Document:

Sale and Servicing Agreement, dated as of March 31, 2008

 Exhibit 10.1 
  
  
  
 SALE AND SERVICING AGREEMENT 
 by and
among 
 FIFTH THIRD AUTO TRUST 2008-1,  
 as Issuer 
 FIFTH THIRD HOLDINGS FUNDING, LLC, 
 as Seller 
 FIFTH THIRD BANK,

 an Ohio banking corporation, 
 as Servicer 
 and 
 THE BANK OF NEW YORK, 
 as Indenture Trustee 
 Dated as of March 31, 2008 
  
  
  

 TABLE OF CONTENTS 
  

					
		  		  	
	 ARTICLE I
	  	DEFINITIONS AND USAGE	  	1
			
	 SECTION 1.1
	  	 Definitions
	  	1
	 SECTION 1.2
	  	 Other Interpretive Provisions
	  	1
			
	 ARTICLE II
	  	 CONVEYANCE OF TRANSFERRED ASSETS
	  	2
			
	 SECTION 2.1
	  	 Conveyance of Transferred Assets
	  	2
	 SECTION 2.2
	  	 Representations and Warranties of the Seller as to Each Receivable
	  	2
	 SECTION 2.3
	  	 Repurchase Upon Breach
	  	2
	 SECTION 2.4
	  	 Custody of Receivable Files
	  	3
			
	 ARTICLE III
	  	 ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY
	  	5
			
	 SECTION 3.1
	  	 Duties of Servicer
	  	5
	 SECTION 3.2
	  	 Collection of Receivable Payments
	  	6
	 SECTION 3.3
	  	 Realization Upon Receivables
	  	7
	 SECTION 3.4
	  	 Maintenance of Security Interests in Financed Vehicles
	  	7
	 SECTION 3.5
	  	 Covenants of Servicer
	  	7
	 SECTION 3.6
	  	 Purchase of Receivables Upon Breach
	  	8
	 SECTION 3.7
	  	 Servicing Fee
	  	8
	 SECTION 3.8
	  	 Servicer’s Certificate
	  	8
	 SECTION 3.9
	  	 Annual Officer’s Certificate; Notice of Servicer Replacement Event
	  	8
	 SECTION 3.10
	  	 Annual Registered Public Accounting Firm Attestation Report
	  	9
	 SECTION 3.11
	  	 Servicer Expenses
	  	9
	 SECTION 3.12
	  	 1934 Act Filings
	  	9
			
	 ARTICLE IV
	  	 DISTRIBUTIONS; ACCOUNTS; STATEMENTS TO THE CERTIFICATEHOLDER AND THE NOTEHOLDERS
	  	10
			
	 SECTION 4.1
	  	 Establishment of Accounts
	  	10
	 SECTION 4.2
	  	 Remittances
	  	12
	 SECTION 4.3
	  	 Additional Deposits and Payments
	  	12
	 SECTION 4.4
	  	 Distributions
	  	12
	 SECTION 4.5
	  	 Net Deposits
	  	14
	 SECTION 4.6
	  	 Statements to Certificateholder and Noteholders
	  	14
	 SECTION 4.7
	  	 No Duty to Confirm
	  	16
	 SECTION 4.8
	  	 Interest Rate Swap Agreement
	  	16
			
	 ARTICLE V
	  	 THE SELLER
	  	18
			
	 SECTION 5.1
	  	 Representations and Warranties of Seller
	  	18
	 SECTION 5.2
	  	 Liability of the Seller; Indemnities
	  	19
	 SECTION 5.3
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	20
	 SECTION 5.4
	  	 Limitation on Liability of Seller and Others
	  	20

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 SECTION 5.5
	  	 Seller May Own Notes
	  	20
	 SECTION 5.6
	  	 Sarbanes-Oxley Act Requirements
	  	21
	 SECTION 5.7
	  	 Compliance with Organizational Documents
	  	21
	 SECTION 5.8
	  	 Perfection Representations, Warranties and Covenants
	  	21
			
	 ARTICLE VI
	  	 THE SERVICER
	  	21
			
	 SECTION 6.1
	  	 Representations of the Servicer
	  	21
	 SECTION 6.2
	  	 Indemnities of Servicer
	  	22
	 SECTION 6.3
	  	 Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	  	23
	 SECTION 6.4
	  	 Limitation on Liability of Servicer and Others
	  	24
	 SECTION 6.5
	  	 Delegation of Duties
	  	24
	 SECTION 6.6
	  	 The Ohio Bank Not to Resign as Servicer
	  	24
	 SECTION 6.7
	  	 Servicer May Own Notes
	  	25
			
	 ARTICLE VII
	  	 REPLACEMENT OF SERVICER
	  	25
			
	 SECTION 7.1
	  	 Replacement of Servicer
	  	25
	 SECTION 7.2
	  	 Notification to Noteholders
	  	26
			
	 ARTICLE VIII
	  	OPTIONAL PURCHASE	  	26
			
	 SECTION 8.1
	  	 Optional Purchase of Trust Estate
	  	26
			
	 ARTICLE IX
	  	 MISCELLANEOUS PROVISIONS
	  	27
			
	 SECTION 9.1
	  	 Amendment
	  	27
	 SECTION 9.2
	  	 Protection of Title
	  	28
	 SECTION 9.3
	  	 Other Liens or Interests
	  	29
	 SECTION 9.4
	  	 Transfers Intended as Sale; Security Interest
	  	29
	 SECTION 9.5
	  	 Notices, Etc.
	  	30
	 SECTION 9.6
	  	 Choice of Law
	  	31
	 SECTION 9.7
	  	 Headings
	  	31
	 SECTION 9.8
	  	 Counterparts
	  	31
	 SECTION 9.9
	  	 Waivers
	  	31
	 SECTION 9.10
	  	 Entire Agreement
	  	31
	 SECTION 9.11
	  	 Severability of Provisions
	  	31
	 SECTION 9.12
	  	 Binding Effect
	  	31
	 SECTION 9.13
	  	 Acknowledgment and Agreement
	  	32
	 SECTION 9.14
	  	 Cumulative Remedies
	  	32
	 SECTION 9.15
	  	 Nonpetition Covenant
	  	32
	 SECTION 9.16
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	32
	 SECTION 9.17
	  	 Limitation of Liability
	  	33
	 SECTION 9.18
	  	 Third-Party Beneficiaries
	  	33
	 SECTION 9.19
	  	 Information Requests
	  	33

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 SECTION 9.20
	  	 Delivery of Information
	  	34
	 SECTION 9.21
	  	 Information to Be Provided by the Indenture Trustee
	  	34
	 SECTION 9.22
	  	 Form 8-K Filings
	  	35
	 SECTION 9.23
	  	 Limitations of Rights
	  	35
	 SECTION 9.24
	  	 Cooperation
	  	35
			
	 Appendix A
	  	 Definitions
	  	
			
	 Schedule I
	  	 Representations and Warranties With Respect to the Receivables
	  	
	 Schedule II
	  	 Notice Addresses
	  	
			
	 Exhibit A
	  	 Form of Assignment pursuant to Sale and Servicing Agreement
	  	
	 Exhibit B
	  	 Perfection Representations, Warranties and Covenants
	  	
	 Exhibit C
	  	 Servicing Criteria to be Addressed in Indenture Trustee’s Assessment of Compliance
	  	
	 Exhibit D
	  	 Form of Indenture Trustee’s Annual Certification
	  	
	 Exhibit E
	  	 Form of Indenture Trustee’s Annual Certification Regarding Item 1117 and Item 1119 of Regulation AB
	  	

  

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 SALE AND SERVICING AGREEMENT, dated as of March 31, 2008 (together with all
exhibits, schedules and appendices hereto and as from time to time amended, supplemented or otherwise modified and in effect, this “Agreement”), by and among FIFTH THIRD AUTO TRUST 2008-1 (the “Issuer”), a Delaware
statutory trust, FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company, as seller (the “Seller”), FIFTH THIRD BANK, an Ohio banking corporation (the “Ohio Bank”), as servicer (in such capacity, the
“Servicer”), and THE BANK OF NEW YORK, a New York banking corporation, as indenture trustee (the “Indenture Trustee”). 
 WHEREAS, the Issuer desires to purchase from the Seller a portfolio of motor vehicle receivables, including retail motor vehicle installment sales contracts and/or installment loans that are secured by new and used
automobiles and light-duty trucks; 
 WHEREAS, the Seller is willing to sell such portfolio of motor vehicle receivables and
related property to the Issuer; and 
 WHEREAS, the Ohio Bank is willing to service such motor vehicle receivables and
related property on behalf of the Issuer; 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
 ARTICLE I 
 DEFINITIONS AND USAGE 
 SECTION 1.1 Definitions. Except as otherwise specified 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; (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” 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; and (g) references to any Person include that Person’s successors and
assigns. 

 ARTICLE II 
 CONVEYANCE OF TRANSFERRED ASSETS 
 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) $715,894,752 in cash, (ii) all of the Class B Notes, the Class C Notes and the Class D Notes, (iii) $33,000,000 of Class A-4-A Notes
and (iv) the Certificate on the Closing Date, the Seller does hereby irrevocably sell, transfer, assign and otherwise convey to the Issuer without recourse (subject to the obligations herein) all right, title, interest, claims and demands of
the Seller, whether now owned or hereafter acquired, in, to and under each of (a) the Transferred Assets, described in an assignment substantially in the form of Exhibit A (the “Assignment”) delivered on the Closing
Date, (b) the Ohio Sale Agreement and (c) the Michigan Sale Agreement. The sale, transfer, assignment and conveyance made hereunder will not constitute and is not intended to result in an assumption by the Issuer of any obligation of the
Seller or the applicable Originator to the Obligors, the Dealers 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 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, and otherwise conveyed to the Issuer under this Agreement on which such representations and warranties the Issuer relies in acquiring the Receivables. The
representations and warranties as to each Receivable 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 2.3 Repurchase Upon Breach. Upon discovery by any party hereto of a breach of any of the representations
and warranties set forth in Section 2.2 at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach shall give prompt
written notice thereof to the other parties hereto; provided, that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further, that
the failure to give such notice shall not affect any obligation of the Seller hereunder. If the Seller does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the Seller elects, an earlier
date) after the date that the Seller became aware or was notified of such breach, then the Seller shall purchase any Receivable materially and adversely affected by such breach from the Issuer on the Payment Date following the end of such Collection
Period (or, if the Seller elects, an earlier date). Any such breach or failure will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to receive and retain timely payment in full
on such Receivable. Any such purchase by the 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 time on such Payment Date, or earlier date, if elected by the Seller. Upon 

  

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payment of such Repurchase Price by the Seller, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of release,
transfer or assignment, in each case without recourse or representation, as shall be reasonably requested of it to vest in the Seller or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the right to cause the
Seller to purchase (or to enforce the obligations of (x) Fifth Third Holding, LLC, a Delaware limited liability company (“FTH LLC”) under the Purchase Agreement, (y) the Ohio Bank, under the Ohio Sale Agreement or
(z) the Michigan Bank under the Michigan Sale Agreement) to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer and the Indenture Trustee. Neither the Owner Trustee nor the
Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section 2.3. Notwithstanding anything herein to the contrary,
(i) the Seller shall only be obligated to pay such Repurchase Price and repurchase the related Receivable to the extent it receives the Repurchase Price from FTH LLC pursuant to Section 3.3 of the Purchase Agreement and
(ii) FTH LLC shall only be obligated to pay such Repurchase Price to the Seller to the extent it receives the Repurchase Price from either the Ohio Bank pursuant to Section 3.3 of the Ohio Sale Agreement or the Michigan Bank
pursuant to Section 3.3 of the Michigan Sale Agreement, as the case may be. 
 SECTION 2.4 Custody of
Receivable Files. 
 (a) Custody. To assure uniform quality in servicing the Receivables and to reduce
administrative costs, the Issuer and the Indenture Trustee, upon the execution and delivery of this Agreement, hereby revocably appoint the Servicer, and the Servicer hereby accepts such appointment, to act solely on behalf of and for the benefit of
the Indenture Trustee as custodian of the following documents or instruments, which are hereby or will hereby be constructively delivered to the Indenture Trustee (or its agent or designee), as pledgee of the Issuer pursuant to the Indenture with
respect to each Receivable (but only to the extent applicable to such Receivable and only to the extent held in tangible paper form) (the “Receivable Files”): 
  

	 	(i)	 the fully executed original of the retail motor vehicle installment sales contract or promissory note and security agreement related to such Receivable,
including any written amendments or extensions thereto; 

  

	 	(ii)	 the original credit application or a photocopy thereof to the extent held in paper form; 

  

	 	(iii)	 the original Certificate of Title or, if not yet received, evidence that an application therefore has been submitted with the appropriate authority, a guaranty
of title from a Dealer or such other document (electronic or otherwise, as used in the applicable jurisdiction) that the Servicer keeps on file, in accordance with its Customary Servicing Practices, evidencing the security interest of the applicable
Originator in the Financed Vehicle; provided, however, that in lieu of being held in the Receivable File, the Certificate of Title may be held by a third party service provider engaged by the Servicer to obtain or hold Certificates of
Title; and 

  

 3 

	 	(iv)	 any and all other documents that the Servicer or the Seller keeps on file, in accordance with its Customary Servicing Practices, relating to a Receivable, an
Obligor or a Financed Vehicle (but only to the extent applicable to such Receivable and only to the extent held in tangible paper form or electronic form). 

 The foregoing appointment of the Servicer is deemed to be made with due care. 
 (b) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files for the benefit of the Issuer and the Indenture Trustee. In performing its duties as custodian, the Servicer shall act in accordance with
its Customary Servicing Practices. The Servicer may, in accordance with its Customary Servicing Practices: (i) maintain all or a portion of the Receivable Files in electronic form and (ii) maintain custody of all or any portion of the
Receivable Files with one or more of its agents or designees. 
 (c) Maintenance of and Access to Records. The
Servicer will maintain each Receivable File in the United States (it being understood that the Receivable Files, or any part thereof, may be maintained at the offices of any Person to whom the Servicer has delegated responsibilities in accordance
with Section 6.5). The Servicer will make available to the Issuer and the Indenture Trustee or their duly authorized representatives, attorneys or auditors a list of locations of the Receivable Files upon request. The Servicer will
provide access to the Receivable Files, and the related accounts, records, and computer systems maintained by the Servicer at such times as the Issuer or the Indenture Trustee direct, but only upon reasonable notice and during the normal business
hours, which do not unreasonably interfere with the Servicer’s normal operations, at the respective offices of the Servicer; provided, however, that in the case of this clause (c), the Vice President of Consumer Lending
Operations (or its equivalent) of the Ohio Bank, must be present during any such visit or discussion. 
 (d) Release of
Documents. Upon written instructions from the Indenture Trustee, the Servicer will release or cause to be released any document in the Receivable Files to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s
designee, as the case may be, at such place or places as the Indenture Trustee may designate, as soon thereafter as is practicable, to the extent it does not unreasonably interfere with the Servicer’s normal operations. Any document so released
will be handled by the Indenture Trustee with due care and returned to the Servicer for safekeeping as soon as the Indenture Trustee or its agent or designee, as the case may be, has no further need therefor. The Servicer shall not be responsible
for any loss occasioned by the failure of the Indenture Trustee or its agent or designee to return any document or any delay in doing so. 
 (e) Instructions; Authority to Act. All instructions from the Indenture Trustee will be in writing and signed by an Authorized Officer of the Indenture Trustee, and the Servicer will be deemed to have received
proper instructions with respect to the Receivable Files upon its receipt of such written instructions. 
 (f)
Custodian’s Indemnification. Subject to Section 6.2, the Servicer as custodian will indemnify the Issuer and the Indenture Trustee for any and all liabilities, obligations, losses, compensatory damages, payments, costs, or
expenses of any kind whatsoever that may be 

  

 4 

 
imposed on, incurred by, or asserted against the Issuer or the Indenture Trustee as the result of any improper act or omission in any way relating to the
maintenance and custody by the Servicer as custodian of the Receivable Files; provided, however, that the Servicer will not be liable (i) to the Indenture Trustee or to the Issuer for any portion of any such amount resulting from
the willful misconduct, bad faith or negligence of the Indenture Trustee or the Issuer or (ii) to the Indenture Trustee for any portion of any such amount resulting from the failure of the Indenture Trustee, the Indenture Trustee’s agent
or the Indenture Trustee’s designee to handle with due care any Certificate of Title or other document released to the Indenture Trustee or the Indenture Trustee’s agent or designee pursuant to Section 2.4(d). 
 (g) Effective Period and Termination. The Servicer’s appointment as custodian will become effective as of the Cut-Off Date
and will continue in full force and effect until terminated pursuant to this Section. If the Ohio Bank resigns as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of the Servicer have been
terminated under Section 7.1, the appointment of the Servicer as custodian hereunder may be terminated by the Indenture Trustee, or by the Noteholders evidencing not less than a majority of the Note Balance of the Controlling Class, in
the same manner as the Indenture Trustee or such Noteholders may terminate the rights and obligations of the Servicer under Section 7.1. As soon as practicable after any termination of such appointment, the Servicer will deliver to the
Indenture Trustee (or, at the direction of the Indenture Trustee, to its agent) the Receivable Files and the related accounts and records maintained by the Servicer at such place or places as the Indenture Trustee may reasonably designate.

 ARTICLE III 
 ADMINISTRATION
AND SERVICING OF 
 RECEIVABLES AND TRUST PROPERTY 
 SECTION 3.1 Duties of Servicer. 
 (a) The Servicer is hereby
appointed by the Issuer and authorized to act as agent for the Issuer and in such capacity shall manage, service, administer and make collections on the Receivables in accordance with its Customary Servicing Practices, using the degree of skill and
attention that the Servicer exercises with respect to all comparable motor vehicle receivables that it services for itself or others. The Servicer’s duties will include collection and posting of all payments, responding to inquiries of Obligors
on such Receivables, investigating delinquencies, sending invoices or payment coupons to Obligors, reporting any required tax information to Obligors, accounting for collections and furnishing monthly and annual statements to the Indenture Trustee
with respect to distributions. The Servicer hereby accepts such appointment and authorization and agrees to perform the duties of Servicer with respect to the Receivables set forth herein. 
 (b) The Servicer will follow its Customary Servicing Practices and will have full power and authority to do any and all things in
connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered to execute and deliver, on behalf of
itself, the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, 

  

 5 

 
the Certificateholder, or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other
comparable instruments, with respect to such Receivables or to the Financed Vehicles securing such Receivables. The Servicer is hereby authorized to commence, in its own name or in the name of the Issuer, a legal Proceeding to enforce a Receivable
or to commence or participate in any other legal Proceeding (including a bankruptcy Proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences a legal Proceeding to enforce a Receivable, the Issuer
will thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such Proceeding as a party or claimant, and the Servicer is authorized and empowered by the Issuer to
execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any such Proceeding. If in any enforcement suit or legal Proceeding it is held that
the Servicer may not enforce a Receivable on the ground that it is not a real party in interest or a holder entitled to enforce the Receivable, the Issuer will, at the Servicer’s expense and direction, take steps to enforce the Receivable,
including bringing suit in its name or the name of the Indenture Trustee. The Issuer will furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and
administrative duties hereunder. The Servicer, at its expense, will obtain on behalf of the Issuer all licenses, if any, reasonably requested by the Seller to be held by the Issuer in connection with ownership of the Receivables, and will make all
filings and pay all fees as may be required in connection therewith during the term hereof. 
 (c) The Servicer hereby agrees
that upon its resignation and the appointment of a successor Servicer hereunder, the Servicer will terminate its activities as Servicer hereunder in accordance with Section 7.1, and, in any case, in a manner which the Indenture Trustee
reasonably determines will facilitate the transition of the performance of such activities to such successor Servicer, and the Servicer shall cooperate with and assist such successor Servicer. 
 SECTION 3.2 Collection of Receivable Payments. The Servicer will make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same become due in accordance with its Customary Servicing Practices. The Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments with respect to any
Receivable in accordance with its Customary Servicing Practices; provided, however, that if the Servicer (i) extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period
preceding the latest Final Scheduled Payment Date of any Notes issued under the Indenture or (ii) reduces the Contract Rate or Outstanding Principal Balance with respect to any Receivable other than as required by applicable law (including,
without limitation, by the Servicemembers Civil Relief Act), it will promptly purchase such Receivable in the manner provided in Section 3.6; provided, further, that the Servicer shall not make a modification described in
the preceding clause (i) or (ii) that would trigger a purchase pursuant to Section 3.6 for the sole purpose of purchasing a Receivable from the Issuer. The Servicer may in its discretion waive any late payment charge or any other fees
that may be collected in the ordinary course of servicing a Receivable. Subject to the proviso of the second sentence of this Section 3.2, the Servicer and its Affiliates may engage in any marketing practice or promotion or any sale of
any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, 

  

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whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments or faster
or slower timing of the payment of the Receivables. Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Receivable at the request of the Obligor and deposit the full Outstanding Principal Balance of such
Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. The Servicer and its Affiliates may also sell insurance or debt cancellation products, including products which result in the
cancellation of some or all of the amount of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed Vehicle. 
 SECTION 3.3 Realization Upon Receivables. On behalf of the Issuer, the Servicer will use commercially reasonable efforts, consistent with its Customary Servicing Practices, to repossess or
otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer has determined eventual payment in full is unlikely unless it determines in its sole discretion that repossession will not increase the
Liquidation Proceeds by an amount greater than the expense of such repossession or that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. The Servicer will follow such Customary Servicing
Practices as it deems necessary or advisable, which may include reasonable efforts to realize upon any recourse to any Dealer and selling the Financed Vehicle at public or private sale. The foregoing will be subject to the provision that, in any
case in which the Financed Vehicle has suffered damage, the Servicer shall not be required to expend funds in connection with the repair or the repossession of such Financed Vehicle unless it determines in its sole discretion that such repair and/or
repossession will increase the Liquidation Proceeds by an amount greater than the amount of such expenses. The Servicer, in its sole discretion, may in accordance with its Customary Servicing Practices sell any Receivable’s deficiency balance.
Net proceeds of any such sale allocable to the Receivable will constitute Liquidation Proceeds, and the sole right of the Issuer and the Indenture Trustee with respect to any such sold Receivables will be to receive such Liquidation Proceeds. Upon
such sale, the Servicer will mark its computer records indicating that any such receivable sold is no longer a Receivable. The Servicer is authorized to take any and all actions necessary or appropriate on behalf of the Issuer to evidence the sale
of the Receivable free from any Lien or other interest of the Issuer or the Indenture Trustee. 
 SECTION 3.4 Maintenance
of Security Interests in Financed Vehicles. The Servicer will, in accordance with its Customary Servicing Practices, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related
Financed Vehicle. The Issuer hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any
other reason. 
 SECTION 3.5 Covenants of Servicer. Unless required by law or court order, the Servicer will not
release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a
deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with repossession or (c) except as may be required by an insurer in order to receive proceeds from any
Insurance Policy covering such Financed Vehicle. 
  

