		 /s/ Kristen Driscoll

	Name:		Kristen Driscoll
	Title:		Vice President

  
 S-1 

 EXHIBIT A 

FORM OF 
 ASSIGNMENT
PURSUANT TO SALE AGREEMENT 
 [●] [●], 2015 

For value received, in accordance with the Sale Agreement, dated as of June 10, 2015 (the “Agreement”), between
Huntington Funding, LLC, a Delaware limited liability company (“the Seller”), and Huntington Auto Trust 2015-1, a Delaware statutory trust (the “Issuer”), on the terms and subject to the conditions set forth in the
Agreement, the Seller does hereby sell, transfer, assign, set over, and otherwise convey to the Issuer without recourse (subject to the obligations in the Agreement), all right, title, interest, claims and demands in, to and under the Transferred
Assets. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Issuer of any obligation of the
undersigned or the Originator to the Obligors, the Dealers, insurers or any other Person in connection with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 

This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement. 
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
them in the Agreement. 
 [Remainder of page intentionally left blank] 

  
 A-1 

 IN WITNESS WHEREOF, the undersigned has caused this assignment to be duly executed as of the date
first above written. 
  

			
	HUNTINGTON FUNDING, LLC
		
	By:		  

	Name:		
	Title:		

  
 A-2 

 SCHEDULE I 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 

 

	(a)	Characteristics of Receivables. As of the Cut-Off Date (or such other date as may be specifically set forth below), each Receivable: 

 

	 	(i)	has been fully and properly executed or electronically authenticated by the Obligor thereto; 

  

	 	(ii)	has been, in the ordinary course of the Originator’s business in accordance with its customary practices, purchased by the Originator from, or originated by the Originator through, a Dealer in the ordinary course
of such Dealer’s business to finance the retail sale by the Dealer of the related Financed Vehicle; 

  

	 	(iii)	as of the Closing Date, is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions have been commenced that would
result in a first priority security interest in the Financed Vehicle in favor of the Originator, as secured party, which security interest, in either case, is assignable and has been so assigned (x) by the Originator to the Seller and
(y) by the Seller to the Issuer; 

  

	 	(iv)	contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security; 

 

	 	(v)	provided, at origination, for level monthly payments which fully amortize the initial Outstanding Principal Balance over the original term; provided, that the amount of the first or last scheduled payment
may be different from the level payment but in no event more than three times the level monthly payment; 

  

	 	(vi)	provides for interest at the Contract Rate specified in the Schedule of Receivables; and 

  

	 	(vii)	was originated in the United States. 

  

	(b)	Individual Characteristics. As of the Cut-Off Date (or such other date as may be specifically set forth below), each Receivable has the following individual characteristics: 

 

	 	(i)	each Receivable is secured by a new or used automobile, light-duty truck or van; 

  

	 	(ii)	each Receivable has a Contract Rate of no less than 1.59% and not more than 14.99%; 

  

	 	(iii)	each Receivable had an original term to maturity of not more than 75 months and not less than 24 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of not more than 13 months and
not less than 75 months; 

  
 Schedule I-1 

	 	(iv)	each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of at least $1,005.59; 

  

	 	(v)	no Receivable has a scheduled maturity date later than August 11, 2021; 

  

	 	(vi)	no Receivable was more than 30 days past due as of the Cut-Off Date; 

  

	 	(vii)	no Receivable was noted in the records of the Servicer as being the subject of any pending bankruptcy or insolvency Proceeding; 

  

	 	(viii)	each Receivable is a Simple Interest Receivable; and 

  

	 	(ix)	each of the Receivables were selected using selection procedures that were not known or intended to be adverse to the Issuer. 

  

	(c)	Schedule of Receivables. The information with respect to each Receivable transferred on the Closing Date set forth in the Schedule of Receivables was true and correct in all material respects as of the Cut-Off
Date. 

  

	(d)	Compliance with Law. Each Receivable complied at the time it was originated or made, in all material respects with all requirements of applicable federal, state and local laws, and regulations thereunder,
including, to the extent applicable, usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal Trade Commission Act, the Fair Debt Collection Practices Act, the Fair Credit
Billing Act, the Magnuson-Moss Warranty Act, Consumer Financial Protection Bureau’s Regulations B and Z, the Servicemembers Civil Relief Act, state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and any other
consumer credit, equal opportunity and disclosure laws applicable to that Receivable. 