 7 

 SECTION 3.6 Purchase of Receivables Upon Breach. Upon discovery by any party
hereto of a breach of any of the covenants set forth in Section 3.2, 3.3, 3.4 or 3.5 which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach shall give
prompt written notice thereof to the other parties hereto; provided, that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further,
that the failure to give such notice shall not affect any obligation of the Servicer hereunder. If the Servicer does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects,
an earlier date) after the date that the Servicer became aware or was notified of such breach, then the Servicer shall purchase any Receivable materially and adversely affected by such breach from the Issuer on the Payment Date following the end of
such Collection Period. Any such breach or failure will not be deemed to have a material and adverse effect if such breach or failure does not affect the ability of the Issuer to receive and retain timely payment in full on such Receivable. Any such
purchase by the Servicer shall be at a price equal to the Repurchase Price. In consideration for such repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to the Repurchase Price by depositing such amount
into the Collection Account prior to 11:00 a.m., New York City time on such Payment Date. Upon payment of such Repurchase Price by the Servicer, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of
release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in the Servicer or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of
the Servicer to purchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Issuer, the Swap Counterparty and the Indenture Trustee. 
 SECTION 3.7 Servicing Fee. On each Payment Date, the Issuer shall pay to the Servicer the Servicing Fee in accordance with
Section 4.4 for the immediately preceding Collection Period as compensation for its services. In addition, the Servicer will be entitled to retain all Supplemental Servicing Fees. The Servicer also will be entitled to receive investment
earnings (net of investment losses and expenses) on funds deposited in the Collection Account during each Collection Period. 
 SECTION 3.8 Servicer’s Certificate. On or before the Determination Date preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee, each of the Rating Agencies and each Paying Agent, and the Indenture
Trustee shall forward such copy to the Swap Counterparty, a Servicer’s Certificate containing all information necessary to make the payments, transfers and distributions pursuant to Sections 4.3 and 4.4 on such Payment Date. At
the sole option of the Servicer, each Servicer’s Certificate may be delivered in electronic or hard copy format. 
 SECTION 3.9 Annual Officer’s Certificate; Notice of Servicer Replacement Event. (a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Servicer will deliver to the
Rating Agencies, the Issuer and the Indenture Trustee, on or before March 30 of each calendar year, beginning on March 30, 2009, an Officer’s Certificate (with appropriate insertions) providing such information as is required under
Item 1123 of Regulation AB. 
  

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 (b) The Servicer will deliver to the Issuer, the Indenture Trustee and each Rating Agency
promptly after having obtained knowledge thereof written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Replacement Event. 
 (c) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Servicer will deliver to
the Issuer on or before March 30 of each year, beginning on March 30, 2009, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, including disclosure of
any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18 and Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 
 SECTION 3.10 Annual Registered Public Accounting Firm Attestation Report. So long as the Seller is required to file any reports
with respect to the Issuer under the Exchange Act, on or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 2008, the Servicer shall cause a firm of independent registered public
accountants (who may also render other services to the Servicer, the Seller or their respective Affiliates) to furnish to the Indenture Trustee, the Servicer, the Seller and each Rating Agency each attestation report on assessments of compliance
with the Servicing Criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets, or which otherwise
comply with any rule, regulation, “no action” letter or similar guidance promulgated by the Commission. 
 SECTION
3.11 Servicer Expenses. The Servicer shall pay all expenses (other than expenses described in the definition of Liquidation Proceeds) incurred by it in connection with its activities hereunder, independent accountants, taxes imposed on the
Servicer and expenses incurred in connection with distributions and reports to the Noteholders and the Certificateholder. The Servicer shall also pay all fees, expenses, and indemnities of the Indenture Trustee (as described in, and pursuant to the
limitations set forth in, Section 6.7 of the Indenture) and the Owner Trustee (as described in, and pursuant to the limitations set forth in, Sections 8.1 and 8.2 of the Trust Agreement. 
 SECTION 3.12 1934 Act Filings. The Issuer hereby authorizes the Servicer and the Seller, or either of them, to prepare, sign,
certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to be filed pursuant to the Exchange Act, and the rules thereunder. 
  

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 ARTICLE IV 
 DISTRIBUTIONS; ACCOUNTS; 
 STATEMENTS TO THE CERTIFICATEHOLDER 
 AND THE NOTEHOLDERS 
 SECTION
4.1 Establishment of Accounts. (a) The Servicer shall cause to be established: 
  

	 	(i)	 For the benefit of the Noteholders and the Swap Counterparty, in the name of the Indenture Trustee, an Eligible Account (the “Collection
Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Swap Counterparty, which Eligible Account shall be established by and maintained with the Indenture
Trustee or its designee. No checks shall be issued, printed or honored with respect to the Collection Account. 

  

	 	(ii)	 For the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Account (the “Principal Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be established by and maintained with the Indenture Trustee or its designee. No checks shall be issued, printed
or honored with respect to the Principal Distribution Account. 

  

	 	(iii)	 For the benefit of the Noteholders and the Swap Counterparty, in the name of the Indenture Trustee, an Eligible Account (the “Reserve Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Swap Counterparty, which Eligible Account shall be established by and maintained with the Indenture Trustee or its
designee. No checks shall be issued, printed or honored with respect to the Reserve Account. 

 (b) Funds
on deposit in the Collection Account, the Reserve Account and the Swap Termination Payment Account (to the extent such account is established under Section 4.8(b)) (collectively, the “Trust Accounts”) shall be invested
by the Indenture Trustee in Permitted Investments selected in writing by the Servicer and of which the Servicer provides notification (pursuant to standing instructions or otherwise); provided, that it is understood and agreed that neither
the Servicer, the Indenture Trustee nor the Issuer shall be liable for any loss arising from such investment in Permitted Investments. All such Permitted Investments shall be held by or on behalf of the Indenture Trustee as secured party for the
benefit of the Noteholders and the Swap Counterparty; provided, that on each Payment Date all interest and other investment income (net of losses and investment expenses) on funds on deposit in the Collection Account shall be distributed to
the Servicer as additional servicing compensation and shall not be available to pay the distributions provided for in Section 4.4. All investments of funds on deposit in the Trust Accounts shall mature so that such funds will be
available on the next Payment Date. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless 

  

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a default occurs with respect to such Permitted Investment and the Servicer directs the Indenture Trustee in writing to dispose of such Permitted Investment.

 (c) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the
Trust Accounts and in all proceeds thereof and all such funds, investments and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders and the Swap Counterparty. If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Indenture Trustee in writing (unless such Trust Account is an account with the
Indenture Trustee) and within 10 Business Days (or such longer period as to which each Rating Agency may consent) after becoming aware of the fact, establish a new Trust Account as an Eligible Account and shall direct the Indenture Trustee to
transfer any cash and/or any investments to such new Trust Account. 
 (d) With respect to the Trust Account Property, the
parties hereto agree that: 
  

	 	(i)	 any Trust Account Property that consists of uninvested funds shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such
Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the Indenture Trustee or its designee shall have sole signature authority with respect
thereto; 

  

	 	(ii)	 any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee or its designee, in accordance with paragraph
(a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or any such designee; 

  

	 	(iii)	 any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (iv) below
shall be delivered to the Indenture Trustee or its designee in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or such designee, pending maturity or disposition,
through continued registration of the Indenture Trustee’s (or its designee’s) ownership of such security on the books of the issuer thereof; and 

  

	 	 (iv)
	 any Trust Account Property that is an uncertificated security that is a “book-entry security” (as such term
is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire® Securities Service
operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Indenture Trustee or its
designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Indenture Trustee 

  

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or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph.

 SECTION 4.2 Remittances. The Servicer shall deposit an amount equal to all Collections into the
Collection Account within two Business Days after identification; provided, however, that if the Monthly Remittance Condition is satisfied, then the Servicer shall not be required to deposit into the Collection Account an amount equal
to the Collections received during any Collection Period until 11:00 a.m., New York City time, on the following Payment Date (or the Business Day preceding each Payment Date if the Collection Account is not maintained at the Indenture Trustee). The
“Monthly Remittance Condition” shall be deemed to be satisfied if (i) the Ohio Bank or one of its Affiliates is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing, and (iii) the Servicer
has a short term debt rating of at least “P-1” from Moody’s and “A-1” from Standard & Poor’s. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk
and are not required to be segregated from its own funds. 
 SECTION 4.3 Additional Deposits and Payments. (a) On
each Payment Date, the Servicer and the Seller will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased by the Servicer pursuant to Section 3.6 or the Seller pursuant to
Section 2.3, respectively, on such Payment Date and the Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 8.1 in connection with the Optional Purchase. All such deposits with
respect to a Payment Date will be made, in immediately available funds by 11:00 a.m., New York City time, on such Payment Date related to such Collection Period. 
 (b) The Indenture Trustee will, on each Payment Date, withdraw from the Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date and deposit such amount in the Collection
Account. 
 (c) The Indenture Trustee will, on the Payment Date relating to each Collection Period, withdraw from the Reserve
Account the Reserve Account Draw Amount and deposit such amount in the Collection Account. 
 (d) On the Closing Date the
Seller will deposit (or cause to be deposited) into the Reserve Account an amount equal to the Initial Reserve Account Deposit Amount. 
 (e) The Indenture Trustee will promptly, on the day of receipt, deposit into the Collection Account all Net Swap Receipts received by it under the Interest Rate Swap Agreement in immediately available funds.

 (f) The Indenture Trustee shall receive written instructions from the Servicer (which may be in the form of a written
order or request of the Servicer signed by an Authorized Officer of the Servicer) directing the Indenture Trustee to make the foregoing deposits and payments. 
 SECTION 4.4 Distributions. 
  

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 (a) Prior to any acceleration of the Notes pursuant to Section 5.2 of the
Indenture, on each Payment Date, the Indenture Trustee (based on information contained in, and as directed by, the Servicer’s Certificate delivered on or before the related Determination Date pursuant to Section 3.8) shall make the
following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date, in the following order of priority: 
  

	 	(i)	 first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees with respect to prior Collection Periods; 

  

	 	(ii)	 second, to the Swap Counterparty, the Net Swap Payment, if any, for such Payment Date; 

  

	 	(iii)	 third, pro rata based on amounts due, (A) to the Swap Counterparty, any Senior Swap Termination Payments for such Payment Date, and (B) to the
Class A Noteholders, the Accrued Class A Note Interest for the related Interest Period; 

  

	 	(iv)	 fourth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section 8.2(c) of the Indenture, the First
Allocation of Principal, if any; 

  

	 	(v)	 fifth, to the Class B Noteholders, the Accrued Class B Note Interest for the related Interest Period; 

  

	 	(vi)	 sixth, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section 8.2(c) of the Indenture, the Second
Allocation of Principal, if any; 

  

	 	(vii)	 seventh, to the Class C Noteholders, the Accrued Class C Note Interest for the related Interest Period; 

  

	 	(viii)	 eighth, to the Principal Distribution Account for distribution to the Noteholders in accordance with Section 8.2(c) of the Indenture, the
Third Allocation of Principal, if any; 

  

	 	(ix)	 ninth, to the Class D Noteholders, the Accrued Class D Note Interest for the related Interest Period; 

  

	 	(x)	 tenth, to the Principal Distribution Account for distribution to the Noteholders in accordance with Section 8.2(c) of the Indenture, the
Fourth Allocation of Principal, if any; 

  

	 	(xi)	 eleventh, to the Reserve Account, any additional amounts required to increase the amount in the Reserve Account up to the Specified Reserve Account
Balance; 

  

 13 

	 	(xii)	 twelfth, to the Principal Distribution Account for distribution to the Noteholders in accordance with Section 8.2(c) of the Indenture, the
Regular Principal Distribution Amount, if any; 

  

	 	(xiii)	 thirteenth, to the Swap Counterparty, any Subordinated Swap Termination Payments for such Payment Date; 

  

	 	(xiv)	 fourteenth, to the Owner Trustee and the Indenture Trustee, fees, expenses and indemnification amounts due and owing under this Agreement, the Trust
Agreement and the Indenture, as applicable, which have not been previously paid; and 

  

	 	(xv)	 fifteenth, to or at the direction of the Certificateholder, any funds remaining. 

 Notwithstanding any other provision of this Section 4.4, following the occurrence and during the continuation of an Event of Default which
has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all amounts on deposit in the Collection Account pursuant to Section 5.4(b) of the Indenture. 
 (b) After the payment in full of the Notes, all amounts payable to the Swap Counterparty and all other amounts payable under
Section 4.4(a), all Collections shall be paid to or in accordance with the instructions provided from time to time by the Certificateholder. 
 SECTION 4.5 Net Deposits. If the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net amount distributable to Persons other than the
Servicer and its Affiliates on the Payment Date. The Servicer shall, however, account as if all of the deposits and distributions described herein were made individually. 
 SECTION 4.6 Statements to Certificateholder and Noteholders. On or before each Determination Date, the Servicer shall deliver to the Indenture Trustee, each of the Rating Agencies and each
Paying Agent, and the Indenture Trustee shall forward (or make available on its website, as described below) such copy to the Swap Counterparty, the Issuer and to each Noteholder of record as of the most recent Record Date, a statement setting forth
for the Collection Period and Payment Date relating to such Determination Date the following information (to the extent applicable): 
 (a) the aggregate amount being paid on such Payment Date in respect of interest on and principal of each Class of Notes; 
 (b) the Class A-1 Note Balance, the Class A-2-A Note Balance, the Class A-2-B Note Balance, the Class A-3-A Note Balance, the Class A-3-B Note Balance, the Class A-4-A Note Balance, the
Class A-4-B Note Balance, the Class B Note Balance, the Class C Note Balance and the Class D Note Balance, in each case after giving effect to payments on such Payment Date; 
 (c)(i) the amount on deposit in the Reserve Account and the Specified Reserve Account Balance, each as of the beginning and end of the
related Collection Period, (ii) the 

  

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amount deposited in the Reserve Account in respect of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the Reserve Account Excess
Amount, if any, to be withdrawn from the Reserve Account on such Payment Date, (iv) the balance on deposit in the Reserve Account on such Payment Date after giving effect to withdrawals therefrom and deposits thereto in respect of such Payment
Date and (v) the change in such balance from the immediately preceding Payment Date; 
 (d) the First Allocation of
Principal, Second Allocation of Principal, the Third Allocation of Principal and the Regular Principal Distribution Amount for such Payment Date; 
 (e) the Net Pool Balance and the Note Factor as of the close of business on the last day of the preceding Collection Period; 
 (f) the amount of the Servicing Fee to be paid to the Servicer with respect to the related Collection Period and the amount of any unpaid Servicing Fees; 
 (g) the amount of the Class A Noteholders’ Interest Carryover Shortfall, the Class B Noteholders’ Interest Carryover
Shortfall, the Class C Noteholders’ Interest Carryover Shortfall and the Class D Noteholders’ Interest Carryover Shortfall, if any, on such Payment Date and the change in such amounts from the preceding Payment Date; 
 (h) the aggregate Repurchase Price with respect to Repurchased Receivables paid by (i) the Servicer and (ii) the Seller with
respect to the related Collection Period; 
 (i) the amount of Collections for the related Collection Period; 
 (j) the Net Swap Receipts and Net Swap Payment, if any; 
 (k) the Senior Swap Termination Payment and Subordinated Swap Termination Payment, if any; 
 (l) the Swap Replacement Proceeds, if any; and 
 (m) the Swap Termination Payment, if any.

 Each amount set forth pursuant to paragraph (a) or (g) above relating to the Notes shall be expressed as a dollar
amount per $1,000 of the Initial Note Balance of the Notes (or Class thereof). 
 The Indenture Trustee will make available
via the Indenture Trustee’s internet website all reports or notices required to be provided by the Indenture Trustee under this Section 4.6. Any information that is disseminated in accordance with the provisions of this
Section 4.6 shall not be required to be disseminated in any other form or manner. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility
therefor. 
 The Indenture Trustee’s internet website shall be initially located at
“www.bnyinvestorreporting.com” or at such other address as shall be specified by the Indenture 

  

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Trustee from time to time in writing to the Noteholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Indenture
Trustee’s internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. 
 SECTION 4.7 No Duty to Confirm. The Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of
the information or numbers set forth in the Servicer’s Certificate delivered by the Servicer to the Indenture Trustee, and the Indenture Trustee shall be fully protected in relying upon such Servicer’s Certificate. 
 SECTION 4.8 Interest Rate Swap Agreement. 
 (a) The Issuer shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap Counterparty. Subject to the requirements of this Section 4.8, the Issuer may from time
to time enter into one or more Replacement Interest Rate Swap Agreements in the event that the Initial Interest Rate Swap Agreement is terminated due to any “Termination Event” or “Event of Default” (each as defined in the
Initial Interest Rate Swap Agreement) prior to its scheduled expiration and in accordance with the terms of such Interest Rate Swap Agreement. Other than any Replacement Interest Rate Swap Agreement entered into pursuant to this
Section 4.8(a), the Issuer may not enter into any additional interest rate swap agreements. 
 (b) In the event
of any early termination of any Interest Rate Swap Agreement, (i) upon written direction and notification of such early termination, the Indenture Trustee shall establish the Swap Termination Payment Account, (ii) any Swap Termination
Payments received from the Swap Counterparty will be remitted to the Swap Termination Payment Account and (iii) any Swap Replacement Proceeds received from a Replacement Swap Counterparty will be remitted directly to the Swap Counterparty;
provided, that any such remittance to the Swap Counterparty shall not exceed the amounts, if any, owed to the Swap Counterparty under the Interest Rate Swap Agreement; provided, further that the Swap Counterparty shall only
receive Swap Replacement Proceeds if all Swap Termination Payments due from the Swap Counterparty to the Issuer have been paid in full and if such amounts have not been paid in full then the amount of Swap Replacement Proceeds necessary to make up
any deficiency shall be remitted to the Swap Termination Payment Account. 
 (c) The Issuer shall promptly, following the
early termination of any Initial Interest Rate Swap Agreement due to an “Event of Default” or “Termination Event” (each as defined in the Initial Interest Rate Swap Agreement) and in accordance with the terms of such Interest
Rate Swap Agreement, enter into a Replacement Interest Rate Swap Agreement to the extent possible and practicable through application of funds available in the Swap Termination Payment Account unless entering into such Replacement Interest Rate Swap
Agreement will cause the Rating Agency Condition not to be satisfied. 
 (d) To the extent that (i) the funds available
in the Swap Termination Payment Account exceed the costs of entering into a Replacement Interest Rate Swap Agreement or (ii) the Issuer determines not to replace the Initial Interest Rate Swap Agreement and the Rating Agency Condition is met
with respect to such determination, the amounts in the Swap 

  

 16 

 
Termination Payment Account (other than funds used to pay the costs of entering into a Replacement Interest Rate Swap Agreement, if applicable) shall be
included in Available Funds and allocated in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date. In any other situation, amounts on deposit in the Swap Termination Payment Account at any time
shall be invested pursuant to Section 4.1(b) and on each Payment Date after the creation of a Swap Termination Payment Account, the funds therein shall be used to cover any shortfalls in the amounts payable under clauses
first through twelfth under Section 4.4(a), provided, that in no event will the amount withdrawn from the Swap Termination Payment Account on such Payment Date exceed the amount of Net Swap Receipts that
would have been required to be paid on such Payment Date under the terminated Interest Rate Swap Transaction had there been no termination of such transaction. Any amounts remaining in the Swap Termination Payment Account after payment in full of
the Class D Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in Section 4.4(a) on the following Payment Date. 
 (e) If the Swap Counterparty is required to post collateral under the terms of the Interest Rate Swap Agreement, upon written direction
and notification of such requirement, the Indenture Trustee shall establish the Swap Collateral Account (the “Swap Collateral Account”) over which the Indenture Trustee shall have exclusive control and the sole right of withdrawal.
The Indenture Trustee shall deposit all collateral received from the Swap Counterparty under the Interest Rate Swap Agreement into the Swap Collateral Account. Any and all funds at any time on deposit in, or otherwise to the credit of, the Swap
Collateral Account shall be held in trust by the Indenture Trustee for the benefit of the Swap Counterparty and the Noteholders. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Swap
Collateral Account shall be (i) for application to obligations of the Swap Counterparty to the Issuer under the Interest Rate Swap Agreement in accordance with the terms of the Interest Rate Swap Agreement or (ii) to return collateral to
the Swap Counterparty when and as required by the Interest Rate Swap Agreement. 
 (f) If at any time the Interest Rate Swap
Agreement becomes subject to early termination due to the occurrence of an “Event of Default” or “Termination Event” (as defined in the Interest Rate Swap Agreement), the Issuer and the Indenture Trustee (upon receipt of notice
and direction by the Servicer) shall use reasonable efforts (following the expiration of any applicable grace period) to enforce the rights of the Issuer thereunder as may be permitted by the terms of the Interest Rate Swap Agreement and consistent
with the terms hereof. To the extent not fully paid from Swap Replacement Proceeds, any Swap Termination Payment owed by the Issuer to the Swap Counterparty under the Interest Rate Swap Agreement shall be payable to the Swap Counterparty in
installments made on each following Payment Date until paid in full in accordance with the order of priority specified in Section 4.4(a). To the extent that the Swap Replacement Proceeds exceed any such Swap Termination Payments (or if
there are no Swap Termination Payments due to the Swap Counterparty), the Swap Replacement Proceeds in excess of such Swap Termination Payments, if any, shall be included in Available Funds and allocated and applied in accordance with the order of
priority specified in Section 4.4(a) on the following Payment Date. 
  

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 ARTICLE V 
 THE SELLER 
 SECTION 5.1 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 required 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 each Transaction Document to
which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Seller and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation,
(B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than 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 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. 
  

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 (e) Lien Filings. The Seller is not aware of any material judgment, ERISA or tax
lien filings against the Seller. 
 (f) No Proceedings. There are no actions, suits or Proceedings pending or, to the
knowledge of the Seller, threatened against the Seller before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by
the Seller of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to the Seller that would materially and adversely affect the federal or
Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
 SECTION 5.2 Liability of the
Seller; Indemnities. The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement, and hereby agrees to the following: 
 (a) The Seller shall indemnify, defend, and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholder 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. 
 (b) The Seller will pay any and all taxes levied or assessed upon the Issuer or upon all or any part of the Trust Estate. 
 (c) Indemnification under this Section 5.2 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 5.2 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. 
 (d) The Seller’s obligations under this Section 5.2 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 or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible
payment 

  

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in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid from,
entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including
insolvency laws, and whether or not asserted against the Seller), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of
Section 510(a) of the Bankruptcy Code. 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 5.2(d) and the
terms of this Section 5.2(d) may be enforced by an action for specific performance. The provisions of this Section 5.2(d) will be for the third party benefit of those entitled to rely thereon and will survive the termination
of this Agreement. 
 SECTION 5.3 Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person
(i) into which the Seller may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Seller is a party, (iii) succeeding to the business of the Seller, or (iv) more than 50% of the
voting stock or voting power and 50% or more of the economic equity of which is owned directly or indirectly by Fifth Third Bancorp, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the
Seller under this Agreement, will be the successor to the Seller under this Agreement without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. The Seller shall provide notice of any
merger, conversion, consolidation or succession pursuant to this Section 5.3 to the Rating Agencies. 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 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 fully to
preserve and protect the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings, or (B) stating that, in the opinion of such counsel , no such action is necessary to preserve
and protect such interest. 
 SECTION 5.4 Limitation on Liability of Seller and Others. The Seller and any officer or
employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Seller will not be under any
obligation to appear in, prosecute, or defend any legal action that is not incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
 SECTION 5.5 Seller May Own Notes. The Seller, and any Affiliate of the Seller, may in its individual or any other capacity become
the owner or pledgee of Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as otherwise expressly provided herein or in the other Transaction Documents. Except as set forth herein or in the other
Transaction Documents, Notes so owned by the Seller or any such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement and the other Transaction Documents, without preference, priority, or distinction as among
all of the Notes. Unless all Notes are owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates, any Notes owned by the Issuer, the Seller, the Servicer, the 

  

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Administrator or any of their respective Affiliates shall be disregarded with respect to the determination of any request, demand, authorization, direction,
notice, consent, vote or waiver hereunder or under any other Transaction Document. 
 SECTION 5.6 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 Servicer and the Seller,
or either of them, to prepare, sign, certify and file any such documents or certifications on behalf of the Issuer. 
 SECTION 5.7 Compliance with Organizational Documents. The Seller shall comply with its limited liability company agreement and other organizational documents. 
 SECTION 5.8 Perfection Representations, Warranties and Covenants. The Seller hereby makes the perfection representations, warranties and covenants attached hereto as Exhibit B
to the Issuer and the Indenture Trustee and the Issuer shall be deemed to have relied on such representations, warranties and covenants in acquiring the Transferred Assets. 
 ARTICLE VI 
 THE SERVICER 
 SECTION 6.1 Representations of the Servicer. The Servicer makes the following representations and warranties as of the Closing
Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the
Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and Power. The Servicer is a banking corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as
it is now conducted. The Servicer has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Servicer 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 Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the
Servicer and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a
party or its property is subject (other than violations which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions
contemplated by, or the Servicer’s ability to perform its obligations under, the Transaction Documents). 
  

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 (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 Servicer of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and
filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or would not materially
and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents. 
 (d)
Binding Effect. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations
from time to time in effect or by general principles of equity. 
 (e) No Proceedings. There are no actions, suits or
Proceedings pending or, to the knowledge of the Servicer, threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents,
(ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and
adversely affect the performance by the Servicer of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to the Servicer that would materially
and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes. 
 SECTION 6.2 Indemnities of Servicer. The Servicer will be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement, and hereby agrees to the following:

 (a) The Servicer will defend, indemnify and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the
Noteholders, the Certificateholder and the Seller from and against any and all costs, expenses, losses, damages, claims and liabilities, arising out of or resulting from (i) the use, ownership or operation by the Servicer or any Affiliate
thereof of a Financed Vehicle or (ii) the failure of the Servicer, the Seller or the Issuer to have obtained all necessary licenses and approvals in each jurisdiction where the failure to do so has materially and adversely affected the
enforceability or collectibility of any Receivables or any other part of the Transferred Assets. 
 (b) The Servicer will
indemnify, defend and hold harmless the Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein or in the other
Transaction Documents, if any, including, without limitation, any sales, gross receipts, general corporation, tangible personal property, privilege, or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to,
and as of the date of, the conveyance of the Receivables to the Issuer or the issuance and original sales of the Notes, or asserted with respect 

  

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to ownership of the Receivables, or federal or other Applicable Tax State income taxes arising out of the transactions contemplated by this Agreement and the
other Transaction Documents) and costs and expenses in defending against the same. For the avoidance of doubt, the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities due to the credit risk of the Obligor and
for which reimbursement would constitute recourse for uncollectible Receivables. 
 (c) The Servicer will indemnify, defend
and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and the Seller from and against any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost,
expense, loss, claim, damage, or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance, or bad faith (other than errors in judgment) of the Servicer in the performance of its duties under this
Agreement or any other Transaction Document to which it is a party, or by reason of its failure to perform its obligations or of reckless disregard of its obligations and duties under this Agreement or any other Transaction Document to which it is a
party; provided, however, that the Servicer will not indemnify for any costs, expenses, losses, claims, damages or liabilities arising from its breach of any covenant for which the repurchase of the affected Receivables is specified as
the sole remedy pursuant to Section 3.6. 
 (d) The Servicer will compensate and indemnify the Owner Trustee to
the extent and subject to the conditions set forth in Sections 8.1 and 8.2 of the Trust Agreement. The Servicer will compensate and indemnify the Indenture Trustee to the extent and subject to the conditions set forth in
Section 6.7 of the Indenture, except to the extent that any cost, expense, loss, claim, damage or liability arises out of or is incurred in connection with the performance by the Indenture Trustee of the duties of a successor Servicer
hereunder. 
 (e) Indemnification under this Section 6.2 by the Ohio Bank (or any successor thereto pursuant to
Section 7.1) as Servicer, with respect to the period such Person was the Servicer, will survive the termination of such Person as Servicer or a resignation by such Person as Servicer as well as the termination of this Agreement and the
Trust Agreement or the resignation or removal of the Owner Trustee or the Indenture Trustee and will include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this
Section 6.2 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 Servicer, without interest. 
 (f) To the extent that the Seller fails to comply with its obligations under Section 5.2(a), the Ohio Bank shall indemnify,
defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder 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. 
 SECTION 6.3 Merger or Consolidation of, or
Assumption of the Obligations of, Servicer. Any Person (i) into which the Servicer may be merged or consolidated, (ii) resulting from any merger, conversion, or consolidation to which the Servicer is a party, (iii) succeeding to
the business of the Servicer, or (iv) more than 50% of the voting stock or voting power and 50% 

  

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or more of the economic equity of which is owned, directly or indirectly, by Fifth Third Bancorp, which Person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of the Servicer under this Agreement, will be the successor to the Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to
this Agreement. The Servicer shall provide prior notice of the effective date of any merger, conversion, consolidation or succession pursuant to this Section 6.3 to the Rating Agencies, the Indenture Trustee and the Seller. The Servicer
shall provide the Seller in writing such information as reasonably requested by the Seller to comply with its Exchange Act reporting obligations with respect to a successor Servicer. 
 SECTION 6.4 Limitation on Liability of Servicer and Others. (a) Neither the Servicer nor any of the directors or officers or
employees or agents of the Servicer will be under any liability to the Issuer, the Indenture Trustee, the Owner Trustee, the Noteholders, the Swap Counterparty or the Certificateholder, except as provided under this Agreement, for any action taken
or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision will not protect the Servicer or any such Person against any liability that would otherwise be
imposed by reason of willful misfeasance or bad faith in the performance of duties or by reason of its failure to perform its obligations or of reckless disregard of obligations and duties under this Agreement, or by reason of negligence in the
performance of its duties under this Agreement (except for errors in judgment). The Servicer and any director, officer or employee or agent of the Servicer may rely in good faith on any Opinion of Counsel or on any Officer’s Certificate of the
Seller or certificate of auditors believed to be genuine and to have been signed by the proper party in respect of any matters arising under this Agreement. 
 (b) Except as provided in this Agreement, the Servicer will not be under any obligation to appear in, prosecute, or defend any legal action that is not incidental to its duties to service the
Receivables in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that it may deem necessary or desirable in
respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Noteholders and the Certificateholder under this Agreement. In such event, the legal expenses and costs of such action and any liability
resulting therefrom will be expenses, costs and liabilities of the Servicer. 
 SECTION 6.5 Delegation of Duties. The
Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties as custodian) under the Transaction Documents to any of its Affiliates or (b) specific duties (including,
without limitation, its duties as custodian) to sub-contractors who are in the business of performing such duties; provided, that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer
shall remain obligated and liable to the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties. 
 SECTION 6.6 The Ohio Bank Not to Resign as Servicer. Subject to the provisions of Sections 6.3 and 6.5, the Ohio Bank will not resign from the obligations and duties hereby imposed on it as
Servicer under this Agreement except upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. Notice of any such determination permitting the resignation of the Ohio Bank will be
communicated to the 

  

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Issuer and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, will be confirmed in writing at the earliest
practicable time) and any such determination will be evidenced by an Opinion of Counsel to such effect delivered to the Issuer and the Indenture Trustee concurrently with or promptly after such notice. No such resignation will become effective until
a successor Servicer has (i) assumed the responsibilities and obligations of the Ohio Bank as Servicer and (ii) provided in writing the information reasonably requested by the Seller to comply with its reporting obligations under the
Exchange Act with respect to a replacement Servicer. 
 SECTION 6.7 Servicer May Own Notes. The Servicer, and any
Affiliate of the Servicer, may, in its individual or any other capacity, become the owner or pledgee of Notes with the same rights as it would have if it were not the Servicer or an Affiliate thereof, except as otherwise expressly provided herein or
in the other Transaction Documents. Except as set forth herein or in the other Transaction Documents, Notes so owned by or pledged to the Servicer or such Affiliate will have an equal and proportionate benefit under the provisions of this Agreement,
without preference, priority or distinction as among all of the Notes. 
 ARTICLE VII 
 REPLACEMENT OF SERVICER 
 SECTION 7.1 Replacement of Servicer.

 (a) If a Servicer Replacement Event shall have occurred and be
continuing, the Indenture Trustee shall, at the direction of 66 2/3% of the Note Balance of the Controlling Class, by notice
given to the Servicer, the Owner Trustee, the Issuer, the Administrator, the Noteholders, the Swap Counterparty and each Rating Agency, terminate the rights and obligations of the Servicer under this Agreement with respect to the Receivables. In the
event the Servicer is removed or resigns as Servicer with respect to servicing the Receivables, the Indenture Trustee, acting at the direction of 66 2/3% of the Note Balance of the Controlling Class, shall appoint a successor Servicer. Upon the Servicer’s receipt of notice of termination the predecessor Servicer will continue to perform its functions as Servicer
under this Agreement only until the date specified in such termination notice or, if no such date is specified in such termination notice, until receipt of such notice. If a successor Servicer has not been appointed at the time when the predecessor
Servicer ceases to act as Servicer in accordance with this Section, the Indenture Trustee without further action will automatically be appointed the successor Servicer. Notwithstanding the above, the Indenture Trustee, if it is legally unable or is
unwilling to so act, will appoint, or petition a court of competent jurisdiction to appoint a successor Servicer. Any successor Servicer shall be an established institution having a net worth of not less than $100,000,000 and whose regular business
includes the servicing of comparable motor vehicle receivables having an aggregate outstanding principal amount of not less than $50,000,000. 
 (b) Noteholders holding not less than a majority of the Note Balance of the Controlling Class may waive any Servicer Replacement Event. Upon any such waiver, such Servicer Replacement Event shall
cease to exist and be deemed to have been cured and not to 

  

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have occurred for every purpose of this Agreement, but no such waiver shall extend to any prior, subsequent or other Servicer Replacement Event or impair any
right consequent thereto. 
 (c) If replaced, the Servicer agrees that it will use commercially reasonable efforts to effect
the orderly and efficient transfer of the servicing of the Receivables to a successor Servicer. All reasonable costs and expenses incurred in connection with transferring the Receivable Files to the successor Servicer and all other reasonable costs
and expenses incurred in connection with the transfer to the successor Servicer related to the performance by the Servicer hereunder will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses.

 (d) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this
Section 7.1, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement with respect to the Receivables, and shall be subject to all the responsibilities, duties and
liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer, including indemnification obligations as set forth in Section 6.2(e). In such event, the Indenture
Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such termination and replacement of the Servicer, whether to complete the transfer and endorsement of the Receivables and related documents, or otherwise. No Servicer shall resign or be
relieved of its duties under this Agreement, as Servicer of the Receivables, until a newly appointed Servicer for the Receivables shall have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Agreement.

 (e) In connection with such appointment, the Indenture Trustee may make such arrangements for the compensation of the
successor Servicer out of Available Funds as it and such successor Servicer will agree; provided, however, that no such compensation will be in excess of the amount paid to the predecessor Servicer under this Agreement. 
 SECTION 7.2 Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer pursuant to this
Article VII, the Indenture Trustee will give prompt (but in any event, no later than five (5) Business Days) written notice thereof to the Owner Trustee, the Issuer, the Administrator, each Rating Agency and to the Noteholders at their
respective addresses of record. 
 ARTICLE VIII 
 OPTIONAL PURCHASE 
 SECTION 8.1 Optional Purchase of Trust Estate. If the Ohio Bank
is the Servicer, then the Ohio Bank shall have the right at its option (the “Optional Purchase”) to purchase the Trust Estate (other than the Reserve Account) from the Issuer on any Payment Date if both of the following conditions
are satisfied: (a) as of the last day of the related Collection Period, the Net Pool Balance has declined to 2% or less of the Net Pool Balance as of the Cut-Off Date and (b) the sum of the Optional Purchase Price and Available Funds for
such Payment Date would be 

  

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sufficient to pay (x) the amounts required to be paid under clauses first through tenth, twelfth and
thirteenth of Section 4.4(a) (assuming that such Payment Date is not a Redemption Date) and (y) the Outstanding Note Balance (after giving effect to the payments described in the preceding clause (x)). The purchase
price for the Trust Estate (other than the Reserve Account) (the “Optional Purchase Price”) shall equal the fair market value of the Trust Estate (other than the Reserve Account), which amount shall be deposited by the Servicer into
the Collection Account on the Redemption Date. If the Ohio Bank, as Servicer, exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price. 
 ARTICLE IX 
 MISCELLANEOUS PROVISIONS

 SECTION 9.1 Amendment. 
 (a) Any term or provision of this Agreement may be amended by the Seller and the Servicer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Swap Counterparty, the
Owner Trustee, FTH LLC or any other Person subject to Section 9.1(f) and the satisfaction of the Rating Agency Condition. 
 (b) Subject to Section 9.1(f), any term or provision of this Agreement may be amended by the Seller and the Servicer without the consent of the Indenture Trustee, any Noteholder, the Swap Counterparty, the
Issuer, the Owner Trustee, FTH LLC or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to enable the Seller, the Servicer or any of their Affiliates to comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle (whether now or in the future in effect), it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied. 
 (c) Subject to Section 9.1(f), this Agreement (including Appendix A) may also be amended from time to time by the Seller, the
Servicer and the Indenture Trustee, with the consent of the Noteholders 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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be
sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will
be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any amendment to this Agreement, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the
execution of any such amendment or consent, the Servicer shall furnish a copy of such amendment or consent to each Rating Agency and the Indenture Trustee. 
  