  

	(e)	Binding Obligation. Each Receivable constitutes the legal, valid and binding payment obligation in writing of the Obligor, enforceable in all respects by the holder thereof in accordance with its terms, except
(i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights generally and (ii) as
such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

 

	(f)	Receivable in Force. Each Receivable has not been satisfied, subordinated or rescinded nor has the related Financed Vehicle been released from the lien granted by the Receivable in whole or in part.

  

	(g)	No Default; No Waivers. Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not disclose that any default, breach, violation
or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date. 

  
 Schedule I-2 

	(h)	Insurance. Each Receivable requires the Obligor thereunder to insure the Financed Vehicle under a physical damage insurance policy. 

 

	(i)	No Government Obligor. The Obligor on each Receivable is not the United States of America or any state thereof or any local government, or any agency, department, political subdivision or instrumentality of the
United States of America or any state thereof or any local government. 

  

	(j)	Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, contribution, conveyance or pledge of such Receivable would be
unlawful, void, or voidable. None of the Originator, the Bank or the Seller has entered into any agreement with any Obligor that prohibits, restricts or conditions the assignment of the related Receivable. 

 

	(k)	Good Title. As of the Closing Date, no Receivable has been sold, transferred, assigned, conveyed or pledged to any Person other than pursuant to the Transaction Documents. As of the Closing Date, and immediately
prior to each sale and/or transfer of Receivables contemplated by the Transaction Documents, each of the Bank and the Seller, as applicable, had good and marketable title to each Receivable free and clear of all Liens (except any Lien which will be
released prior to the sale and transfer of such Receivable to the Issuer), and, immediately upon the sale and transfer thereof to the Issuer, the Issuer will have good and marketable title to such Receivable, free and clear of all Liens (other than
Liens created by the Transaction Documents). 

  

	(l)	Filings. All filings (including, without limitation, UCC filings) necessary in any jurisdiction to give the Issuer a first priority, validly perfected ownership interest in the Receivables (other than the Related
Security with respect thereto, to the extent that the interest of the Issuer therein cannot be perfected by the filing of a financing statement), and to give the Indenture Trustee a first priority perfected security interest therein, will be made
within ten (10) days of the Closing Date. 

  

	(m)	Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the Transaction Documents. The Receivables Sale Agreement creates a valid and
continuing security interest in the Receivable (other than the Related Security with respect thereto) in favor of the Seller, which security interest is prior to all other Liens and is enforceable as such against all other creditors of and
purchasers and assignees from the Bank. The Sale Agreement creates a valid and continuing security interest in the Receivable (other than the Related Security with respect thereto) in favor of the Issuer, which security interest is prior to all
other Liens and is enforceable as such against all other creditors of and purchasers and assignees from the Seller. 

  

	(n)	Characterization of Receivables. Each Receivable constitutes either “electronic chattel paper”, “tangible chattel paper”, an “instrument”, an “account”, a “promissory
note”, a “general intangible” or a “payment intangible”, each as defined in the UCC. 

  
 Schedule I-3 

	(o)	One Original. There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC) related to each Receivable. If such
original has been marked, then such original does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than to a party to the Transaction Documents. 

 

	(p)	No Defenses. Neither the Bank nor the Seller has received written notice of the assertion of any claim that would give rise to any right of rescission, set-off, counterclaim or defense with respect to any
Receivable. 

  

	(q)	No Repossession. As of the Cut-Off Date, no Financed Vehicle shall have been repossessed. 

  

	(r)	Prepayments. The Receivable requires the Obligor thereunder to pay, upon any prepayment in full of such Receivable, an amount that is not less than the outstanding principal balance of such Receivable plus
interest accrued at the applicable Contract Rate to the date of the prepayment. 

  

	(s)	No Liens. None of the Bank, the Seller or the Servicer has received notice that a Lien has been filed for work, labor or materials relating to a Financed Vehicle that is prior to, equal to or coordinate with the
security interest in such Financed Vehicle granted by the related Receivable. 

  
 Schedule I-4 

 SCHEDULE II 

NOTICE ADDRESSES 
 If to the Issuer: 

Huntington Auto Trust 2015-1 
 c/o Citibank, N.A. 

388 Greenwich Street, 14th Floor 

New York, New York 10013 

Facsimile:        212-816-5527 

Attention:        Citibank Agency & Trust, Huntington 2015-1 

with copies to the Administrator, the Servicer and the Indenture Trustee 

If to the Owner Trustee: 
 Citibank, N.A. 