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 (e) Prior to the execution of any amendment to this Agreement, the Seller, 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 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 or execute on behalf of the Issuer 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. 
 (f) Notwithstanding anything to the contrary herein, (i) this Agreement may not be amended in any way that would materially and
adversely affect 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 without the prior written consent of
such Person; (ii) this Agreement may not be amended in any way that would materially and adversely affect the rights or obligations of the Swap Counterparty unless the Swap Counterparty shall have consented in writing to such amendment; and
(iii) this Agreement may not be amended in any way that would significantly change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes without the consent of the
Holders of at least a majority of the Outstanding Notes. 
 SECTION 9.2 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 and the Indenture Trustee under this Agreement in the Receivables. 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. 
 (b) The
Seller shall notify the Issuer and the Indenture Trustee in writing within ten (10) days following the occurrence of (i) any change in the Seller’s organizational structure as a limited liability company, (ii) any change in the
Seller’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Seller’s name and shall have taken 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 possible to take such action in advance) reasonably necessary or advisable 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 Servicer shall maintain (or shall cause its Sub-Servicer to maintain) in accordance with its Customary Servicing Practices accounts and records as to each Receivable accurately and in sufficient detail to
permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect
to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
  

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 (d) The Servicer shall maintain (or shall cause its Sub-Servicer to maintain) its
computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer in
such Receivable and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee pursuant to the Indenture. Indication of the Issuer’s interest in a Receivable shall not be deleted from or modified on such computer
systems until, and only until, the related Receivable shall have been paid in full, repurchased by the Seller pursuant to Section 2.3 hereof, repurchased by FTH LLC pursuant to Section 3.3 of the Purchase Agreement, purchased
by the Servicer in accordance with Section 3.6 hereof, repurchased by the Ohio Bank pursuant to Section 3.3 of the Ohio Sale Agreement or repurchased by the Michigan Bank pursuant to Section 3.3 of the Michigan
Sale Agreement. 
 (e) If at any time the Servicer shall propose to sell, grant a security interest in or otherwise transfer
any interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to the Indenture Trustee. 
 (f) The Servicer, upon receipt of reasonable prior notice, shall permit the Indenture Trustee, the Owner Trustee and their respective
agents at any time during normal business hours, to the extent it does not unreasonably interfere with the Servicer’s normal operations, to inspect, audit and, to the extent permitted by applicable law, make copies of and abstracts from
Servicer’s (or any Sub-Servicer’s) records regarding any Receivable. 
 (g) Upon request, the Servicer shall
furnish to the Issuer or to the Indenture Trustee, within thirty Business Days, a list of all Receivables (by contract number and name of Obligor) then owned by the Issuer, together with a reconciliation of such list to each of the Servicer’s
Certificates furnished before such request indicating removal of Receivables from the Issuer. 
 SECTION 9.3 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
and other property transferred to the Issuer against all claims of third parties claiming through or under the Seller. 
 SECTION 9.4 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 and transfers 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 Transferred Assets shall not be part of the Seller’s estate in the event of a bankruptcy or 

  

 29 

 
insolvency of the Seller. The sales and transfers by the Seller of 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; 

  

	 	(ii)	 The conveyance provided for in Section 2.1 shall be deemed to be a grant by the Seller, and the Seller hereby grants, to the Issuer of 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 the Servicer as the Issuer’s agent, of the Receivable Files and any other property as constitute instruments, money,
negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New
York UCC and the UCC of any other applicable jurisdiction; and 

  

	 	(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 9.5 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, and addressed in each case as set forth on Schedule II hereto or at such other address as shall be designated
in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur
only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder; provided, however, that any notice 

  

 30 

 
to a Noteholder mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder
shall receive such notice. 
 SECTION 9.6 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 9.7 Headings.
The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement. 
 SECTION 9.8 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall
together constitute but one and the same instrument. 
 SECTION 9.9 Waivers. No failure or delay on the part of the
Servicer, 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 any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver
or approval by any party hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar
waiver or approval thereafter to be granted hereunder. 
 SECTION 9.10 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 9.11
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 9.12 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. 
  

 31 

 SECTION 9.13 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the pledge, assignment and Grant of a security interest in the Receivables and the other Transferred Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders
and the Swap Counterparty. In addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Issuer under this
Agreement. 
 SECTION 9.14 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. 
 SECTION 9.15 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) none of the parties hereto shall 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 9.16 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 legal action or 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 action or Proceeding may be brought
in such courts and waives any objection that it may now or hereafter have to the venue of such action or Proceeding in any such court or that such action or Proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 (c) agrees that service of process in any such action or Proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 9.5; 
  

 32 

 (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 action, 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 9.17 Limitation of Liability. 
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Wilmington Trust
Company, not in its individual capacity but solely as Owner Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or under the Notes or any of the
other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally
liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the purposes of
this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by The Bank
of New York, not in its individual capacity but solely as Indenture Trustee, and in no event shall it have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer under the Notes or any of the
other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to the assets of the Issuer. Under no circumstances shall the Indenture Trustee be
personally liable for the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of any obligations, representation, warranty or covenant made or undertaken by the Issuer under the Transaction Documents. For the
purposes of this Agreement, in the performance of its duties or obligations hereunder, the Indenture Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI of the Indenture. 
 SECTION 9.18 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto, the
Noteholders and the Certificateholder and their respective successors and permitted assigns and each of the Owner Trustee and the Swap Counterparty 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. 
 SECTION
9.19 Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current
or future law, rule, regulation, accounting rule or principle. 
  

 33 

 SECTION 9.20 Delivery of Information. (a) The Servicer shall cooperate fully
with the Seller and the Issuer to deliver to the Seller and the Issuer (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the
Seller or the Issuer to permit the Seller to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer and the Receivables, or the servicing of the Receivables, reasonably believed by the Seller to be
necessary in order to effect such compliance. 
 (b) The Servicer shall deliver to each Rating Agency any such additional
information relating to the Receivables and the servicing of the Receivables that such Rating Agency reasonably requests. 
 SECTION 9.21 Information to Be Provided by the Indenture Trustee. 
 (a) For so long as the Seller is filing
reports under the Exchange Act with respect to the Issuer, the Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Seller, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee,
together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Seller; provided, however, that, subject to clauses (b)(iv) and (b)(v) of this
Section 9.21, the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Seller, and (ii) as promptly as
practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Seller, in writing, such updated information. 
 (b) As soon as available but no later than March 15 of each calendar year for so long as the Seller is filing reports under the
Exchange Act with respect to the Issuer, commencing on March 15, 2009, the Indenture Trustee shall: 
  

	 	(i)	 deliver to the Seller a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the immediately preceding
calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the
Servicing Criteria specified in Exhibit C or such other criteria as mutually agreed upon by the Seller and the Indenture Trustee; 

  

	 	(ii)	 cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to
deliver to the Seller a report for inclusion in the Seller’s filing of Exchange Act Form 10-K with respect to the Issuer that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered to the 

  

 34 

	 	 
Seller pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
Act and the Exchange Act; 

  

	 	(iii)	 deliver to the Seller and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”) required by Rules
13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act) on behalf of the Issuer or the Seller, a back-up certification substantially in the form attached hereto as Exhibit D or such form as
mutually agreed upon by the Seller and the Indenture Trustee; and 

  

	 	(iv)	 deliver to the Seller the certification substantially in the form attached hereto as Exhibit E or such other form as is mutually agreed upon by the Seller
and the Indenture Trustee regarding any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item 1119 Party and any Form 10-D Disclosure Item. 

 The Indenture Trustee acknowledges that the parties identified in clause (iv) above may rely on the certification provided by the Indenture
Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 
 SECTION 9.22
Form 8-K Filings. So long as the Seller is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify the Seller, but in no event later than one (1) Business Day after its occurrence, of any
Reportable Event of which a Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Seller or the Servicer has
actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee. 
 SECTION 9.23 Limitations of Rights. All of the rights of the Swap Counterparty in, to and under this Agreement (including, but not
limited to, all of the Swap Counterparty’s rights as a third party beneficiary of this Agreement and all of the Swap Counterparty’s rights to receive notice of any action hereunder and to give or withhold consent to any action hereunder)
shall terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement. 
 SECTION 9.24 Cooperation. The parties hereto acknowledge and agree that the purpose of Sections 9.21 and 9.22 is to
facilitate compliance by the Seller and Servicer with the provisions of Regulation AB and related rules and regulations of the Commission. Neither the Seller nor the Servicer shall exercise its right to request delivery of information or other
performance under these provisions other than in good faith in order to comply with the Securities Act, the Exchange Act, the rules and regulations of the Commission under the Securities Act and the Exchange Act and any comments or requests of the
Commission. The 

  

 35 

 
Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided
by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate with the Seller to deliver to the Seller and Servicer such information necessary in the
good faith determination of the Seller and Servicer to permit the Seller or such Servicer to comply with the provisions of Regulation AB. 
 [Signatures Follow] 
  

 36 

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

			
	FIFTH THIRD HOLDINGS FUNDING, LLC,
as Seller
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	President
	
	FIFTH THIRD BANK,
an Ohio banking corporation,
as Servicer
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	Assistant Treasurer

  

 S-1 

			
	FIFTH THIRD AUTO TRUST 2008-1
		
	By:	 	Wilmington Trust Company,
not in its individual capacity
but solely as Owner Trustee
		
	By:	 	/s/ Erik E. Overcash
	Name:	 	Erik E. Overcash
	Title:	 	Financial Services Officer

  

 S-2 

			
	THE BANK OF NEW YORK,
not in its individual capacity
but solely as Indenture Trustee
		
	By:	 	/s/ Jacqueline Kuhn
	Name:	 	Jacqueline Kuhn
	Title:	 	Assistant Treasurer

  

 S-3 

 APPENDIX A 
 DEFINITIONS 
 The following terms have the meanings set forth, or referred to, below:

 “Accrued Class A Note Interest” means, with respect to any Payment Date, the sum of the
Noteholders’ Monthly Accrued Interest for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Accrued Class B Note Interest” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Monthly Accrued Interest for such Payment Date and the
Class B Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Accrued Class C Note
Interest” means, with respect to any Payment Date, the sum of the Class C Noteholders’ Monthly Accrued Interest for such Payment Date and the Class C Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Accrued Class D Note Interest” means, with respect to any Payment Date, the sum of the Class D Noteholders’
Monthly Accrued Interest for such Payment Date and the Class D Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Act” has the meaning set forth in Section 11.3(a) of the Indenture. 
 “Administration Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuer and the Indenture Trustee, as the same may be amended and supplemented from time to time.

 “Administrator” means the Ohio Bank, or any successor Administrator under the Administration Agreement.

 “Affiliate” means, for any specified Person, any other Person which, directly or indirectly, controls, is
controlled by or is under common control with such specified Person and “affiliated” has a meaning correlative to the foregoing. For purposes of this definition, “control” means the power, directly or indirectly, to cause the
direction of the management and policies of a Person. 
 “Applicable Tax State” means, as of any date, each
State as to which any of the following is then applicable: (a) a State in which the Owner Trustee maintains its Corporate Trust Office, (b) a State in which the Owner Trustee maintains its principal executive offices, and (c) the
State of Michigan, the State of Ohio or the State of Illinois. 
 “Authenticating Agent” means any Person
authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes. 
 “Authorized Newspaper” means a newspaper of general circulation in The City of New York, printed in the English language and customarily published on each Business Day, whether or not published on Saturdays, Sundays and
holidays. 

 “Authorized Officer” means (a) with respect to the Issuer,
(i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the
Closing Date or (ii) so long as the Administration Agreement is in effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuer pursuant to the Administration Agreement and who is
identified on the list of Authorized Officers delivered by the Administrator to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (b) with respect to
the Owner Trustee, the Indenture Trustee, the Note Registrar and the Servicer, any officer of the Owner Trustee, the Indenture Trustee, the Note Registrar or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture
Trustee, the Note Registrar or the Servicer, as applicable, in matters relating to the Owner Trustee, the Indenture Trustee, the Note Registrar or the Servicer and who is identified on the list of Authorized Officers delivered by each of the Owner
Trustee, the Indenture Trustee and the Servicer to the Indenture Trustee on the Closing Date or by the Note Registrar on the date of its appointment as such (as such list may be modified or supplemented from time to time thereafter). 
 “Available Funds” means, for any Payment Date and the related Collection Period, an amount equal to the sum of the
following amounts: (i) all Collections received by the Servicer during such Collection Period, (ii) the sum of the Repurchase Prices deposited into the Collection Account with respect to each Receivable that is to become a Repurchased
Receivable on such Payment Date, (iii) the Reserve Account Excess Amount for such Payment Date, (iv) the Net Swap Receipts (excluding Swap Termination Payments received from the Swap Counterparty and deposited into the Swap Termination
Payment Account), (v) amounts on deposit in the Swap Termination Payment Account to the extent such amounts are required to be included in Available Funds pursuant to Section 4.8(d) of the Sale and Servicing Agreement and
(vi) Swap Replacement Proceeds, to the extent required to be included in Available Funds pursuant to Section 4.8(f) of the Sale and Servicing Agreement. 
 “Available Funds Shortfall Amount” means, as of any Payment Date, the amount by which the amounts required to be paid pursuant to clauses first through tenth of
Section 4.4(a) of the Sale and Servicing Agreement exceeds the sum of Available Funds for such Payment Date. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq., as amended. 
 “Bankruptcy Event” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person in an involuntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or ordering the winding-up or liquidation
of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the 

  

 2 

 
making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become
due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Bankruptcy Remote
Party” means each of the Seller, the Issuer, any other trust created by the Seller or any limited liability company or corporation wholly-owned by the Seller. 
 “Benefit Plan” means (i) any “employee benefit plan” as defined in Section 3(3) of ERISA whether or not subject to ERISA, (ii) a “plan”
described by Section 4975(e)(1) of the Code or (iii) any entity deemed to hold the assets of any of the foregoing by reason of an employee benefit plan’s or other plan’s investment in such entity. 
 “Book-Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book
entries by a Clearing Agency as described in Section 2.10 of the Indenture. 
 “Business Day”
means any day other than a Saturday, a Sunday or a day on which banking institutions in the states of Delaware, Michigan, Ohio, Illinois or New York, or in the state in which the Corporate Trust Office of the Indenture Trustee is located, are
authorized or obligated by law, executive order or government decree to be closed. 
 “Certificate” means a
certificate evidencing the beneficial interest of the Certificateholder in the Issuer, substantially in the form of Exhibit A to the Trust Agreement. 
 “Certificate of Title” means, with respect to any Financed Vehicle, the certificate of title or other documentary evidence of ownership of such Financed Vehicle as issued by the
department, agency or official of the jurisdiction (whether in paper or electronic form) in which such Financed Vehicle is titled responsible for accepting applications for, and maintaining records regarding, certificates of title and liens thereon.

 “Certificate of Trust” means the certificate of trust for the Issuer filed by the Owner Trustee pursuant
to the Statutory Trust Statute. 
 “Certificateholder” means initially, Fifth Third Holdings Funding, LLC,
and any other Holder of a Certificate. 
 “Class” means a group of Notes whose form is identical except for
variation in denomination, principal amount or owner, and references to “each Class” thus mean each of the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3-A Notes, the Class A-3-B
Notes, the Class A-4-A Notes, the Class A-4-B Notes, the Class B Notes, the Class C Notes and the Class D Notes. 
 “Class A Noteholders” means, collectively, the Class A-1 Noteholders, the Class A-2-A Noteholders, the Class A-2-B Noteholders, the Class A-3-A Noteholders, the Class A-3-B Noteholders, the
Class A-4-A Noteholders and the Class A-4-B Noteholders. 
 “Class A Noteholders’ Interest Carryover
Shortfall” means, with respect to any Payment Date, the excess of the Class A Noteholders’ Monthly Accrued Interest for the preceding 

  

 3 

 
Payment Date and any outstanding Class A Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of
interest that is actually paid to Noteholders of Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A Notes on the preceding Payment Date, to the extent permitted
by law, at the respective Interest Rates borne by such Class A Notes for the related Interest Period. 
 “Class
A Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the
Class A-3-A Notes, the Class A-3-B Notes, the Class A-4-A Notes and the Class A-4-B Notes at the respective Interest Rate for such Class on the Note Balance of the Notes of each such Class on the immediately preceding Payment
Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Noteholders of the Notes of such Class on or prior to such preceding Payment Date. 
 “Class A Notes” means, collectively, the Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes,
the Class A-3-A Notes, the Class A-3-B Notes, the Class A-4-A Notes and the Class A-4-B Notes. 
 “Class A-1 Final Scheduled Payment Date” means the Payment Date occurring in April 15, 2009. 
 “Class A-1 Interest Rate” means 2.73023% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year). 
 “Class A-1 Note Balance” means, at any time, the Initial Class A-1 Note Balance reduced by all payments of
principal made prior to such time on the Class A-1 Notes. 
 “Class A-1 Noteholder” means the Person in
whose name a Class A-1 Note is registered on the Note Register. 
 “Class A-1 Notes” means the Class of
auto loan asset backed notes designated as Class A-1 Notes, issued in accordance with the Indenture. 
 “Class
A-2-A Final Scheduled Payment Date” means the Payment Date occurring in February 15, 2011. 
 “Class
A-2-A Interest Rate” means 3.58% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-2-A Note Balance” means, at any time, the Initial Class A-2-A Note Balance reduced by all payments of principal made prior to such time on the Class A-2-A Notes. 
 “Class A-2-A Noteholder” means the Person in whose name a Class A-2-A Note is registered on the Note Register.

  

 4 

 “Class A-2-A Notes” means the Class of auto loan asset backed notes
designated as Class A-2-A Notes, issued in accordance with the Indenture. 
 “Class A-2-B Final Scheduled
Payment Date” means the Payment Date occurring in February 15, 2011. 
 “Class A-2-B Interest
Rate” means the sum of LIBOR + 1.25% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year). 
 “Class A-2-B Note Balance” means, at any time, the Initial Class A-2-B Note Balance reduced by all payments of
principal made prior to such time on the Class A-2-B Notes. 
 “Class A-2-B Noteholder” means the
Person in whose name a Class A-2-B Note is registered on the Note Register. 
 “Class A-2-B Notes”
means the Class of auto loan asset backed notes designated as Class A-2-B Notes, issued in accordance with the Indenture. 
 “Class A-3-A Final Scheduled Payment Date” means the Payment Date occurring in January 17, 2012. 
 “Class A-3-A Interest Rate” means 4.07% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-3-A Note Balance” means, at any time, the Initial Class A-3-A Note Balance reduced by all payments of principal made prior to such time on the Class A-3-A Notes. 
 “Class A-3-A Noteholder” means the Person in whose name a Class A-3-A Note is registered on the Note Register.

 “Class A-3-A Notes” means the Class of auto loan asset backed notes designated as Class A-3-A Notes,
issued in accordance with the Indenture. 
 “Class A-3-B Final Scheduled Payment Date” means the Payment
Date occurring in January 17, 2012. 
 “Class A-3-B Interest Rate” means 0.00% per annum (computed on
the basis of a 360-day year of twelve 30-day months). 
 “Class A-3-B Note Balance” means, at any time, the
Initial Class A-3-B Note Balance reduced by all payments of principal made prior to such time on the Class A-3-B Notes. 
 “Class A-3-B Noteholder” means the Person in whose name a Class A-3-B Note is registered on the Note Register. 
 “Class A-3-B Notes” means the Class of auto loan asset backed notes designated as Class A-3-B Notes, issued in accordance with the Indenture. 
  

 5 

 “Class A-4-A Final Scheduled Payment Date” means the Payment Date
occurring in January 15, 2013. 
 “Class A-4-A Interest Rate” means 4.81% per annum (computed on
the basis of a 360-day year of twelve 30-day months). 
 “Class A-4-A Note Balance” means, at any time, the
Initial Class A-4-A Note Balance reduced by all payments of principal made prior to such time on the Class A-4-A Notes. 
 “Class A-4-A Noteholder” means the Person in whose name a Class A-4-A Note is registered on the Note Register. 
 “Class A-4-A Notes” means the Class of auto loan asset backed notes designated as Class A-4-A Notes, issued in accordance with the Indenture. 
 “Class A-4-B Final Scheduled Payment Date” means the Payment Date occurring in January 15, 2013. 
 “Class A-4-B Interest Rate” means the sum of LIBOR + 2.00% per annum (computed on the basis of the actual number of
days elapsed during the applicable Interest Period, but assuming a 360-day year). 
 “Class A-4-B Note
Balance” means, at any time, the Initial Class A-4-B Note Balance reduced by all payments of principal made prior to such time on the Class A-4-B Notes. 
 “Class A-4-B Noteholder” means the Person in whose name a Class A-4-B Note is registered on the Note Register. 
 “Class A-4-B Notes” means the Class of auto loan asset backed notes designated as Class A-4-B Notes, issued in
accordance with the Indenture. 
 “Class B Final Scheduled Payment Date” means the Payment Date occurring in
December 15, 2015. 
 “Class B Interest Rate” means 5.51% per annum (computed on the basis of a
360-day year of twelve 30-day months). 
 “Class B Note Balance” means, at any time, the Initial Class B
Note Balance reduced by all payments of principal made prior to such time on the Class B Notes. 
 “Class B
Noteholder” means the Person in whose name a Class B Note is registered on the Note Register. 
 “Class B
Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class B Noteholders’
Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of 

  

 6 

 
interest due but not paid to Noteholders of Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the
related Interest Period. 
 “Class B Noteholders’ Monthly Accrued Interest” means, with respect to any
Payment Date, the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after
giving effect to all payments of principal to the Class B Noteholders on or prior to such preceding Payment Date. 
 “Class B Notes” means the Class of auto loan asset backed notes designated as Class B Notes, issued in accordance with the Indenture. 
 “Class C Final Scheduled Payment Date” means the Payment Date occurring in December 15, 2015. 
 “Class C Interest Rate” means 6.08% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class C Note Balance” means, at any time, the Initial Class C Note Balance reduced by all payments of principal made
prior to such time on the Class C Notes. 
 “Class C Noteholder” means the Person in whose name a Class C
Note is registered on the Note Register. 
 “Class C Noteholders’ Interest Carryover Shortfall” means,
with respect to any Payment Date, the excess of the Class C Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class C Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the
amount in respect of interest that is actually paid to Noteholders of Class C Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class C Notes on the preceding Payment Date, to the extent
permitted by law, at the Class C Interest Rate for the related Interest Period. 
 “Class C Noteholders’ Monthly
Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance on the immediately preceding Payment
Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class C Noteholders on or prior to such preceding Payment Date. 
 “Class C Notes” means the Class of auto loan asset backed notes designated as Class C Notes, issued in accordance with the Indenture. 
 “Class D Final Scheduled Payment Date” means the Payment Date occurring in December 15, 2015. 
 “Class D Interest Rate” means 6.66% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  

 7 

 “Class D Note Balance” means, at any time, the Initial Class D Note
Balance reduced by all payments of principal made prior to such time on the Class D Notes. 
 “Class D
Noteholder” means the Person in whose name a Class D Note is registered on the Note Register. 
 “Class D
Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class D Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class D Noteholders’
Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class D Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to
Noteholders of Class D Notes on the preceding Payment Date, to the extent permitted by law, at the Class D Interest Rate for the related Interest Period. 
 “Class D Noteholders’ Monthly Accrued Interest” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class D Notes at the Class D
Interest Rate on the Class D Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class D Noteholders on or prior to such preceding Payment Date.

 “Class D Notes” means the Class of auto loan asset backed notes designated as Class D Notes, issued
in accordance with the Indenture. 
 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act and shall initially be DTC. 
 “Clearing Agency
Participant” means a broker, dealer, bank or other financial institution or other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing Date” means March 31, 2008. 
 “Code” means the Internal Revenue Code of 1986, as amended, modified or supplemented from time to time, and any successor law thereto, and the regulations promulgated and the
rulings issued thereunder. 
 “Collateral” has the meaning set forth in the Granting Clause of the
Indenture. 
 “Collection Account” means the trust account established and maintained pursuant to
Section 4.1 of the Sale and Servicing Agreement. 
 “Collection Period” means the period
commencing on the first day of each calendar month and ending on the last day of such calendar month (or, in the case of the initial Collection Period, the period commencing on the Cut-Off Date and ending on March 31, 2008). As used herein, the
“related” Collection Period with respect to a Payment Date shall be deemed to be the Collection Period which precedes such Payment Date. 
  

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 “Collections” means, with respect to any Receivable and to the extent
received by the Servicer after the Cut-Off Date, (i) any monthly payment by or on behalf of the Obligor thereunder, (ii) any full or partial prepayment of such Receivable, (iii) all Liquidation Proceeds and (iv) any other amounts
received by the Servicer which, in accordance with the Customary Servicing Practices, would customarily be applied to the payment of accrued interest or to reduce the Outstanding Principal Balance of such Receivable; provided, however,
that the term “Collections” in no event will include (1) for any Payment Date, any amounts in respect of any Receivable the Repurchase Price of which has been included in the Available Funds on such Payment Date or a prior
Payment Date, (2) any Supplemental Servicing Fees or (3) rebates of premiums with respect to the cancellation or termination of any Insurance Policy, extended warranty or service contract. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Contract Rate” means, with respect to a Receivable, the rate per annum at which interest accrues under the retail motor
vehicle installment sales contract or installment loan evidencing such Receivable. Such rate may be less than the “Annual Percentage Rate” disclosed in the Receivable. 
 “Controlling Class” shall mean, with respect to any Notes Outstanding, the Class A Notes (voting together as a
single Class) as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding and thereafter the Class C Notes as long as any Class C Notes are Outstanding and thereafter the Class D
Notes as long as any Class D Notes are Outstanding (excluding, in each case, Notes held by the Servicer, the Ohio Bank, the Michigan Bank or any of their respective Affiliates unless all of the Notes then Outstanding are held by the Servicer, the
Ohio Bank, the Michigan Bank and/or their respective Affiliates). 
 “Corporate Trust Office” means:

 (a) as used with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of the execution of the Indenture is located at 101 Barclay Street, 4W, New York, New York 10286, (facsimile no. (212) 815-2493), Attention: Jacqueline
M. Kuhn, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Swap Counterparty, the Administrator, the Servicer and the Issuer, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Administrator, the Servicer and the Owner Trustee); and 
 (b) as used with respect to Owner Trustee, the corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, (facsimile no.
(302) 636-4140), Attention: Corporate Trust Administration or at such other address as the Owner Trustee may designate by notice to the Certificateholder and the Seller, or the principal corporate trust office of any successor Owner Trustee
(the address of which the successor Owner Trustee will notify the Certificateholder and the Seller). 
  

 9 

 “Customary Servicing Practices” means the customary servicing practices
of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself or others, as such practices may be changed from time to time, it being
understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices”. 
 “Cut-Off Date” means after February 29, 2008. 
 “Dealer” means a motor
vehicle dealership. 
 “Default” means any occurrence that is, or with notice or lapse of time or both would
become, an Event of Default. 
 “Defaulted Receivable” means a Receivable with respect to which the earliest
of the following shall have occurred: (a) the date on which the related Financed Vehicle has been repossessed by the Servicer; (b) the Servicer has determined in accordance with its Customary Servicing Practices that all amounts that it
expects to receive with respect to the Receivables have been received; and (c) the end of the Collection Period in which the Receivable becomes 120 days or more past due. The Outstanding Principal Balance of any Receivable that becomes a
“Defaulted Receivable” will be deemed to be zero as of the date it becomes a “Defaulted Receivable”. 
 “Definitive Note” means a definitive fully registered Note issued pursuant to Section 2.12 of the Indenture. 
 “Delivery” when used with respect to Trust Account Property means: 
 (a)
with respect to (I) bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” as defined in Section 9-102(47) of the UCC and are susceptible of physical
delivery, transfer of actual possession thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its
nominee or custodian or endorsed in blank, and (II) with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC) transfer of actual possession thereof (i) by physical delivery of such certificated
security to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, or to another person, other than a “securities intermediary”
(as defined in Section 8-102(a)(14) of the UCC), who acquires possession of the certificated security on behalf of the Indenture Trustee or its nominee or custodian or, having previously acquired possession of the certificate, acknowledges that
it holds for the Indenture Trustee or its nominee or custodian or (ii) by delivery thereof to a “securities intermediary”, endorsed to or registered in the name of the Indenture Trustee or its nominee or custodian, or endorsed in
blank, and the making by such “securities intermediary” of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or custodian and the sending by such “securities
intermediary” of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in
registered form shall be in the name of the 

  

 10 

 
Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete
transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
 (b) with respect to any securities issued by the U.S. Treasury, the Federal Home
Loan Mortgage Corporation, the Federal National Mortgage Association or the other government agencies, instrumentalities and establishments of the United States identified in Appendix A to Federal Reserve Bank Operating Circular No. 7 as in
effect from time to time that is a “book-entry security” (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account and eligible for transfer through the Fedwire® Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations, the following procedures, all in accordance with applicable law, including applicable Federal regulations and
Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate securities account maintained with a Federal Reserve Bank by a “participant” (as such term is defined in Federal Reserve Bank Operating
Circular No. 7) that is a “depository institution” (as defined in Section 19(B)(1)(A) of the Federal Reserve Act) pursuant to applicable Federal regulations, and issuance by such depository institution of a deposit advice or
other written confirmation of such book-entry registration to the Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the making by such depository
institution of entries in its books and records identifying such book entry security held through the Federal Reserve System pursuant to Federal book-entry regulations or a security entitlement thereto as belonging to the Indenture Trustee or its
nominee or custodian and indicating that such depository institution holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become
appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
 (c) with respect to any item of Trust Account Property that is an “uncertificated security” (as defined in
Section 8-102(a)(18) of the UCC) and that is not governed by clause (b) above, (i) registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or custodian, or
(ii) registration on the books and records of the issuer thereof in the name of another person, other than a securities intermediary, who acknowledges that it holds such uncertificated security for the benefit of the Indenture Trustee or its
nominee or custodian. 
 “Depositor” means the Seller in its capacity as Depositor under the Trust
Agreement. 
 “Determination Date” means, for any Collection Period, the second Business Day preceding the
related Payment Date, beginning April 11, 2008. 
 “Dollar” and “$” mean lawful
currency of the United States of America. 
 “DTC” means The Depository Trust Company, and its successors.

  

 11 

 “Eligible Account” means either (a) a segregated account with an
Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one of the states thereof or
the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit
rating from each Rating Agency in one of its generic rating categories which signifies investment grade. Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts
meet the requirements described in clause (b) of the preceding sentence. 
 “Eligible
Institution” means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective Affiliates) organized under the laws of the United States of America or any one of the states
thereof or the District of Columbia (or any domestic branch of a foreign bank) (a) which at all times has either (i) a long-term senior unsecured debt rating of “Aa2” or better by Moody’s, “AA-” or better by
Standard & Poor’s or such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee, (ii) a certificate of deposit rating of “P-1” by
Moody’s, “A-1+” by Standard & Poor’s or (iii) such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuer or the Indenture Trustee and (b) whose
deposits are insured by the Federal Deposit Insurance Corporation. 
 “Eligible Receivable” means a
Receivable meeting all of the criteria set forth on Schedule I of each of the Purchase Agreement and the Sale and Servicing Agreement as of the Closing Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Event of Default” has the meaning set forth in Section 5.1 of the Indenture. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means any reports on Form 10-D, Form 8-K and Form 10-K filed or to be filed by the Seller with respect to the Issuer under the Exchange Act. 
 “FDIC Rule” means the Federal Deposit Insurance Corporation’s rule regarding the treatment by the FDIC, as receiver
or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or participation (12 C.F.R. § 360.6). 
 “Final Scheduled Payment Date” means, with respect to (i) the Class A-1 Notes, the Class A-1 Final
Scheduled Payment Date, (ii) the Class A-2-A Notes, the Class A-2-B Final Scheduled Payment Date, (iii) the Class A-2-B Notes, the Class A-2-B Final Scheduled Payment Date, (iv) the Class A-3-A Notes, the
Class A-3-A Final Scheduled Payment Date, (v) the Class A-3-B Notes, the Class A-3-B Final Scheduled Payment Date, (vi) the Class A-4-A Notes, the Class A-4-A Final Scheduled Payment Date, (vii) the
Class A-4-B Notes, the Class A-4-B Final Scheduled Payment Date, (viii) the Class B Notes, the Class B Final Scheduled Payment Date, 

  

 12 

 
(ix) the Class C Notes, the Class C Final Scheduled Payment Date and (x) the Class D Notes, the Class D Final Scheduled Payment Date. 
 “Financed Vehicle” means an automobile or light-duty truck, together with all accessions thereto, securing an
Obligor’s indebtedness under the applicable Receivable. 
 “First Allocation of Principal” means, with
respect to any Payment Date, an amount equal to the excess, if any, of (a) the Note Balance of the Class A Notes as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date)
over (b) the Net Pool Balance as of the end of the related Collection Period; provided, however, that the “First Allocation of Principal” for any Payment Date on and after the Final Scheduled Payment Date for any Class
of Class A Notes shall not be less than the amount that is necessary to reduce the Note Balance of that Class of Class A Notes to zero. 
 “Fourth Allocation of Principal” means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the sum of the Note Balance of the Class A Notes, Class B Notes, Class
C Notes and Class D Notes minus the First Allocation of Principal, Second Allocation of Principal and Third Allocation of Principal for such Payment Date, over (b) the Net Pool Balance as of the end of the related Collection Period;
provided, however, that the Fourth Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for the Class A Notes, the Class B Notes, the Class C Notes or Class D Notes shall not be less than the
amount that is necessary to reduce the Class A Note Balance, the Class B Note Balance, the Class C Note Balance or the Class D Note Balance, as applicable, to zero (after the application of the First Allocation of Principal, Second Allocation
of Principal and Third Allocation of Principal). 
 “Form 10-D Disclosure Item” means, with respect to any
Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject, or (b) any proceedings known to be contemplated by governmental authorities against such Person or of which any property
of such Person would be subject, in each case that would be material to the Noteholders. 
 “FTH LLC” means
Fifth Third Holdings, LLC, a Delaware limited liability company, and its successors and assigns. 
 “GAAP”
means generally accepted accounting principles in the USA, applied on a materially consistent basis. 
 “Governmental
Authority” means any (a) Federal, state, municipal, foreign or other governmental entity, board, bureau, agency or instrumentality, (b) administrative or regulatory authority (including any central bank or similar authority) or
(c) court or judicial authority. 
 “Grant” means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument
shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect
of the Collateral 

  

 13 

 
and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights
and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. Other forms of the verb
“to Grant” shall have correlative meanings. 
 “Holder” means, as the context may require, the
Certificateholder or a Noteholder or both. 
 “Indenture” means the Indenture, dated as of the Closing Date,
between the Issuer and Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Indenture Trustee” means The Bank of New York, a New York banking corporation, not in its individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture. 
 “Independent” means, when used with respect to any specified Person, that such Person (i) is in fact independent of
the Issuer, any other obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other
obligor upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, any such other obligor upon the Notes, the Administrator or any Affiliate of any of the foregoing Persons as
an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1
of the Indenture, made by an independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Appendix A and that the
signer is Independent within the meaning thereof. 
 “Initial Class A-1 Note Balance” means
$201,000,000. 
 “Initial Class A-2-A Note Balance” means $102,000,000. 
 “Initial Class A-2-B Note Balance” means $143,000,000. 
 “Initial Class A-3-A Note Balance” means $157,000,000. 
 “Initial Class A-3-B Note Balance” means $0. 
 “Initial Class A-4-A Note Balance” means $117,000,000. 
 “Initial Class A-4-B Note Balance” means $30,000,000. 
 “Initial Class B Note Balance” means $20,925,000. 
  

 14 

 “Initial Class C Note Balance” means $20,514,000. 
 “Initial Class D Note Balance” means $23,386,000. 
 “Initial Interest Rate Swap Agreement” means the ISDA Master Agreement, dated as of the Closing Date, between the
Initial Swap Counterparty and the Issuer, the Schedule and the Credit Support Annex thereto, dated as of the Closing Date, and the Confirmations thereto, each dated as of the Closing Date, and entered into pursuant to such ISDA Master Agreement, as
the same may be amended or supplemented from time to time in accordance with the terms thereof. 
 “Initial Note
Balance” means, for any Class, the Initial Class A-1 Note Balance, the Initial Class A-2-A Note Balance, the Initial Class A-2-B Note Balance, the Initial Class A-3-A Note Balance, the Initial Class A-3-B Note
Balance, the Initial Class A-4-A Note Balance, the Initial Class A-4-B Note Balance, the Initial Class B Note Balance, the Initial Class C Note Balance or the Initial Class D Note Balance, as applicable, or with respect to the Notes
generally, the sum of the foregoing. 
 “Initial Reserve Account Deposit Amount” means an amount equal to
$2,051,422. 
 “Initial Swap Counterparty” means Credit Suisse International, as the swap counterparty under
the Initial Interest Rate Swap Agreement. 
 “Insurance Policy” means (i) any theft and physical damage
insurance policy maintained by the Obligor under a Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle, and (ii) any credit life or credit disability insurance maintained by an Obligor in connection
with any Receivable. 
 “Interest Period” means, with
respect to any Payment Date, (a) with respect to the Class A-1 Notes, the Class A-2-B Notes, the Class A-3-B Notes and the Class A-4-B Notes, from and including the Closing Date (in the case of the first Payment Date) or
from and including the most recent Payment Date to but excluding that Payment Date (for example, for a Payment Date in February, the Interest Period is from and including the Payment Date in January to but excluding the Payment Date in February) and
(b) for each other Class of Notes, from and including the 15th day of the calendar month preceding each Payment Date (or the Closing Date in
the case of the first Payment Date) to but excluding the 15th day of the following month. 
 “Interest Rate” means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with
respect to the Class A-2-A Notes, the Class A-2-A Interest Rate, (c) with respect to the Class A-2-B Notes, the Class A-2-B Interest Rate, (d) with respect to the Class A-3-A Notes, the Class A-3-A Interest
Rate, (e) with respect to the Class A-3-B Notes, the Class A-3-B Interest Rate, (f) with respect to the Class A-4-A Notes, the Class A-4-A Interest Rate, (g) with respect to the Class A-4-B Notes, the
Class A-4-B Interest Rate (h) with respect to the Class B Notes, the Class B Interest Rate, (i) with respect to the Class C Notes, the Class C Interest Rate or (j) with respect to the Class D Notes, the Class D Interest Rate.

 “Interest Rate Swap Agreement” means the Initial Interest Rate Swap Agreement and any Replacement
Interest Rate Swap Agreement. 
  

 15 

 “Issuer” means Fifth Third Auto Trust 2008-1, a Delaware statutory trust
established pursuant to the Trust Agreement and the filing of the Certificate of Trust, until a successor replaces it and, thereafter, means such successor. 
 “Issuer Order” and “Issuer Request” means a written order or request of the Issuer signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee. 
 “Item 1119 Party” means the Seller, the Michigan Bank, the Ohio Bank,
FTH LLC, the Servicer, the Indenture Trustee, the Owner Trustee, any underwriter of the Notes, any Swap Counterparty and any other material transaction party identified by the Seller, the Michigan Bank, the Ohio Bank or FTH LLC to the Indenture
Trustee and the Owner Trustee in writing. 
 “LIBOR” means, with respect to any Interest Period, the London
interbank offered rate for deposits in U.S. dollars having a maturity of one month commencing on the related LIBOR Determination Date which appears on Reuters Telerate Service Page 3750 as of 11:00 a.m., London time, on such LIBOR Determination
Date; provided, however, that for the first Interest Period, LIBOR shall mean an interpolated rate for deposits based on London interbank offered rates for deposits in U.S. Dollars for a period that corresponds to the actual number of
days in the first Interest Period. If the rates used to determine LIBOR do not appear on the Reuters Telerate Service Page 3750, the rates for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having a maturity
of one month and in a principal amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m. London time, on such LIBOR Determination Date to prime banks in the London interbank market by the reference banks. The Indenture Trustee
will request the principal London office of each of such reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00%
(0.0000001), with five one-millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with
five one-millionths of a percentage point rounded upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Indenture Trustee (after consulting with the Seller), are quoting as of approximately 11:00
a.m., New York City time, on such LIBOR Determination Date to leading European banks for United States dollar deposits for that maturity; provided, that if the banks selected as aforesaid are not quoting as mentioned in this sentence, LIBOR
in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. The reference banks are the four major banks in the London interbank market selected by the Indenture Trustee (after consultation with the
Seller). 
 “LIBOR Determination Date” means the second London Business Day prior to the Closing Date with
respect to the first Payment Date and, as to each subsequent Payment Date, the second London Business Day prior to the immediately preceding Payment Date. 
 “Lien” means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on such asset or property in favor of any other Person, except any Permitted
Lien. 
  

 16 

 “Liquidation Proceeds” means, with respect to any Receivable,
(a) insurance proceeds received by the Servicer with respect to the Insurance Policies, (b) amounts received by the Servicer in connection with such Receivable pursuant to the exercise of rights under such Receivable and (c) the
monies collected by the Servicer (from whatever source, including proceeds of a sale of a Financed Vehicle, a deficiency balance recovered from the Obligor after the charge-off of such Receivable or as a result of any recourse against the related
Dealer, if any) on such Receivable, in the case of each of the foregoing clauses (a) through (c), net of any expenses (including, without limitation, any auction, repossession, legal collection expenses, painting, repair or
refurbishment expenses in respect of the related Financed Vehicle) incurred by the Servicer in connection therewith and any payments required by law to be remitted to the Obligor; provided, however, that the Repurchase Price for any
Receivable shall not constitute “Liquidation Proceeds.” 
 “London Business Day” means any
day other than a Saturday, Sunday or day on which banking institutions in London, England and New York are authorized or obligated by law or government decree to be closed. 
 “Michigan Bank” means Fifth Third Bank, a Michigan banking corporation, and its successors and assigns. 
 “Michigan Sale Agreement” means the Receivables Sale Agreement, dated as of the Closing Date, between FTH LLC and the Michigan Bank, as amended, modified or supplemented from
time to time. 
 “Monthly Remittance Condition” has the meaning set forth in Section 4.2 of the
Sale and Servicing Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor
that is a nationally recognized statistical rating organization. 
 “Net Pool Balance” means, as of any
date, the aggregate Outstanding Principal Balance of all Receivables of the Issuer on such date. 
 “Net Swap
Payment” means for the Interest Rate Swap Agreement, the net amount with respect to regularly scheduled payments, if any, owed by the Issuer to the Swap Counterparty on any Payment Date, including prior unpaid Net Swap Payments and any
interest accrued thereon, under such Interest Rate Swap Agreement; provided, that “Net Swap Payments” do not include Swap Termination Payments. 
 “Net Swap Receipts” means, for the Interest Rate Swap Agreement, the net amounts owed by the Swap Counterparty to the Issuer, if any, on any Swap Payment Date, excluding any Swap
Termination Payments. 
 “Note” means a Class A-1 Note, Class A-2-A Note, Class A-2-B Note,
Class A-3-A Note, Class A-3-B Note, Class A-4-A Note, Class A-4-B Note, Class B Note, Class C Note or Class D Note, in each case substantially in the forms of Exhibit A to the Indenture. 
  