388 Greenwich Street, 14th Floor 

New York, New York 10013 

Facsimile:        212-816-5527 

Attention:        Citibank Agency & Trust, Huntington 2015-1 

If to the Issuer Delaware Trustee: 
 Citicorp Trust Delaware,
National Association 
 20 Montchanin Road, Suite 180 

Greenville, Delaware 19807 

Facsimile:        302-724-6826 

Attention:        Citi Trust, Huntington 2015-1 

If to the Indenture Trustee: 
 Deutsche Bank Trust Company
Americas 
 60 Wall Street 
 16th Floor 
 Mail Stop NYC 60-1625 

New York, New York 10005 

Facsimile:        212-553-2458 

Attention:        Louis Bodi Trust & Agency Services 

If to Seller: 
 Huntington Funding, LLC 

41 South High Street 
 Columbus, Ohio 43287 

Facsimile:        (614) 480-5676 

Attention:        General Counsel 

  
 Schedule II-1 

 With a copy to: 

The Huntington National Bank 
 Huntington Center 

41 South High Street 
 Columbus, Ohio 43287 

Facsimile:        (614) 480-5676 

Attention:         General Counsel 

If to the Servicer or Sponsor: 
 The Huntington National Bank

 Huntington Center 
 41 South High Street 

Columbus, Ohio 43287 

Facsimile:        (614) 480-5676 

Attention:        General Counsel 

If to Moody’s: 
 Moody’s Investors Service, Inc. 

7 World Trade Center 
 250 Greenwich Street 

New York, New York 10007 
 If to Standard & Poor’s:

 Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC Business 

55 Water Street 
 New York, New York 10041 

Facsimile:        (212) 438-2664 

Attention:        Asset Backed Surveillance Group 

  
 Schedule II-2 

 SCHEDULE III 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Agreement, the Seller hereby represents, warrants, and covenants
to the Issuer as follows on the Closing Date: 
 General 

1. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Receivables and the other
Transferred Assets in favor of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller. 

2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible chattel
paper”), “accounts”, “instruments”, “promissory notes”, “payment intangibles” or “general intangibles”, within the meaning of the applicable UCC. 

3. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable, such Receivable is secured by a first
priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first
priority security interest in the related Financed Vehicle in favor of the Originator, as secured party, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles
relating to or affecting the enforcement of creditors’ rights generally. 
 Creation 

4. Immediately prior to the sale, transfer, contribution, assignment and/or conveyance of a Receivable by the Seller to the Issuer, the Seller
owned and had good and marketable title to such Receivable free and clear of any Lien (other than any Liens in favor of the Issuer) and immediately after the sale, transfer, assignment and conveyance of such Receivable to the Issuer, the Issuer will
have good and marketable title to such Receivable free and clear of any Lien. 
 5. The Seller has received all consents and approvals to
the sale of the Receivables hereunder to the Issuer required by the terms of the Receivables that constitute instruments. 

  
 Schedule III-1 

 Perfection 

6. The Seller has submitted or will have caused to be submitted, within ten days after the effective date of this Agreement, the filing of all
appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from the Seller to the Issuer and the security interest in the Receivables granted to
the Issuer hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or evidence the Receivables, and all financing statements referred to in
this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Purchaser”. 

7. With respect to Receivables that constitute an instrument or tangible chattel paper, either: 

 

	 	a.	All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee, as pledgee of the Issuer; or 

 

	 	b.	Such instruments or tangible chattel paper are in the possession of the Servicer and the Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer (in its capacity as custodian) is
holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee, as pledgee of the Issuer; or 

  

	 	c.	The Servicer received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from the Servicer that the Servicer is acting solely as agent of the Indenture
Trustee, as pledgee of the Issuer. 

 Priority 

8. The Seller has not authorized the filing of, and is not aware of any financing statements against the Seller that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Bank to the Seller under the Receivables Sale Agreement, (ii) relating to the conveyance of the Receivables by
the Seller to the Issuer under the Sale Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated. 

9. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller. 

10. Neither the Seller nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an
“authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 

  
 Schedule III-2 

 11. None of the instruments, electronic chattel paper or tangible chattel paper that constitutes
or evidences the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller, the Issuer or the Indenture Trustee. 

Survival of Perfection Representations 

12. Notwithstanding any other provision of the Sale Agreement or any other Transaction Document, the perfection representations, warranties
and covenants contained in this Schedule III shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 

No Waiver 
 13. The
Issuer shall provide the Rating Agencies with prompt written notice of any material breach of the perfection representations, warranties and covenants contained in this Schedule III, and shall not, without satisfying the Rating Agency
Condition, waive a breach of any of such perfection representations, warranties or covenants. 

  
 Schedule III-3 

 APPENDIX A 

DEFINITIONS 
 (see
attached) 

  
 Schedule III-4

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