 17 

 “Note Balance” means, with respect to any date of determination, for any
Class, the Class A-1 Note Balance, the Class A-2-A Note Balance, the Class A-2-B Note Balance, the Class A-3-A Note Balance, the Class A-3-B Note Balance, the Class A-4-A Note Balance, the Class A-4-B Note Balance,
the Class B Note Balance, the Class C Note Balance or the Class D Note Balance, as applicable, or with respect to the Notes generally, the sum of all of the foregoing. 
 “Note Depository Agreement” means the agreement, dated as of the Closing Date, between the Issuer and DTC, as the initial Clearing Agency relating to the Notes, as the same may
be amended or supplemented from time to time. 
 “Note Factor” means, with respect to the Notes or any Class
of Notes on any Payment Date, a six-digit decimal figure equal to the Note Balance of the Notes or such Class of Notes, as applicable, as of the end of the preceding Collection Period divided by the Note Balance of the Notes or such Class of Notes,
as applicable, as of the Closing Date. The Note Factor will be 1.000000 as of the Closing Date; thereafter, the Note Factor will decline to reflect reductions in the Note Balance of the Notes or such Class of Notes, as applicable. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note,
as reflected on the books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing
Agency). 
 “Note Register” and “Note Registrar” have the respective meanings set forth in
Section 2.4 of the Indenture. 
 “Noteholder” means all of the Class A-1 Noteholders, the
Class A-2-A Noteholders, the Class A-2-B Noteholders, the Class A-3-A Noteholders, the Class A-3-B Noteholders, the Class A-4-A Noteholders, the Class A-4-B Noteholders, the Class B Noteholders, the Class C Noteholders
and the Class D Noteholders. 
 “Obligor” means, for any Receivable, each Person obligated to pay such
Receivable. 
 “Officer’s Certificate” means (i) with respect to the Issuer, a certificate signed
by any Authorized Officer of the Issuer and (ii) with respect to the Seller, the Ohio Bank, FTH LLC, the Michigan Bank or the Servicer, a certificate signed by the chairman of the board, the president, any executive vice president, any vice
president, any assistant vice president, the treasurer, any assistant treasurer or the controller of the Seller or the Servicer, as applicable. 
 “Ohio Bank” means Fifth Third Bank, an Ohio banking corporation, and its successors and assigns. 
 “Ohio Sale Agreement” means the Receivables Sale Agreement, dated as of the Closing Date, between the Ohio Bank and FTH LLC, as amended, modified or supplemented from time to time. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in
the Indenture or any other applicable Transaction Document, be 

  

 18 

 
employees of or counsel to the Issuer, the Servicer, the Seller, the Ohio Bank, FTH LLC or the Administrator, and which opinion or opinions comply with any
applicable requirements of the Transaction Documents and are in form and substance reasonably satisfactory to the recipient(s). Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of
fact. 
 “Optional Purchase” has the meaning set forth in Section 8.1 of the Sale and Servicing
Agreement. 
 “Optional Purchase Price” has the meaning set forth in Section 8.1 of the Sale and
Servicing Agreement. 
 “Originator” means, with respect to any Receivable, the Michigan Bank or the Ohio
Bank, and “Originators” means, together, the Michigan Bank and the Ohio Bank. 
 “Other
Assets” means any assets (or interests therein) (other than the Trust Estate) conveyed or purported to be conveyed by the Seller to another Person or Persons other than the Issuer, whether by way of a sale, capital contribution or by virtue
of the granting of a lien. 
 “Outstanding” means, as of any date, all Notes (or all Notes of an applicable
Class) theretofore authenticated and delivered under the Indenture except: 
 (i) Notes (or Notes of an applicable Class)
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes (or Notes of
an applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if
such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 
 (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been
authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided, that in determining whether Noteholders holding the requisite aggregate principal amount of Outstanding Notes have given any request, demand, authorization, direction, notice,
consent, vote or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded and deemed not to be Outstanding unless all of the
Notes are then owned by the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent, vote or waiver, only Notes that a Responsible Officer of the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as
Outstanding if the pledgee thereof establishes to the satisfaction of the Indenture Trustee such pledgee’s right so to act with respect 

  

 19 

 
to such Notes and that such pledgee is not the Issuer, the Seller, the Servicer, the Administrator or any of their respective Affiliates. 
 “Outstanding Principal Balance” means, with respect to any Receivable as of any date, the outstanding principal balance
of such Receivable calculated in accordance with the Customary Servicing Practices; provided, however, that the Outstanding Principal Balance of any Receivable that became a Defaulted Receivable will be deemed to be zero as of the date
it becomes a Defaulted Receivable. 
 “Owner Trustee” means Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section 6.11 of the Indenture and is authorized
by the Issuer to make the payments to and distributions from the Collection Account and the Principal Distribution Account, including the payment of principal of or interest on the Notes on behalf of the Issuer. 
 “Payment Date” means the 15th day of each calendar month beginning April 15, 2008; provided, however, whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date
shall be the next Business Day. As used herein, the “related” Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which immediately follows such Collection Period. 
 “Payment Default” has the meaning set forth in Section 5.4(a) of the Indenture. 
 “Permitted Investments” means any one or more of the following types of investments: 
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America; 
 (b) demand deposits, money market deposit accounts, time deposits or certificates of deposit of any depository institution (including,
the Servicer, the Indenture Trustee or the Owner Trustee or any of their respective Affiliates) or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of
a foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation
referred to in clause (a) above or a portion of such obligation for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be
made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) of such depository institution or trust company shall have a credit rating from Standard & Poor’s of at least A-1+ and from Moody’s of Prime-1; 
  

 20 

 (c) commercial paper (including commercial paper of any Affiliate of the Seller, the
Servicer, the Indenture Trustee or the Owner Trustee or any of their respective Affiliates) having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of at least A-1+ from
Moody’s of Prime-1; 
 (d) investments in money market funds (including funds for which the Seller, the Servicer, the
Indenture Trustee or Owner Trustee or any of their respective Affiliates is investment manager or advisor) having a rating from Standard & Poor’s of AAAm or AAAm-G, from Moody’s of Aaa; 
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; and 

(f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of
America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal)
referred to in clause (b) above. 
 “Permitted Liens” means (a) the interest of the parties under
the Transaction Documents, (b) any liens for taxes not due and payable or the amount of which is being contested in good faith by appropriate proceedings and (c) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees,
repairmen and other like liens securing obligations which are not due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings. 
 “Person” means any individual, corporation, limited liability company, estate, partnership, joint venture, association,
joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
 “Physical Property” has the meaning specified in the definition of “Delivery” above. 
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; provided, however, for
the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Note. 
 “Principal Distribution Account” means the account by that name established and maintained
pursuant to Section 4.1 of the Sale and Servicing Agreement. 
 “Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding. 
 “Purchase Agreement” means the
Purchase Agreement, dated as of the Closing Date, between FTH LLC and the Seller, as amended, modified or supplemented from time to time. 
  

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 “Purchased Assets” has the meaning set forth in Section 2.1
of the Purchase Agreement. 
 “Qualified Institutional Buyer” means a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act. 
 “Rating Agency” means either or each of
Moody’s, or Standard & Poor’s, as indicated by the context. 
 “Rating Agency Condition”
means, with respect to any event or circumstance and each Rating Agency, either (a) written confirmation by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating
assigned to any of the Notes or (b) in the case of Moody’s only, that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten
days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw
its rating assigned to the Notes. Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with respect to any event, and it is understood that such Rating Agency may not actually review notices received by it prior to
or after the expiration of the ten (10) day period described in (b) above. Further, each Rating Agency retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the Notes at any time in its sole
judgment even if the Rating Agency Condition with respect to an event had been previously satisfied pursuant to clause (a) or clause (b) above. 
 “Receivable” means any retail motor vehicle installment sales contract and/or installment loan with respect to a new or used automobile or light-duty truck which shall appear on
the Schedule of Receivables and all Related Security in connection therewith which has not been released from the lien of the Indenture. 
 “Receivable Files” has the meaning set forth in Section 2.4(a) of the Sale and Servicing Agreement. 
 “Record Date” means, unless otherwise specified in any Transaction Document, with respect to any Payment Date or Redemption Date, (i) for any Definitive Notes and for the
Certificates, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Payment Date or Redemption Date occurs and (ii) for any Book-Entry Notes, the close of business on the
Business Day immediately preceding such Payment Date or Redemption Date. 
 “Records” means, for any
Receivable, all contracts, books, records and other documents or information (including computer programs, tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Receivable or the related
Obligor. 
 “Redemption Date” means, in the case of a redemption of the Notes pursuant to
Section 10.1 of the Indenture, the Payment Date specified by the Administrator or the Issuer pursuant to Section 10.1 of the Indenture. 
  

 22 

 “Redemption Price” means an amount equal to the sum of (a) unpaid
principal amount of the Notes redeemed plus (b) accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date. 
 “Registered Holder” means the Person in whose name a Note is registered on the Note Register on the related Record Date.

 “Regular Principal Distribution Amount” means, for any Payment Date, an amount not less than zero equal
to the excess of: 
  

	 	(a)	 (A) the sum of the aggregate Note Balance of the Notes as of the end of the preceding Payment Date (or, with respect to the first Payment Date, as of the Closing
Date) minus (B) the Net Pool Balance as of the end of the related Collection Period minus the Target Credit Enhancement Overcollateralization Amount 

 over 
  

	 	(b)	 the sum of the First Allocation of Principal, the Second Allocation of Principal, the Third Allocation of Principal and the Fourth Allocation of Principal for
that Payment Date; provided, however, that the Regular Principal Distribution Amount on and after the Final Scheduled Payment Date for any Class of Notes will not be less than the amount that is necessary to reduce the Note Balance of that
Class to zero (after the application of the First Allocation of Principal, the Second Allocation of Principal and the Third Allocation of Principal). 

 “Regulation AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such regulation may be amended from time to
time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff
of the Commission, or as may be, provided in writing by the Commission or its staff from time to time. 
 “Related
Security” means, for any Receivable, (i) the security interest in the related Financed Vehicle, (ii) any proceeds from claims on any Insurance Policy (if such Receivable became a Defaulted Receivable after the Cut-Off Date),
(iii) any other property securing the Receivables, (iv) all rights of the applicable Originator against the related Dealer and (v) all proceeds of the foregoing. 
 “Replacement Interest Rate Swap Agreement” means any ISDA Master Agreement, dated after the Closing Date, between the Replacement Swap Counterparty and the Issuer, the Schedule
and Credit Support Annex thereto, dated after the Closing Date, and the Confirmations thereto, each dated after the Closing Date, and entered into pursuant to such ISDA Master Agreement, and pursuant to the conditions set forth in the Initial
Interest Rate Swap Agreement, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  

 23 

 “Replacement Swap Counterparty” means, with respect to any Swap
Counterparty, any replacement Swap Counterparty under a Replacement Interest Rate Swap Agreement that satisfies the conditions set forth in the Interest Rate Swap Agreement. 
 “Reportable Event” means any event required to be reported on Form 8-K, and in any event, the following: 
 (a) entry into a material definitive agreement related to the Issuer or the Notes or an amendment to a Transaction
Document, even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 
 (b) termination of a Transaction Document (other than by expiration of the agreement on its stated termination date or as
a result of all parties completing their obligations under such agreement), even if the Seller is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB); 
 (c) with respect to the Servicer only, the occurrence of a Servicer Replacement Event; 
 (d) an Event of Default; 
 (e) the resignation, removal, replacement or substitution of the Indenture Trustee or the Owner Trustee; and 
 (f) with respect to the Indenture Trustee only, a required distribution to Holders of the Notes is not made as of the
required Payment Date under the Indenture. 
 “Repurchase Price” means, with respect to any Repurchased
Receivable, a price equal to the Outstanding Principal Balance of such Receivable plus any unpaid accrued interest related to such Receivable accrued to and including the end of the Collection Period preceding the date that such Repurchased
Receivable was purchased by the Michigan Bank, the Ohio Bank, FTH LLC, the Servicer or the Seller, as applicable. 
 “Repurchased Receivable” means a Receivable purchased by the Ohio Bank pursuant to Section 3.3 of the Ohio Sale Agreement, the Michigan Bank pursuant to Section 3.3 of the Michigan Sale Agreement, by
FTH LLC pursuant to Section 3.3 of the Purchase Agreement, by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement or by the Seller pursuant to Section 2.3 of the Sale and Servicing Agreement.

 “Reserve Account” means the account designated as such, established and maintained pursuant to
Section 4.1 of the Sale and Servicing Agreement. 
 “Reserve Account Draw Amount” means, for any
Payment Date, the amount withdrawn from the Reserve Account, equal to the lesser of (a) the Available Funds Shortfall Amount, if any, or (b) the amount on deposit in the Reserve Account on such Payment Date. In addition, if the sum of the
amounts in the Reserve Account and the remaining Available Funds after the 

  

 24 

 
payments under clauses first through tenth of Section 4.4(a) of the Sale and Servicing Agreement would be sufficient to pay in full the
aggregate unpaid Note Balance of all of the outstanding Classes of Notes, then the Reserve Account Draw Amount will, if so specified by the Servicer in the Servicer’s Certificate, include such additional amount as may be necessary to pay all
Outstanding Notes in full. 
 “Reserve Account Excess Amount” means, with respect to any Payment Date, an
amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account relating to that
Payment Date, over (b) the Specified Reserve Account Balance with respect to that Payment Date. 
 “Responsible
Officer” means, (a) with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because
of such person’s knowledge of and familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of the Indenture, (b) with respect to the Owner Trustee, any officer within the
Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuer, including any Managing Director, Director, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or
Associate, or any other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject and (c) with respect to the Servicer, the Seller or the Administrator, any officer of such Person having direct responsibility for the transactions contemplated by the
Transaction Documents, including the President, Treasurer or Secretary or any Vice President, Controller, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Sale Agreements” means, collectively, the Ohio Sale Agreement and Michigan Sale Agreement. 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the Closing Date, among the Seller,
the Issuer, the Servicer and the Indenture Trustee, as the same may be amended, modified or supplemented from time to time. 
 “Sarbanes Certification” has the meaning set forth in Section 9.21(b)(iii) of the Sale and Servicing Agreement. 
 “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended, modified or supplemented from time to time, and any successor law thereto. 
  

 25 

 “Schedule of Receivables” means the schedule of Receivables transferred
to the Issuer on the Closing Date. 
 “Second Allocation of Principal” means, with respect to any Payment
Date, an amount equal to the excess, if any, of (a) the sum of the Note Balance of the Class A Notes and Class B Notes minus the First Allocation of Principal for such Payment Date, over (b) the Net Pool Balance as of the end
of the related Collection Period; provided, however, that the Second Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for the Class A Notes or the Class B Notes shall not be less than the
amount that is necessary to reduce the Class A Note Balance or the Class B Note Balance, as applicable, to zero (after the application of the First Allocation of Principal). 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Seller” means Fifth Third Holdings Funding, LLC, a Delaware limited liability company. 
 “Senior Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under
an Interest Rate Swap Agreement that is not a Subordinated Swap Termination Payment. 
 “Servicer” means the
Ohio Bank, initially, and any replacement Servicer appointed pursuant to the Sale and Servicing Agreement. 
 “Servicer Replacement Event” means any one or more of the following that shall have occurred and be continuing: 
 (a) any failure by the Servicer to deliver or cause to be delivered any required payment to the Indenture Trustee for distribution to the Noteholders, which failure continues unremedied for five business days after
discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting
together as a single Class; 
 (b) any failure by the Servicer to duly observe or perform in any material respect any other
of its covenants or agreements in the Sale and Servicing Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for 60 days after discovery thereof by a Responsible
Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting together as a single Class (it being
understood that no Servicer Replacement Event will result from a breach by the Servicer of any covenant for which the repurchase of the affected Receivable is specified as the sole remedy pursuant to Section 2.3 or
Section 3.6 of the Sale and Servicing Agreement); 
 (c) any representation or warranty of the Servicer made in
any Transaction Document to which the Servicer is a party or by which it is bound or any certificate delivered pursuant to the Sale and Servicing Agreement proves to have been incorrect in any material respect when 

  

 26 

 
made, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which failure continues unremedied for 60 days after
discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes, voting
together as a single Class (it being understood that any repurchase of a Receivable by the Michigan Bank or the Ohio Bank pursuant to Section 3.3 of the applicable Sale Agreement; by FTH LLC pursuant to Section 3.3 of the
Purchase Agreement, by the Seller pursuant to Section 2.3 of the Sale and Servicing Agreement or by the Servicer pursuant to Section 3.6 of the Sale and Servicing Agreement shall be deemed to remedy any incorrect
representation or warranty with respect to such Receivable); or 
 (d) the Servicer suffers a Bankruptcy Event; 

provided, however, that a delay or failure of performance referred to under clauses (a), (b) or (c) above
for a period of 30 days will not constitute a Servicer Termination Event if such delay or failure was caused by force majeure or other similar occurrence. 
 The existence or occurrence of any “material instance of noncompliance” (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in clauses (a),
(b) or (c) above has occurred. 
 “Servicer’s Certificate” means the
certificate delivered pursuant to Section 3.8 of the Sale and Servicing Agreement. 
 “Servicing
Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 
 “Servicing Fee” means, for any Payment Date, the product of (A) one-twelfth (or, in the case of the first Payment Date, a fraction, the numerator of which is the number of days from but not including the Cut-Off Date
to and including the last day of the first Collection Period and the denominator of which is 360), (B) the Servicing Fee Rate and (C) the Net Pool Balance as of the first day of the related Collection Period (or, in the case of the first
Payment Date, as of the Cut-Off Date). 
 “Servicing Fee Rate” means 0.50% per annum. 
 “Simple Interest Method” means the method of calculating interest due on a motor vehicle receivable on a daily basis
based on the actual outstanding principal balance of the receivable on that date. 
 “Simple Interest
Receivable” means any motor vehicle receivable pursuant to which the payments due from the Obligors during any month are allocated between interest, principal and other charges based on the actual date on which a payment is received and for
which interest is calculated using the Simple Interest Method. 
 “Specified Reserve Account Balance” means
$2,051,422 (which is approximately 0.25% of the initial Net Pool Balance). 
  

 27 

 “Sponsor” means the Ohio Bank. 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “Statutory
Trust Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq. 
 “Subordinated Swap Termination Payment” means any Swap Termination Payment owed by the Issuer to the Swap Counterparty under an Interest Rate Swap Agreement where the Swap Counterparty is the defaulting party or sole
affected party (other than with respect to illegality or a tax event). 
 “Sub-Servicer” means any Affiliate
of the Servicer or any sub-contractor to whom any or all duties of the Servicer (including, without limitation, its duties as custodian) under the Transaction Documents have been delegated in accordance with Section 6.5 of the Sale and
Servicing Agreement. 
 “Supplemental Servicing Fees” means any and all (i) late fees,
(ii) extension fees, (iii) non-sufficient funds charges and (iv) any and all other administrative fees or similar charges allowed by applicable law with respect to any Receivable. 
 “Swap Collateral Account” means a single, segregated trust account in the name of the Indenture Trustee, which shall be
designated as the “Swap Collateral Account” which shall be held in trust for the benefit of the Noteholders established pursuant to Section 4.8(e) of the Sale and Servicing Agreement. 
 “Swap Counterparty” means the Initial Swap Counterparty and any Replacement Swap Counterparty. 
 “Swap Payment Date” means the date on which Net Swap Receipts or Net Swap Payments, as applicable, are made pursuant to
the Interest Rate Swap Agreement. 
 “Swap Replacement Proceeds” means any amounts received from a
Replacement Swap Counterparty in consideration for entering into a Replacement Interest Rate Swap Agreement for a terminated Interest Rate Swap Agreement. 
 “Swap Termination Payment” means any payment due to the Swap Counterparty by the Issuer or to the Issuer by the Swap Counterparty, including interest that may accrue thereon, under the Interest Rate
Swap Agreement due to a termination of the Interest Rate Swap Agreement due to an “event of default” or “termination event” under the Interest Rate Swap Agreement. 
 “Swap Termination Payment Account” means an Eligible Account held in the United States in the name of the Indenture
Trustee which shall be held in trust for the benefit of the Noteholders and the Swap Counterparty pursuant to Section 4.8(b) of the Sale and Servicing Agreement. 
  

 28 

 “Target Credit Enhancement Overcollateralization Amount” means, with
respect to any Payment Date, the excess, if any, of: (1) $15,590,810 over (2) the Specified Reserve Account Balance. Notwithstanding, the foregoing, if on any Payment Date, the sum of the Target Credit Enhancement Overcollateralization
Amount plus the Specified Reserve Account Balance is greater than the Note Balance that is Outstanding (prior to making any principal payments on the Notes on such Payment Date), then the “Target Credit Enhancement Overcollateralization
Amount” for that Payment Date will be an amount, if any, equal to (a) the Note Balance that is outstanding (prior to making any principal payments on the Notes on such Payment Date) minus (b) the Specified Reserve Account Balance.

 “Third Allocation of Principal” means, with respect to any Payment Date, an amount equal to the excess,
if any, of (a) the sum of the Note Balance of the Class A Notes, Class B Notes and Class C Notes minus the First Allocation of Principal and Second Allocation of Principal for such Payment Date, over (b) the Net Pool Balance as
of the end of the related Collection Period; provided, however, that the Third Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for the Class A Notes, the Class B Notes or the Class C
Notes shall not be less than the amount that is necessary to reduce the Class A Note Balance, the Class B Note Balance or the Class C Note Balance, as applicable, to zero (after the application of the First Allocation of Principal and Second
Allocation of Principal). 
 “TIA” or “Trust Indenture Act” means the Trust Indenture Act
of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided. 
 “Transaction
Documents” means the Indenture, the Notes, the Note Depository Agreement, the Sale Agreements, the Sale and Servicing Agreement, the Purchase Agreement, the Administration Agreement, the Interest Rate Swap Agreement and the Trust Agreement,
as the same may be amended or modified from time to time. 
 “Transferred Assets” means (a) the
Purchased Assets, (b) all of the Seller’s rights under the Purchase Agreement and (c) all proceeds of the foregoing. 
 “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing. 
 “Trust Accounts” has the meaning set forth
in Section 4.1 of the Sale and Servicing Agreement. 
 “Trust Agreement” means the Trust
Agreement, dated as of August 8, 2007, as amended by the First Amendment to Trust Agreement, dated as of January 8, 2008 and amended and restated by the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Seller
and the Owner Trustee, as the same may be amended and supplemented from time to time. 
 “Trust Estate”
means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Receivables acquired by the Issuer under the Sale and Servicing
Agreement, the Related 

  

 29 

 
Security relating thereto and Collections thereon after the Cut-Off Date, (ii) the Receivable Files, (iii) any refunds in connection with extended
service agreements relating to Receivables which became Defaulted Receivables after the Cut-Off Date, (iv) the rights of the Issuer to the funds on deposit from time to time in the Trust Accounts and any other account or accounts established
pursuant to the Indenture or Sale and Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and investment expenses, on
amounts on deposit therein), (v) the rights of the Seller, as buyer, under the Purchase Agreement, (vi) the rights of the Issuer under the Sale and Servicing Agreement and the Interest Rate Swap Agreement, (vii) the rights of FTH LLC
under each Sale Agreement, and (viii) all proceeds of the foregoing. 
 “UCC” means, unless the context
otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time. 
 “United States” or “USA” means the United States of America (including all states, the District of Columbia and political subdivisions thereof). 
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise
inconsistent with the terms of this Agreement, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously
recalculated at the time any information relevant to such calculation changes. 
  

 30 

 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	(a)	 Characteristics of Receivables. Each Receivable: 

 (i) has been fully and properly executed or electronically authenticated (as defined in the UCC) by the Obligor thereto; 
 (ii) has either (A) been originated by a Dealer in the ordinary course of such Dealer’s business to finance the retail sale by a Dealer of the related Financed Vehicle and has been
purchased by the applicable Originator in the ordinary course of its respective business or (B) has been originated or acquired directly by the applicable Originator in accordance with its customary practices; 
 (iii) as of the Closing Date is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the
applicable 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 applicable Originator, as secured party, which security interest,
in either case, is assignable and has been so assigned (w) by the Michigan Bank to FTH LLC, if such Receivables was originated by the Michigan Bank, (x) by the Ohio Bank to FTH LLC, if such Receivables was originated by the Ohio Bank,
(y) by FTH LLC to the Seller and (z) 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 payment may be
different 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. Each Receivable has the following individual characteristics as of the Cut-Off Date: 

 (i) each Receivable is secured by a new or used automobile or light-duty truck; 
 (ii) each Receivable has a Contract Rate of no less than 5.00% and not more than 18.24%; 
  

 I-1 

 (iii) each Receivable had an original term to maturity of not more than 84 months and not
less than 12 months and each Receivable has a remaining term to maturity, as of the Cut-Off Date, of 6 months or more; 
 (iv) each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $3,000.59; 
 (v) no Receivable has a scheduled maturity date later than February 28, 2015; 
 (vi) no Receivable was more
than 30 days past due as of the Cut-Off Date; 
 (vii) as of the Cut-Off Date, 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; 
 (ix) each of the Receivables were selected using selection procedures that were not known or intended
by the Seller or the Servicer to be adverse to the Issuer; and 
 (x) the Dealer of the Financed Vehicle has no participation
in, or other right to receive, any proceeds of such Receivable. 
  

	(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, Federal Reserve Board 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, 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. 

  

	(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. 

  

 I-2 

	(g)	 No Waiver. As of the Cut-Off Date, no provision of a Receivable has been waived. 

  

	(h)	 No Default. Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records of the Servicer did not
disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or both, would constitute a default,
breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date. 

  

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

  

	(j)	 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. 

  

	(k)	 Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, conveyance or
pledge of such Receivable would be unlawful, void, or voidable. The Seller has not entered into any agreement with any Obligor that prohibits, restricts or conditions the assignment of the related Receivable. 

  

	(l)	 Good Title. It is the intention of the Seller that the sale, contribution, transfer, assignment and conveyance herein contemplated constitute an absolute
sale, contribution, transfer, assignment and conveyance of the Receivables and that the Receivables not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. 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 the sale and transfer herein contemplated, the Seller had good and
marketable title to each Receivable free and clear of all Liens, and, immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens).

  

	(m)	 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), and to give the Indenture Trustee a first priority perfected security interest therein, will be made within ten days of the Closing Date.

  

	(n)	 Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the Transaction
Documents. The Seller has not authorized the filing of and is not aware of any financing 

  

 I-3 

	 	 
statements against the Michigan Bank, the Ohio Bank, FTH LLC, or the Seller that include a description of collateral covering the Receivables other than any
financing statement relating to security interests granted under the Transaction Documents or that have been terminated. The Sale and Servicing 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 (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Seller.

  

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

  

	(p)	 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. 

  

	(q)	 No Defenses. The Seller has no knowledge either of any facts which would give rise to any right of rescission, set-off, counterclaim or defense, or of the
same being asserted or threatened, with respect to any Receivable. 

  

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

  

	(s)	 Pennsylvania Receivables. If such Receivable has an Obligor with a mailing address in Pennsylvania, then such Receivable is not an “installment sale
contract” within the meaning of the Pennsylvania Motor Vehicles Sales Finance Act, 69 P.S. §601 et. seq. 

  

	(t)	 Electronic Chattel Paper. As of the Cut-Off Date, such Receivable did not cause the aggregate Outstanding Principal Balance of all Receivables that
constitute “electronic chattel paper” (as defined in the UCC) to exceed 1.00% of the Net Pool Balance as of the Cut-Off Date. 

  

	(u)	 Prepayments. The Receivable requires the Obligor thereunder to pay, upon any prepayment 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. 

  

 I-4 

 SCHEDULE II 
 NOTICE ADDRESSES 
 If to the Issuer: 
 Fifth Third Auto Trust 2008-1 
 c/o Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Facsimile no. (302) 636-4140 
 Attention: Corporate Trust Administration 
 with copies to the Administrator, Fifth
Third Bank, an Ohio banking corporation and the Indenture Trustee 
 If to the Owner Trustee: 
 Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890 
 Facsimile no. (302) 636-4140 
 Attention: Corporate Trust Administration 
 If to the Indenture Trustee: 
 The Bank of New York 
 101 Barclay Street, 4W 
 New York, New York 10286 
 Facsimile no. (212) 815-2493 
 Attention: Jacqueline M. Kuhn 

If to Seller: 
 Fifth Third Holdings Funding, LLC 
 1701 Golf Road 
 Tower
1, 9th Floor 
 Rolling Meadows, Illinois 60008

 Facsimile no. (513) 534-4319 
 Attention: Joe Knapp

  

 II-1 

 If to the Servicer or Sponsor: 
 Fifth Third Bank 
 38 Fountain Square Plaza 
 Cincinnati, Ohio 45263 
 Facsimile no.
(513) 534-4319 
 Attention: Joe Knapp 
 If
to Moody’s: 
 Moody’s Investors Service, Inc. 
 99
Church Street 
 New York, New York 10007 
 Facsimile no.
(212) 298-7139 
 Attention: ABS Monitoring Group 
 If to
Standard & Poor’s: 
 Standard & Poor’s Ratings Services 
 55 Water Street 
 New York, New York 10041 
 Facsimile no. (212) 438-2664 
 Attention: Asset Backed Surveillance Group 
  

 II-2 

 EXHIBIT A 
 FORM OF ASSIGNMENT PURSUANT TO 
 SALE AND SERVICING AGREEMENT 
 March 31, 2008 
 For value received, in accordance with the Sale and Servicing Agreement, dated as of March 31, 2008 (the “Agreement”), between Fifth Third Auto Trust 2008-1, a Delaware statutory trust (the “Issuer”),
Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the “Seller”), Fifth Third Bank, an Ohio banking corporation, and The Bank of New York, a New York banking corporation, as indenture trustee, on the terms and
subject to the conditions set forth in the Agreement, the Seller does hereby transfer, assign, set over, sell and otherwise convey to the Issuer without recourse (subject to the obligations in the Agreement) on March 31, 2008 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 Seller to the Issuer on the date hereof (such schedule, the “Schedule of Receivables”), the Collections
after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, together with all of Seller’s rights under the Purchase Agreement, the Ohio Sale Agreement and the Michigan Sale Agreement and all proceeds of the
foregoing, which sale shall be effective as of the Cut-Off Date. 
 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 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. 
  

			
	FIFTH THIRD HOLDINGS FUNDING, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 A-2 

 EXHIBIT B 
 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 and the Indenture Trustee 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” or “general intangibles,” within the meaning of the applicable UCC. 
 3. Each
Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the applicable 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 applicable 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, assignment and conveyance of a Receivable by the Seller to the
Issuer, the Seller owned and had good and marketable title to such Receivable free and clear of any Lien 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 related Originator 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. 
 Perfection

 6. The Seller has caused or will have caused, 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 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 

  

 B-1 

 
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
instruments or tangible chattel paper, either: 
 (i) All original executed copies of each such instrument or tangible chattel paper have
been delivered to the Indenture Trustee; or 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer and the
Indenture Trustee has received a written acknowledgment from the Servicer that the Servicer, in its capacity as custodian, is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or

 (iii) 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. 
 Priority 

8. Neither the Seller nor the Ohio Bank has authorized the filing of, and is not aware of any financing statements against the Seller or the Ohio Bank
that include a description of collateral covering the Receivables other than any financing statement (i) relating to conveyance of Receivables by the Ohio Bank or the Michigan Bank under the applicable Sale Agreement, (ii) relating to the
conveyance of the Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iv) relating to the security
interest granted to the Indenture Trustee under the Indenture or (v) that has been terminated. 
 9. Neither the Seller nor the Ohio
Bank is aware of any material judgment, ERISA or tax lien filings against either the Seller or the Ohio Bank. 
 10. Neither the Seller nor
the Ohio Bank nor a custodian or vaulting agent thereof holding any Receivable that is electronic chattel paper has communicated an authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the
Servicer. 
 11. None of the instruments, tangible chattel paper or electronic chattel paper that constitute or evidence 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
and Servicing Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Exhibit B shall be continuing, and remain in full force and effect until such time as all 

  

 B-2 

 
obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 
 No Waiver 
 13. The parties to
the Sale and Servicing Agreement shall provide the Rating Agencies with prompt written notice of any breach of the perfection representations, warranties and covenants contained in this Exhibit B, and shall not waive a breach of any of such
perfection representations, warranties or covenants. 
 Servicer to Maintain Perfection and Priority 
 14. The Servicer covenants that, in order to evidence the interests of the Seller and Issuer under the Sale and Servicing Agreement and the Indenture
Trustee under the Indenture, Servicer shall take such action, or execute and deliver such instruments as may be necessary or advisable (including, without limitation, such actions as are requested by the Indenture Trustee) to maintain and perfect,
as a first priority perfected security interest, the Indenture Trustee’s security interest in the Receivables. The Servicer shall, from time to time and within the time limits established by law, prepare and file, all financing statements,
amendments, continuations, initial financing statements in lieu of a continuation statement, terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the
Indenture Trustee’s security interest in the Receivables as a first-priority perfected security interest. 
  

 B-3 

 EXHIBIT C 
 SERVICING CRITERIA TO BE ADDRESSED IN 
 INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE

 The assessment of compliance to be delivered by the Indenture Trustee shall address, at a 
 minimum, the criteria identified below as “Applicable Servicing Criteria”: 
  

					
	 Servicing Criteria
	  	Applicable Servicing
Criteria
	 Reference
	  	 Criteria
	  	 
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	 Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.
	  	
			
	1122(d)(1)(ii)	  	 If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance
with such servicing activities.
	  	
			
	1122(d)(1)(iii)	  	 Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.
	  	
			
	1122(d)(1)(iv)	  	 A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage
required by and otherwise in accordance with the terms of the transaction agreements.
	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	 Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or
such other number of days specified in the transaction agreements.
	  	
			
	1122(d)(2)(ii)	  	 Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
	  	X
			
	1122(d)(2)(iii)	  	 Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements.
	  	
			
	1122(d)(2)(iv)	  	 The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with
respect to commingling of cash) as set forth in the transaction agreements.
	  	X
			
	1122(d)(2)(v)	  	 Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion,
“federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.
	  	X
			
	1122(d)(2)(vi)	  	 Unissued checks are safeguarded so as to prevent unauthorized access.
	  	
			
	1122(d)(2)(vii)	  	 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.
These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than
the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.
	  	X

  

 C-1 

					
	 Servicing Criteria
	  	Applicable Servicing
Criteria
	 Reference
	  	 Criteria
	  	 
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	 Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements.
Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed
with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.
	  	
			
	1122(d)(3)(ii)	  	 Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction
agreements.
	  	(solely with respect to
remittance)
X
			
	1122(d)(3)(iii)	  	 Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.
	  	X
			
	1122(d)(3)(iv)	  	 Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.
	  	X
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	 Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents.
	  	
			
	1122(d)(4)(ii)	  	 Pool assets and related documents are safeguarded as required by the transaction agreements
	  	
			
	1122(d)(4)(iii)	  	 Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.

	  	
			
	1122(d)(4)(iv)	  	 Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more
than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.
	  	
			
	1122(d)(4)(v)	  	 The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal
balance.
	  	
			
	1122(d)(4)(vi)	  	 Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized Personnel in
accordance with the transaction agreements and related pool asset documents.
	  	
			
	1122(d)(4)(vii)	  	 Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated,
conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.
	  	
			
	1122(d)(4)(viii)	  	 Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained
on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in
cases where delinquency is deemed temporary (e.g., illness or unemployment).
	  	
			
	1122(d)(4)(ix)	  	 Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.
	  	

  

 C-2 

					
	 Servicing Criteria
	  	Applicable Servicing
Criteria
	 Reference
	  	 Criteria
	  	 
		  	Investor Remittances and Reporting	  	
			
	1122(d)(4)(x)	  	 Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at
least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and state laws; and (C) such funds are returned to the
obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.
	  	
			
	1122(d)(4)(xi)	  	 Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate
bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.
	  	
			
	1122(d)(4)(xii)	  	 Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless
the late payment was due to the obligor’s error or omission.
	  	
			
	1122(d)(4)(xiii)	  	 Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days
specified in the transaction agreements.
	  	
			
	1122(d)(4)(xiv)	  	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.
	  	
			
	1122(d)(4)(xv)	  	 Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction
agreements.
	  	

  

 C-3 

 EXHIBIT D 
 FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
  

	Re:	 FIFTH THIRD AUTO TRUST 2008-1 

 The Bank of New York, not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies to Fifth Third Holdings Funding, LLC (the “Seller”), and its
officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) It has
reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Item 1122 of
Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB (the
“Attestation Report”) that were delivered by the Indenture Trustee to the Seller pursuant to the Sale and Servicing Agreement (the “Agreement”), dated as of March 31, 2008, by and among Fifth Third Holdings
Funding, LLC, the Seller, the Indenture Trustee and Fifth Third Auto Trust 2008-1; 
 (2) To the best of its
knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements
were made, not misleading with respect to the period of time covered by the Servicing Assessment; and 
 (3)
To the best of its knowledge, all of the information required to be provided by the Indenture Trustee pursuant to Sections 9.21 and 9.22 of the Agreement has been provided to the Seller. 
  

			
	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee
		
	Date:	 	 

  

 D-1 

 EXHIBIT E 
 FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
 REGARDING ITEM 1117 AND
ITEM 1119 OF REGULATION AB 
 Reference is made to the Form 10-K of Fifth Third Auto Trust 2008-1 (the
“Form 10-K”) for the fiscal year ended December 31, 20[    ]. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Form 10-K. 
 The Bank of New York, a New York banking corporation (“BNY”), does hereby certify to the Sponsor, the Depositor and the
Issuing Entity that: 
 1. As of the date of the Form 10-K, there are no pending legal Proceedings against BNY or Proceedings
known to be contemplated by governmental authorities against BNY that would be material to the investors in the Notes. 
 2.
As of the date of the Form 10-K, there are no affiliations, as contemplated by Item 1119 of Regulation AB, between BNY and any of Fifth Third Bank, a Michigan banking corporation (in its capacities as Sponsor and Originator), Fifth Third Bank,
an Ohio banking corporation (in its capacity as Originator, Servicer and Administrator), Fifth Third Holdings, LLC, Fifth Third Holdings Funding, LLC, the Indenture Trustee, the Owner Trustee and the Issuing Entity, or any affiliates of such
parties. 
 IN WITNESS WHEREOF, BNY has caused this certificate to be executed in its corporate name by an officer thereunto
duly authorized. 
 Dated:             , 20[    ] 
  

			
	THE BANK OF NEW YORK, as Indenture Trustee
		
	By:	 	 
	Name:	 	
	Title:	 	

  

					
		  	E-1Purchase Agreement, dated as of March 31, 2008

 Exhibit 10.2 
  
  
  
 PURCHASE AGREEMENT 
 dated as of
March 31, 2008 
 between 
 FIFTH THIRD HOLDINGS, LLC 
 and 
 FIFTH THIRD HOLDINGS FUNDING, LLC 
  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 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 and Contribute 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 FTH LLC
	  	2
	 SECTION 3.2
	  	 Representations and Warranties of FTH LLC as to each Receivable
	  	3
	 SECTION 3.3
	  	 Repurchase upon Breach
	  	4
	 SECTION 3.4
	  	 Protection of Title
	  	4
	 SECTION 3.5
	  	 Other Liens or Interests
	  	5
	 SECTION 3.6
	  	 Perfection Representations, Warranties and Covenants
	  	5
			
	 ARTICLE IV
	  	 MISCELLANEOUS
	  	5
			
	 SECTION 4.1
	  	 Transfers Intended as Sale; Security Interest
	  	5
	 SECTION 4.2
	  	 Notices, Etc.
	  	6
	 SECTION 4.3
	  	 Choice of Law
	  	7
	 SECTION 4.4
	  	 Headings
	  	7
	 SECTION 4.5
	  	 Counterparts
	  	7
	 SECTION 4.6
	  	 Amendment
	  	7
	 SECTION 4.7
	  	 Waivers
	  	8
	 SECTION 4.8
	  	 Entire Agreement
	  	8
	 SECTION 4.9
	  	 Severability of Provisions
	  	8
	 SECTION 4.10
	  	 Binding Effect
	  	9
	 SECTION 4.11
	  	 Acknowledgment and Agreement
	  	9
	 SECTION 4.12
	  	 Cumulative Remedies
	  	9
	 SECTION 4.13
	  	 Nonpetition Covenant
	  	9
	 SECTION 4.14
	  	 Submission to Jurisdiction; Waiver of Jury Trial
	  	9
	 SECTION 4.15
	  	 Limitation of Rights
	  	10

  

 i 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Assignment Pursuant to Purchase Agreement
	Schedule I	  	Representations and Warranties With Respect to the Receivables
	Schedule II	  	Perfection Representations, Warranties and Covenants

  

 ii 

 THIS PURCHASE AGREEMENT is made and entered into as of March 31, 2008 (as amended
from time to time, this “Agreement”) by FIFTH THIRD HOLDINGS, LLC, a Delaware limited liability company (“FTH LLC”), and FIFTH THIRD HOLDINGS FUNDING, LLC, a Delaware limited liability company (the
“Purchaser”). 
 WITNESSETH: 
 WHEREAS, the Purchaser desires to purchase from FTH LLC a portfolio of motor vehicle receivables, including retail motor vehicle installment sales contracts and/or installment loans that are secured by new and used
automobiles and light-duty trucks; and 
 WHEREAS, FTH LLC is willing to sell such portfolio of motor vehicle receivables and
related property to the Purchaser on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in
consideration of the premises and the mutual agreements set forth herein, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND USAGE 
 SECTION 1.1 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 and Servicing Agreement
dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among Fifth Third Auto Trust 2008-1, Fifth Third Bank, an Ohio banking corporation, as
servicer, the Purchaser, as seller, and The Bank of New York, as indenture trustee. 
 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; (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” 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; and (g) references to any Person include that Person’s successors and assigns. 

 ARTICLE II 
 PURCHASE 
 SECTION 2.1 Agreement to Sell and Contribute on the Closing Date. On the
terms and subject to the conditions set forth in this Agreement, FTH LLC agrees to transfer, assign, set over, sell and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of its right,
title, interest, claims and demands of the Seller, in, to and under each of (a) the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in the assignment in the form of
Exhibit A (“Assignment”) delivered on the Closing Date (the “Purchased Assets”) having a Net Pool Balance as of the Cut-Off Date equal to $820,573,733.90, which sale shall be effective as of the Cut-Off Date,
(b) the Ohio Sale Agreement and (c) the Michigan Sale Agreement. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of FTH LLC
or the applicable Originator to the Obligors, the Dealers 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. In consideration of the transfer of the Purchased Assets conveyed to the Purchaser on the
Closing Date, the Purchaser shall pay in cash to FTH LLC on such date an amount equal to the estimated fair market value of the Purchased Assets on the Closing Date. Notwithstanding the preceding sentence, if such purchase price for the Purchased
Assets exceeds the amount of cash available to the Purchaser from the proceeds of the sale of the Notes, then an undivided interest in such Purchased Assets in an amount equal to such excess shall be deemed to have been contributed to the Purchaser
by FTH LLC. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 3.1 Representations and Warranties of FTH LLC. FTH LLC
makes the following representations and warranties as of the Closing Date on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets
to the Purchaser pursuant to this Agreement, the conveyance of the Purchased Assets to the Issuer pursuant to the Sale and Servicing Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and Power. FTH LLC is a limited liability company validly existing and in good standing under the laws of its state
of organization and has, in all material respects, all power and authority to carry on its business as it is now conducted. FTH LLC has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially
and adversely affect the ability of FTH LLC 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. 
  

 -2- 

 (b) Authorization and No Contravention. The execution, delivery and performance by
FTH LLC of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of FTH LLC and (ii) do not contravene or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do not affect the legality, validity or
enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or FTH LLC’s ability to perform its obligations under, the Transaction Documents).

 (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 FTH LLC of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and
(iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Purchased Assets or would not materially and
adversely affect the ability of FTH LLC to perform its obligations under the Transaction Documents. 
 (d) Binding
Effect. Each Transaction Document to which FTH LLC is a party constitutes the legal, valid and binding obligation of FTH LLC enforceable against FTH LLC in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in
effect or by general principles of equity. 
 (e) No Proceedings. There are no actions, suits or Proceedings pending
or, to the knowledge of FTH LLC, threatened against FTH LLC before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the
issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by
FTH LLC of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Receivables, or (iv) relate to FTH LLC that would materially and adversely affect the federal or Applicable
Tax State income, excise, franchise or similar tax attributes of the Notes. 
 (f) Lien Filings. There are no material
judgment, ERISA or tax lien filings against FTH LLC. 
 SECTION 3.2 Representations and Warranties of FTH LLC as to each
Receivable. FTH LLC hereby makes the representations and warranties set forth on Schedule I as to the Receivables, sold, contributed, transferred, assigned, set over, sold and otherwise conveyed to the Purchaser under this Agreement on
which such representations and warranties the Purchaser relies in acquiring the Receivables. Such representations and warranties shall survive the sale of the Receivables to the Issuer under the Sale and Servicing Agreement, and the Grant of the
Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture. Notwithstanding 

  

 -3- 

 
any statement to the contrary contained herein or in any other Transaction Document, FTH LLC 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 Purchaser or FTH LLC of a breach of any of the representations and warranties set forth in Section 3.2 at the time such
representations and warranties were made which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party;
provided, that delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by the Servicer and the Issuer of such breach; provided, further, that the failure to give such notice shall not affect any
obligation of FTH LLC hereunder. If FTH LLC does not correct or cure such breach prior to the end of the Collection Period which includes the 60th day (or, if FTH LLC elects, an earlier date) after the date that FTH LLC became aware or was notified
of such breach, then FTH LLC shall purchase any Receivable materially and adversely affected by such breach from the Purchaser on the Payment Date following the end of such Collection Period. Any such breach or failure will not be deemed to have a
material and adverse effect if such breach or failure does not affect the ability of the Purchaser (or its assignee) to receive and retain timely payment in full on such Receivable. Any such purchase by FTH LLC shall be at a price equal to the
Repurchase Price. In consideration for such repurchase, FTH LLC shall make (or shall cause to be made) a payment to the Purchaser equal to the Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City
time on such Payment Date. Upon payment of such Repurchase Price by FTH LLC, the Purchaser 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 FTH LLC to evidence such release, transfer or assignment or more effectively vest in FTH LLC or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the obligation of FTH LLC to purchase
any Receivable as described above shall constitute the sole remedy respecting such breach available to the Purchaser. 
 SECTION 3.4 Protection of Title. 
 (a) FTH LLC shall authorize and file such financing statements and cause
to be authorized and filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables. FTH LLC
shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) The Seller will notify the Borrower in writing within ten (10) days following the occurrence of (i) any change in the
Seller’s organizational structure as a limited liability company, (ii) any change in the Seller’s “location” (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in
the Seller’s name and shall have taken 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 possible to take such action in advance) reasonably
necessary or advisable in the opinion of the Purchaser to amend all 

  

 -4- 

 
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) FTH LLC shall maintain (or shall cause the Servicer to maintain) its
computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer records (including any backup archives, it being understood that any such backup archives may not reflect such interest
until thirty-five (35) days after the applicable changes are made to such master computer records) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable
and that such Receivable is owned by such Person. Indication of such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or
repurchased. 
 (d) If at any time FTH LLC shall propose to sell, grant a security interest in or otherwise transfer any
interest in motor vehicle receivables to any prospective purchaser, lender or other transferee, FTH LLC shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Purchaser (or any subsequent assignee of the Purchaser). 
 SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and
the other Transaction Documents, FTH LLC shall not sell, pledge, assign or transfer the Receivables or other property transferred to the Purchaser to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted
Liens) on any interest therein, and FTH LLC shall defend the right, title and interest of the Purchaser in, to and under such Receivables or other property transferred to the Purchaser against all claims of third parties claiming through or under
FTH LLC. 
 SECTION 3.6 Perfection Representations, Warranties and Covenants. FTH LLC hereby makes the perfection
representations, warranties and covenants set forth on Schedule II hereto to the Purchaser and the Purchaser shall be deemed to have relied on such representations, warranties and covenants in acquiring the Purchased Assets. 
 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 and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Receivables and other
Purchased Assets shall not be part of FTH LLC’s estate in the event of a bankruptcy or insolvency of FTH LLC. The sales and transfers by FTH LLC of the Receivables and related Purchased Assets hereunder are and shall be without recourse to, or
representation or warranty 

  

 -5- 

 
(express or implied) by, FTH LLC, except as otherwise specifically provided herein. The limited rights of recourse specified herein against FTH LLC are
intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b) Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of FTH LLC, or if for any reason this Agreement is held or deemed to create
indebtedness or a security interest in the Receivables and other Purchased Assets, then it is intended that: 
 (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; 
 (ii) The conveyance provided for in Section 2.1 shall be deemed to be a grant by FTH LLC of, and FTH LLC
hereby grants to the Purchaser, a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Purchased Assets, to secure such
indebtedness and the performance of the obligations of FTH LLC hereunder; 
 (iii) The possession by the
Purchaser or its agent of the Receivable Files and any other property that constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a
Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 
 (iv) Notifications to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding
such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Purchaser for the purpose of perfecting such security interest under applicable law. 
 SECTION 4.2 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 and addressed in each case as specified on Schedule II to the Sale and Servicing Agreement, or at such other
address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of
such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices
hereunder; provided, however, that any notice to a Noteholder mailed within the time and manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such
notice. 
  

 -6- 

 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, 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 FTH LLC and the Purchaser without the consent of the Indenture Trustee, any
Noteholder, the Issuer, the Swap Counterparty, the Owner Trustee or any other Person subject to Section 4.6(f) and the satisfaction of the Rating Agency Condition. 
 (b) Subject to Section 4.6(f), any term or provision of this Agreement may be amended by FTH LLC and the Purchaser without the consent of the Indenture Trustee, any Noteholder, the
Swap Counterparty, the Issuer, the Owner Trustee, the Servicer or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to enable FTH LLC, the Purchaser or any of their Affiliates to comply with or
obtain more favorable treatment under any law or regulation or any accounting rule or principle (whether now or in the future in effect), it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.

 (c) Subject to Section 4.6(f), this Agreement may also be amended from time to time by FTH LLC and the
Purchaser, with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Note Balance 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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such
consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such
reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any such amendment to this Agreement, FTH LLC shall provide written notification of the substance of such amendment to each Rating Agency; and 

  

 -7- 

 
promptly after the execution of any such amendment or consent, FTH LLC shall furnish a copy of such amendment or consent to each Rating Agency and the
Indenture Trustee. 
 (e) 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 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. 
 (f) Notwithstanding anything to the contrary herein, (i) this Agreement may not be amended in any way that would materially and adversely affect 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 without the prior written consent of such Person; (ii) this Agreement may not be amended in any way that would
materially and adversely affect the rights or obligations of the Swap Counterparty unless the Swap Counterparty shall have consented in writing to such amendment; and (iii) this Agreement may not be amended in any way that would significantly
change the permitted activities or powers of the Issuer even if such amendment would not have an adverse effect on the Holders of the Notes without the consent of the Holders of at least a majority of the Outstanding Notes. 
 SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the Servicer, FTH LLC, the Issuer or the Indenture Trustee
in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or FTH LLC in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this
Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted
hereunder. 
 SECTION 4.8 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. 
  

 -8- 

 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,
FTH LLC expressly acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights and obligations of FTH LLC related thereto by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the Grant of
a security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders and the Swap Counterparty. In addition, FTH LLC hereby acknowledges and agrees
that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement. 
 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 hereto 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) none of the parties hereto shall 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 legal action or 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 action or Proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of such action or Proceeding 

  

 -9- 

 
in any such court or that such action or Proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or Proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such Person at its address 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
action, 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 Limitation of Rights. All of the rights of the Swap Counterparty in, to and under this Agreement, if any, shall
terminate upon the termination of the Interest Rate Swap Agreement in accordance with the terms thereof and the payment in full of all amounts owing to the Swap Counterparty under such Interest Rate Swap Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 -10- 

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

			
	FIFTH THIRD HOLDINGS, LLC
		
	By:	 	/s/ Michael Brost
	Name:	 	Michael Brost
	Title:	 	Treasurer

  

			
	FIFTH THIRD HOLDINGS FUNDING, LLC
		
	By:	 	/s/ Tayfun Tuzun
	Name:	 	Tayfun Tuzun
	Title:	 	President

  

 S-1 

 EXHIBIT A 
 FORM OF 
 ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT 
 March 31, 2008 
 For value received, in accordance with the Purchase Agreement dated as of March 31, 2008 (the “Agreement”), between Fifth Third Holdings, LLC, a Delaware limited liability company (“FTH LLC”), and
Fifth Third Holdings Funding, LLC, a Delaware limited liability company (the “Purchaser”), on the terms and subject to the conditions set forth in the Agreement, FTH LLC does hereby transfer, assign, set over, sell and otherwise
convey to the Purchaser without recourse (subject to the obligations in the Agreement) on the Closing Date, all of its right, title, interest claims and demands in, to and under the Receivables set forth on the schedule of Receivables delivered by
FTH LLC to the Purchaser on the date hereof, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, which sale shall be effective as of the Cut-Off Date. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of the
undersigned or the applicable Originator to the Obligors, the Dealers 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, or if not defined in the Agreement, in Appendix A to the Sale and Servicing Agreement, dated as of March 31, 2008, among Fifth Third Bank, an Ohio banking corporation, Fifth Third Auto Trust
2008-1, the Purchaser, as seller, and The Bank of New York, as indenture trustee. 
 [Remainder of page intentionally left blank] 

 

 A-1 

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

			
	FIFTH THIRD HOLDINGS, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 A-2 

 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	(a)	 Characteristics of Receivables. Each Receivable: 

  

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

  

	 	(ii)	 has either (A) been originated by a Dealer in the ordinary course of such Dealer’s business to finance the retail sale by a Dealer of the related
Financed Vehicle and has been purchased by the applicable Originator in the ordinary course of its respective business or (B) has been originated or acquired directly by the applicable Originator in accordance with its customary practices;

  

	 	(iii)	 as of the Closing Date is secured by a first priority validly perfected security interest in the Financed Vehicle in favor of the applicable 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 applicable Originator, as secured party, which security interest, in either case, is
assignable and has been so assigned (x) by such Originator to FTH LLC, (y) by FTH LLC to the Purchaser and (z) by the Purchaser 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)	 provides, at origination, for level monthly payments which fully amortize the initial Outstanding Principal Balance over the original term; provided, that
the amount of the first or last payment may be different 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. Each Receivable has the following individual characteristics as of the Cut-Off Date: 

  

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

  

	 	(ii)	 each Receivable has a Contract Rate of no less than 5.00% and not more than 18.24%; 

  

	 	(iii)	 each Receivable had an original term to maturity of not more than 84 months and not less than 12 months and each Receivable has a remaining term to maturity, as
of the Cut-Off Date, of 6 months or more; 

  

					
		  	Schedule I-1	  	

	 	(iv)	 each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of greater than or equal to $3,000.59; 

  

	 	(v)	 no Receivable has a scheduled maturity date later than February 28, 2015; 

  

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

  

	 	(vii)	 as of the Cut-Off Date, 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; 

  

	 	(ix)	 each of the Receivables were selected using selection procedures that were not known or intended by FTH LLC to be adverse to the Purchaser; and

  

	 	(x)	 the Dealer of the Financed Vehicle has no participation in, or other right to receive, any proceeds of such Receivable. 

  

	(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, Federal Reserve Board 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, 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. 

  

	(f)	 Receivable in Force. The 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 Waiver. As of the Cut-Off Date, no provision of a Receivable has been waived. 

  

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

  

					
		  	Schedule I-2	  	

	 	 
notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen
as of the Cut-Off Date. 

  

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

  

	(j)	 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. 

  

	(k)	 Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, conveyance or
pledge of such Receivable would be unlawful, void, or voidable. FTH LLC has not entered into any agreement with any Obligor that prohibits, restricts or conditions the assignment of the related Receivable. 

  

	(l)	 Good Title. It is the intention of FTH LLC that the sale, contribution, transfer, assignment and conveyance herein contemplated constitute an absolute
sale, contribution, transfer, assignment and conveyance of the Receivables and that the Receivables not be part of FTH LLC’s estate in the event of the filing of a bankruptcy petition by or against the Purchaser under any bankruptcy law. 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 the sale and transfer herein contemplated, FTH LLC had good and
marketable title to each Receivable free and clear of all Liens, and, immediately upon the sale and transfer thereof, the Purchaser will have good and marketable title to each Receivable, free and clear of all Liens (other than Permitted Liens).

  

	(m)	 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), and to give the Indenture Trustee a first priority perfected security interest therein, will be made within ten days of the Closing Date.

  

	(n)	 Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or otherwise conveyed other than pursuant to the Transaction
Documents. FTH LLC has not authorized the filing of and is not aware of any financing statements against FTH LLC or the Purchaser that include a description of collateral covering the Receivables other than any financing statement relating to
security interests granted under the Transaction Documents or that have been terminated. The Purchase Agreement creates a valid and continuing security interest in the Receivables (other than the Related Security with respect thereto) in favor of
the Purchaser which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Purchaser. 

  

					
		  	Schedule I-3	  	

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

  

	(p)	 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. 

  

	(q)	 No Defenses. FTH LLC has no knowledge either of any facts which would give rise to any right of rescission, set-off, counterclaim or defense, or of the
same being asserted or threatened, with respect to any Receivable. 

  

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

  

	(s)	 Pennsylvania Receivables. If such Receivable has an Obligor with a mailing address in Pennsylvania, then such Receivable is not an “installment sale
contract” within the meaning of the Pennsylvania Motor Vehicles Sales Finance Act, 69 P.S. §601 et. seq. 

  

	(t)	 Electronic Chattel Paper. As of the Cut-Off Date, such Receivable did not cause the aggregate Outstanding Principal Balance of all Receivables that
constitute “electronic chattel paper” (as defined in the UCC) to exceed 1.00% of the Net Pool Balance as of the Cut-Off Date. 

  

	(u)	 Prepayments. The Receivable requires the Obligor thereunder to pay, upon any prepayment 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. 

  

					
		  	Schedule I-4	  	

 SCHEDULE II 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Agreement, FTH LLC hereby represents, warrants, and covenants to the Purchaser as follows on the Closing Date: 
 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 Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from FTH LLC.

 2. The Receivables constitute “chattel paper” (including “electronic chattel paper” or “tangible
chattel paper”) “accounts,” “instruments” or “general intangibles,” within the meaning of the applicable UCC. 
 3. Each Receivable is secured by a first priority validly perfected and enforceable security interest in the related Financed Vehicle in favor of the applicable 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 applicable 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,
assignment and conveyance of a Receivable by FTH LLC to the Purchaser, FTH LLC owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such
Receivable to the Purchaser, the Purchaser will have good and marketable title to such Receivable free and clear of any Lien. 
 5. FTH LLC has received all consents and approvals to the sale of the Receivables hereunder to the Purchaser required by the terms of the Receivables that constitute instruments. 
 Perfection 
 6. FTH LLC has caused or will have caused,
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 security interest in the
Receivables granted to the Purchaser 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 

  

					
		  	Schedule II-1	  	

 
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; 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; 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. 

 Priority 
 8. FTH LLC has not authorized the filing of, and is not aware of any financing statements against FTH LLC that include a description of
collateral covering the Receivables other than any financing statement (i) relating to the conveyance of Receivables by the Ohio Bank or the Michigan Bank under the applicable Sale Agreement, (ii) relating to the conveyance of the
Receivables by FTH LLC to the Seller under the Purchase Agreement, (iii) relating to the conveyance of the Receivables by the Seller to the Issuer under the Sale and Servicing Agreement, (iv) relating to the security interest granted to
the Indenture Trustee under the Indenture or (v) that has been terminated. 
 9. FTH LLC is not aware of any material
judgment, ERISA or tax lien filings against FTH LLC. 
 10. Neither FTH LLC nor a custodian or vaulting agent thereof holding
any Receivable that is electronic chattel paper has communicated an authoritative copy of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer. 
 11. None of the instruments, tangible chattel paper or electronic 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 Purchaser, the Issuer or the Indenture Trustee. 
 Survival of Perfection Representations 
 12. Notwithstanding any other
provision of the Purchase Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all

  

					
		  	Schedule II-2	  	

 
obligations under the Transaction Documents and the Notes have been finally and fully paid and performed. 
 No Waiver 
 13.
The parties to the Purchase Agreement shall provide the Rating Agencies with prompt written notice of any breach of the perfection representations, warranties and covenants contained in this Schedule II, and shall not waive a breach of
any of such perfection representations, warranties or covenants. 
  

 Schedule II-3

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